HOUSTON — NAI Houston has arranged the sale of a 22,000-square-foot industrial building located at 10531 Fisher Road in Houston’s Northwest submarket. The building is situated on 3.3 acres of land. Chris Caudill of NAI Houston represented the buyer, Greystone Alloys. Jim Copper of Cypressbrook Co. represented the seller, JKM Fisher Properties Ltd., in the sale of the property.
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HOUSTON —Marcus & Millichap has arranged the sale of White Oak Apartments, a 77-unit apartment building located at 2222 White Oak Drive in Houston. Juan Cuevas, an associate in Marcus & Millichap’s Houston office, marketed the property on behalf of the seller, a subsidiary of Brightside Properties. Greystar, the buyer, plans to demolish the existing building and build a new mid-rise apartment building.
SEATTLE — Cornerstone Real Estate Advisers has acquired the 319-room Motiff Seattle hotel for a reported $130.7 million. The hotel is located at 1415 5th Ave., between Pike and Union streets in Downtown Seattle. It was formerly known as The Red Lion. The property went through a $20-million, multi-phase renovation in 2011 that added 22 guest rooms and increased meeting space by 50 percent. It was only recently rebranded as Motiff Seattle, making it the largest independent hotel in the Downtown area. The seller was a joint venture between Lowe Enterprises Investors (LEI), the Guardian Life Insurance Company of America and a subsidiary of Allstate Insurance Company. LEI affiliate Destination Hotels & Resorts will continue to manage the property. The joint venture targets well-located, full-service hotels that maintain three-star quality and above that can be repositioned to capitalize on the market’s recovery.
LAKEWOOD, COLO. — The Radco Companies has acquired the 512-unit Parc Belmar apartment community in Lakewood for $95.3 million. The community is located at 7301 W. Ohio Ave. in the southwestern suburb of Denver. It sits adjacent to the Downtown Belmar district, a 22-block retail and entertainment destination. This is the largest multifamily transaction in Colorado so far this year, according to Radco. It is also the real estate opportunistic investment firm’s first acquisition in Colorado. Radco plans to reposition the property. The efforts would include renovating the 27,000-square-foot clubhouse and leasing center, as well as upgrading the unit interiors with high-end finishes. The company also plans to rebrand the property as Ashford Belmar. Radco’s portfolio now includes more than 6,500 multifamily units in five cities across the Southeast and the Midwest. This latest acquisition was financed through a mixture of Freddie Mac debt, preferred equity from the Related Companies and Radco’s own privately funded equity.
SALT LAKE CITY – A joint venture between Grey Oak LLC and Wasatch Advantage has acquired six parcels totaling 1.5 acres in Downtown Salt Lake City. The purchase price was not disclosed. The JV will use the land to develop Encore, a 189-unit apartment community. The new Class A community will be located on the north side of 400 South between Denver Street and 500 East. The transaction was executed by Mark Jensen and Greg Ratliff of Newmark Grubb ACRES. The seller was not named.
MESA, ARIZ. — Buchanan Street Partners has acquired Stapley Corporate Center, a 180,000-square-foot office property in the Phoenix suburb of Mesa, for $32.5 million. The two-building, Class A center is located at 1840 and 1910 South Stapley Drive, near the border of Mesa and Gilbert. Stapley is 90 percent occupied. Tenants with long-term leases include Cigna Healthcare and Wells Fargo. Chris Toci and Chad Little of Cushman & Wakefield of Arizona represented the seller and original developer, the DESCO Group, in this transaction. Buchanan was self-represented. JLL’s Mark Gustin will handle the center’s leasing. Buchanan is targeting value-add investment properties within the Phoenix market. It currently owns 1.4 million square feet of properties in this market, including Mesa Corporate Center and the 260-unit Vue Park West in Peoria, which closed earlier this year.
ONTARIO, CALIF. — Rexford Industrial Realty has acquired Dupont Business Center, a 110,890-square-foot industrial complex in Ontario, for $10.2 million. The two-building facility is situated on 5.7 acres within a Foreign Trade Zone near Ontario Airport in the Inland Empire West submarket. This region boasts 250.8 million square feet of industrial space. Dupont is fully occupied by five tenants. Rexford plans to divide the larger space over time to accommodate more tenants. The transaction was executed by JLL’s Bo Mills, Mark Detmer, Peter McWilliams, Mike McCrary, Ruben Goodsell, Jeff Bellitti and Nicole Welch.
PENSACOLA, FLA. — HFF has arranged an $11.4 million loan for Village Oaks, a 165,851-square-foot shopping center at 6241-6251 N. Davis Highway in Pensacola. The shopping center is 95.4 percent leased to Bealls, PetSmart, Planet Fitness, Party City, Cato and Plato’s Closet. Chris Drew, Whitaker Leonhardt and Cecily Nazario of HFF arranged the 10-year loan through Prudential Mortgage Capital Co. on behalf of the borrower, RCG Ventures LLC. Greg Krafcik of Prudential Mortgage Capital led the transaction.
TALLASSEE, ALA. — Westwood Net Lease Advisor represented Buckingham Properties REIT, a private trust based in Rochester, N.Y., in its $7.4 million purchase of an automotive parts manufacturing facility in Tallassee. Jason Benton, a local business owner, sold the 100,000-square-foot property, which is located at 50 Hanil Drive. The facility is currently leased to Hanil USA Inc., a brake, fuel and power steering tube supplier. Vince Vatterott of Westwood Net Lease Advisor represented Buckingham Properties REIT in the transaction.
LARGO, FLA. — Franklin Street Real Estate Services has arranged the approximately $3 million sale of East Bay Plaza at 5395 E. Bay Drive in Largo. The unanchored, 10,401-square-foot strip center is fully leased to Einstein Bros. Bagels, Anytime Fitness, Liberty Tax Service, Radio Shack and Zoom Tan. Jonathan Graber and Rafeal Wright of Franklin Street represented the seller, East Bay Plaza Integra LLC, in the transaction. Warner Enterprises LLC purchased the asset in a 1031 tax-deferred exchange.