GARLAND, TEXAS — Lee & Associates has negotiated the sale of a 47,500-square-foot industrial building located at 2514 National Drive in Garland. George Tanghongs and Brett Lewis of Lee & Associates’ Dallas/Fort Worth office represented the buyer, Vesgro Corp. Colliers International represented the unnamed seller.
THE WOODLANDS, TEXAS — NorthMarq Capital has arranged the sale of Saddlebrook Plaza, a 26,400-square-foot retail property located in The Woodlands. The 10-year loan was structured with a 25-year amortization schedule and 4 percent interest rate. Tenants in the property include Goodwill and Papa Murphy’s. Warren Hitchcock of NorthMarq’s Houston office led NorthMarq’s team in the transaction.
HOUSTON — NAI Houston represented Andrews Fabrication in the expansion of its 21,000-square-foot industrial lease at 1528 Mooney Road. Jake Wilkinson of NAI Houston represented the tenant in the transaction. Patrick Wolford of TNRG represented the landlord, Rob Pelletier Construction Inc.
ROLLA, MO. — Marcus & Millichap has brokered the $1 million sale of a 3,727-square-foot, net-leased Burger King property in Rolla, 105 miles southwest of St. Louis. The restaurant is situated on nearly two acres located at 1022 Kings Highway, just off I-44 and U.S. Highway 63. There are currently more than 14 years remaining on the base term of the lease with 1.5 percent annual rent increases. Michael Shover, Matthew Gorman, Derrick Dougherty, Nick Skeparnias, Dean Zang, Mark Taylor and William Holman of Marcus & Millichap’s Philadelphia office, represented the seller, a limited liability company. Gorman and Shover also represented the buyer, a developer.
UNION CITY, N.J. — Marcus & Millichap has brokered the sale of Civic Towers, an apartment building located in Union City. The apartment building sold for $1.8 million or $136,538 per unit. Located at 1306 New York Ave., the building features 13 residential units and 10 on-site parking spaces. Steven Matovski of Marcus & Millichap represented the seller, a local developer, while Maz Radwan and Jonathan Zamora, also of Marcus & Millichap, secured the buyer for the transaction.
NEW YORK CITY — Alpha Realty has brokered the sale of Nameoke Street, a four-story apartment building located in the Far Rockaway section of Queens. The asset sold for $1.75 million or $102,941 per unit. The 13,912-square-foot asset features 17 apartment units. The seller was a private long-term owner and the buyer was a private investor from Brooklyn. Lev Mavashev and Jacob Aronov of Alpha Realty arranged the off-market transaction.
HAMPTON AND NEWPORT NEWS, VA. — ARA has brokered the sale of a three-property apartment portfolio in the Hampton Roads area of Virginia totaling 641 units. The assets include Bridgewater on the Lake and Lake Ridge Apartments in Hampton and the Reserves at Arboretum in Newport News. Mike Marshall, Drew White and Wink Ewing of ARA represented the seller, Berkshire Property Advisors, in the transaction. The buyer was Charlotte-based Ginkgo Residential.
MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the $13.5 million sale of The Horizon, a high-rise condominium development located at 717 Riverside Drive in Memphis. The property sits on a 5.9-acre lot overlooking the Mississippi River. The 16-story, 155-unit property features a covered/controlled-access garage and indoor and outdoor swimming pools. The site also includes developable land for 141 additional high-rise units and 54 terrace homes. Mike Kemether of Cushman & Wakefield’s multifamily advisory group and Shane Soefker and Jacob Biddle of Cushman & Wakefield | Commercial Advisors’ capital markets team represented the seller in the transaction. The buyer was Dawn Properties LLC of Hattiesburg, Miss.
INDIAN LAND, S.C. — Cassidy Turley has brokered the $5 million sale of Catawba Commons, a 40,261-square-foot, Food Lion-anchored shopping center located at 8175 Charlotte Highway in Indian Land, part of the Charlotte MSA. The property was fully leased at the time of sale. Egan Family Partnership purchased the asset from Indian Land-FL LLC. Sam Young, Jared Londry and Rob Cochran of Cassidy Turley represented the seller.
DALLAS — ARA has brokered the sale of Parkridge Place, a 536-unit apartment complex located in Irving, a suburb of Dallas. Brian O’Boyle Sr., Brian O’Boyle Jr., Brian Murphy and Richard Furr of ARA marketed the property on behalf of The Milestone Group. Resource Real Estate, an owner and manager of assets valued at $2.8 billion, purchased Parkridge Place. The property was built in 1984 and renovated in 2009. Amenities include a business center, two swimming pools, a coffee bar and an Internet café. It is located near major highways including Highway 161, State Highway 114, I-635, Belt Line Road and MacArthur Boulevard. Parkridge Place was 96 percent occupied at the time of sale.