Property Type

ARA Newmark Brokers Sale of Apartment Community in East Austin

by John Nelson August 28, 2017

AUSTIN, TEXAS — ARA Newmark has arranged the sale of 7East, a new 186-room midrise apartment community in east Austin. Pat Jones of ARA Newmark represented the sellers, Stonelake Capital Partners and Ardent Residential, in the transaction. The buyer was GF Properties Group, a wholly owned subsidiary of the Southern Ute Indian Tribe Growth Fund. Situated on 1.9 acres near downtown Austin, 7East includes a rooftop lounge and clubroom, resort-style pool, 24-hour fitness center, business center with Apple computers and conference room and a leash-free dog park. Unit interiors feature up to 10-foot ceilings, open-concept gourmet kitchens, spa-inspired bathrooms, oversized walk-in closets and downtown views in select units.

August 28, 2017

Marcus & Millichap Arranges Sale of Retail Strip Center Near Dallas

by John Nelson August 28, 2017

HURST, TEXAS — Marcus & Millichap has brokered the sale of a 22,066-square-foot retail property located at 740 W. Pipeline Road in Hurst, roughly 25 miles west of Dallas. At the time of sale, the multi-tenant property was leased to Advance Auto Parts, America’s Best Contacts & Eyeglasses and Dollar Tree. Built in 2015, the center is adjacent to a Walmart Neighborhood Market. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, a limited liability company. Mike James and Tony Michael Anderson of Marcus & Millichap’s Encino, Calif., office procured the buyer, an individual/property trust.

August 28, 2017

California Industrial Western

MAT Holdings Purchases Industrial Building in Riverside for $28.2M

by Nellie Day August 28, 2017

RIVERSIDE, CALIF. — MAT Holdings Inc. has purchased a 303,100-square-foot industrial building in Riverside for $28.2 million. The Class A facility is located at 6975 Sycamore Canyon Blvd. The company plans to use the building as its West Coast distribution center. The seller was Investment Building Group.

August 28, 2017

Office Oregon Western

Bentall Kennedy Acquires Oregon Clinic Gateway Medical Office Building in Portland

by Nellie Day August 28, 2017

PORTLAND, ORE. — Bentall Kennedy has purchased the Oregon Clinic Gateway Medical Office Building in Portland for an undisclosed sum. The 101,299-square-foot building is located at 1111 N.E. 99th Ave. It was built in 2006. The facility is fully leased as medical offices, day surgery, on-site diagnostic imaging and laboratory centers. This is the firm’s first medical office building investment in Portland.

August 28, 2017

Arizona Multifamily Western

Henley USA, Modern Residential Co. Buy 216-Unit Sonoma Pines in Peoria for $19M

by Nellie Day August 28, 2017

PEORIA, ARIZ. — A joint venture between Henley USA and Modern Residential Co. has purchased the 216-unit Sonoma Pines apartments in Peoria for $19 million. The community is located at 8650 W. Peoria Ave. It was built in 1984. David and Steve Gebing of Institutional Property Advisors represented the buyer and seller, Mentor Properties, in this transaction.

August 28, 2017

California Multifamily Seniors Housing Western

Integrity Housing Opens 84-Unit Affordable Seniors Housing Community in Pomona

by Nellie Day August 28, 2017

POMONA, CALIF. — Integrity Housing has opened Olivera Senior Apartments, an 84-unit affordable seniors housing community in the Los Angeles suburb of Pomona. The property is already fully leased. Residents must be seniors making between 30 percent and 60 percent of the area median income. Five units are reserved for veterans using Veterans Affairs Supportive Housing (VASH) vouchers. Integrity financed Olivera using 9 percent Low Income Housing Tax Credits and funding from the Federal Home Loan Bank Affordable Housing Program. US Bank provided the construction loan, California Community Reinvestment Corporation provided the permanent loan and City Real Estate Advisors is the tax credit equity partner. Integrity Housing developed the property in partnership with Mayans Housing Corp. KTGY Architecture + Planning and MJS Landscape Architecture designed the property. FPI Property Management operates the property, and has partnered with EngAGE to provide arts and wellness programming for residents.

August 28, 2017

Nevada Office Western

GLVAR Sells Las Vegas Headquarters for $2.7M

by Nellie Day August 28, 2017

LAS VEGAS — The Greater Las Vegas Association of Realtors (GLVAR) has sold its local headquarters for $2.7 million. The office is located at 1750 E. Sahara Ave. GLVAR has leased the space back from the new owner, Laborers’ International Union North America (LIUNA), until its new facility is built on Rainbow Boulevard, just north of Sunset Road. David R. Scherer of Newmark Grubb Knight Frank represented GLVAR, while Peter Guzman represented LIUNA.

August 28, 2017

Office Texas

NAI Negotiates Office Lease Renewal in Houston for Law Firm

by John Nelson August 28, 2017

HOUSTON — NAI Partners has negotiated a 21,263-square-foot office lease renewal at Brookhollow Central II, located at 2900 N. Loop West in Houston. Dan Boyles and Liz Westcott-Brown of NAI Partners represented the tenant, Houston-based law firm Lorance & Thompson PC. Brian Strait of Lincoln Property Co. represented the landlord, Parmenter Brookhollow LLC, during the negotiations.

August 28, 2017

Florida Industrial Southeast

Knott Realty to Develop 27-Acre Industrial Park in Fort Myers

by Camren Skelton August 28, 2017

FORT MYERS, FLA. — Knott Realty Group has purchased 27 acres of land located at 10400 Meridian Center Parkway in Fort Myers with plans to develop an industrial park at the site. The Baltimore-based company purchased the site from Meridian Airport Park LLC for an undisclosed price. Dubbed Meridian Center, the park will include two speculative buildings totaling 350,000 square feet that are suitable for distribution, warehousing or manufacturing. The property is situated roughly one mile from Southwest Florida International Airport. Knott Realty will initially construct a single-story, 200,000-square-foot manufacturing and distribution facility equipped with 32-foot ceilings, multiple drive-in and loading dock doors and parking accommodations for more than 350 vehicles. The building is slated for completion in summer 2018. Following completion of the first building, the company will begin construction on 150,000 square feet of additional space in a second facility.

August 28, 2017

Industrial South Carolina Southeast

Ware Malcomb Delivers 558,000 SF Industrial Property in Metro Charlotte

by Camren Skelton August 28, 2017

ROCK HILL, S.C. — Ware Malcomb, an international commercial real estate design firm, has helped deliver Legacy Park West, a 558,000-square-foot industrial property in Rock Hill, a South Carolina suburb of Charlotte. The development is located roughly one mile from Interstate 77 and includes two speculative industrial buildings, with a third building planned for the future. The one-story buildings feature concrete tilt-up wall panels, insulated steel roof structures and 30- and 32-foot clear heights. Evans General Contractors was the general contractor for the project, and Scannell Properties was the developer.

August 28, 2017

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