LOS ANGELES — PGIM Real Estate has sold Glendale Plaza, a 547,301-square-foot office property, for an undisclosed sum. The property is located at 531 N. Glendale Ave. in the Los Angeles submarket of Glendale. The plaza is 95 percent leased to tenants mostly within the entertainment, insurance, legal and financial services industries. PGIM acquired the 24-floor office property in August 2006. The company is the global investment management businesses of Prudential Financial. The buyer and price were not disclosed.
SALT LAKE CITY — An out-of-state investor has acquired the 180-unit Eastside Apartments in Salt Lake City for $36.8 million. The community is located at 350 S. 600 E. The community is situated less than a block from a TRAX light-rail stop and near the University of Utah. Community amenities include gated underground parking, an outdoor basketball court and a party patio. Daniel Shin and Brock Zylstra of Marcus & Millichap represented both parties in the transaction.
SAN DIEGO — Campus Evolution Villages LLC, in partnership with an affiliate of Heitman LLC, has acquired Sterling Alvarado, a 771-bed community located near San Diego State University. Planned renovations — to be completed by fall 2017 — include a new, upgraded clubhouse with a community game room; updated common areas and units; and high-speed Wi-Fi throughout.
DRAPER, UTAH — Hilton has premiered the 121-room Homewood Suites by Hilton Salt Lake City Draper. The hotel is located in the Salt Lake City submarket of Draper. West 77 Partners developed and owns the property, which The Hotel Group will manage. It is situated near Salt Lake City International Airport, Loveland Living Planet Aquarium, Rio Tinto Stadium, Hale Centre Theatre, Timpanogos Cave National Monument and Cowabunga Bay Water Park.
RIVERSIDE, CALIF. — The Preiss Co. has acquired GrandMarc at University Village in Riverside. The community offers one-, two- and three-bedroom, fully furnished units with bed-to-bath parity. Community amenities include a resort-style swimming pool and spa, outdoor grilling station, basketball court, clubhouse, study and meeting rooms, a game room, theater room, 24-hour fitness center and tanning beds. The seller was an undisclosed private investment group. The Preiss Co. will operate the facility and oversee renovations and upgrades.
KELLER, TEXAS — Olympus Property and its joint venture partner, Artemis Real Estate Partners, have acquired three multifamily properties consisting of 679 units in the Dallas-Fort Worth suburb of Keller. Stoneleigh Cos. originally developed the three Class A properties, which will be individually rebranded as Olympus Town Center, Olympus Stone Glen and Olympus Waterford.
MCKINNEY, TEXAS — HSM Equity Partners, the commercial development branch of Henry S. Miller Cos., has acquired a three-acre retail tract at the corner of McKinney Ranch Parkway and Ridge Road in McKinney, about 40 miles north of Dallas. The development plan for the tract includes a 21,000-square-foot retail center, set to begin construction in the second quarter of 2017. Joe Benton of Benton Commercial Real Estate Services represented the seller, while Lynn Dowdle of Dowdle Real Estate represented the buyer. Both parties requested confidentiality.
ELKHART, TEXAS — Marcus & Millichap has brokered the sale of a 9,180-square-foot retail property in Elkhart, a city roughly halfway between Houston and Dallas. Family Dollar is the sole tenant of the property, located at 212 N. U.S. Highway 287, and recently extended the original 10-year, double-net lease until 2022. Geoff Ficke and Chris Adams of Marcus & Millichap represented the seller, an undisclosed limited liability company. Other terms of the sale were not released.
HOUSTON — Colvill Office Properties has finalized four new leases at 811 Louisiana, a 577,735-square-foot office tower in Houston’s Central Business District. Among the tenants represented in the newly secured leases are global advisory firm Willis Towers Watson, which leased a 19,222-square-foot space, and law firm McFarland PLLC, which leased a 6,150-square-foot space. Paula Bruns, Damon Thames and Chip Colvill of Colvill represented the landlord, Busycon Properties LLC, in both deals. Jeff Cairns, Bob Denney and Brandon Clarke of CBRE represented Willis Towers Watson. Kevin Kushner and William Padon of CBRE represented McFarland.
SHENANDOAH, TEXAS — Cypressbrook Co. has arranged the lease of 5,649 square feet of flex space at Portofino Tech Center, located at 19241 David Memorial Drive in Shenandoah, a city roughly 30 miles north of Houston. Denise Ksiazek of Cypressbrook represented the tenant, Cole Health Inc., a pediatrics and rehabilitation practice, in the transaction. Greg Tilton of Transwestern represented the landlord, Vara-Portofino Tech Center LLC.