CHANDLER AND GILBERT, ARIZ. — Greystar Real Estate Partners has purchased a three-property Acacia multifamily portfolio on behalf of its real estate funds for an undisclosed price. Situated on Phoenix’s East Valley submarket, the properties are Chandler Court and River Ranch in Chandler and Vista Mountain in Gilbert. Originally built in the late 1980s, the portfolio largely features original interiors throughout the properties. Greystar’s value-add strategy includes renovating the units, including hard-surface countertops, stainless steel appliances, new cabinet doors and upgraded lighting, plumbing and hardware packages. Additionally, the company plans to upgrade the common areas and amenities, which include fitness centers, clubhouses, business centers, community gardens, pools and spa areas.
HENDERSON, NEV. — Colliers International has arranged the sale of an industrial asset located within South15 Airport Center at 1775 Executive Airport Drive in Henderson. US Industrial Fund (Panattoni Development) sold the property to BCI IV Executive Airport DC HoldCo (Black Creek) for $51 million. The property features 482,300 square feet of industrial space. Dan Doherty, Susan Borst, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the seller in the deal.
FONTANA, CALIF. — Terreno Realty Corp. has completed the sale of an industrial property located at 14605 Miller Ave. in Fontana. An undisclosed buyer acquired the asset for $33.2 million. Situated on 13.1 acres, the 266,000-square-foot property is fully occupied by one tenant on a short-term lease. Terreno originally purchased the property in 2014 for $22.9 million.
CENTENNIAL, COLO. — Greystone Unique Apartment Group has completed the sale of SouthGlenn Place, a multifamily property located at 6601-6651 S. Vine St. in Centennial. An undisclosed buyer acquired the value-add property for $19.5 million, or $144,444 per unit. Located blocks away from The Streets at SouthGlenn and Cherry Knolls Shopping Center, the 74,575-square-foot property features 135 units. The Lippitt/Shwayder Team, The MacCarter/Kaufman Team and Greystone were involved in the transaction.
TULSA, OKLA. — The Pizzuti Cos., a Columbus, Ohio-based development firm, has broken ground on a $55 million, 800,000-square-foot warehouse and distribution center in Tulsa for Whirlpool Corp., a Michigan-based manufacturer of home appliances. ARCO Construction Co. Inc. is handling the design/build of the facility, which will be situated next to a manufacturing plant that produces 2.1 million cooking products per year. Construction of the facility began in late November and completion is slated for December 2019.
THE WOODLANDS, TEXAS — Berkadia has arranged the sale of Broadstone Sierra Pines, a 341-unit multifamily community in The Woodlands, about 30 miles north of Houston. Built in 2014, the Class A property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center and a social clubroom. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential Co., in the transaction. Tucker Knight and Nicholas Murphy of Berkadia arranged an undisclosed amount of Fannie Mae acquisition financing on behalf of the buyer, Fort Worth-based Olympus Property.
FORT WORTH, TEXAS — Smart Warehousing, an operator and provider of logistics solutions, has entered North Texas via a 269,494-square-foot space within Hillwood’s 26,000-acre AllianceTexas development in Fort Worth. Smart Warehousing was established in 2001 and provides fulfillment, inventory management and value-add software and services to supply chain operators. Reid Bassinger, John Sharpe and Trey Fricke of Lee & Associates represented Smart Warehousing in the site selection and negotiations.
CATOOSA, OKLA. — EDGE Realty Capital Markets has negotiated the sale of Catoosa Shopping Center, a 73,213-square-foot retail property located on the eastern outskirts of Tulsa. Regional grocer Reasor’s anchors the center, which also includes 15,000 square feet of space leased to local, service-oriented retailers. Micha van Marcke and Chace Henke of EDGE Realty represented the seller in the transaction. Other terms of sale were not disclosed.
CYPRESS, TEXAS — Houston-based investment firm Williamsburg Enterprises has completed the redevelopment of North Cypress Landing, a 70,000-square-foot retail center in Cypress, a northwestern suburb of Houston. Williamsburg has executed leases with Star Furniture & Mattresses and Landmark Industries to bring the redeveloped center to full occupancy. Star Furniture & Mattresses, which is owned by Berkshire Hathaway, is expected to open its store in the first quarter of 2019. Nick Hernandez and Crystal Allen of Transwestern represented Star Furniture in the lease negotiations, while Neal Wade and Lunden McGill of Baker Katz represented Landmark Industries. Jeff Warwick represented Williamsburg Enterprises internally.
NORFOLK, VA. — Harbor Group International (HGI) has sold three apartment portfolios in Florida, Connecticut and Texas for a total of $700 million. The portfolios included seven properties totaling 2,284 units in Central Florida; two properties totaling 568 units in Connecticut; and 12 properties in Dallas and Houston totaling 3,100 units. The specific names and locations were not released. “These transactions are great examples of HGI’s ‘buy wholesale, sell retail’ investment strategy,” says T. Richard Litton Jr., president of HGI. “For all three of these portfolios, we developed individual business plans on a property-by-property basis and then sold the properties to a wide variety of buyers as each property’s investment goals were achieved.” The 21 properties were sold to a total of 15 different buyers. HGI claims the combined sales prices were $140 million higher than the company’s original acquisition price. Based in Norfolk, Harbor Group International is a private real estate investment and management firm that controls a portfolio of worldwide assets valued at $8.2 billion. The company’s real estate holdings include 3.7 million square feet of commercial properties and 30,400 apartment units. — David Cohen