DENVER – A local buyer has purchased a 15-unit apartment complex in Denver for $2.5 million. The community is located at 3005-3015 E. 14th Ave. The vintage building is situated in Congress Park. Jim Knowlton of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
HOUSTON — A group of 17 industrial specialists from The National Realty Group (TNRG) have joined Lee & Associates Houston. With this addition, the Houston office of Lee & Associates, the largest broker-owned commercial real estate firm in the nation, increases its brokerage team to 28 members. “I am incredibly excited about what this means to our office and our national outreach,” says Chris Lewis, managing partner of Lee & Associates Houston. “The transition to Lee & Associates Houston has been an amicable split by both the brokers and TNRG, and we anticipate our relationship with TNRG to remain strong and fruitful.” Jeffrey Rinkov, CEO of Lee & Associates, echoed Lewis’ comments. “This is one of the single-largest broker moves in our company’s history,” says Rinkov. “To have the opportunity to gain this much expertise and experience is incredibly satisfying. I am looking forward to the dynamics this team will bring to not only our Texas brokerage but our national network, as well.” Mike Spears, former president of TNRG Brokerage Services, will serve alongside Lewis as the co-managing principal of the Houston office. Spears was the catalyst in the decision and managed the transition, according to Lee & Associates. “TNRG, which …
AUSTIN, TEXAS — Accesso Partners has acquired 7700 Parmer Lane, a 913,000-square-foot, 94 percent leased technology office campus in northwest Austin. The property is leased to Google, Oracle, eBay/Pay Pal, Electronic Arts, Polycom and Dun & Bradstreet. The 129-acre, four-building office complex is the second Austin acquisition in the last five months by the Hallandale Beach, Fla.-based real estate investment firm. There are two vacancies in the complex, a 31,436-square-foot space adjacent to Oracle in Guilding B, and 23,693-square-foot space in Building C adjacent next to Electronic Arts. Additionally, there is a value-add opportunity to develop a fifth office building within the campus footprint. Michael McDonald of Eastdil Secured’s Atlanta office represented the seller and procured Accesso Partners. The amenities at 7700 Parmer include an auditorium, full-service cafeteria, baseball field, basketball courts, soccer field, volleyball court and a day care service. Susan Hill of HFF’s Houston office arranged acquisition financing on behalf of Accesso Partners.
SAN ANTONIO, TEXAS — HFF has arranged the sale of The Place at Overlook, a 411-unit apartment community in San Antonio. HFF marketed the asset on behalf of MC Cos. My Residential, a private company based in Denver, purchased the property on a loan assumption basis for an undisclosed price. The Place at Overlook is situated on 16 acres at 4934 Woodstone Drive near the intersection of I-10 and Huebner Road in northwest San Antonio. The 31-building property includes 294,000 rentable square feet and offers a mix of one- and two-bedroom units. Community amenities include a swimming pool, full-size sport court, sand volleyball court, fitness center and a clubhouse. Matt Pohl and Sean Sorrell led the HFF investment sales team representing the seller.
FORT WORTH, TEXAS — Teague Nall & Perkins (TNP), a professional civil engineering, surveying, and landscape architecture firm, will move into the Mercantile Center located at 5237 N. Riverside Drive in Fort Worth. TNP has signed a 42,071-square-foot lease at the office building that will bear its name and will serve as its new corporate headquarters. The company’s corporate office is currently located on Macon Street in downtown Fort Worth. Andrew Ward of Mercantile Partners represented the landlord internally in the transaction, while David Walters of CBRE’s Fort Worth office represented TNP in the site search and lease negotiations.
MESQUITE, TEXAS — Marcus & Millichap has arranged the sale of Tradewinds, a 308-unit multifamily asset in Mesquite. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office, along with Marc Sommer of the firm’s Chicago Downtown office, represented the seller. Fluellen, Hoover and Sean Scott, an associate in the Dallas office, procured the buyer. The property is located at 2136 Tradewind Drive with frontage along North Town East Boulevard. Built in 1967 on 13.1 acres, Tradewinds features five floor plans. The average unit size is 836 square feet and the majority are two- and three-bedroom apartments. Recent improvements include roof replacements on four buildings, the installation of a new chiller, cooling tower and hot water boiler and parking lot repairs. Approximately 120 units have undergone interior upgrades including vinyl flooring, updated appliances, new carpet and faux granite countertops.
PLYMOUTH MEETING, PA. — Keystone Property Group has unveiled its plan to redevelop One Plymouth Meeting, a 180,000-square-foot office property located at 502 W. Germantown Pike in Plymouth Meeting. The nine-story building will be renovated to accommodate modern workplace demands, including the addition of amenities, interior and exterior upgrades, and to qualify for LEED certification. Overlooking Plymouth Meeting Mall, the office building has walkable access to various of restaurants and retail venues as well as an AMC movie theater.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a block-front development site at 286-298 and 300-306 Wythe Ave. in the Williamsburg section of Brooklyn. Tri-Boro Shelving & Partition Corp. sold the site to Brooklyn-based North Development Group for $27 million. The site consists of two contiguous lots that together can support construction of up to approximately 51,200 buildable square feet of residential or commercial space with a community facility. Current zoning for the properties allows for residential and commercial development. Nicole Rabinowitsch and Gabriel Saffioti of Eastern Consolidated represented the seller and buyer in the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily property located at 36-40 Linden St. in Brooklyn’s Bushwick section. A local private investor sold the property to Manhattan-based buyers for $10.5 million. The four-story building includes 38 apartments. Glenn Raff of Alpha Realty represented the buyers, while Lev Mavashev, also of Alpha Realty, represented the seller in the transaction.
EMERSON, GA. — AVATRON USA Development LLC has selected Lee & Associates Atlanta to lease AVATRON Park, a 712-acre development housing a theme park and an adjacent hospitality and retail complex in Emerson, roughly 40 miles north of Atlanta. Slated for completion in early 2019, AVATRON Park will feature a theme park, 300,000-square-foot lifestyle shopping center, dining area, two hotels totaling 500 rooms and a 10,000-seat outdoor amphitheater. According to Joe Simpson of Lee & Associates Atlanta, the firm is primarily focused on hospitality and multifamily projects at the development and will work with New York–based Newmark Grubb Knight Frank on the retail projects. Attractions in development for the theme park will include newly created intellectual property along with gaming and movie industry intellectual property, most notably The Hunger Games franchise. In early November, movie studio Lionsgate announced its licensing, for the first time in North America, of the Hunger Games, Step Up and Now You See Me franchises as part of its partnership agreement with AVATRON.