DENVER – A 61,954-square-foot industrial property in Denver has sold to Parkhill Development Company for $5.5 million. The space is located at 3000 and 3201 Walnut Street. The seller, WSM Properties, was represented by DTZ’s Aaron Valdez, Alec Rhodes and Tyler Smith.
CITY OF INDUSTRY, CALIF. – Gordon Brush Mfg. Co. has purchased a 182,853-square-foot industrial building in the Los Angeles submarket of the City of Industry for an undisclosed sum. The property is located at 3737 Capitol Ave. The industrial brush manufacturer plans to relocate to the building, which will allow it to consolidate its operations. The company will occupy 100,000 square feet and lease the remaining space. Gordon Brush was represented by Jeff Bethel and Jack Cline of Lee & Associates.
SAN DIEGO – An eight-bedroom apartment community in the San Diego submarket of Normal Heights has sold to Wang’s Growth LLC for $1.9 million. The community is located at 4640 Bancroft Street. The seller, Vaerus Utah LLC, upgraded the complex with all new interiors, including new kitchens, hardwood floors, bathrooms, heating, paint, lighting and appliances. The property also received new exterior paint, drought-tolerant landscaping, hardscape, exterior modern treatments, doors and new modern fencing. Vaerus was represented by Mark Morgan of ACI Apartments.
ODESSA, TEXAS — Cinergy Entertainment Group Inc. has purchased a property along State Highway 191, half a mile east of Faudree Road in the new Dorado Center in Odessa. Plans for the property include a 90,000-square-foot cinema entertainment complex. Lee Lewis Construction will break ground in the next few days. The theater, which will be called Cinergy Permian Basin featuring EPIC, will include 10 auditoriums, 18 lanes of bowling, a full-service bar, four billiard tables, a game floor with more than 110 games, redemption store, dining options and rock climbing walls.
DALLAS — Balfour Beatty Communities has acquired a five-apartment complex portfolio in metro Dallas in a joint venture with equity partners Block Multifamily Group and Harbert Management Corp. on behalf of the Harbert United States Real Estate Fund V (HUSREF V). Balfour Beatty Communities will perform all property management services across the portfolio through its multifamily division, and Block Multifamily Group will be responsible for all asset management services. The acquisition portfolio includes Madison at Round Grove, a 404-unit complex located at 201 E. Round Grove in Lewisville; Madison on the Parkway, a 376-unit complex located at 19002 Dallas Parkway in Dallas; Wimberly Apartments, a 372-unit complex located at 4141 Horizon N. Parkway in Dallas; Wimbledon Oaks, a 248-unit complex located at 1802 Wimbledon Oaks Lane in Arlington, and; Villas of Josey Ranch, a 198-unit complex located at 2050 Keller Springs Road in Carrollton.
DALLAS — Marcus & Millichap has arranged the sale of Town Creek Condominiums, a 98-unit property located in Dallas. Nick Fluellen and Bard Hoover of Marcus & Millichap’s Dallas office negotiated the contract on behalf of the seller. Fluellen and Hoover also procured the buyer, an out-of-state partnership. Town Creek Condominiums is located at 9727 Whitehurst Drive, just southwest of Interstate 635. Constructed in 1984, the asset is situated on approximately 3.5 acres.
SAN ANTONIO — HFF has secured fixed-rate financing for Ventana Apartments, a 390-unit, Class A apartment complex in San Antonio. Working on behalf of the borrower, Venterra Realty, HFF placed the five-year, 3 percent fixed-rate loan with a life company correspondent lender. Loan proceeds were used to acquire the asset. Ventana Apartments consists of 25 two- and three-story residential buildings containing one-, two- and three-bedroom units totaling 380,076 rentable square feet. Community amenities include two swimming pools with cabanas, a fitness center, clubhouse and gated access. The property is located at 11020 Huebner Oaks and is 95 percent leased. Cortney Cole and Jordan Finch led the HFF debt placement team representing the borrower.
New York City multifamily has historically been a darling of the real estate industry — and for good reason. It is arguably the most sought-after investment product type within commercial real estate investment’s most targeted city. It is the perfect demographic storm on the demand side: two-thirds of the population rent versus own; the population is arguably the best educated and includes the highest income generators in the nation; and the market continues to exhibit vast growth in household creation and population. Not to mention, the supply side is both geographically and politically constrained. These limitations are further exacerbated by very high costs to build. However, even with the dual push of supply and demand continuing to be in investors’ favor citywide, there are some areas that are softening. Two areas that seem to be softening are luxury condominiums in Manhattan and rental product in Long Island City (Queens) and the downtown Brooklyn area. Manhattan Luxury Condo Sales Slowing Manhattan is often a trendsetter that is months and years ahead of the rest of the country when it comes to real estate trends, and the return of the luxury condominium market is a prime example of this. Some 2,500 units were …
NEW YORK — Extell Development Co. has acquired the remaining residential development rights at City Point, a 1.9 million-square-foot mixed-use project in downtown Brooklyn, for $115.5 million. The price works out to about $217 per buildable square foot. The sellers were Acadia Realty Trust and Washington Square Partners, co-developers of City Point. City Point’s third phase, a 21,500-square-foot parcel, will be Extell’s first residential development in Brooklyn. The company plans to develop a 665,000-square-foot tower, located on Willoughby Street, with 600,000 square feet of residential space and 65,000 square feet of commercial space at the base of the building. Acadia and Washington Square will retain the commercial portion of the development upon completion in 2020. Construction is slated to begin in 2017.
DEVENS, MASS. — Calare Properties and Hackman Capital Partners have completed the disposition of a manufacturing facility located at 112 Barnum Road in Devens. A large institutional real estate investor acquired the 392,000-square-foot property for $36 million. Originally constructed in 2010, the property features manufacturing and research facilities including oversized air handling and humidification emergency diesel generators and gas distribution systems. Robert Gibson, Bill Moylan, Chris Angelone, Bruce Lusa and John Meador of CBRE/New England represented the seller in the transaction.