Property Type

BSR REIT Buys Ariza Plum Creek Apartments in Metro Austin for $55M

by Taylor Williams March 16, 2020

KYLE, TEXAS — BSR REIT, an investment firm that specializes in garden-style multifamily properties in the Sun Belt region, has purchased the 349-unit Ariza Plum Creek Apartments in the Austin suburb of Kyle for $55 million. Built in 2018, the property features one-, two- and three-bedroom units and amenities such as a pool, dog park, fitness center and package lockers. The seller was not disclosed. With this transaction, BSR REIT now owns approximately 1,200 apartments in the greater Austin area.

March 16, 2020

Acquisitions Multifamily Texas

IPA Negotiates Sale of 216-Unit Towers at Clear Lake Multifamily Asset Near Houston

by Taylor Williams March 16, 2020

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Towers at Clear Lake, a 216-unit multifamily asset situated on 11.8 acres in the southeastern Houston suburb of Clear Lake. Built in 1985, the property formerly offered a mix of apartments and condominiums. Will Balthrope, Drew Kile, Jennifer Campbell and William Griffin of IPA represented the seller, Dallas-based investment firm The ValCap Group, in the transaction. The team also procured the buyer, New Jersey-based Raamco International. IPA also recently brokered the sale of the 304-unit Trails at Lake Houston between The Valcap Group and Raamco.

March 16, 2020

Acquisitions Industrial Texas

Marcus & Millichap Arranges Sale of 19,360 SF Net-Leased Property in Odessa

by Taylor Williams March 16, 2020

ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 19,360-square-foot industrial property net-leased to QRC Valve Distributors in the West Texas city of Odessa. The building was constructed in 2019, and the tenant has 10 years remaining on the lease. David Houston and Patrick Doherty of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Nicholas Bushong, also with Marcus & Millichap, procured the buyer, a private investor.

March 16, 2020

Leasing Activity Office Texas

DPR Construction Signs 12,609 SF Office Lease Expansion at Houston’s Greenway Plaza

by Taylor Williams March 16, 2020

HOUSTON — Commercial contractor DPR Construction has signed a 12,609-square-foot office lease expansion at Phoenix Tower, a 34-story building located within Houston’s Greenway Plaza. Chris Nash and Walker Ryan of Colliers International represented DPR Construction in the lease negotiations. J.P. Hutcheson represented the landlord, Parkway, on an internal basis. Greenway Plaza is a 52-acre mixed-use campus situated between Houston’s Uptown and Downtown districts that comprises 11 buildings spanning 5 million square feet.

March 16, 2020

Acquisitions New Jersey Northeast Office

Thor Equities Acquires Liberty Innovation Centre Office Building in Jersey City for $94.5M

by Alex Patton March 16, 2020

JERSEY CITY, N.J. — Thor Equities Group has acquired Liberty Innovation Centra, a 337,888-square-foot office building in located at 95 Greene St. in Jersey City, for $94.5 million. The building served as a primary manufacturing facility for Colgate Palmolive until 1987, when it was converted into a Class A office building. The building offers convenient access to the Exchange Place rail station and Newark Airport. Daniel Loughlin, Jose Cruz and John Cunningham led a JLL team that represented the seller, SJP Properties, in the transaction.

March 16, 2020

Leasing Activity Northeast Office Pennsylvania

The Flynn Co. Negotiates 49,112 SF Office Lease in King of Prussia, Pennsylvania

by Alex Patton March 16, 2020

KING OF PRUSSIA, PENN. — The Flynn Co. has negotiated a 49,112-square-foot office lease for an undisclosed defense contractor in King of Prussia, a northwestern suburb of Philadelphia. The tenant will immediately take occupancy of the entirety of 1021 W. 8th Avenue, an office building situated adjacent to the Valle Forge Casino Resort and in close proximity to King of Prussia Mall. Duke Gleeson and Kevin Flynn Jr. of The Flynn Co. represented the landlord, MS County Line Associates, in the lease negotiations. JLL represented the tenant.

March 16, 2020

Acquisitions Connecticut Multifamily Northeast

Chozick Brokers $12M Sale of Apartment Community in Bloomfield, Connecticut

by Alex Patton March 16, 2020

BLOOMFIELD, CONN. — Chozick Realty has brokered the $12 million sale of Wedgewood apartments, a 112-unit apartment community in Bloomfield, a northern suburb of Hartford. The community was constructed in the 1960s and features one-, two- and three-bedroom apartments. The seller was a local family office. The buyer was a regional investor that targets garden-style apartments. Both parties involved in the transaction requested anonymity.

March 16, 2020

Leasing Activity New York Northeast Retail

Manolo Blahik to Open 9,947 SF Store in Manhattan

by Alex Patton March 16, 2020

NEW YORK CITY — Footwear retailer Manolo Blahik will open a 9,947-square-foot retail and office lease in Manhattan. The property with include 4,942 square feet of retail space and 5,005 square feet of office space. David Thomas Design will serve as the project architect for the interior build-out of the store. Ariel Schuster, Ben Birnbaum and Peter Shimkin represented Manolo Blahik in the lease negotiations. The landlord is 717 Madison LP The store is slated to open later this year.

March 16, 2020

Leasing Activity Northeast Pennsylvania Retail

Playa Bowls Signs 2,000 SF Retail Lease in Easton, Pennsylvania

by Alex Patton March 16, 2020

EASTON, PENN. — Quick-service restaurant Playa Bowls has signed a 2,000-square-foot retail lease in Easton, an eastern suburb of Allentown. The restaurant serves fruit bowls, smoothies, soups, salads and other items. The space is located within the Lower Nazareth Commons Shopping Center, an approximately 90,200-square-foot retail center located at 3770 Dryland Way. Target anchors the retail center, and other tenants include Petco and Burlington Coat Factory. Scott Horner of Colliers International represented the Playa Bowls in the lease negotiations. The landlord, Regency Centers Corp., was represented internally.

March 16, 2020

Acquisitions Arizona Multifamily Single-Family Rental Western

Inland Real Estate Acquires Five Rental Home Properties in Metro Phoenix

by Amy Works March 16, 2020

SURPRISE, TOLLESON, LITCHFIELD PARK AND PHOENIX, ARIZ. — Oak Brook, Ill.-based Inland Real Estate Acquisitions, on behalf of an affiliate of The Inland Real Estate Group of Companies, has acquired five Christopher Todd Communities in the Phoenix metro area. The portfolio includes 943 single-family rental homes. Three communities — Christopher Todd Communities On Greenway in Surprise, Christopher Todd Communities At Country Park in Tolleson and Christopher Todd Communities On Camelback in Litchfield Park — were included in the closing on Friday, March 13. The purchase of Christopher Todd Communities At Marley Park in Surprise and Christopher Todd Communities At Stadium in Phoenix are pending and slated to close in the near future. The communities were the first Christopher Todd Communities to be constructed as the company began its development of “smart-gated” communities offering pet-friendly one- and two-bedroom, single-family homes with private backyards and resort-style luxury amenities. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq represented the buyer and seller in the deal. James DuMars and Griffin Martin of NorthMarq’s Phoenix office arranged acquisition financing for the buyer.

March 16, 2020

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