FORT WORTH, TEXAS — Newmark Knight Frank (NKF) has negotiated a 390,006-square-foot industrial lease at Speedway Logistics Crossing in Fort Worth for AmerCareRoyal LLC, a manufacturer of disposable products for the food service and healthcare industries. Garrett Gibbons Jr. and Lucas Kay of NKF represented the tenant in the lease negotiations. CBRE represented the landlord, SPCH Fort Worth I LLC.
HOUSTON — Miami-based One Real Estate Investment has acquired Sunswept Townhomes, a 211-unit multifamily asset in southwest Houston. Built in 1982, the property features one-, two- and three-bedroom floor plans ranging in size from 745 to 1,257 square feet. Mitch Sinberg and Brad Williamson of Berkadia originated a 10-year, floating-rate acquisition loan through Freddie Mac for One Real Estate Investment. A portion of the proceeds will be used for renovations. The seller and sales price were not disclosed.
EULESS, TEXAS — Marcus & Millichap has brokered the sale of Texas Star Business Center, a 78,418-square-foot industrial building in Euless, located roughly midway between Dallas and Fort Worth. The property was built on 4.7 acres in 1984. Adam Abushagur of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity.
LOS ANGELES — Verity Health System has sold the 381-bed St. Vincent Medical Center in Los Angeles for $135 million. The hospital is currently operating on a temporary lease with the State of California as a surge facility for treating COVID-19 patients. The buyer, surgeon and medical researcher Dr. Patrick Soon-Shiong, will continue to honor the lease with the state, while also using several buildings as facilities for COVID-19 research. Soon-Shiong is the principal officer of the Chan Soon-Shiong Family Foundation, a California-based private grantmaking organization. “Verity Health is proud of its partnership with the State of California and is confident that Dr. Soon-Shiong and his team will continue to enhance the collaboration with the state and local government to address COVID-19,” says Rich Adcock, CEO of Verity Health. Verity Health System filed for bankruptcy in summer 2018. The U.S. Bankruptcy Court for the Central District of California in Los Angeles recently approved the sale of the nonprofit’s assets, including St. Francis Medical Center in Lynwood to Prime Healthcare. Located at 213 W. 3rd St. in the Westlake neighborhood of Los Angeles, the Daughters of Charity of Saint Vincent de Paul originally opened the hospital in 1856. The property closed …
El Paso’s industrial market is growing and maturing, as evidenced by a surge in investment demand from institutional capital sources over the last 18 to 24 months. Whereas in past cycles, institutional capital found its way to El Paso by developing here, new players have been ready to buy existing portfolios, but we have seen very little new spec development. Stonelake Capital Partners, LINK Industrial Properties and Equity Industrial Partners/Raith Capital Partners are examples of new investors actively buying into the El Paso industrial market. Several factors have contributed to El Paso’s rise on the radars of institutional investors, but the heart of this trend is simple rent growth. The average asking rent for Class A and B industrial properties increased by a stunning 15.8 percent between 2018 and 2019. Rent growth in the East El Paso submarket increased by an even greater margin of 24.3 percent. As those numbers suggest, demand for industrial space in El Paso, which is largely driven by manufacturing activity in the sister city of Ciudad Juarez, Mexico, is quite strong. Demand for space comes from a diverse set of industries, namely automotive, consumer goods and electronics. El Paso has also seen new industrial demand …
SILVER SPRING, MD. — JLL has brokered the sale of Colesville Medical Campus, a three-building, 212,153-square-foot medical office campus in Silver Spring. The asset is situated at 10720, 10750 and 10770 Columbia Pike, 10 miles north of downtown Washington, D.C. The property is positioned within a 10-mile radius of 12 hospitals with more than 3,000 beds. Trinity Health and Holy Cross Health, which operates its home care and hospice operations at the property, anchor the campus. The seller, Beckham Gumbin Ventures, acquired the asset in 2016 when it was 43 percent leased. At the time of sale, Colesville Medical was 82 percent leased. The campus features amenities such as a fitness center, conference center facility and parking for more than 789 vehicles. Ben Appel, Dave Baker, Jim Meisel, Andrew Weir and Matt Nicholson of JLL represented the seller in the transaction. Robert Carey, Daniel Turley and Evan Parker of JLL arranged an undisclosed amount of acquisition financing for the buyer, Austin, Texas-based Virtus Real Estate Capital.
HUNTINGTON, W.VA. — Sentinel Net Lease has acquired a 68,693-square-foot Amazon Customer Service Center in Huntington for $16.9 million. An affiliate of Lexington Realty Trust sold the office property, which spans 7.9 acres within Kinetic Park. Amazon has seven years remaining on its lease, as well as four five-year renewal options, according to CBRE. The 105-acre park is situated four miles south of downtown Huntington. According to public records, Wesbanco Bank Inc. provided an $11.8 million acquisition loan to the buyer. Will Pike of CBRE represented the seller in the transaction, and Matson Kane and Teddy Leonard of Sands Investment Group represented the buyer.
JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.
STAFFORD, VA. — Colliers International has negotiated the $14.7 million sale of 50 Teach Parkway, a 94,064-square-foot medical office building in Stafford. The property was 94.5 percent leased at the time of sale to tenants including the United States government, BAE Systems and Space Dynamics Laboratory. The building is situated within the North Stafford Center for Business & Tech, a three-building office park adjacent to Quantico Marine Corp Base. The asset is situated 43 miles southwest of downtown Washington, D.C. Will Bradley, Mark Williford and Lee Cherwek of Colliers represented the seller, Golden Eagle Group.
PHOENIX — A partnership between Leon Endres and Nick Conzemius, along with Ron Cuttler as project manager, is developing Senderos at South Mountain, a multifamily property located at 9700 S. Central Ave. in Phoenix at the base of South Mountain. Slated to open in May, the 156,888-square-foot community will feature 10 buildings offering a total of 96 units in a mix of one-, two- and three-bedroom layouts with decks/patios for each unit. Apartments will feature personal electric car-charging stations in each attached garage; smart technology including thermostats, keyless door locks and light switches; and gourmet kitchens. Community amenities will include a swimming pool, spa, fire pit, fitness center/yoga studio, package lockers, clubhouse with Wi-Fi access, barbecue grills, pet wash stations, backyard pet runs and ample green space. MEB Management Services will manage the property.