Property Type

Cantrell Arranges Sale of 117-Unit Apartment Community in Richardson, Texas

by Taylor Williams July 17, 2018

RICHARDSON, TEXAS — Dallas-based Cantrell Co. & Partners has arranged the sale of Camelot Apartments, a 117-unit multifamily community in the northern Dallas metro of Richardson. The property was built in phases in 1966 and 1970 and includes two pools, a fitness center and a playground. Sam Pettigrew of Cantrell represented the Toronto-based seller, which recently invested $650,000 in capital improvements to the property, in the sale. Pettigrew also represented the buyer, JSNB Camelot LLC, which will continue to make upgrades. Camelot Apartments was 96 percent occupied at the time of sale and drew a dozen offers.

July 17, 2018

Acquisitions Industrial Texas

Hartman Income REIT Sells 66,504 SF Industrial Asset Near DFW Airport

by Taylor Williams July 17, 2018

IRVING, TEXAS—Investment and management firm Hartman Income REIT has sold Skyway Business Center, a 66,504-square-foot industrial asset located near Dallas-Fort Worth (DFW) International Airport in Irving. Built in 1981 and acquired by Hartman Income REIT in 2008, the property was roughly 73 percent leased at the time of sale. The buyer was Dallas-based Dalfen America Corp.

July 17, 2018

Leasing Activity Office Texas

T-Mobile Signs 29,142 SF Office Lease in Houston, To Become Namesake Tenant

by Taylor Williams July 17, 2018

HOUSTON — T-Mobile has signed a 29,142-square-foot office lease at the 17-story River Oaks Tower in the Greenway area of Houston. As the anchor tenant, the telecommunications giant will occupy three and a half floors and install signage atop the building. The owner of the property, Medistar Corp., will rename it “T-Mobile Tower” and will welcome the company into its new space in early 2019. Tami Pearson of Waterman Steele represented T-Mobile in the lease negotiations. Doug Pack and Sam Hansen of Avison Young represented Medistar.

July 17, 2018

Acquisitions California Hospitality Western

Mani Brothers Real Estate Acquires 205-Room Hotel in Napa Valley

by Amy Works July 17, 2018

NAPA, CALIF. — Mani Brothers Real Estate Group has purchased the Embassy Suites by Hilton Napa Valley, located at 1075 California Blvd. in Napa, for an undisclosed price. The seller was RLJ Lodging Trust. The buyer plans to convert the 205-room hotel into a Curio Collection property, complete with a refurbishment and overall renovation of the existing property. Upgrades will include a redesign of all guest rooms and restaurant spaces, addition of a full-service space, new pools and a 54-room expansion. Situated on more than eight acres, the property features over 10,000 square feet of indoor and outdoor event space, including a rose garden, chef’s garden, fire pits, mill pond with resident swans and year-round pool.

July 17, 2018

Acquisitions California Retail Western

Kidder Mathews Arranges Sale of Four-Building Retail Property in California’s Central Valley

by Amy Works July 17, 2018

VISALIA, CALIF. — Kidder Mathews has brokered the sale of The Shops at Visalia Pavilion, located at 3833, 3837, 3927 and 4015 W. Caldwell Ave. in Visalia. Toor Capital purchased the four-building property for $8.7 million. At the time of sale, the 33,000-square-foot asset was 95 percent occupied by a variety of tenants, including Starbucks Coffee, T-Mobile and Papa Murphy’s Pizza. Peter Beauchamp, Darren Tappen and Jenette Bennett of Kidder Mathews represented the seller, a New York-based private equity firm, in the deal.

July 17, 2018

Acquisitions California Industrial Self-Storage Western

Loeffler Negotiates $4.5M Sale of Self-Storage Facility in Northern California

by Amy Works July 17, 2018

REDDING, CALIF. — Loeffler Self-Storage Group has arranged the sale of All-Preferred Mini-Storage, a self-storage facility located in Redding. The Raudman Family sold the property to a local investor for $4.5 million, or $57.62 per square foot. Situated on 3.9 acres, the 78,095-square-foot facility features 530 storage units and a cellular antenna. The property comprises 13 single-story buildings with asphalt drive aisles, plus a manager’s office and residence. Bobby Loeffler and Tyler Skelly of Loeffler Self-Storage Group represented the seller and buyer in the transaction.

July 17, 2018

Acquisitions Multifamily Nevada Western

La Esperanza Apartments in North Las Vegas Trades for $4.5M

by Amy Works July 17, 2018

NORTH LAS VEGAS — Northcap Multifamily has facilitated the sale of La Esperanza Apartments, a multifamily property located at 900-1208 E. Carey Ave. in North Las Vegas. Tayla Family Trust & Miklos Steuer Trs sold the asset for $4.5 million, or $62,500 per unit. Built in 1962, the property features 72 apartment units. The buyer plans to renovate the property. Devin Lee, Robin Willett, Jared Roberts and Jason Dittenber of Northcap Multifamily represented the seller and buyer in the off-market deal.

July 17, 2018

Acquisitions Arizona Development Multifamily Western

Orion Investment Brokers Acquisition of Nine-Acre Land Parcel for Multifamily Development in Chandler, Arizona

by Amy Works July 17, 2018

CHANDLER, ARIZ. — Orion Investment Real Estate has arranged the purchase of a nine-acre land parcel located within the Price Corridor of Chandler. Houston-based Kaplan Cos. acquired the property from Price Revocable Trust and Circle R Investments for $4.4 million. The buyer plans to develop The District at Chandler, 340-unit multifamily project on the site. Larry Kush of Orion represented the buyer in the deal.

July 17, 2018

Development Industrial South Carolina Southeast

Red Rock to Break Ground on First Phase of Smith Farms Industrial Park in Upstate South Carolina

by Camren Skelton July 17, 2018

SPARTANBURG, S.C. — Red Rock Developments will soon break ground on the first phase at Smith Farms Industrial Park in Spartanburg County. The Columbia, S.C.-based developer first unveiled plans for the 5.9 million-square-foot project, located at the intersection of Highway 101 and Reidville Road, in March. Phase I will include two speculative buildings totaling 610,000 square feet. Building I will be a 400,000-square-foot, cross-dock facility that will suit the needs of warehouse/distribution users. The second building will be a rear-load facility totaling 210,000 square feet. The building will be suited for non-distribution or smaller tenants, according to Red Rock. Smith Farms is located roughly three miles from Interstate 85, providing access to BMW’s Spartanburg plant, Greenville-Spartanburg International Airport and the Greer Inland Port. Red Rock expects to wrap up construction on the first two buildings in the second quarter of 2019. NAI Earle Furman is handling the project’s leasing assignment.

July 17, 2018

Development Multifamily South Carolina Southeast

LandSouth Construction Breaks Ground on $37M Multifamily Community in Charleston

by Camren Skelton July 17, 2018

CHARLESTON, S.C. — LandSouth Construction, a Jacksonville, Fla.-based general contractor, has broken ground on The Merchant, a $37 million apartment community located at 15 Huguenin Ave. in Charleston’s NoMo district. Atlanta-based Pollack Shores Real Estate Group is developing the 231-unit community, which will include 10 buildings with a mix of one- and two-bedroom floor plans. Community amenities will include a resort-style pool, clubhouse with gaming area, fitness center, yoga studio, pet spa and a bike lounge. Raleigh, N.C.-based Cline Design Associates is the architect for the project, which is scheduled for completion in December 2019.

July 17, 2018

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