AUSTIN, TEXAS — Binswanger has arranged the sale of a 204,346-square-foot office-flex building located on 18.9 acres at 6800 Burleson Road in Austin. Holmes Davis of Binswanger’s Dallas office represented the seller, DivcoWest Real Estate Services Inc. Roger Shipp represented the buyer, Capital Commercial Investments, internally. Built in 1985 and renovated in 1995, the property was a part of the former Lockheed Martin campus near Austin’s-Bergstrom International Airport.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Woodlands of Arlington, a 264-unit apartment property located in Arlington. Al Silva and Ford Braly of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a Dallas-based partnership. Silva and Braly also secured the buyer, a private real estate company based in Texas. Woodlands of Arlington is located at 2800 Lynnwood Drive. The new owner plans to renovate the property.
TUCSON, ARIZ. — Capital Square 1031 has acquired Galeria del Rio, a 101-unit townhome community in Tucson, for an undisclosed sum. The community is located at 5132 N. Prairie Clover Trail. It was completed in December 2014. Galeria del Rio is currently 94 percent occupied. Notable neighboring employers include Raytheon Missile Systems, Texas Instruments, IBM, Intuit, Honeywell and Universal Avionics.
LOUISVILLE, KY. — Molto Properties and Verus Partners have sold Airport Commerce Center One, a 622,426-square-foot, cross-dock industrial facility in Louisville. The buyer, Stone Mountain Industrial Park Inc., an affiliate of Pattillo Industrial Real Estate, purchased the property for an undisclosed price. The facility is located within the Louisville Renaissance Zone, a 470-acre business park located just two miles south of Louisville International Airport. Verus Partners was the project’s development manager. Built in December 2015, the facility is 74 percent leased to Hillsdale Furniture and features 36-foot clear heights, a seven-foot floor slab, motion sensor-activated T5 lighting, 86 dock doors and 120 trailer stalls. Kevin Grove, Doug Butcher and Chris Riley of CBRE represented Molto and Verus in the sale. Molto and Verus broke ground in November 2015 on Airport Commerce Center Two, a 645,840-square-foot facility. Pepper Construction expects to finish construction on the project in November 2016.
HOOVER, ALA. — A joint venture between PointOne Holdings and Adler Kawa Real Estate Advisors (AKREA) purchased Riverchase Center, a 306,725-square-foot, single-story office complex in Hoover, a suburb of Birmingham. The venture purchased the property from a fund managed by DRA Advisors for $30 million. The asset was 89 percent leased at the time of sale to tenants such as Frito-Lay, Progressive Insurance, Walgreens, BioHorizons Implant Systems, Gentiva Health Services and WideOrbit Inc. Justin Parsonnet and Will Yowell of CBRE’s Atlanta office represented the seller in the transaction. PointOne Holdings and AKREA have retained David Fullington and Phil Yost of CBRE’s Birmingham office to manage and lease Riverchase Center. PNC Bank provided a seven-year, non-recourse acquisition loan to PointOne and AKREA.
CINCINNATI — CareTrust REIT Inc. has acquired Victory Park Nursing Home, a 55-bed skilled nursing facility, and Victoria Retirement Community, which contains 90 skilled nursing beds and 69 assisted living units. Both facilities are located in Cincinnati. The two communities will be added to CareTrust’s existing master lease with Pristine Senior Living. CareTrust will provide Pristine with $500,000 to perform immediate upgrades to the community. Although the purchase price was not disclosed, CareTrust placed its aggregate investment in the communities at $15.2 million. The Pristine master lease has a remaining initial term of approximately 14.5 years, with two five-year renewal options and CPI-based rent escalators. CareTrust funded the acquisition using proceeds from its follow-on equity offering in March. The publicly traded REIT is based in San Clemente, Calif. Pristine Senior Living currently operates over 1,500 beds across 17 seniors housing properties in Ohio.
WHITE BEAR LAKE, MINN. — Steven Scott Management has sold a 153-unit off-campus student housing complex to a local investor for $5.1 million. Century Commons is located at 3515 Century Ave. North in White Bear Lake, approximately seven miles northwest of St. Paul. The apartment complex is leased primarily by students attending Century College. Lance Steiger and Robert Dulin of Cushman & Wakefield/NorthMarq represented the seller in the transaction.
RICE LAKE, WIS. — Marcus & Millichap has brokered the sale of an 18,500-square-foot retail property in Rice Lake, approximately 60 miles north of Eau Claire, for $2.4 million. A limited liability company sold Rose Stone Plaza to an undisclosed buyer. The shopping center, located at 2300 S. Main St., is 100 percent occupied. Adam Prins, Cory Villaume, Matthew Hazelton, Todd Lindblom and Sean Doyle of Marcus & Millichap listed the property on behalf of the seller.
AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.
DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square-foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fresenius Medical Care, Chase Bank, Boston Market, Leslie’s Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale.
