TULSA, OKLA. — CBRE has negotiated the sale of a 622,814-square-foot industrial building in Tulsa that is fully occupied by Port City Metals Services. Built on 50 acres in 1950, the property features 35-foot clear heights, 70-plus parking spaces and 32,838 square feet of office space. Dwayne Flynn and Ryan Shaffer of CBRE represented the seller, an entity doing business as 1315 LLC, in the transaction. Radix Equity LLC purchased the asset for $13 million.
FORT WORTH, TEXAS — MAG Capital Partners has sold a portfolio of three Texas industrial properties totaling 320,852 square feet. Cameron Ashley Building Products Inc. occupies the portfolio, which comprises a 136,882-square-foot asset in Dallas, a 79,970-square-foot facility in Lubbock and a 104,000-square-foot property in San Antonio. An Israel-based fund purchased the portfolio for an undisclosed price. Chelsea Mandel, Jonathan Wolfe and Jordan Shtulman of Stream Capital Partners represented MAG Capital Partners in the transaction while also securing the buyer.
HOUSTON — Berkadia has negotiated the sale of The Alora and The Ellis, two multifamily properties totaling 687 units in Houston. The 400-unit Alora offers studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, sport court, playground and a dog park. The 287-unit Ellis features one-, two- and three-bedroom units that range in size from 721 to 1,147 square feet. Its amenity package consists of a pool with a sundeck, picnic and grilling stations, a clubhouse with a coffee bar, event and party room and onsite laundry facilities. Joey Rippel, Chris Young, Jeffrey Skipworth, Kyle Whitney, Todd Marix and Chris Curry of Berkadia represented the seller, locally based investment firm Barvin, in the transaction. Houston-based Indus Management acquired the assets for an undisclosed price.
BROOKLYN PARK, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired Ridgebrook Apartments in Brooklyn Park, a northern suburb of Minneapolis. The purchase price was $19.7 million. The 144-unit apartment community is located at 5840 73rd Ave. Built in 1969, the property features amenities such as a clubhouse, fitness center, pool, playground and barbecue area. Monument plans to upgrade the common areas and units. Ted Brickel of Colliers represented the seller, North Shore Development Partners. Monument, which purchased the community in a joint venture with unnamed private investors, now owns and manages five multifamily assets in Minnesota totaling 747 units. Baseball star Alex Rodriguez and Ramon Corona founded Monument Capital Management in 2012.
CHAPPAQUA, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, a joint venture between global investment advisor Summit Development and The Grossman Cos., in the transaction. The team procured an undisclosed investment management firm as the buyer.
SAN DIEGO — Hines Global Income Trust has purchased Liberty Station, a four-building office campus located in the Old Town/Point Loma submarket of San Diego. Terms of the transaction were not released. The 187,000-square-foot campus is situated on the waterfront within a 360-acre mixed-use site with convenient access to major employment nodes and the San Diego International Airport. The site also features more than 100 walkable amenities, 349 residential units, a golf club, retail shops, restaurants, the Liberty Public Market and 125 acres of parks and recreation space.
DESOTO, TEXAS — JLL has negotiated the sale of I-20 Corporate Center, a 385,472-square-foot industrial park in the southern Dallas suburb of DeSoto. Built in 1986 and expanded in 1992, the property serves as the North American headquarters of Diab America, a manufacturer of core materials for the marine and aerospace industries. Building features include 28- to 33-foot clear heights, 21 overhead dock doors and roughly 23,000 square feet of office space. Stephen Bailey, Dustin Volz, Zach Riebe and Pauli Kerr of JLL represented the seller, locally based investment firm Bradford Cos., in the transaction. The buyer was a joint venture between Denver-based Triumph Capital Group and Mexico City-based Abilia.
HOBOKEN, N.J. — A partnership between New York City-based developer SJP Properties and private investor David Werner has purchased Waterfront Corporate Center I, a 523,000-square-foot waterfront office building in Hoboken. The 14-story tower, which also houses 35,000 square feet of retail space that is fully leased, is part of a three-building, 1.5 million-square-foot campus that was originally developed by SJP between 2002 and 2014. With this buyback, SJP now owns and manages the entirety of Waterfront Corporate Center. Miami-based 3650 REIT contributed a $30 million preferred equity investment to the deal. Mack Cali Realty Corp. sold the building for an undisclosed price. Waterfront Corporate Center I was roughly 80 percent leased at the time of sale, while Waterfront Corporate Center II and III are fully leased.
TUCSON, ARIZ. — Holualua Cos. has completed the disposition of Sonoran Reserve, a 272-unit apartment property located in Tucson. An undisclosed buyer acquired the asset for $61.6 million. The seller originally purchased the property as Gateway Apartments, a 552-bed/188-unit student housing asset, in 2018. Holualua Cos. renovated the 12-acre property and converted the community to conventional housing. The $10 million renovation included splitting 83 four-bedroom units into one- and two-bedroom units and renovating and upgrading the resort-style pool, clubhouse, leasing office and fitness center. The company also upgraded the landscaping, repaved the parking lot and painted the entire community. After the renovation was completed, the property was rebranded to Sonoran Reserve. Jeff Casper and Tyler Anderson of CBRE represented Holualua Cos. in the transaction.
CHICAGO AND MILWAUKEE — Westmount Realty Capital is partnering with a fund managed by the real estate group of Ares Management Corp. to recapitalize a 51-asset industrial portfolio totaling 6.1 million square feet in the Chicago and Milwaukee metro areas. Westmount and Ares acquired the portfolio of logistics, bulk distribution and last-mile properties from a Partners Group-Westmount joint venture. The portfolio is nearly 99 percent leased to a roster of 123 tenants. Michael Caprile of CBRE and Josh McArtor of Eastdil Secured represented the seller.
