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Phoenix Commercial Advisors Brokers $31.3M Sale of Plaza 32 Retail Center in Phoenix

by Amy Works August 1, 2023

PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.

August 1, 2023

Acquisitions Life Sciences Massachusetts Northeast Office

Newmark Brokers $58M Sale of Two Office, Life Sciences Buildings in Andover, Massachusetts

by Taylor Williams July 28, 2023

ANDOVER, MASS. — Newmark has brokered the $58 million sale of two office and life sciences buildings totaling 273,662 square feet in Andover, a northern suburb of Boston. The building at 50 Minuteman Road totals 145,262 square feet and serves as the headquarters of Mercury, a provider of technology solutions for the aerospace and defense industries. The facility at 6 Technology Drive spans 128,400 square feet and serves as a design, development and manufacturing hub for Dräger, a supplier of medical and safety technology products. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, California-based REIT Peakstone Realty Trust, in the transaction. The team also procured the buyer, Boston-based Rhino Capital Advisors.

July 28, 2023

Acquisitions Multifamily Texas

Newmark Brokers Sale of 336-Unit Apartment Community in Pflugerville, Texas

by Taylor Williams July 27, 2023

PFLUGERVILLE, TEXAS — Newmark has brokered the sale of Autumn Ranch on Swenson Farms, a 336-unit apartment community located in the northern Austin suburb of Pflugerville. Built on 16.9 acres in 2008, the property offers one-, two- and three-bedroom units with an average size of 1,041 square feet. Roughly 40 percent (133) of the units recently received light upgrades to flooring, interior paint, light fixtures, appliances and countertops. Amenities include a pool, fitness center, clubhouse, package lockers and a dog park. Patton Jones and Andrew Dickson of Newmark represented the seller, MIG Real Estate, in the transaction. Knightvest Capital purchased the asset for an undisclosed price. Autumn Ranch on Swenson Farms was 94 percent occupied at the time of sale.

July 27, 2023

301-Bartlett-St.-Northborough-Massachusetts

Acquisitions Industrial Massachusetts Northeast

Colliers Brokers $79M Sale of Two Industrial Facilities in Northborough, Massachusetts

by Taylor Williams July 27, 2023

NORTHBOROUGH, MASS. — Colliers has brokered the $79 million sale of two industrial facilities totaling 387,544 square feet in Northborough, located outside of Worcester in central Massachusetts. According to LoopNet Inc., the warehouse at 301 Bartlett St. was built in 2018 and totals 220,106 square feet, and the facility at 150 Hayes Memorial Drive was constructed in 2020 and spans 167,438 square feet. Frank Petz, Matthew Sherry and Jack Barrett of Colliers represented the seller, Boston-based TA Realty, in the transaction. The buyer was industrial investment firm LBA Realty.

July 27, 2023

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 303-Unit Apartment Community in Manchester, Connecticut

by Taylor Williams July 25, 2023

MANCHESTER, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Place at Catherine’s Way, a 303-unit apartment community located in Manchester, an eastern suburb of Hartford. Built in 1998-1999, the property consists of 13 two- and three-story buildings. Units come in one-, two- and three-bedroom floor plans, have an average size of 1,043 square feet and are furnished with full-size washers and dryers and walk-in closets. Amenities include an indoor pool, sauna, fitness center, tennis courts and movie theater. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction. Afton Properties purchased the asset for an undisclosed price.

July 25, 2023

Acquisitions Multifamily Texas

Newmark Arranges Sale of 612-Unit Signature Ridge Apartments in San Antonio

by Taylor Williams July 19, 2023

SAN ANTONIO — Newmark has arranged the sale of Signature Ridge, a 612-unit apartment community located adjacent to South Texas Medical Center in San Antonio. The property offers one-, two- and three-bedroom units with private patios/balconies and amenities such as two pools, a fitness center, dog park and a clubhouse with a communal kitchen and an arcade. Patton Jones, Matt Michelson and Andrew Dickson of Newmark represented the undisclosed seller in the transaction. Braden Harmon and Hank Glasgow of Newmark arranged acquisition financing on behalf of the buyer, which The San Antonio Business Journal reports was Kairoi Residential.

July 19, 2023

Acquisitions Healthcare Texas

CBRE Arranges $142M Sale of Veterans Affairs Outpatient Clinic in Austin

by Taylor Williams July 18, 2023

AUSTIN, TEXAS — CBRE has arranged the $142 million sale of a 272,636-square-foot outpatient facility in Austin that is fully leased to the U.S. Department of Veterans Affairs. The two-story building was originally constructed in 2013. Services offered at the clinic include physical therapy, mental health counseling, radiation treatments, prosthetic replacements, cardiology and neurology. Will Pike, Lee Asher, Brian Pfohl, Cyrus Felfeli and Jordan Selbiger of CBRE represented the seller, Health Care Property Advisors, in the transaction. The buyer was not disclosed.

July 18, 2023

Acquisitions Affordable Housing Multifamily Texas

Elizabeth Property Group Buys 1,444-Unit Affordable Housing Portfolio in Texas

by Taylor Williams July 13, 2023

DALLAS — Dallas-based investment firm Elizabeth Property Group has purchased a portfolio of six affordable housing properties totaling 1,444 units in Texas. The properties are located in Houston, Dallas-Fort Worth, Beaumont, Huntsville, Bryan-College Station and Wichita Falls. Elizabeth Property Group plans to renovate the properties by addressing deferred maintenance, painting and replacing unit floors and undertaking exterior landscape upgrades. Afterschool community programs will also be offered at each property. American South Fund Management provided acquisition financing for the deal. The seller was not disclosed.

July 13, 2023

Acquisitions Industrial Texas

Westcore Acquires 301,120 SF Distribution Center in Rockwall, Texas

by Taylor Williams July 12, 2023

ROCKWALL, TEXAS — San Diego-based investment firm Westcore has acquired Rockwall Distribution Center, a 301,120-square-foot industrial property located on the eastern outskirts of Dallas. Building features include 32-foot clear heights, 185-foot truck court depths, ESFR sprinklers, 68 dock-high loading doors and 62 trailer parking spots. Dustin Volz, Stephen Bailey and Dom Espinosa of Newmark, along with Matt Dornak and Ryan Wolcott of Stream Realty Partners, represented the undisclosed seller in the transaction. The facility was roughly 70 percent leased at the time of sale to an unnamed tenant.

July 12, 2023

CP-Frankford-Trade-Center-Carrollton-Texas

Acquisitions Industrial Texas

Cawley Partners Buys 187,424 SF Industrial Property in Carrollton, Texas

by Taylor Williams July 11, 2023

CARROLLTON, TEXAS — Locally based investment and development firm Cawley Partners has purchased CP Frankford Trade Center, a 187,424-square-foot industrial property in the northern Dallas metro of Carrollton. At the time of sale, the property was fully leased to cosmetics provider Mary Kay, which has been a tenant since the facility was constructed in 2003. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. The sales price was also not disclosed.

July 11, 2023

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