FORT WORTH AND CARROLLTON, TEXAS — Ascension Properties LP has purchased two properties located in Fort Worth and Carrollton. The purchase is the result of a 1031 tax-deferred exchange from the sale of Ascension Point Condominiums in August 2014. The first property is an office building built in north Fort Worth in 2004. Ascend Alliance LP sold the 20,100-square-foot building. Marty Rader with DFW Realty Partners LLC represented the seller in the transaction. Steve Fithian with Sperry Van Ness/Visions Commercial represented Ascension in the transaction. The other property is an industrial building located at 2420 Tarpley Road in Carrollton. Beltwood I & II Ltd., and Belmeade Tarpley Ltd., were the sellers. The property spans 58,700 square feet and was built in 1983. David Cook with Sperry Van Ness/David Cook Co. represented the seller. Fithian represented Ascension in the sale.
AUSTIN — An investment group formed by Vista Equities Group and Vista Private Equity Group has purchased Park Central, a three-story, 115,000-square-foot Class A office building. The building is located in north central Austin in close proximity to I-35 and Parmer Lane. The property was built in 2008 and was 83 percent leased at the time of the acquisition. Austin-based ECR will handle leasing responsibilities for Park Central. Vista Management Co. will provide property management services. GE Capital Corp. arranged financing, and Tyler Ford of HFF’s Houston office arranged the transaction.
ERIE, PA. — UMH Properties has acquired Holly Acres, a manufactured home community in Erie, for $3.8 million. Situated on 40 acres, the community consists of 141 developed home sites. The average occupancy for the community is 96 percent. With this acquisition, UMH own 89 communities totaling approximately 15,200 developed home sites. Additional terms of the deal were not released.
LANCASTER, PA. — Lancaster-based LMS Commercial Real Estate has arranged the sale of more than 30 assets, totaling two million square feet, to affiliates of Lakewood, N.J.-based Paramount Realty. With this transaction, Paramount Realty will have assets in excess of $1 billion, ownership of approximately 7.5 million square feet and leasing assignments in excess of 13 million square feet throughout Connecticut, Maryland, Massachusetts, New Jersey and Pennsylvania. Brandon Famous of CBRE|Fameco provided consulting services for the deal.
NEW YORK CITY — Marcus & Millichap has arranged the sale of an apartment building located at 68 Maujer St. in Brooklyn. The eight-unit building sold for $2.6 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the 1031 exchange transaction.
MARIETTA, GA. — Sealy & Co. has purchased Northwest Business Center, a 12-building industrial portfolio in Marietta spanning 472,000 square feet. The warehouse and light-industrial park is located near I-75 and I-285 in Cobb County, home to the new Atlanta Braves stadium known as SunTrust Park, which will open in April 2017. Sealy & Co. purchased Northwest Business Center for an undisclosed amount for its investment offering: Sealy Strategic Equity Partners.
SAN DIEGO – A 27,648-square-foot office building in San Diego has sold to Activity MOB LLC for $3.4 million. The building is located at 8901 Activity Road. The facility underwent improvements about 20 years ago when it was occupied by Sharp Rees Stealy’s Urgent Care, in addition to other medical office users. The seller, GTF Properties, was represented by Brandon Keith of Voit Real Estate Services’ San Diego office. Activity MOB is affiliated with Oasis Medical Center, which is operated by Dr. James and David Chao.
FULLERTON, CALIF. – Engineered Floors has leased a 127,375-square-foot industrial building in Fullerton. The lease is valued at $3.2 million. The building is located at 675-679 Placentia Ave. Engineered Floors was represented by John P. Eddy and Tyler Rollema of Coldwell Banker Commercial BLAIR WESTMAC. The landlord, BB&K/Fullerton Industrial Properties, was represented by Mike Hefner and Mike Vernick of Voit Real Estate Services.
HUMBLE, TEXAS — Gaia Real Estate has sold Township Apartments, a residential community located in Humble, to an unnamed buyer. The 300-unit property was built in 1972 and is comprised of 41 residential buildings spread through 15 acres. The property is near George Bush Intercontinental Airport and the Greenspoint Business District. After acquiring the property in January 2012, Gaia embarked on a value-add interior renovation program, with upgrades including new roofs, full exterior paint, a redesigned fitness-center, business center and pool.
DALLAS AND ADDISON, TEXAS — HFF has arranged the sale and financing of a three-building office portfolio totaling 465,703 square feet in Addison. HFF marketed the property on behalf of the seller, Harbert Management Corp. DRA Advisors LLC purchased the asset for an undisclosed price. HFF assisted DRA in securing three separate three-year, floating-rate loans through OneWest Bank. The portfolio includes 5000 Quorum Drive in Dallas and Quorum Place and Quorum North in Addison. Situated on nearly five acres between the Dallas North Tollway and Inwood Road, the 165,434-square-foot 5000 Quorum has seven stories and is 77 percent leased. At nine stories and 181,737 square feet, Quorum Place is the largest of the three in the portfolio. The 78.2-percent-leased building is situated on 5.4 acres at 14901 Quorum Drive in Addison. Quorum North, located at 13201 Spectrum Drive in Addison, is situated on 2.8 acres northeast of the other two properties in the portfolio. At 118,532 square feet, the five-story, 75.7-percent-leased office building is the smallest in the portfolio. Colby Mueck, Matt Kafka, Steve Heldenfels and Sarah Baccich led HFF’s debt placement team.