DALLAS — Marcus & Millichap has arranged the sale of Empire Commerce Center, a 44,537-square-foot industrial facility located at 1150 Empire Central Place in Dallas. The property was built in 1982 on a 3.2-acre site about three miles south of Dallas Love Field Airport. Adam Abushagur and Ron Hebert of Marcus & Millichap represented the seller, a private investor, in the transaction. The unnamed buyer is based in Mexico and is a repeat buyer in the market.
AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.
AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Park Plaza Apartments, a 62-unit multifamily community located in Austin’s North Central submarket. The property features a swimming pool, barbecue/picnic area, playground and access to Little Walnut Creek. Quantum Capital Inc., a value-add multifamily investment firm with assets in Los Angeles and Austin, purchased the property for an undisclosed price. Muskin Commercial represented the seller, an entity named Austin Park Plaza LLC that has owned the community for 28 years.
LYNNWOOD, WASH. — Vestar has purchased a six-property, 297,599-square-foot retail portfolio in Lynnwood for $95 million. The seller was the original developer of the properties, which were built between 1997 and 2002. The six properties are Alderwood Parkway Place, Alderwood Parkway Plaza, Alderwood Parkway Plaza II, Golde Creek Plaza, Golde Creek Plaza II and Golde Creek Plaza III. The properties are all located at the northeast and northwest corners of Alderwood Mall Parkway and 196th Street SW, near Alderwood Mall 17 miles north of downtown Seattle. At the time of sale, the portfolio was fully leased a variety of tenants including Best Buy, Ulta, Nordstrom Rack, DSW Shoe Warehouse, Barnes & Noble and Old Navy. Paul Sleeth and Billy Sleeth of Newmark Knight Frank represented the seller in the transaction.
VACAVILLE, CALIF. — Triad Lagoon Valley, a Washington limited liability company affiliated with Seattle-based Triad Development, has purchased 840 acres from Lennar Corp. for an undisclosed price. The buyer plans to develop Lagoon Valley, a mixed-use community on the site. Lagoon Valley is approved as a conservation community, balancing jobs and housing, with more than 80 percent of its specific plan area entitled for open space/recreational use. Site grading is slated to commence in May, with building construction scheduled to begin in early 2021. Lagoon Valley will include Class A office space, 12 residential neighborhoods and a variety of recreational components. The office portion — Ascend @ Lagoon Valley — will feature seven four-story buildings ranging in size from 700,000 square feet to potentially 1 million square feet. Additionally, Ascend will offer a 30,000-square-foot amenity building with a fitness center, food and recreation space. Outdoor amenities at the property will include an amphitheater, sports courts and field space. Lagoon Valley is also surrounded by 2,000 acres of protected open space, including a 470-acre Lagoon Valley Park, 100-acre lake, a centrally located eight-acre public park and numerous neighborhood parks. The community will also include a fire station, a 50,000-square-foot town center …
SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.
KAILUA-KONA, HAWAII — Pearlmark has closed on a $16.2 million mezzanine investment for the development of Niumalu Marketplace, a retail property in Kailua-Kona. Situated on 20 acres of fee-simple land, Niumalu Marketplace will feature 204,275 square feet of retail and commercial space, as well as 711 parking spaces. A 63,000-square-foot Safeway grocery store with a 27,000-square-foot gas pad will anchor the property. The sponsors, CREDE and two institutional equity capital partners, started construction on the site in October 2018 and are expected to complete the project in October. Pearlmark originated the investment on behalf of Pearlmark Mezzanine Realty Partners IV. Centennial Bank provided a senior construction loan. George Smith Partners represented the borrower in securing the financing, while Bill Swackhamer arranged in the transaction in-house for Pearlmark.
SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.
CHICAGO, COLUMBUS, INDIANAPOLIS AND CINCINNATI — JLL Capital Markets has arranged $130 million in post-acquisition financing for a 22-building logistics portfolio totaling 3.8 million square feet. Built between 1966 and 2016, the properties are located in the Chicago, Columbus, Indianapolis, Louisville and Cincinnati markets. The portfolio is approximately 90 percent leased to 52 tenants. Kristian Lichtenfels, Eric Tupler, Matt Schoenfeldt and Ken Martin of JLL arranged the loan on behalf of the borrower, a U.S. subsidiary of a publicly traded Canadian real estate company. A national balance sheet lender provided the 10-year loan, which features a fixed rate of 3.1 percent. Loan proceeds will be used to place debt on the portfolio as it was purchased in an all-cash transaction.
KENOSHA, WIS. — Trifinity Specialized Distribution, a logistics firm that serves major big-box stores and drug retailers, has signed a 250,000-square-foot industrial lease in Kenosha. Trifinity will occupy space at Zilber Industrial III, located at 5312 104th Ave. The recently constructed facility features 24 dock doors, three drive-in doors and convenient access to I-94. Trifinity will move into the facility by the end of this month. Founded a quarter century ago in Waukegan, Illinois, Trifinity currently employs approximately 50 workers, all of whom will relocate to the new facility. Thomas Boyle of Lee & Associates represented Trifinity in the lease transaction. Sergio Chapa and Michael Prost of Newmark Knight Frank, along with Michael Kleber of Zilber Property Group, represented the owner, Zilber Property Group.
