Property Type

Aukum Group Buys 224-Unit Multifamily Property in Arizona for $41M

by Amy Works July 10, 2018

GLENDALE, ARIZ. — Aukum Group has purchased Adobe Ridge, a multifamily property located in Glendale. The Praedium Group sold the community for $41 million, or $183,036 per unit. Built in 2005, the property features 224 open-concept apartment units with nine-foot ceilings, controlled-access gated entry, outdoor spaces with picnic areas and barbecue grills, and 40 detached garages. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

July 10, 2018

Acquisitions Colorado Office Western

Newmark Knight Frank Arranges $17.1M Sale of Office Building in Metro Denver

by Amy Works July 10, 2018

WESTMINSTER, COLO. — Newmark Knight Frank has brokered the sale of an office building located at 1765 W. 121st Ave. in Westminster, a northwest suburb of Denver. Northridge Property Owner LLC/Westminster 121 LLC acquired the property from Denver Northridge Equities for $17.1 million. The building features 124,945 square feet of office space. Riki Hashimoto and Daniel Grooters of Newmark Knight Frank represented the seller in the transaction.

July 10, 2018

Acquisitions Arizona Retail Western

Faris Lee Brokers $9.8M Acquisition of Retail Property in Phoenix

by Amy Works July 10, 2018

PHOENIX — Faris Lee Investments has arranged the acquisition of a retail property located at 5035 W. Baseline Road in Phoenix. A family trust purchased the property from CF Albert Propco for $9.8 million. Safeway occupies the 55,259-square-foot property on a new 20-year, triple-net, corporate-guaranteed lease. The property includes 237 parking spaces and was built in 2008. Christopher DePierro of Faris Lee Investments represented the buyer, while Marcus & Millichap represented the seller in the deal.

July 10, 2018

Bridgeside-Professional-Building-Parker-CO

Acquisitions Colorado Office Western

Trevey Negotiates $2.1M Sale Office Property in Parker, Colorado

by Amy Works July 10, 2018

PARKER, COLO. — Trevey Land and Commercial has arranged the sale of Bridgeside Professional Building, located at 11031 Pikes Peak Drive in Parker. Pikes Peak Properties sold the building to an undisclosed buyer for $2.1 million. With more than 10,500 square feet of leasable space, the two-story property features a brick façade and a basement. At the time of sale, several tenants, including a dental office, occupied the property. Nick Nickerson and Mitch Trevey of Trevey Land and Commercial represented the seller, while Tom Ethington of Pinnacle Real Estate Advisors represented the buyer in the deal.

July 10, 2018

Acquisitions Multifamily Utah Western

29th Street Capital Acquires 43-Unit Multifamily Property in Layton, Utah

by Amy Works July 10, 2018

LAYTON, UTAH — 29th Street Capital (29SC), a privately-held real estate investment and advisory firm, has purchased Twin Trees Apartments, a 43-unti multifamily property in Layton. The buyer plans to invest approximately $10,000 per unit in capital improvements, including upgraded countertops, cabinets, floors, appliances, lighting and fixtures. Exterior renovations include upgraded landscaping, new heating and air conditioning units, and curb appeal enhancements. The name of the seller and the acquisition price were not released.

July 10, 2018

Development Multifamily Texas

JPI Breaks Ground on 425-Unit Apartment Community in Frisco

by Taylor Williams July 10, 2018

FRISCO, TEXAS — Irving-based multifamily developer JPI has broken ground on Jefferson at The Gate, a 425-unit apartment community in Frisco. The Class A property is located within The Gate, a master development by Dubai-based Invest Group Overseas that upon completion will include 650,000 square feet of office space, 130,000 square feet of retail space and a luxury hotel. Amenities at Jefferson at The Gate will include two pools, a fitness center and yoga studio, access to walking trails and concierge services. The first units are expected to be available for occupancy during the first quarter of 2020.

July 10, 2018

Acquisitions Multifamily Texas

JoCo, ValCap Acquire Two Apartment Communities Totaling 316 Units in Austin

by Taylor Williams July 10, 2018

AUSTIN, TEXAS — A partnership between two private equity firms, Pittsburgh-based JoCo Partners and Dallas-based The ValCap Group, has acquired two adjacent multifamily communities totaling 316 units in Austin. Westwood Apartments was built in 1983 and totals 152 units, and Audubon Square was built in 1986 and totals 164 units. The partnership plans to combine the properties into one community called The Lantern that features amenities such as a clubhouse, fitness center, pool areas, outdoor grilling stations and a dog park. The community opened recently and its first units are currently being renovated.

July 10, 2018

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Arranges Sale of 321-Unit Self-Storage Facility in Orange, Texas

by Taylor Williams July 10, 2018

ORANGE, TEXAS — Marcus & Millichap has arranged the sale of Bear Storage, a 321-unit self-storage facility located in Orange, about 30 miles east of Beaumont. The property features 35,830 net rentable square feet, as well as climate-controlled units, RV and boat storage spaces and a truck rental service. Dave Knobler of Marcus & Millichap brokered the sale on behalf of the seller, a limited liability company, and the buyer, a partnership that operates six facilities in the Houston area. Other terms of sale were not released.

July 10, 2018

Acquisitions Industrial Texas

NAI Partners Purchases 73,105 SF Retail Center in San Marcos

by Taylor Williams July 10, 2018

SAN MARCOS, TEXAS — NAI Partners Investment Fund II, the private equity arm of Houston-based NAI Partners, has purchased San Marcos Place, a 73,105-square-foot office and retail center in San Marcos, located roughly midway between Austin and San Antonio. The four-building property was 84 percent leased at the time of purchase to retail tenants such as Pizza Hut and Nationwide Insurance. Andrew Pappas and Adam Hawkins of NAI Partners internally negotiated the sale for the fund. Cathy Nabours of HFF represented the undisclosed seller.

July 10, 2018

Creekside-Park-Village-Center-The-Woodlands-Texas

Development Healthcare Texas

Howard Hughes to Develop 67,200 SF Healthcare Project in The Woodlands

by Taylor Williams July 10, 2018

THE WOODLANDS, TEXAS — Howard Hughes Corp. (NYSE: HHC) will develop a 67,200-square-foot medical facility in The Woodlands, about 30 miles north of Houston. Designed by Houston-based PGAL, the project will deliver two 33,600-square-foot buildings within Creekside Park Village Center, a mixed-use property developed by Howard Hughes. Construction is scheduled to begin at the end of the year. Transwestern will handle leasing of the property.

July 10, 2018

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