COSTA MESA, CALIF. — SRS Real Estate Partners has arranged the $2.4 million sale of a ground lease in the Orange County community of Costa Mesa. The 0.8-acre parcel of land currently houses a 13,200-square-foot property. The asset is triple-net leased to a Los Angeles-based entity that subleases the property to multiple tenants. Michael Walseth of SRS represented the undisclosed, Orange County-based seller in the transaction. The buyer, also based in Orange County, represented itself. The ground lease had approximately 14 years remaining.
RIVERSIDE, CALIF. — Marcus & Millichap has arranged the $1.3 million sale of a 13,200-square-foot retail property located at 9741 Magnolia Ave. in Riverside. Brandon Michaels of Marcus & Millichap arranged the transaction on behalf of both the seller, a limited liability company, as well as the buyer, 4GT Group LLC.
SCHERTZ, TEXAS — Colony Industrial, a division of Los Angeles-based REIT Colony Northstar, has acquired Enterprise Industrial Park, a 639,797-square-foot property located at 17745 Lookout Road in Schertz, a northeastern suburb of San Antonio. Developed by Atlanta-based Robinson Weeks Partners, the two-building complex was 88 percent leased at the time of sale to nine tenants with a weighted average of 5.3 years remaining on their leases. Space is available at Building II, which features a cross-dock configuration with 32-foot clear heights, 73 trailer spaces, an ESFR sprinkler system and an office finish. Randy Baird, Jonathan Bryan and Ryan Thornton of CBRE brokered the sale. The Dallas Business Journal reports that the sale price was $52.1 million.
SAN MARCOS, TEXAS — CBRE has brokered the sale of Dakota Ranch, a 316-bed student housing community located roughly one mile from Texas State University in San Marcos. Built in 2002, the property offers one-, two- and three-bedroom units ranging in size from 523 to 1,111 square feet. Amenities include a pool, fitness center, outdoor kitchen, volleyball court, a dog park and a business center. An affiliate of New York-based Alden Street Capital purchased the asset from an affiliate of Alex. Brown Realty for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE brokered the deal, and Benjamin Roelke of CBRE secured a seven-year loan through Fannie Mae for the acquisition.
WACO, TEXAS — Marcus & Millichap has closed the sale of Tinsley Place, a 214-unit multifamily community located approximately one mile from Baylor University’s campus in Waco. Built in 2015, the property consists of one-, two- and three-bedroom units ranging in size from 485 to 1,206 square feet and features a pool. Nick Fluellen, Bard Hoover and Sean Scott of Marcus & Millichap represented the seller and procured the buyer, both of whom requested anonymity.
WACO, TEXAS — Wellington Realty has arranged the sale of West Campus Lofts, a student housing community located near Baylor University in Waco. The property, which offers 180 two- and three-bedroom units, was redeveloped in 2017. Shared amenities include a swimming pool with a cabana, 24-hour fitness center, game room and a study lounge. David Shaffer, Caleb Jones, Tammy Shaffer and William Hubbard of Wellington brokered the transaction. The buyer, seller and sales price were not disclosed.
HOUSTON — Keen Realty Group has negotiated a 21,000-square-foot office lease at 9703 Richmond Ave. in the Westchase district of Houston. The tenant, The Nations Law Firm, a litigation firm with offices in Houston, New York, Atlanta and Washington, D.C., was self-represented in the lease negotiations. Payton Indermuehle and Gloria Casimir of Keen Realty represented the landlord, Tass Realty LLC. The new lease brings the building to 92 percent occupancy.
DUBUQUE, IOWA — The DESCO Group has purchased Warren Plaza in Dubuque for an undisclosed price. A Hy-Vee grocery store anchors the 96,310-square-foot shopping center, which is 90 percent leased to additional tenants such as Super Cuts, Video Games Etc!, Miracle Ear and Great Dragon. The property is situated on 13 acres at 3500 Dodge St. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, Brixmor Property Group. Christopher Knight of HFF arranged a fixed-rate loan on behalf of DESCO for the acquisition.
ANN ARBOR, MICH. — Berkadia has arranged the sale of The Courtyards Apartments in Ann Arbor for an undisclosed price. The 896-bed student housing property features 320 units ranging from one- to four-bedroom floor plans. Amenities include a game room, movie theater, fitness center, picnic area, study room and bike storage. The property is situated near the University of Michigan’s North Campus. Kevin Larimer and Greg Gonzalez of Berkadia represented the seller, Chicago-based Kensington Realty Advisors Inc. Harrison Street Real Estate Capital LLC purchased the asset.
ELMHURST, ILL. — The Opus Group has broken ground on a luxury apartment property in Elmhurst, a suburb of Chicago. The project will feature 164 residential units and more than 7,600 square feet of retail space. The transit-oriented development is located at 100 N. Addison St. Amenities will include a fitness center, yoga room, clubroom, pool, pet spa and work-from-home suites. Completion is slated for spring 2019. Opus Development Co. is the developer, Opus Design Build is the design-builder and Opus AE Group is the architect and structural engineer. Hartshorne Plunkard Architecture is the design architect and ESG Architects is the interior designer. The project is a joint venture with Principal Real Estate Investors.