Property Type

Lee & Associates Brokers Sale of 100,000 SF Industrial Flex Property in Houston

by Taylor Williams April 13, 2020

HOUSTON — Lee & Associates has brokered the sale of a 100,000-square-foot industrial flex property situated on 6.2 acres at 8201 and 8211 La Porte Freeway in Houston. Trey Erwin, Justin Tunnell and Justin Cole of Lee & Associates represented the seller, Duma Land LLC, in the transaction. Jim Autreuy of Moody Rambin represented the buyer, Ivest LP. The property comprises two buildings with 43,000 square feet of office space, 14 dock-high doors, three ramps and one recessed dock with cross-dock capabilities.

April 13, 2020

Leasing Activity Office Texas

Worth & Associates Negotiates 42,227 SF Office Lease in San Antonio

by Taylor Williams April 13, 2020

SAN ANTONIO — Locally based developer Worth & Associates has negotiated a 42,227-square-foot office lease at its Austin Highway Business Center to Goodwill San Antonio Business Services. Goodwill will use the space to expand its call center operations. Jeff Miller and Meredith Sheeder of JLL represented Goodwill, which took occupancy in late March, in the lease negotiations.

April 13, 2020

Leasing Activity Retail Texas

Security National Bank of Texas to Open 4,146 SF Branch at The Union Dallas

by Taylor Williams April 13, 2020

DALLAS — Security National Bank of Texas will open a 4,146-square-foot branch at 2300 N. Field St. to become the exclusive banking center of The Union Dallas, a mixed-use destination by RED Development. Services will include personal, business and private banking, treasury management, trust services, investment management and mortgages. The opening is slated for some time this spring.

April 13, 2020

Acquisitions Idaho Multifamily Western

Berkadia Arranges Sale of Central Pointe Multifamily Property in Boise

by Amy Works April 13, 2020

BOISE — Berkadia has facilitated the sale of Central Pointe, a garden-style apartment property in Boise. Monarch Investment and Management Group sold the community to an undisclosed entity. The acquisition price was not released. Located at 1334 N. Liberty St., Central Pointe features a mix of one-, two- and three-bedroom floor plans with private balconies or patios. Community amenities include a fitness center, pool, playground, clubhouse, sundeck, laundry facilities, covered parking, an outdoor area with grilling stations, and a dog park. Kenny Dudunakis, David Sorensen and Ben Johnson of Berkadia’s Seattle office, along with Alex Blagojevich of Berkadia’s Chicago office and Michael Sullivan of the firm’s Kansas City office, represented the seller in the deal.

April 13, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys San Gabriel Valley Industrial Property for $15.5M

by Amy Works April 13, 2020

AZUSA, CALIF. — Rexford Industrial has completed the purchase of an industrial asset located at 720-750 N. Vernon Ave. in Azusa, within the Los Angeles – San Gabriel Valley market. An undisclosed seller sold the property for $15.5 million, or $59 per land square foot. The property was acquired through a sale-leaseback transaction underwritten on a land-value basis. The 71,692-square-foot property is fully leased on a long-term basis. The buyer plans to collect cash flow from the in-place lease and, upon lease expiration, to redevelop the property by constructing a new, larger Class A warehouse/distribution facility.

April 13, 2020

Acquisitions Multifamily Seniors Housing Washington Western

ESI Negotiates Sale of a Heartwood Extended Healthcare in Tacoma for $8M

by Jeff Shaw April 13, 2020

TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.

April 13, 2020

Acquisitions California Retail Western

NAI Capital Facilitates Sale of 8,000 SF Strip Retail Center in Camarillo, California

by Amy Works April 13, 2020

CAMARILLO, CALIF. — NAI Capital has arranged the sale of a strip retail center, located at 415 W. Ventura Blvd. in Camarillo. YS Properties sold the asset to a private investor for $4.8 million, or $600 per square foot. Built in 2020, the 8,000-square-foot property is fully occupied by T-Mobile, Subway, Lindora and Eye Glass Factory. The asset is an out-pad parcel to The Home Depot and located directly off the 101 Freeway. Dave Maron of NAI Capital’s Investment Services Group represented the buyer in the deal.

April 13, 2020

Acquisitions Net Lease Oregon Restaurant Retail Western

Marcus & Millichap Brokers $1.9M Sale of Restaurant Property in Eugene, Oregon

by Amy Works April 13, 2020

EUGENE, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 950 Seneca Road in Eugene. A limited liability company sold the net-leased asset to an undisclosed buyer for $1.9 million. Since the building delivery in 2003, Izzy’s Pizza has occupied the 6,000-square-foot property and has 10 years remaining on its lease. The Albany, Ore.-based franchise currently operates 10 locations throughout Oregon and Washington. Scott Logan of Marcus & Millichap’s Portland office represented the seller in the transaction.

April 13, 2020

Acquisitions Midwest Missouri Multifamily

LuxLiving Sells St. Louis Apartment Complex for $45.9M

by Kristin Harlow April 13, 2020

ST. LOUIS — LuxLiving has sold The Steelyard, a 170-unit apartment complex in the Historic Soulard neighborhood of St. Louis, for $45.9 million. Partly a redevelopment, the four-story property includes 42 adaptive reuse units in addition to 128 new units. The Steelyard is located on the site of the former Victor Iron Works, which fabricated cast-iron storefronts throughout St. Louis. Big Sur Construction completed construction of the apartment project in 2019. Amenities include a self-pour beer and wine system, resident marketplace, fitness center, pet park and outdoor amenity deck with a pool, hot tub, kitchen, hammocks and cabanas. Monthly rents start at $1,450. Will Mathews, Tyler Hague, Bob Galamba and Gregory Russell of Colliers International represented the buyer, Hamilton Zanze. Mission Rock Residential will manage the property.

April 13, 2020

Acquisitions Illinois Industrial Midwest

STREAM Capital Partners Arranges Sale of 200,000 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow April 13, 2020

ELK GROVE VILLAGE, ILL. — STREAM Capital Partners LLC has arranged the sale of a 200,000-square-foot industrial building in Elk Grove Village, located adjacent to O’Hare International Airport, for an undisclosed price. Material Sciences Corp., a technology provider of metal solutions, fully occupies the property on a net-lease basis. Adam English, Phil DiGennaro and Chelsea Mandel of STREAM represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC. Miami-based Midtown Capital Partners LLC purchased the asset.

April 13, 2020

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