EDISON, N.J. — CBRE has arranged the sale of Washington Park Apartments, an apartment complex located at 1940 Lincoln Parkway, Route 27 in Edison. Joseph’s Wish LLC sold the property for $6.2 million. Situated on 1.9 acres, the garden-style apartment complex features 52 units. At the time of sale, the property was fully occupied. Nat Gambuzza and Spencer Beriont of CBRE represented the seller and procured the undisclosed buyer in the deal.
NORWALK, CONN. — RHYS has arranged the sale of an office building located at 14 Westport Ave. in downtown Norwalk. Watermill Westport LLC sold the three-story Class B building to Philipos Properties for $2.9 million. Constellation Health Services occupies the 32,000-square-foot building, which was built in 1985. Christian Bangert, Cory Gubner and Alex Haendler of RHYS represented the seller, while John Zervos of DVB Commercial represented the buyer in the transaction.
MCKINNEY, TEXAS — Hunt Southwest has broken ground on a 202,270-square-foot industrial facility located at 900 Wilmeth Road near U.S. Highway 75 in McKinney. The property will be configured as a front-park, rear-load facility and feature amenities such as 32-foot clear heights, an ESFR sprinkler system, LED warehouse lighting, 43 dock-high doors and two acres of additional land for parking or outside storage. Construction of the facility, which is being built on a speculative basis, is expected to be complete by June 2018. Hunt Southwest expects to begin developing another 200,000-square-foot speculative industrial facility within University Business Park in McKinney during the second quarter of 2018.
FORT WORTH, TEXAS — Fort Worth-based investment firm Fort Capital has acquired a four-property, 369,625-square-foot industrial portfolio in Fort Worth. The properties include the 116,000-square-foot Suffolk Business Park located at 2901-2951 Suffolk Drive; a 63,795-square-foot property located at 2020 E. 24th St.; a 16,000-square-foot property located at 500 E. Central St.; and a 173,830-square-foot property located at 1101 NE 23rd St. Collectively, the properties were 94 percent leased at the time of sale.
NORTH RICHLAND HILLS, TEXAS — Mimco Inc. has acquired North Park Plaza, a 55,000-square-foot shopping center located at the intersection of Rufe Snow Drive and Mid Cities Boulevard in the Fort Worth metro of North Richland Hills. Anchored by Big Lots, the center currently houses 13 tenants and has three spaces available for lease. A private investor based in New York sold the asset for an undisclosed price. With this transaction, Mimco’s portfolio in Dallas-Fort Worth (DFW) now exceeds 1 million square feet.
SIOUX CITY, IOWA — Newmark Knight Frank (NKF) has brokered the sale of Southern Hills Mall in Sioux City for $55 million. The 571,465-square-foot enclosed regional mall is located directly off I-29. The property was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property.
OLATHE, KAN. — Passco Cos. has acquired Greenwood Reserve in Olathe, a suburb of Kansas City, for $38.3 million. The 228-unit apartment property, built in 2016, is located at 13825 College Blvd. Amenities include a pool, community grilling area, cyber café, business center, resident lounge and fitness center with yoga studio. Jeff Stingley of CBRE represented both Passco and the seller, an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae.
HOUSTON — The J. Beard Real Estate Co. has brokered the sale of two office/ warehouse facilities totaling 119,675 square feet in Houston. The properties span four buildings and are situated on 16.7 acres at 12450 and 12452 Cutten Road. Jeff Beard of J. Beard represented the undisclosed buyer in the transaction. Cape Bell and Allison Hall of Cushman & Wakefield represented the seller, Northwest Real Estate Holdings LLC. Downhole Technology LLC, a provider of hydraulic fracturing plugs, will occupy both buildings.
MADISON, WIS. — Marcus & Millichap has arranged the sale of River’s Edge and Fordem Towers in Madison for $37 million. Together, the two multifamily properties total nine buildings and 420 units. Both are located approximately two miles east of the University of Wisconsin-Madison. River’s Edge, completed in two phases in 1974 and 1984, consists of seven three-story buildings totaling 312 market-rate units. Fordem Towers, built in 1982, features two seven-story buildings totaling 108 units. The units, 27 of which are earmarked for low-income housing through a housing assistance payments (HAP) contract, range from 390 to 1,666 square feet. Matthew Whiteside of Marcus & Millichap represented the seller, an Illinois-based limited liability company, and procured the buyer, a Colorado-based limited liability company.
HOUSTON — Cushman & Wakefield has negotiated a 55,178-square-foot office lease extension on behalf of national law firm Chamberlain, Hrdlicka, White, Williams & Aughtry. The company will continue to occupy the 13th and 14th floors at Two Allen Center, a 979,000-square-foot office property located at 1200 Smith St. in Houston, through 2028. David Guion and Tim Relyea of Cushman & Wakefield represented the law firm in the lease negotiations. John Pruitt, Bubba Harkins and Jessica Ochoa of JLL represented the landlord, Brookfield Property Partners.