SALT CITY LAKE — SSG Realty Partners has purchased a vacant retail property located at 30 W. 900 South in Salt Lake City. Terms of the transaction, including the acquisition price and name of the seller, were not disclosed. Situated in the West Temple Gateway District and adjacent to the Granary District, Pier 1 formerly occupied the property. Tenants surrounding the property include Publik Coffee Roasters, Blue Copper, Ruby Snap, Frida Bistro, R&R, Vertical Diner (Sage’s Café), Water Witch, Proper Burger, and Epic, Fisher & TF breweries. SSG plans to implement a capital plan to renovate, improve and repurpose the property and is considering several types of uses for the building, ranging from traditional retail to creative office, health and fitness, commercial kitchen, specialty grocer, pharmacy, restaurant, brewery or related food uses. Converting it into a transportation-oriented development is also being considered. Additionally, the property is located within a Qualified Opportunity Zone created pursuant to the 2017 Tax Cuts and Jobs Act to spur economic development and job creation. The acquisition marks the first asset to be acquired under SSG’s Opportunity Zone Fund.
SPARKS, NEV. — San Diego-based MG Properties Group has acquired Marina Village Apartments in Sparks. San Diego-based Sunroad Multifamily sold the apartment community for an undisclosed price. Fannie Mae provided acquisition financing, which Brian Eisendrath and Cameron Chalfant of CBRE arranged. Built in 2005, Marina Village features 240 apartments and proximity to Interstate 80 with convenient access to the Tahoe-Reno Industrial Park. Additionally, the property is located adjacent to The Sparks Marina Park, a 77-acre lake and recreation center. MG Properties plans to invest capital to upgrade the community’s common areas and unit interiors.
MARANA, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of a retail space located at 3850 W. Orange Grove Road in Marana. Vincenza LLC sold the asset to The Church of Jesus Christ of Latter-Day Saints for $4.1 million. Westar Kitchen & Bath formerly occupied the 37,627-square-foot property. Dacie Hammack, Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the seller, while Nacy McClure and Carol Schillne of CBRE’s Tucson, Ariz., and Salt Lake City offices represented the buyer in the deal.
FRISCO, TEXAS — Developers Novare Group and Batson-Cook have opened SkyHouse Frisco Station, a 332-unit apartment community located within the 242-acre Frisco Station mixed-use development on the northern outskirts of Dallas. The property features a 25th-story amenity deck with a pool, outdoor kitchen, lounge seating and TVs. Additional amenities include a 24-hour fitness center, business center with a coffee bar and a conference room.
SAN ANTONIO — Locally based developer Koontz Corp. has sold Savannah Oaks Luxury Apartment Homes, a 332-unit multifamily property in San Antonio. Completed by Koontz in 2016, the property features one- and two-bedroom units that are equipped with hardwood-style flooring, granite countertops, stainless steel appliances, individual washers and dryers and private patios and garages. Amenities include a pool with a tanning ledge and outdoor kitchen, fitness center and a clubhouse. The buyer was Chicago-based Sherman Residential. Will Balthrope, Drew Garza and Jordan Featherston represented the seller and procured the buyer in the transaction.
RICHARDSON, TEXAS — Pavilion Properties, a holding company owned by Methodist Health System of Dallas, has acquired a 120,000-square-foot medical office building located at 3001 President George Bush Tollway in Richardson, a northeastern suburb of Dallas. Citadel Partners brokered the sale of the two-story building between Pavilion Properties and seller Pillar Commercial. The sales price was not disclosed.
FORT WORTH, TEXAS — FedEx Ground Packaging has signed a 110,880-square-foot industrial lease renewal at Crossroads 35/20, a distribution center in Fort Worth. According to the property website, Crossroads 35/20 spans 615,000 square feet and features 32-foot clear heights, 190-foot truck court depths, 35 trailer parking stalls and an ESFR sprinkler system. Donnie Rohde and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Sealy Oak Grove LLC, in the lease negotiations.
CORPUS CHRISTI, TEXAS — Cravey Real Estate Services has brokered sale of Huntington Square, a 90,768-square-foot shopping center in Corpus Christi. Shadow-anchored by H-E-B, the center houses tenants such as Dollar Tree, Freedom Fitness, Edward Jones, Jason’s Deli and Pizza Hut. Lynann Pinkham of Cravey Real Estate represented the seller, Hunt Development Ltd., in the transaction. The brokerage firm also procured the buyer, LRIC Corpus Christi LP.
INDIANAPOLIS — Plymouth Industrial REIT Inc. has purchased 10 industrial buildings totaling 2.1 million square feet in Indianapolis for $62 million. Included in the portfolio is Shadeland Commerce Center, a nine-building property totaling approximately 1.7 million square feet. It is 95 percent leased to 26 tenants, including Penske, ABC Supply Co., PPG Industries and Ryder. Plymouth also acquired 7901 W. 21st St., a 353,000-square-foot building that is fully leased to Iron Mountain and Venture Logistics. The seller information was not disclosed. Plymouth is a publicly traded REIT focused on the acquisition and operation of industrial properties located largely in secondary markets across the United States. John Huguenard, Sean Devaney, Brian Seitz and Brian Buschuk of JLL represented the seller of Shadeland Commerce Center.
MOUNT PLEASANT, WIS. — VK Industrial V LP, a partnership between Venture One Real Estate and Kovitz Investment Group, has acquired a 151,474-square-foot industrial building in Mount Pleasant for an undisclosed price. The facility, built in 2007, is located at 3535 Oakes Road. The building features a clear height of 21.5 feet, six exterior docks, two drive-in doors and 8,372 square feet of office space. A concrete parking lot can accommodate 301 cars and 112 trailers. The site can accommodate additional outdoor storage, parking or an industrial build-to-suit on an adjacent 25-acre parcel. Brian Bocci of Entre Commercial Realty represented Venture One in the transaction and will be retained to market the vacant property for lease. The seller was undisclosed.