SAN ANTONIO — Draper and Kramer, a Chicago-based real estate property and financial services company, has acquired the Sonterra Blue apartment community in San Antonio. Carleton Residential Properties was the seller. Located at 922 E. Sonterra Blvd. in San Antonio’s Stone Oak submarket, Sonterra Blue includes 342 units offering 17 one-, two-, and three- bedroom floor plans. Built in 2014, the 304,152-square-foot property is situated on a 14-acre site located across from Methodist Stone Oak Hospital. Institutional Property Advisors (IPA) managed the transaction on behalf of the seller.
HOUSTON — Davis Commercial has arranged the sale of a 5,955-square-foot office building on a 15,625-square-foot tract of land at 1214 Elgin St. in Houston. Bassak Investments was the buyer. The property was previously known as “The Lynch Building” where the law offices of Robert A. Lynch Jr. were headquartered. The buyer, Lance Kassab of Bassak Investments, will continue to use the building as law offices for the Kassab Law Firm. Ryan Neyland of Davis Commercial represented the seller, The Estate of Robert Lynch.
GARLAND, TEXAS — Lee & Associates has negotiated a sales transaction for a 16,800-square-foot industrial building located at 520 Shepherd Drive in Garland. Brett Lewis and George Tanghongs of Lee & Associates represented the seller, KeyTech Inc., in the transaction. Michelle Hudson of Hudson Peters represented the buyer, MSMK Partners.
NASHUA, HUDSON, CONCORD AND MANCHESTER, N.H. — Brady Sullivan Properties has acquired two multi-building portfolios totaling 775,000 square feet in New Hampshire. In the first transaction, the company purchased a five-building, 500,000-square-foot office and industrial portfolio in Nashua and Hudson from Chicago-based RREEF Property Trust for $17.5 million. The portfolio includes Birch Pond Office Park, a 73,000-square-foot office building; 22 Cotton Road, a 154,000-square-foot office and R&D facility; 472 Amherst St., a 98,000-square-foot flex building; and 15 Trafalgar Square, a 34,000-square-foot office building, all of which are located in Nashua. The portfolio also includes 5 Wentworth Drive, a 140,000-square-foot medical device facility occupied by Atrium Medical Corp., in Hudson. Tom Farrelly, Denis Dancoes, Sue Ann Johnson and Matt Pullen of Cushman & Wakefield represented the undisclosed seller in the transaction. In the second deal, Brady Sullivan acquired a five-building office portfolio totaling 275,000 square feet for $11.5 million. The portfolio includes One and Two Capital Plaza and Eagle Square in Concord; 146 Main Street in Nashua; and 2 Wall Street in Manchester. Farrelly, Dancoes, Johnson and Pullen of Cushman & Wakefield brokered the transaction. The name of the seller was not released.
PORTLAND, ORE. — Urban Renaissance Group (URG) has purchased a four-asset office portfolio based in Portland for an undisclosed sum. The acquisition brings URG’s portfolio to more than 10 million square feet throughout the Portland, Seattle and Colorado areas. The new assets include the 522,000-square-foot Pacwest Center; the 277,000-square-foot Liberty Centre; the 398,000-square-foot Moda Tower; and the 240,000-square-foot One Pacific Square. The seller was Langley Investment Properties (LIP). LIP plans to refocus its efforts on new investment and development opportunities, in addition to related portfolio asset management.
GLENDALE HEIGHTS, ILL. — Sitex Group has acquired a 69,000-square-foot warehouse and distribution facility in Glendale Heights, approximately 30 miles west of Chicago. A private ownership group sold the asset located at 192-196 Exchange Blvd. for an undisclosed price. The facility features 24-foot clear heights, 2,000 amps of power and parking for 140 cars. Sub-Zero and Wolf previously occupied the entire building, but currently occupies 16,000 square feet, leaving the rest of the space vacant. Sitex plans to make improvements including remodeling the office space, installing T-5 lighting, painting the building’s exterior and upgrading the HVAC system.
KNOX, IND. — Marcus & Millichap has brokered the sale of a 14,187-square-foot retail property net leased to Walgreens for $4.5 million. Walgreens has 15 years remaining on an original 25-year lease term. The building is located at 1207 S. Heaton St. in Knox, approximately 45 miles southwest of South Bend. John Bailey, Bill Bailey and George Ghattas of Marcus & Millichap listed the property on behalf of the seller, an undisclosed limited liability company. Dave Lincoln and Walter Brauer of Marcus & Millichap secured and represented the buyer, a private investor.
TYSON’S CORNER, VA. — First Potomac Realty Trust has sold Cedar Hill I & III, two three-story office buildings in Tyson’s Corner, for $27.3 million. The properties total 102,632 square feet and were fully leased as of Sept. 30, 2015. JLL represented the office REIT in the transaction.
DULUTH, GA. — Versant Commercial Brokerage Inc. has acquired two flex office buildings in Duluth, a suburb of Atlanta, for $9.1 million. The properties total 113,035 square feet and are located at 2425 and 2450 Commerce Ave. The properties’ tenant roster includes Metso Automation USA Inc., Vensure Employer Services, Moreland Altobelli Associates and Videojet Technologies. Asset manager Clear Vista Management and property manager Wiedmayer & Co. assisted Versant in the transaction. Versant acquired the buildings on behalf of a group of former tenant-in-common investors, which own the two adjacent buildings. Versant negotiated the acquisition and assisted in financing the acquisition with low-cost debt.
GRAPEVINE, TEXAS —ML Realty Partners has acquired a 58,775-square-foot industrial building in Grapevine. The single-tenant warehouse facility is 100 percent leased and located at 600 Westport Parkway. The property’s location offers access to both Dallas and Fort Worth, with the eastern property line bordering Dallas-Fort Worth International Airport. The building’s design includes 3.5 acres of secure, paved outside storage. Tyson Erwin of NAI Robert Lynn represented the seller in the transaction.