SAN DIEGO – A 7,125-square-foot retail property in San Diego has sold to CITYWEST LLC for $3.8 million. The property is located at 142 University Ave. in the Hillcrest submarket. The space is fully leased to Fiesta Cantina, Charisma Cucina Italiana, Mess Royale, Cody’s Home + Gift, Detour Salon and 142 Beauty Spot. It was built in 1989. CITYWEST was represented by Richard Lebert and Matt Zimsky of Colliers International. The seller, 142 DMW Group LLC, was represented by Mark McEwen of the same firm.
LAKE ZURICH, ILL. — Quantum Real Estate Advisors has arranged the sale of a retail building located at 440 S. Rand Road in Lake Zurich. The 7,200-square-foot, dual-tenant property sold for $3.7 million. The property’s tenant roster includes Vitamin Shoppe and Sleepy’s. Chad Firsel of Quantum Real Estate represented the buyer, a Argentina-based private real estate investor, and the seller, an Illinois-based development group, in the transaction.
CLARKSTON, MICH. — Friedman Integrated Real Estate Solutions has brokered the sale of 54 approved lots located at 5470 Waldon Road in Clarkston. Julie Taylor sold the assets to Pinnacle North Ridge for an undisclosed price. Robert Hibbert of Friedman represented both the seller and buyer in the transaction.
HOUSTON — Cousins Properties Inc. has signed Transocean Ltd. to a lease renewal for 255,413 square feet at Greenway Plaza in Houston. Transocean, the fourth largest customer in Cousins’ Houston portfolio, currently occupies 4 Greenway Plaza in its entirety. The transaction renews 100 percent of Transocean’s current space at 4 Greenway Plaza and extends the company’s lease on the space through January 2023. Greenway Plaza is a 4.5 million-square-foot, Class A office complex located in the Greenway submarket of Houston. The property is 90 percent leased. Bob Boykin, Warren Savery, Bubba Harkins and Will Hightower represented Cousins internally in this transaction.
KATY AND SAN ANTONIO, TEXAS — Marcus & Millichap has arranged the sales of Center at Cinco Ranch, a 11,706-square-foot retail property located in Katy, and an 1,785-square-foot Starbucks in San Antonio. In the first transaction, James Bell of Marcus & Millichap’s Houston office represented the buyer, a partnership. Center at Cinco Ranch is located at 23100 Cinco Ranch Blvd. in Katy. In the second transaction, Bell marketed the property on behalf of the seller, a developer. The Starbucks is located at 3718 Horizon Hill Blvd.
DALLAS — Brian Gramlich of BMC Capital’s Dallas office has arranged a $3.5 million acquisition loan for a 67-unit apartment complex located in Dallas. The loan featured a five-year term with a fixed 3.8 percent interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent agency relationships.
HOOVER, ALA. AND MARIETTA, GA. — Steadfast Apartment REIT has acquired two apartment communities in Alabama and Georgia in two separate transactions totaling a combined $88.5 million. The two properties total 900 apartment units and include the 720-unit Ridge Crossings Apartments in Hoover and the 180-unit Rosemont at East Cobb in Marietta, a northern suburb of Atlanta. The REIT purchased Ridge Crossings for $72 million, making it the company’s first acquisition in Alabama. The property’s units average 1,107 square feet with average in-place rents of $862 per month. Ridge Crossings’ amenities include two swimming pools, a tennis court, playground, fitness center, laundry center, car wash area, pet park and walking trail. The property is currently 94 percent leased. Steadfast purchased Rosemont at East Cobb for $16.5 million, making it the company’s fourth acquisition in Georgia. The property is currently 96 percent occupied with in-place rents averaging $824 per month and unit sizes averaging 1,056 square feet. The property’s amenity package includes a fitness center, business center, tennis court, volleyball court, swimming pool and barbecue area. Steadfast is planning to extensively renovate both properties in the near future.
GREENVILLE, S.C. — RealOp Investments and Terra Capital Partners have partnered to acquire and manage an office portfolio in Greenville totaling 570,000 square feet. The properties in the portfolio include two office parks totaling 12 buildings. Park East comprises nine multi-tenant office assets, and Park Central contains three buildings. RealOp, along with leasing and management partner NAI Earle Furman, will update, rebrand and reposition the office properties in the portfolio, and Terra Capital Partners will provide financing.
ROCK HILL, S.C. — Hamilton Point Investments LLC, a Connecticut-based multifamily owner, has purchased the 168-unit Cushendall Commons for $13.4 million. Built in 2002, the apartment community is located directly off of I-177 in Rock Hill, roughly 24 miles south of downtown Charlotte. The complex’s amenity package includes a swimming pool, business center and 24-hour fitness center. The property was 98.1 percent occupied at the time of sale. Alex Brown of Cushman & Wakefield of Georgia Inc. represented the seller, JMG Realty, in the transaction. Hamilton Point Investments was self-represented.
LOS ANGELES — Kennedy Wilson has purchased a majority interest in Vintage Housing Holdings (VHH), which owns certain interests in a Western-based multifamily portfolio. The real estate investment and services company acquired a 61 percent equity ownership in VHH for $78 million, giving this portfolio a valuation of about $486 million. The portfolio contains 30 multifamily properties with a total of 5,485 units throughout the West. The properties are primarily located in Washington (3,796 units), California (756 units) and Nevada (544 units). The units were built, on average, in 2006. The portfolio has produced net operating income of about $12 million, year to date, as of April 31, 2015, according to Kennedy Wilson. The firm now maintains a portfolio of more than 25,000 multifamily units, including more than 9,000 units in the State of Washington. VHH, the portfolio’s developer and manager, will maintain a 39 percent equity interest. It will also continue to manage the portfolio.