BLOOMINGTON, MINN. — Stan Johnson Co. has arranged the sale of Penn & American, a 58,531-square-foot retail center in Bloomington, for $19 million. Fresh Thyme Farmers Market anchors the center, which is located at 2100 W. 80th St. Tom Fritz, Brandon Duff, Matt Spangenberg and Mackenzie Wolfgram represented the seller, a Minneapolis-based developer. Wisconsin-based SARA Investment Real Estate was the buyer.
ST. LOUIS — Ridgehouse Capital has acquired PW Shoe Loft Apartments in midtown St. Louis for $8.4 million. The property features 34 lofts and is located at 3433 Locust St. adjacent to St. Louis University. The property is fully occupied. Bobby Mills, Mike Hanrahan and Paul Hilton of Cushman & Wakefield represented the seller, PW Shoe Lofts LP.
ROMEOVILLE, ILL. — Lee & Associates has brokered the sale of a 37,720-square-foot industrial building in Romeoville for $2.8 million. The property is located at 515 Anderson Drive. Ryan Earley, Jeff Galante and Terry Grapenthin of Lee & Associates represented the buyer, Venture One Real Estate. Earley, along with Caroline Dell, have been retained to market the building for lease. The seller was not disclosed.
SAN ANTONIO — Los Angeles-based investment and management firm Gelt Inc. has purchased two adjacent multifamily properties totaling 588 units in north San Antonio. Melia is a 300-unit community located at 3431 Oakdale St. that was built in 1976 and is 95 percent occupied. Barcelo is a 288-unit property located at 3501 Pin Oak Drive that was built in 1972 and is 94 percent occupied. Both communities feature pools, fitness centers, outdoor grilling stations and business centers. Charles Cirar, Michael Wardlaw and Colin Cannata of CBRE represented the seller, FPA Multifamily LLC, in the transaction, which marks Gelt’s first commercial acquisition in Texas.
KATY, TEXAS — Fort Worth-based investment firm Olympus Property has acquired Vista at Grand Crossing, a multifamily community located in the western Houston suburb of Katy. Built in 2015, the Class A property features one-, two- and three-bedroom units. Amenities include a pool, fitness center, coffee bar, hiking and biking trails, bocce court, a tanning salon and a dog park. The property has since been rebranded Olympus Grand Crossing. The seller was not disclosed.
INGRAM, TEXAS — Marcus & Millichap has brokered the sale of Lone Star Mini Storage, a 351-unit facility located in Ingram, about 70 miles northwest of San Antonio. The property totals 45,680 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies. Other terms of sale were not disclosed.
ARLINGTON, TEXAS — Better Home Products, a provider of bathroom accessories and hardware items, has signed a 179,875-square-foot industrial lease at Great Southwest Distribution Center in Arlington. The lease represents a renewal as well as an expansion from the company’s previous space. John Brewer of Transwestern represented Better Home Products in the lease negotiations.
AUSTIN, TEXAS — Texas-based mortgage intermediary Pioneer Realty Capital LLC has arranged a $3.2 million loan for the refinancing of Summit Point, an office building in Austin. The property, which is located a few miles south of the downtown area, was 100 percent leased at the time of the loan closing. An international investment banking firm provided the loan on behalf of undisclosed sponsors.
RALEIGH, N.C. — Preferred Apartment Communities Inc. (PAC) has acquired Wells Fargo Capitol Center, a 559,591-square-foot office building located at 150 Fayetteville St. in Raleigh’s central business district. PAC acquired the 29-story asset through its wholly owned subsidiary, Preferred Office Properties LLC. The sales price was not disclosed, but PAC financed the acquisition using a $114.4 million, first-mortgage loan from New York Life Insurance Co. The 10-year loan features a fixed interest rate of 4.27 percent. The Triangle Business Journal reports HighBrook Investors, which bought a majority stake in the tower last year, sold the asset. Wells Fargo Capitol Center serves as the regional headquarters for Wells Fargo Bank and features a bank branch on the first floor. City Club Raleigh, a private dining club, is located on the building’s 28th and 29th floors.
JACKSONVILLE, FLA. — Colliers International has arranged the $59 million sale of a 23-story office tower located at 76 S. Laura St. in downtown Jacksonville. VyStar Credit Union acquired the asset from a joint venture between CarVal Investors LLC and Mainstreet Capital Partners. Colliers arranged the transaction on behalf of the joint venture, which originally acquired the building in 2015 for $31.1 million. The previous ownership invested $2 million to update to property, which was originally constructed in 1989. In addition to mechanical and common area improvements, notable changes included the completion of a 612-space parking garage adjacent to the building, new elevator cabs, lobby improvements, food and beverage options, a fitness center, tenant lounge and a conference center. The new ownership will rename the property VyStar Tower. Colliers International Northeast Florida has been retained as the leasing agent for the building, which was more than 90 percent leased as a result of the sale.
