ST. PAUL, MINN. — SARA Investment Real Estate has acquired River Park Plaza, an office building located at 10 River Park Plaza in St. Paul, for an undisclosed sum. The eight-story property features 328,947 square feet of office space. At the time of sale, the building was 88 percent occupied by a variety of tenants, including St. Paul Pioneer Press, Comcast and Gillette Children’s Specialty Healthcare. The transaction is SARA’s first acquisition in the St. Paul market. The name of the seller was not released.
LAWRENCE, KAN. — Colliers International has arranged the acquisition of an office building located at 401 Arkansas St. in Lawrence. Kinetikos Bodywork Therapy purchased the 1,691-square-foot office building from George R. Learned Estate for an undisclosed price. Kirsten Flory of Colliers represented the buyer, while Doug Brown of McGrew Commercial represented the seller in the deal.
ALPINE TOWNSHIP AND PORTAGE, MICH. — Midwest Realty Group has arranged two leases totaling 6,049 square feet of retail space in Alpine Township and Portage. In the first deal, Great Lakes Outpost LLC leased 3,862 square feet of retail space at 4147 Alpine Ave. in Alpine Township. This location will be the online retailer’s first brick-and-mortar store. Midwest Realty Group represented the tenant and landlord, Alpine Valley LLC in the transaction. In the second deal, Reverse Mortgage Funding LLC leased 2,187 square feet of office space at 3275 Cooley Court in Portage. Midwest Realty Group represented the tenant and landlord, Cooley Park I LLC, in the transaction.
KATY, TEXAS — Trademark Property Co. has entered into an agreement with Westside Ventures to develop an 82-acre mixed-use development at the northwest corner of I-10 and Mason Road in Katy. Planning will continue in the coming months for the initial 60-acre phase, which will include retail, restaurant, residential, hotel and office space. The site, which is part of a larger 107-acre tract owned by Westside Ventures, will be developed in phases over several years. Phasing and a construction timeline will be scheduled following planning.
THE WOODLANDS, TEXAS — Academy Sports + Outdoors is now open in Valley Ranch Town Center, a 240-acre retail district located at the intersection of I-69 and the Grand Parkway. Academy is situated in the 1,400-acre master-planned community of Valley Ranch just north of Kingwood, a development of The Signorelli Co. and is the first of over 85 stores and restaurants expected to open in Valley Ranch Town Center. This is the 95th location for Katy-based Academy Sports + Outdoors, and is expected to employ about 100 people. Houston-based Arch-Con is the contractor for the 63,000-square-foot store.
HURST and SPRING, TEXAS — Disney Investment Group (DIG) has brokered the $16 million sale of three retail properties in Texas. The properties are: Sprouts Crossing in Hurst. The Class A grocery-anchored center totals 60,706 square feet and is anchored by Sprouts. The property was 75 percent occupied at the time of closing. Austin-based EPIC Real Estate Partners purchased Sprouts Crossing; Wellington Place in Hurst. The unanchored shopping center totals 17,327 square feet. Wellington Place is adjacent to Sprouts Crossing and was acquired by the same buyer. EPIC will facilitate a redevelopment and expansion of Sprouts Crossing with the Wellington acquisition; Walgreens in Spring. The single tenant, net leased property is leased to. A private buyer utilizing a 1031 tax-deferred exchange purchased the asset. David Disney and Adam Crockett of DIG represented the sellers and procured the buyers for each property, excluding the seller of Wellington Place.
HOUSTON — Marcus & Millichap has arranged the sale of Colonial Oaks Apartments, an 80-unit apartment property located in Houston. Juan Cuevas and Lucas Fertitta of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Cuevas and Fertitta also secured and represented the buyer, a limited liability company. Colonial Oaks Apartments is located at 3940 South Shaver St.
SANTA MONICA, CALIF. — CBRE has arranged the sale of a retail property located at 1227 3rd St. Promenade in Santa Monica. A joint venture between KLM Equities and Harlington Realty acquired the 3,000-square-foot property for $15.6 million. The property is currently occupied by Tesla Motors. Constructed in 1938, the building underwent a complete revamp in 2012 to become a state-of-the-art showroom for Tesla. Timothy Bower, Ken McLeod and Tim Kuruzar of CBRE represented the undisclosed seller and the buyer in the deal.
WEST HOLLYWOOD, CALIF. — NAI Capital has arranged the sale of a retail property located at 8126 Beverly Blvd. in West Hollywood. Los Angeles-based investor Arash Denialifar acquired the property from Hamilton Properties for $7.5 million, or $852 per square foot. Previously occupied by Environment Furniture, the 8,800-square-foot property features a private parking lot. Ian Strano of NAI Capital’s Westwide office represented the seller and buyer in the transaction.
OXNARD, CALIF. — Marcus & Millichap has brokered the sale of ground lease for 480 N. Rose Ave. in Oxnard. A limited liability company sold the property to a private investor for $2.82 million. The 3,000-square-foot property is net-leased to Carl’s Jr. Lior Regenstreif of Marcus & Millichap represented the seller and buyer in the transaction.