AUSTIN, TEXAS — Dallas-based RAMROCK Real Estate LLC has purchased West Creek, a 53,338-square-foot neighborhood retail center situated on 9.3 acres near MoPac Expressway in southwest Austin. Anchored by Gold’s Gym, the property was fully leased at the time of sale to tenants such as Great Clips, Palm Beach Tan, Cypress Grill and West Creek Dental. Chris Gerard, Ryan Shore, Drew Fuller and Josh Villarreal of JLL represented the undisclosed seller in the transaction.
DALLAS — Bradford Commercial Real Estate Services has negotiated the sale of a 38,500-square-foot warehouse located within Lone Star Park in Dallas. The property, which is situated on 1.9 acres and built in 1984, was vacant at the time of sale. Brock Wilson and Joe Santaularia of Bradford Commercial represented the seller, SL4 DFW Industrial LP. Drew Feagin of Stream Realty Partners represented the buyer, First American Exchange Co. Inc.
KILLEEN, TEXAS — Marcus & Millichap has brokered the sale of Clear Creek Rentals Ltd. Mobile Park Home, a 126-site manufactured housing community located in the Central Texas city of Killeen. Robert Denninger of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity. The exact sales figure was not disclosed, but the deal closed at a price substantially above the list price.
SAN FRANCISCO — Polidev has completed the sale of 351 California Street, a 16-story office building located in downtown San Francisco. Tidewater Capital and affiliates of the Goldman Sachs Merchant Banking Division acquired the property for an undisclosed sum. Built in 1920, the 140,047-square-foot building is one of the most recognized historic office buildings in San Francisco’s Financial District. The property features distinct architectural details, U-shaped floor plates and exposed ceilings. The previous owner invested approximately $8 million into the property with a partial renovation in 2010 and a seismic retrofit in 2015. At the time of sale, the property was 87 percent occupied by a diverse roster of tenants, including tech and professional services firms. Kyle Kovac, Mike Taquino, Russell Ingrum, Mandy Lee and Giancarlo Sangiacomo of CBRE’s San Francisco office represented the seller in the transaction.
DENVER — Unique Properties/TCN Worldwide has brokered the sale of Park Cheesman Apartments, a multifamily property in Denver. A Los Angeles-based multifamily office acquired the asset from an undisclosed seller, which owned the property for the last 42 years. This price was $30 million, or $340,909 per unit. Located at 1177 Race St. adjacent to Cheesman Park, the property features 88 units with balconies, two stories of parking and a rooftop deck with views of the city. At the time of sale, Park Cheesman was 98 percent occupied. Marc Lippitt and Justin Herman of Unique Properties/TCN Worldwide handled the transaction.
PHOENIX — Cushman & Wakefield has arranged the sale of a 1.52-acre land site within Roosevelt Row Arts District in Phoenix. An entity formed by Phoenix-based Alliance Residential acquired the site from Edgehill Investments for $6.4 million. The buyer plans to develop Broadstone Portland on the land, which is located at the northeast corner of Third and Portland streets. The planned 161-unit multifamily asset will feature studio, one- and two-bedroom units ranging from 620 square feet to 1,600 square feet. Additionally, the five-story property will feature street-level stop entrances on the top of two levels of podium parking and an elevated amenity deck with a resort-style swimming pool and fitness facility. Construction is slated to started in fourth-quarter 2019. ORB Architects is designing the project.
PUEBLO, COLO. — Pinnacle Real Estate Advisors has facilitated the sale of Royal Plaza, an apartment complex located at 85 Scotland Road in Pueblo. An undisclosed buyer acquired the property for $6.2 million. The complex features 100 units in a mix of studio, one- and two-bedroom layouts. The undisclosed seller owned the property for four years and maintained 100 percent occupancy during its ownership. The buyer plans to replace the property’s roofs and continue renovating the units. Mike Krebsbach of Pinnacle Real Estate Advisors represented the buyer and seller in the transaction.
CORONA, CALIF. — JJRE Properties has completed the disposition of an industrial building in Corona. An undisclosed buyer acquired the property for $2.7 million. Located at 508 Bateman Circle, the property features 14,380 square feet of industrial space. Greg Diab of Lee & Associates’ Orange, Calif., office represented the seller in the deal.
NEW YORK — National self-storage investment firm Clutter has purchased The Storage Fox, a smaller self-storage firm based in New York, acquiring four-property self-storage portfolio in for $152 million. The acquisition included 5,240 storage units across four properties located at 5601 Foster Ave. in Brooklyn; 3046 Northern Blvd. in Long Island City; 1 Holland Ave. in White Plains; and 280 Fullerton Ave. in Yonkers. Combined, the properties comprise approximately 500,000 square feet with a rentable area of 320,000 square feet.
NETCONG, N.J — JLL has arranged a $19.9 million construction loan for the development of 34 Bank, a 126-unit multifamily property located in Netcong, located approximately 40 miles west of New York City. M&T bank provided the three-year, floating-rate loan. The property will feature a mix of one- and two-bedroom floor plans and amenities such as a fully equipped fitness facility and electric car charging stations. The location is within walking distance to the Netcong Train Station, downtown Netcong and the Musconetcong River. Jon Mikula and Michael Klein of JLL arranged the loan on behalf of the borrower, a joint venture between CrownPoint Group, The Hampshire Companies and Circle Squared Alternative Investments.
