BRYAN, TEXAS — Self-storage brokerage firm Versal has arranged the sale of a 693-unit facility in the Central Texas city of Bryan that is operated under the Lone Star Storage brand. The property, which totals 91,150 net rentable square feet, was sold as part of a larger, family-owned portfolio. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the Texas-based seller in the transaction. The team also procured the buyer, North Carolina-based Morningstar Properties.
CYPRESS, TEXAS — Charlotte-based Big V Property Group and Principal Asset Management have purchased Fairfield Town Center, a 355,000-square-foot shopping center in Cypress, located on the northwestern outskirts of Houston. The open-air center was roughly 99 percent leased at the time of sale to tenants such as Academy Sports + Outdoors, Cinemark, H-E-B, Kohl’s, Ross Dress for Less, Marshalls, HomeGoods and Old Navy. The seller and sales price were not disclosed.
HOUSTON — Provident Industrial, a division of Dallas-based Provident, will develop Wayside Distribution Center, a 157,300-square-foot project in South Houston. The site spans 10.2 acres, and the front-load building will feature 32-foot clear heights, 29 dock doors, two ramps, 114 car parking spaces and an ESFR sprinkler system. Provident is developing the project in partnership with South Florida-based Inclenberg Investments. A tentative completion date was not announced.
RENO, NEV. — Berkadia has arranged the sale of The Element, a garden-style apartment property in Reno. A Los Angeles-based private owner sold the asset to a private buyer for $41 million. Jared Glover of Berkadia Nevada represented the seller in the deal. Built in 1975 and 1977, The Element features 206 apartments and walkable proximity to Whole Foods Market, Target and a variety of restaurant and retail offerings.
HUNTINGTON BEACH, CALIF. — Matthews Real Estate Investment Services has directed the purchase of Mora Kai Apartment Homes, a multifamily property located at 18881 Mora Kai Lane in Huntington Beach. A local private value-add investor acquired the asset from an undisclosed seller for $16.1 million in an off-market transaction. Situated on 2.7 acres, Mora Kai Apartments features 12 residential buildings offering a total of 42 two- and three-bedroom townhome-style apartments. According to Matthews, the property offers more than 60 percent rental upside potential through interior renovations and rental repositioning, as in-place rents are currently well below market. The buyer plans to implement a strategic capital program to increase rents, stabilize operations and refinance into long-term debt. Kyle Mirrafati of Matthews represented the buyer in the transaction. Matthews Capital Markets secured nonrecourse, 24-month bridge financing at an 80 percent loan-to-cost ratio for the buyer.
BURLINGTON, COLO. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 44-bed skilled nursing facility in Burlington, a city in eastern Colorado. The building totals roughly 25,003 square feet. A group of California-based investors sold the property to a Colorado-based owner and operator for an undisclosed price. Vince Viverito, Jason Punzel, Jeff Binder and Nick Cacciabando of SLIB brokered the transaction.
FARMINGTON, N.M. — Mavin Capital has completed the disposition of a single-tenant restaurant property located at 2700 E. Main St. in Farmington. FCPT Acquisitions LLC c/o Four Corners Property Trust purchased the property for $2.8 million. Buffalo Wild Wings occupies the 6,178-square-foot building, which includes a drive-thru, ample parking and prominent frontage on Main Street, on a triple-net lease basis. Cushman & Wakefield’s Chris Hollenbeck and Shane Carter, along with local broker of record Brett Preston of PIRES International (part of the Cushman & Wakefield Alliance), represented the seller in the transaction.
EDINA, MINN. — JLL Capital Markets has negotiated the sale of The Eddi at Pentagon Village, a luxury apartment community with 202 units in Edina. Completed in 2023, the property is positioned within the Pentagon Village development. Units average 753 square feet. According to JLL, The Eddi is the largest wood-frame modular apartment building in Minnesota, with 205 modules manufactured off site by Rise Modular and stacked atop a site-built concrete parking and amenity podium. Amenities include a fitness center, pool, clubroom, coworking spaces, dog spa and outdoor fire pits. Josh Talberg, Joseph Peris and Jack Graveline of JLL represented the sellers, Rise Modular and Soloman Real Estate Group. Oaks Properties was the buyer.
GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Cascade East, a 99,529-square-foot, grocery-anchored retail center in Grand Rapids. The property was 97 percent leased at the time of sale to D&W Fresh Market, Hallmark, Sola Salon Studios, iSmash, Your Pets Naturally, HOTWORX, Warhammer and Pit Stop Catering. Ben Wineman, Eric Geskermann and Daniel Stern of Mid-America represented the seller, a publicly traded REIT. Batal Real Estate, a metro Detroit-based private investment firm, was the buyer.
MANHATTAN, KAN. — Contegra Construction is building a 70,000-square-foot distribution center in Manhattan on behalf of Jones Development. Completion is slated for this spring. Dubbed Project Wildcat, the distribution center is adjacent to Manhattan Regional Airport near I-70. The development will feature a clear height of 20 feet and 12 overhead doors, including three high-speed doors at a van loading area and nine docks with full dock equipment packages. The facility will also feature 7,000 square feet of office space and an employee break area. Parking will accommodate 205 employee vehicles, 187 vans and 17 trucks.