SAN DIEGO — Davlyn Investments has acquired Paseo Summit, a 74,807-square foot, two-building office park located in Carlsbad, Calif., for $16.4 million. The property is 83 percent occupied. Michael Roberts and Brunson Howard of Cushman & Wakefield represented LNR, the special servicer acting on behalf of the lender/seller, in the transaction. Davlyn Investments was self-represented. City National Bank provided the acquisition financing. Davlyn Investments is a San Diego-based owner and operator of apartment communities and commercial property throughout California. To date, the firm has acquired more than $920 million in real estate assets.
ODESSA, TEXAS — Marcus & Millichap has arranged the sale of Village Place, a 100-unit multifamily property located in Odessa. Joe James and Kent Myers of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a Texas-based development company. Village Place is located at 1100 Milburn Ave., within one mile of U.S. Highway 385 and one mile from I-20. The property was built in 1971.
HOUSTON — NAI Partners has arranged the sale of a 12.3-acre rail yard in Houston. Clay Pritchett and John Ferruzzo of NAI Partners represented landlord, W&P Development Corp. in the transaction. Swift Transportation was the tenant. The rail yard is located in the San Jacinto River & Rail Park, 18511 Beaumont Highway, in Houston.
TEMPLE TERRACE, FLA. — Marcus & Millichap has brokered the $17.2 million sale of Boardwalk at Morris Bridge, a 146-unit, 580-bed student housing community located at 8800 Boardwalk Trail Drive in Temple Terrace. The apartment building is less than a four-minute drive from the University of South Florida’s main campus. Built in 2001, the property’s amenity package includes a resort-style swimming pool and spa, tanning beds, a clubhouse, study center, 24-hour courtesy officer and shuttle service to the campus. Frank Carriera, Michael Regan and Alex Blagojevich of Marcus & Millichap’s Tampa office, along with David Gaines and Greg Gonzalez of the firm’s Chicago office, represented both the buyer and seller in the transaction.
GERMANTOWN, TENN. — SRS Real Estate Partners has brokered the $14.4 million sale of a 137,181-square-foot shopping center located at 2015 Exeter Road in Germantown, roughly 21 miles east of Memphis. Finard Germantown LLC sold the property to Farmex Rail LLC, an affiliate of DNA Partners LLC. Hobby Lobby and Bed Bath & Beyond anchor the shopping center. Kyle Stonis and Pierce Mayson of SRS Real Estate’s Atlanta office represented the seller in the transaction. The buyer didn’t have representation in the transaction.
SEMINOLE, FLA. — Phillips Edison Grocery Center REIT II Inc. has purchased Oakhurst Plaza, a 51,740-square-foot shopping center located at 9201-9394 Oakhurst Road in Seminole, for $6.3 million. Seminole is a town located in the Tampa Bay metro area. Mike Milano and Ron Schultz of Colliers International’s Tampa Bay office represented the seller, One Bayshore LLC, in the transaction. Ben McLeish of Colliers’ Tampa Bay office recently arranged two retail leases at the Publix-anchored shopping center on behalf of the seller — Hope N Love Animal Hospital and Westshore Pizza. Through its sponsored funds, Phillips Edison & Co. owns and operates 36 shopping centers in Florida, most of which are anchored by Publix.
NEW YORK CITY — American Realty Capital New York City REIT Inc., a public non-traded REIT, has acquired an office property located at 123 William St. in downtown Manhattan, for $253 million, or $470 per square foot. The 27-story building features 545,000 square feet of rentable space. The acquisition was funded with a combination of cash and mortgage financing.
BROOKFIELD, CONN. — CBRE Group has brokered the sale of Towne Brooke Commons, a multifamily property located in Brookfield. The Silverman Group purchased the 102-unit property for $17.7 million from Harbor Group International. Built in 2009, the property features open floor plans with high ceilings, spacious kitchens, walk-in closets and full-size washers/dryers. Community amenities include a clubroom, fitness center, outdoor pool, business center and heated parking. Jeffrey Dunne, Gene Pride and Ivelin Spasov of CBRE’s Institutional Properties group represented the seller in the transaction.
NEW YORK CITY — Ariel Property Advisors has arranged the sale of a retail property located at 3860 East Tremont Ave. in the Throgs Neck section of the Bronx. Ashkenazy Acquisition Corp. acquired the 15,000-square-foot property for $5.1 million. The vacant property features 23,618 square feet of air rights, 38,618 buildable square feet, 40 on-site parking spaces and an advertising tower. Jason Gold, Victor Sozio and Scot Hirschfield of Ariel Properties represented the seller, a private investor, and procured the buyer in the deal.
PEABODY, MASS. — Barton Associates has signed a lease for 50,500 square feet of medical office space at 300 Jubilee Dr. in Peabody. The firm plans to relocate its headquarters to the new space in April. With the relocation, the medical practice is doubling its existing office space at 10 Dearborn Road. Demetri Koutrouvelis and Nicole Miller of Savills Studley represented Barton Associates in the transaction.