HOUSTON — Marcus & Millichap has brokered the sale of Woodforest Shopping Center, a 113,831-square-foot retail property in Houston. The facility, located at 421-469 & 438-474 Uvalde Road, houses tenants including Palais Royal, dd’s Discounts and Advance Auto Parts. James Bell of Marcus & Millichap represented the seller, a REIT traded on the NYSE. Bell also secured the buyer, a partnership.
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ROUND ROCK, TEXAS — A private Canadian real estate investment group has selected FirstService Residential Realty (FSRR) to manage the Landing at Round Rock, a 583-unit multifamily community approximately 19 miles north of Austin. Acquired by the Canadian group earlier this year, the property was constructed in 2001 and features townhomes with attached garages, hardwood floors, granite countertops and 10-foot ceilings. The asset, which was previously known as the Monterone at Round Rock, is located at 7711 O’Connor Drive and includes amenities such as five swimming pools, a theater and 24-hour fitness center. FSSR provides management services for a portfolio totaling more than 20,000 units nationwide.
FONTANA, CALIF. — REDA Bascom Ventures has purchased 16 acres of land in Fontana for an undisclosed sum. The joint venture between Real Estate Development Associates (REDA) and The Bascom Group plans to develop a 350,000-square-foot industrial/distribution building on the site. The land is located at 11100 Hemlock Ave. It sits adjacent to the JM Eagle Fontana manufacturing facility. REDA Bascom was represented by Kevin McKenna and Scott Sanders of Colliers International. The seller, JM Eagle, was represented by Rustin Mork, Anthony Dedeaux and Brett Dedeaux of Bingswanger Realty Advisors. REDA is currently looking for more development opportunities in the Inland Empire, Orange County and Los Angeles industrial markets.
DENVER — Peak Capital Partners has purchased The Artisan, a 434-unit apartment community in Denver, for an undisclosed sum. The community is located at 10025 E. Girard Ave. It is currently 97 percent occupied. Peak plans to launch a multi-million-dollar capital improvements project at The Artisan that will include exterior and interior renovations, enhanced landscaping and extensive interior upgrades. The seller, Prime Residential, was represented by HFF.
CASA GRANDE, ARIZ. – A 4,332-square-foot property in Casa Grande that is net leased to IHOP has sold to an unnamed buyer for $1.8 million. The property is located at 2064 East Florence Blvd. The lease is guaranteed by Romulus, which is one of the largest IHOP franchisees. The seller, a limited liability company, was represented by Don Morrow of Marcus & Millichap.
SEATTLE — Grosvenor Americas has acquired 11 Class A office buildings in the Seattle submarket of Bothell for $167.5 million. The portfolio contains a total of 712,460 square feet within the 125-acre Schnitzer North Creek office campus. The campus is located at 11824 North Creek Parkway N. just northeast of Seattle. The institutional-grade buildings are part of Schnitzer North Creek’s 24-office building campus, which totals 1.1 million square feet. The seller, Schnitzer West, will continue to provide on-site property management. Schnitzer was represented by CBRE in the sales transaction. This is Grosvenor’s first office acquisition in the Puget Sound region.
DRAPER, UTAH — Kimball Investment Company has purchased 38.7 acres of land in Draper for an undisclosed sum. The land is known as the White Mountain Business Park. It is located at 170 Golden Harvest Road. It sits adjacent to the new FrontRunner station and eBay’s new call center. Kimball plans to develop a 600,000-square-foot office/warehouse project on the land. Phase I is scheduled for completion at the end of next year. Kimball was represented by Tom Dischmann of CBRE’s Salt Lake City office. The seller, Scandia Investment/White Rim Investment, was represented by Jeff Richards of the same firm.
WEST HOLLYWOOD, CALIF. — Northwood Investors LLC has purchased The London West Hollywood, a 200-room hotel in the Los Angeles submarket, for an undisclosed sum. The all-suite luxury hotel is located at 1020 N. San Vicente Blvd. in West Hollywood.The hotel features a restaurant by Gordon Ramsey, as well asa rooftop pool and lounge. This is Northwood’s first West Coast acquisition. The hotel will be managed by Northwood Hospitality LLC, a Northwood affiliate.
RICHMOND, VA. — Landmark Apartment Trust of America Inc., a multifamily REIT based in Richmond, has acquired four multifamily communities in Florida, Alabama and Texas for $98.2 million. The properties total 1,346 units and average a 95 percent occupancy rate. The acquired properties include the 408-unit Landmark at Grayson Park in Tampa, Fla.; the 384-unit Landmark at Woodland Trace in Casselberry, Fla.; the 240-unit Landmark at Lancaster Place in Calera, Ala.; and the 314-unit Landmark at Collin Creek in Plano, Texas.
BIRMINGHAM, ALA. — Rock Advisors has arranged the $24.3 million sale of The Enclave at Mountain Brook, a 508-unit apartment community in Birmingham. Joseph Holt of Rock Advisors co-brokered the transaction with Brad Simmel and Shea Campbell of CBRE’s Atlanta office. A private investor based in California purchased the property in an all-cash transaction.