NEWPORT BEACH, CALIF. — Shopoff Realty Investments has purchased a 44,434-square-foot office building in Newport Beach for $15.4 million. The three-story building is located at 4440 Von Karman Ave. The space was 56 percent occupied by tenants like CommerceWest Bank, DynTek and Johnson Attorneys Group. The asset was purchased through a co-investment structure.
PORTLAND, ORE. — A joint venture between American Realty Advisors (ARA) and Unico Properties LLC has purchased the 23-story Congress Center in Portland for an undisclosed sum. The office tower is located at 1001 S.W. 5th Ave. Congress Center was built in 1980. The JV plans to upgrade the lobby, fitness center and bike parking. It will also add amenities like an outdoor deck to encourage creativity and collaboration among tenants. HFF’s Nick Kucha and Michael Leggett represented the seller. The firm’s Tom Wilson and Erica Christensen assisted the JV in securing a floating-rate acquisition loan through RBC Capital Markets.
SNYDER, TEXAS — Senior Living Investment Brokerage Inc. (SLIB) has arranged the $3.7 million sale of a skilled nursing facility in Snyder, located approximately 110 miles northeast of Odessa, Texas. The facility was built in 1977 and features 97 licensed and 72 operational beds. A Texas-based operator purchased the property. Neither the seller nor the name of the facility were disclosed. Matthew Alley led the SLIB team in negotiating the transaction.
DENTON, TEXAS — Marcus & Millichap has arranged the sale of Market Square at Unicorn Lake, a 19,253-square-foot retail property located at 2900 Wind River Lane in Denton. Built in 2008, the 100 percent occupied property features all triple-net leases. Bill Jordan of Marcus & Millichap represented the seller, a private investor, and secured the buyer, an out-of-state private investor, in the deal. The acquisition price was not released.
PALESTINE, TEXAS — Pierson Retail Advisors has arranged the sale of Palestine Town Center, a retail center located in Palestine. A local buyer acquired the 14,925-square-foot property for an undisclosed price. At the time of sale, the property was 91 percent occupied by tenants including Western Finance, Preferred Income Tax and Livingston Hearing Aid Center. Pierson Retail Advisors represented the seller, a private individual, in the transaction.
DALLAS — Avison Young, in partnership with LiquidSpace, has arranged a lease for office space at The Centrum in Dallas’ Oak Lawn/Turtle Creek submarket for Salesforce. The Fortune 500 company will occupy 18,172 square feet at the office building, which is owned by Quadrant Investment Properties. Charlie Morris of Avison Young brokered the lease transaction.
HUNTSVILLE, ALA. — Berkadia Real Estate Advisors has brokered the $9.9 million sale of two apartment communities in Huntsville totaling 375 units. The properties include the 223-unit Hillside Village at 4515 Bonnell Drive and the 152-unit Twickenham Village at 5001 Galaxy Way. David Oakley, David Etchison and David Wilson of Berkadia’s Birmingham office represented the sellers, Huntsville-based Hillside Village LLC and Twickenham Village LLC, in the transaction. The buyer, Huntsville-based VCP Twickenham LLC, plans to upgrade the interior and exterior of the communities, which were both built in 1985.
CHARLOTTE, N.C. — SRS Real Estate Partners’ Atlanta office has brokered the $8.4 million sale of Pineville Towne Market, a 83,526-square-foot shopping center located at 321 S. Polk St. in Charlotte. Situated on 8.7 acres at the intersection of Main and South Polk streets, the shopping center is anchored by Food Lion. F and L Meadow Creek LLC, a 1031 exchange buyer, purchased the property from LARC Asset Management and Realty Inc. Kyle Stonis and Pierce Mayson of SRS’ Atlanta office represented the seller, while Adam Russ of Berkeley Capital Advisors represented the buyer in the transaction.
ST. LOUIS — An investor group, led by Mark Nelson of Nelson McBride Development and Nelson Grumney of Neland Investment Management, has purchased a portfolio of five industrial buildings in St. Louis County for $10.9 million. Chicago-based First Industrial Realty Trust Inc. was the seller. Totaling 474,000 square feet, the office/warehouse, distribution and light manufacturing buildings are located in the mid-county area and Hazelwood, Mo. The buildings range in size from 44,100 square feet to 145,000 square feet. The investor group is planning to invest approximately $250,000 in building and site enhancements at the properties, which were developed in the 1970s. Lead tenants in the buildings include Waters of America LLC, Demar Logistics Inc., Roha and Superior Pool Products. Nelson McBride will manage the buildings.
EDINA, MINN. — Colliers International has negotiated the sale of a 32,799-square-foot office and warehouse facility located at 7625 Cahill Road in Edina, a southern suburb of Minneapolis. Apres Party and Tent Rental sold the facility to Buhl Investors LLC. Apres is relocating to a larger facility in Minnetonka. Buhl plans to redevelop the building into mini-storage and construct a second level of space. Nick Leviton and Brian Netz of Colliers represented Apres in the sale, while Brian Pankratz of CBRE represented Buhl. Leviton also assisted Apres with the acquisition of their new facility in Minnetonka.