AURORA, COLO. — Jackson Square Properties has acquired the 220-unit Center Pointe East Apartments in Aurora for $31.1 million. The community is located at 15490 East Center Ave. It was built in 1999. Terrance Hunt, Shane Ozment, Jeff Hawks and Doug Andrews of ARA Newmark represented the seller, Lynd Company, in this transaction.
OAKLEY, CALIF. — The 80-room Comfort Suites in the San Francisco Bay Area submarket of Oakley has sold to an unnamed buyer for an undisclosed sum. The hotel is located at 5549 Bridgehead Road. The new owner plans to convert the hotel to a Best Western. The Ehmer Group, a San Francisco-based member of Hotel Brokers International, represented the seller.
SALT LAKE CITY — Standard Industries has purchased the former Corsicana Bedding Building, a 155,106-square-foot office and manufacturing facility in Salt Lake City, for an undisclosed sum. The building is located at 879 South 4400 West. This is the restaurant supply company’s second distribution center in Salt Lake City. Bryce Blanchard and Kelsie Akiyama of Newmark Grubb ACRES represented the landlord, BH Properties, in this transaction.
PASADENA, CALIF. — Social Vocational Services (SVS) has leased 7,847 square feet of office space in downtown Pasadena. The space is located at 595 E. Colorado Blvd. The property was built in 1928. SVS is a nonprofit that provides services to individuals with intellectual and developmental disabilities throughout California. The landlord is the Swig Company.
HOUSTON — CBRE has completed a lease extension for Houston-based Ridgewood Energy, an energy-focused private equity firm with offices in Houston and New Jersey. The company is also expanding its space at 1254 Enclave Parkway, located in Houston’s Energy Corridor, to a total of 21,945 square feet. Kevin Saxe and Nick Bockhorn of CBRE represented Ridgewood Energy in the lease transaction with landlord AG Plaza At Enclave LLC, which was represented by CBRE’s Bonnie Kelley.
HOUSTON — Colliers International has arranged the sale of 16055 Space Center Blvd. in Houston. The property is a multi-tenant, seven-story office building containing 149,144 square feet. The Class A building is situated on seven acres in the NASA/Clear Lake submarket of Houston. Colliers International represented the seller, Parfinco TX LLC.
CARROLLTON, TEXAS — Henry S. Miller’s Bill Bledsoe has represented Pack Properties XI LLC in the purchase of 5.1 acres of land in Carrollton. The Sam Pack Auto Group is expanding its business in Carrollton with the new 5 Star Chevrolet. The parcel, located at 1711 S. Broadway, will accommodate additional vehicle storage and inventory needs. Troy Corman of T2 Real Estate represented the seller, H. Dalton Wallace of Austin, in the transaction.
WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of MainStay Suites, a 90-room hospitality property located in Wichita Falls. Chris Gomes and Skyler Cooper of Marcus & Millichap’s Dallas office, along with Allan Miller of the firm’s San Antonio office, marketed the property on behalf of the seller, a private investor. Cooper, Gomes and Miller also procured the buyer, a private investor. MainStay Suites is located at 1917 Elmwood Ave. N., just east of Kemp Boulevard. Constructed in 1999 and renovated in 2014, the extended stay hotel is situated on 1.9 acres. The hotel offers meeting space and high-speed wireless Internet access throughout the common space and in guest rooms. Additional property amenities include complimentary breakfast, free newspapers, guest laundry facilities and free guest parking. Recreational amenities at the hotel include an on-site fitness center and a business center.
EULESS, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $2.7 million sale of a single-tenant Panera Bread ground lease located at 2911 Highway 121 in Euless. The newly constructed Panera Bread is an outparcel to the 194-acre Glade Parks development. Glade Parks’ tenants include Belk, Dick’s Sporting Goods, Dave & Busters, Michael’s and other national retailers. Randy Blankstein and Jimmy Goodman of The Boulder Group represented both the seller and the purchaser in the transaction. The purchaser was a private investor from Florida utilizing a 1031 tax-deferred exchange, and the seller was a Midwestern developer. The Panera Bread ground lease is for 15 years and features 10 percent rental escalations every five years.
ATLANTA — Vista, an Atlanta-based owner and developer of multifamily communities in the Southeast, has purchased two apartment communities in metro Atlanta totaling $56.8 million, or roughly $106,000 per unit. Vista originally developed both complexes and plans to renovate the assets to best-in-submarket status. The properties include the 312-unit Oakwood Vista in Norcross near I-85 and Jimmy Carter Boulevard and the 224-unit Parkway Vista in Atlanta near the I-85/I-285 junction. Vista originally developed Oakwood Vista in 2003 and Parkway Vista in 2002. Vista funded both acquisitions using a combination of permanent financing from Freddie Mac, preferred equity and equity provided by Eduard de Guardiola, the founder of Vista.