DURHAM, N.C. — InvenTrust Properties Corp. has acquired Commons at University Place, a 92,100-square-foot retail center in Durham, for $23.3 million. The center is anchored by Harris Teeter and CVS/pharmacy. The asset is situated about four miles south of Duke University and about five miles southwest of downtown Durham. The seller was not disclosed.
LOUISVILLE, KY. — Middleburg has acquired Arcadia Park, a 418-unit apartment complex in Louisville that is mostly abandoned. The sales price was not disclosed, though Middleburg is planning a $16 million renovation for the asset, which will be rebranded as Vesta Derby Oaks. The property currently offers two-bedroom floor plans. Middleburg plans to renovate all 418 units to offer a mix of one-, two- and three-bedroom floor plans. Further renovations include new siding, windows, roofs, interiors, plumbing, HVAC and electrical systems, new Energy Star-rated appliances, LED lighting and improved sidewalks and landscaping. The name Vesta Derby Oaks is a tribute to Churchill Downs, which is situated less than one mile from the apartment complex.
CARY, N.C. — Beacon Properties Group has broken ground on a two-story, 28,231-square-foot mixed-use building located at 150 Wellesley Trade Lane in Cary. The building will feature 16,000 square feet of medical office and office space and 10,000 square feet of retail space, including 3,400 square feet for a restaurant. The project is situated about 18 miles west of downtown Raleigh and about 17 miles south of downtown Durham. Picket Sprouse Commercial Real Estate is handling leasing for the building. The project team also includes architect Barber Architects and civil engineer EarthCentric Engineering. The building is expected to be complete this summer.
NEW YORK CITY — Benchmark Real Estate Group has acquired a six-story, mixed-use building in Manhattan for $21 million. Located at 35 Bedford St., the property consists of 33 apartments and three retail units. The building was constructed in 1900 and is part of the Greenwich Village Historic District Extension. Aaron Jungreis of Rosewood Realty Group represented both Benchmark and the seller, Renaissance Properties, in the transaction. Benchmark plans to fully renovate the property.
WEST HAVEN, CONN. — Pearce Commercial has negotiated the $1.9 million sale of an 18,728-square-foot apartment building in West Haven. Located at 405 Main St., the three-story property contains 16 units. The building was recently renovated with new kitchens and appliances as well as hardwood floors throughout. Jamie Cuzzocreo of the Pearce North Haven Commercial office represented the buyer, Cocolorus Properties, in the transaction. The seller was Vesta Greenview Apartments LLC.
ARLINGTON, TEXAS — Albany Road Real Estate Partners, a Boston-based investment firm, has acquired Centerpoint I, II and III, a portfolio of three office properties totaling 285,000 square feet in Arlington. The property was 94 percent leased at the time of sale, with the North Central Texas Council of Governments accounting for more than half the occupancy. Creighton Stark and Chris Boyd of Colliers International represented the seller, a German investment firm, in the transaction. Other terms of sale were not disclosed.
DALLAS — The Trammell and Margaret Crow family has donated the entire collection of the Trammell and Margaret Crow Museum of Asian Art to The University of Texas at Dallas (UTD). The museum, which recently underwent a 5,000-square-foot expansion, is located at 2010 Flora St. within the Trammell Crow Center in the city’s Arts District. Following decades of collecting art from Asian countries, the Crow family established the Asian arts museum in 1998. The museum has a long-term lease at the building with landlord JP Morgan Chase, and UTD plans to continue operating the museum at its current location. In addition to the downtown location, the Crow family also donated $23 million of support funding for the university to establish a second museum on UTD’s Richardson campus. Together, the two museums will be known as the Trammell and Margaret Crow Museum of Asian Art of The University of Texas at Dallas. The museum features more than 1,000 ancient and contemporary works from Cambodia, China, India, Indonesia, Japan, Korea, Myanmar, Nepal, Pakistan, Thailand, Tibet and Vietnam. The collection also includes a library of over 12,000 books, catalogs and journals. The museum is free of admission.
IRVING, TEXAS — Coworking firm WeWork has signed a lease to occupy a 77,000-square-foot collaborative office space at The Towers at Williams Square within the 12,000-acre Las Colinas business district in Irving. The space will span three floors and represents WeWork’s first site in a suburban market in North Texas. WeWork expects to being occupying the space during the third quarter. Bill Brokaw of Hillwood Urban represented the landlord, a partnership between Apollo Global Real Estate, Vanderbilt Partners and Hillwood Urban, in the lease negotiations.
KATY, TEXAS — NorthMarq Capital has arranged refinancing for Trinity Hunter Mobile Home Community, a 28-acre property located at 2800 Katy Hockley Cutoff in the western Houston suburb of Houston. Built in 2002, the community features 199 individual sites and gated access, a clubhouse and a management office. Dale Stewart and Chris Bailey of NorthMarq Capital arranged the 10-year, non-recourse financing through Fannie Mae on behalf of the undisclosed borrower.
OKLAHOMA CITY — CBRE has negotiated the sale of a 21,000-square-foot industrial property located at 2740 Global Parkway in Oklahoma City. The property is situated just off Interstate 40 on the southeast side of the city. Randy Lacey and Austin Lacey of CBRE represented the buyer, BGI Investments LLC, in the transaction. The representative of the seller was, Genprop Operators LLC, was not disclosed.
