HALTOM CITY, TEXAS — Miami-based DIJ Properties has purchased Rio Vista, a 246-unit multifamily asset in Haltom City, located northeast of downtown Fort Worth. The property was built in 1968. DIJ will implement a capital improvement program that will renovate the unit interiors and upgrade the amenity spaces, including the addition of a soccer court, playground and tutoring center for children. The seller was not disclosed.
DALLAS — Affiliates of Dallas-based Colony Capital have purchased a national portfolio of 54 light and bulk industrial buildings for $1.2 billion. The value-add portfolio is located across 10 U.S. markets, totaling 11.9 million square feet, and is 71 percent leased. A portion (48) of the buildings are last-mile light industrial assets and were acquired through Colony’s existing light industrial platform. The remaining six buildings are bulk industrial and were purchased through a newly formed joint venture, in which Colony Capital has 51 percent interest and a third-party institutional investor has 49 percent interest. Located in Northern and Southern California, Washington, Oregon, Nevada, Illinois and Pennsylvania, the light industrial portfolio totaling 7.7 million square feet and was 73 percent leased at the time of sale. The bulk portfolio totals 4.2 million square feet, with an average of 700,000 square feet per building, and was 67 percent leased to blue chip, international companies. CBRE National Partners represented the undisclosed seller in the deal.
MCKINNEY, TEXAS — Weitzman has negotiated the sale of McKinney Marketplace, a 16,900-square-foot retail center located approximately 30 miles north of downtown Dallas. Sprouts Farmers Market and LA Fitness shadow-anchor the Class A property, which is leased to tenants such as Hollywood Feed and Little Caesars. Derek Schuster and Kevin Butkus of Weitzman represented the Plano-based buyer in the transaction. Jason Vitorino of STRIVE represented the seller, Malouf Interests, Inc.
NORTH SAN JOSE, CALIF. — Cushman & Wakefield has arranged the sale of Orchard Corporate Campus, a Class A office/R&D campus located in North San Jose. Silicon Valley-based South Bay Development Co. sold the property to a private investor for an undisclosed price. Completed in 2017, the two-building property features 101,374 square feet of space. At the time of sale, the property was 100 percent leased. Situated on 5.3 acres at 2755 and 2777 Orchard Parkway, the asset features a 15,000-square-foot outdoor courtyard. Eric Fox, Adam Lasoff, Seth Siegel, Steve Hermann and Ryan Venezia of Cushman & Wakefield’s Northern California Capital Markets Group represented the seller in the disposition. Nick Lazzarini and Kalil Jenab of Cushman & Wakefield’s Silicon Valley offices provided local market advisory and negotiated the leases with the current tenants.
ROSENBERG, TEXAS — CBRE has arranged the sale of La Quinta Inn & Suites, a 56-room hotel located at 28332 Southwest Freeway in Rosenberg on the southwestern outskirts of Houston. Illinois-based Imeri Enterprises Inc. purchased the asset from Houston-based Gayatri International LLC. Michael Yu, Rahul Bijlani, Tyler Bean, Dennis Drake and Manasvini Sridhar of CBRE handled the transaction.
BOULDER, COLO. — San Francisco-based Graham Street Realty has purchased a three-building office portfolio in Boulder from SteelWave for an undisclosed price. The portfolio features a total of 114,862 square feet of leasable office and lab space. The portfolio includes: Plaza III — Located at 3005 Center Green Court, the property features 43,421 square feet, views of the Flatirons and covered parking. Built in 1984, the asset was 87.5 percent occupied at the time of acquisition. A two-story Class B property, located at 2945 Wilderness Place, that features traditional office space with lab improvements and surface parking. The property is fully leased to a single biotechnology tenant and has maintained 100 percent occupancy for more than 20 years. A 40,554-square-foot office property, located at 5665 Flatiron Parkway, that features a double-height lobby, glass roll-up door and modernized common areas and landscaping. The buyer plans to continue the seller’s building renovation program.
LA PALMA, CALIF. — Marcus & Millichap has directed the sale of La Palma Convenience Center, a retail property located at the corner of La Palma Avenue and Valley View Boulevard in La Palma. An undisclosed buyer acquired the property for $15.7 million, or $425.68 per square foot. Built in 1975 and renovated in 2007, the property features 36,882 square feet of retail space. Walgreens is the anchor tenant. David Ridgway of Marcus & Millichap represented the buyer and undisclosed seller in the deal.
DILLON, COLO. — Hunt Real Estate Capital has provided a $5.2 million conventional Freddie Mac multifamily loan for the refinancing of Dillon Ridge Apartments, a multifamily property in Dillon. The borrower is Dillon Ridge Apartments LLC. The loan features a 10-year term that will amortize over 30 years. Built in 2018, the three-building community features 36 two-bedroom apartments, 30 of which are area median income controlled, and 73 parking spots.
FOREST LAKE, MINN. — Norhart has unveiled plans to open Encore Apartments, a 91-unit apartment community in Forest Lake, about 30 miles north of Minneapolis. The four-story property will be located at the corner of 4th Street and 11th Avenue. Amenities will include an Internet café, fitness center, sky lounge, community room, outdoor firepit and dog run. Prospective residents will be able to tour the apartment at their convenience through a mobile app. Residents will also be able to monitor their energy usage and control lights and thermostats remotely through an app. Encore Apartments, slated to open in summer 2020, will also be home to the new corporate office of Norhart.
ST. PAUL, MINN. — Apple Hospitality REIT Inc. has acquired the 160-room Hampton Inn & Suites by Hilton Downtown St. Paul for $31.7 million. The property, which opened in November 2016, is located across the street from Xcel Energy Center and within five miles of the recently opened Allianz Field. Apple Hospitality acquired the asset from a subsidiary of Vista Host.