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.
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.
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.
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.
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.
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.
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.
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.
LOS ANGELES — Champion Real Estate Co. has purchased a student housing community located at 2353 Portland St. in Los Angeles. Century Park sold the asset for $14.1 million. Champion plans to rebrand the property as Victory on Portland and renovate the complex, which was built in 1964. The renovations will change Victory on Portland into a 102-bed property offering units with stainless steel appliances, HVAC units, stone countertops, modern cabinetry and laminate wood flooring. The apartments will be fully furnished with beds, couches, chairs, coffee tables, dining tables, flat-screen televisions, cable, internet, Wi-Fi, Sonos soundbars and other amenities. On-site amenities will include an updated swimming pool, amenity deck, student lounge and leasing office. John Taksa of RE/MAX Commercial & Investment Realty represented the buyer and seller in the transaction.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of The Garthwick, a 30,507-square-foot multifamily building located in Southeast Portland. Yellow Submarine sold the asset to Garthwick – SPE 1 and Garthwick – SPE 2 for $8.6 million, or $359,583 per unit. Located at 8705 SE 13th Ave., The Garthwick features 24 units in a mix of one- and two-bedroom apartments and two- and three-bedroom townhouse-style units. The property was built in 2018. Cameron Mercer and David Chatfield of Portland-based Norris & Stevens represented the seller, while Clay Newton and Jordan Carter of Kidder Mathews represented the buyer in the transaction.