AUSTIN, TEXAS — Locally based investment firm Rastegar Property Group has purchased Zilker Place and Redbud Bungalows, two multifamily assets in Austin totaling 38 units and roughly 33,000 square feet. Zilker Place is located in south Austin and features 23 units, and Redbud Bungalows is located in the West Lake Hills area and totals 15 units. Both properties will undergo capital improvement programs. The seller(s) was not disclosed.
MILPITAS, CALIF. — Embarcadero Capital Partners and PCCP have purchased Park Point, a recently renamed office/R&D campus located at 115-155 N. McCarty Blvd. in Milpitas. Los Angeles-based Hudson Pacific Properties sold the asset for an undisclosed price. Situated on 30 acres, the campus features three buildings totaling approximately 472,000 square feet. The buyers retained HOK, a global design, architecture, engineering and planning firm, to revitalize the property into a contemporary, creative workplace. Jeff Arrillaga, Shawn Kellenberger and Michael Saign of Newmark Knight Frank’s Silicon Valley offices represented the seller in the transaction.
JURUPA VALLEY, CALIF. — Davis Partners has completed the sale of Mira Loma Industrial Center South, an industrial park located in the Riverside County city of Jurupa Valley. An undisclosed buyer acquired the 172,898-square-foot asset for nearly $30 million. Part of a master-planned, 269,195-square-foot development by Davis Partners, Mira Loma Industrial Center South consists of five freestanding buildings on De Forest Circle and Nobel Court: Building 7 (31,093 square feet), Building 8 (30,684 square feet), Building 9 (39,722 square feet), Building 10 (33,773 square feet) and Building 11 (37,626 square feet). The property was completed in June and is the only new construction completion in the Jurupa Valley/Eastvale area this year, according to Cushman & Wakefield Research. Milo Lipon, Tal Siglar, Ryan Velasquez and Andrew Starnes of Cushman & Wakefield’s Ontario, Calif., office represented the seller in the deal.
SYOSSET, NEW YORK — Locally based investment firm Milvado Property Group has acquired two office properties on the Long Island city of Syosset for $18.7 million. The properties, 6801 and 6901 Jericho Turnpike, total 220,000 square feet. The locations offer close access to the Long Island Railroad, as well as tJFK, LaGuardia and MacArthur Airports. Gary Gabriel, David Bernhaut and Andrew MacDonald of Cushman & Wakefield represented the seller, The Rosmarin Family, in the transaction.
PHOENIX — Marcus & Millichap has facilitated the sale of Avenue 15, an apartment community located at 1609 W. Glendale Ave. in North Central Phoenix. A private investor sold the property to an undisclosed buyer for $14.7 million. Built in 1972, the 148-unit property underwent a reassembly campaign in 2017 and a condominium conversion approximately 12 years ago. Avenue 15 features 28 two-bedroom/one-bath apartments, 66 two-bedroom/two-bath units and 54 three-bedroom/two-bath apartments. Pete Te Kampe of Marcus & Millichap’s Phoenix office represented the seller, while Karl Abert of Kidder Mathews represented the buyer in the transaction.
NEW YORK CITY — Local developer DH Property Holdings (DHPH) has broken ground on an 85,000-square-foot speculative distribution center in the Red Hook section of Brooklyn. The single-story property, located at 55 Bay St., will feature 36-foot clear heights, 54-by-58-foot column spacing, 18 loading docks and two drive-in doors. Construction is expected to be complete in the second quarter of 2020. Rob Kossar and Leslie Lanne of JLL will handle leasing.
DENVER — Hyatt Hotels Corp. plans to develop Thompson Denver, the first Thompson Hotels property in the state of Colorado. Slated to open in 2021, Thompson Denver will be located at 1600 Market St. in Denver’s LoDo district. T2 Hospitality is developing the 11-story hotel as a modern-day chalet. Denver-based DLR Group is designing the property, with interiors by Parts + Labor, in collaboration with the Thompson Hotels design team. The hotel will features 216 guestrooms, including 15 luxury suites and the signature Thompson Suite on the seventh floor; a grab-and-go café, which converts to a bar and lounge in the evening; and a 90-seat, ground-floor restaurant. Additionally, the hotel will feature an indoor/outdoor terrace with a 140-person lounge and bar area, and function and meeting spaces.
MONTVILLE, N.J. — A partnership between two New Jersey-based firms, Camber Real Estate Partners and Advance Realty Investors, has sold 19 Chapin Road, a 529,000-square-foot industrial property in Montville, located in the northern part of the Garden State. The four-building property is equipped with a total of 88 loading positions, including 76 dock-high doors, 12 drive-in doors and clear heights ranging from 20 to 22 feet. A variety of industrial and shipping tenants occupy 93.7 percent of the property. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller in the transaction. A partnership between Cohen Asset Management Inc. and Intercontinental Real Estate Corp. purchased the property for an undisclosed price.
SPRINGFIELD, MASS. — Newmark Knight Frank (NKF) has brokered the $10.2 million sale of Springfield Commons, a 182,400-square-foot retail center located in the southwestern Massachusetts city of Springfield. Walmart anchors the property, which also houses tenants such as Dollar Tree and Sonic. Geoffrey Millerd, Justin Smith, Paul Penman, Samantha Torto and Robert Griffin represented the undisclosed seller and procured the buyer, Paramount Realty Services Inc.
PISCATAWAY, N.J. — Colliers International has arranged the $11.5 million sale of Washington Plaza, a Class A office property in Piscataway, located in northeast New Jersey. The 200,000-square-foot property is located at 1551 South Washington Ave. Eight tenants occupied less than 50 percent of the building at the time of sale. Jacklene Chesler, Matthew Brown, Frank Summers, Michael Tesser and Ryan Haggerty of Colliers represented the buyer and seller in the transaction. Both parties requested anonymity.