PHOENIX — San Diego-based MG Properties Group has purchased Centra, a multifamily property located in midtown Phoenix, from FORE Property for $74.5 million. Built in 2020, the five-story, podium-style property features 223 units and underwent a swift lease up. Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented the seller. Brooks Benjamin of KeyBank arranged $43.1 million in acquisition financing for the buyer.
SAN ANTONIO — USAA Real Estate has sold La Cantera Resort & Spa, a 630-acre hospitality property located within the 1,700-acre La Cantera master-planned community in San Antonio. The property consists of 496 guestrooms and suites, including 34 villas, 127,000 square feet of indoor and outdoor meeting and event space, five pools, two 18-hole golf courses and multiple food and beverage concepts. USAA originally developed the resort in 1999 and renovated its various amenities between 2015 and 2016. Redwood City, Calif.-based Ohana Real Estate Investors purchased the property for an undisclosed price.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of North Meridian Shops in Indianapolis for $2.9 million. The 17,000-square-foot retail strip center is located at 3787 N. Meridian St. Many of the property’s tenants, including T-Mobile, have operated at the location in excess of 10 years. Jordan Klink of Marcus & Millichap’s The Klink Group represented the seller, J&R Enterprises of Indianapolis II LLC. An agent out of Marcus & Millichap’s Philadelphia office represented the buyer, BA Properties I LLC, which is a Pennsylvania-based limited liability company.
AUSTIN, TEXAS — Newmark has arranged the sale of Elan Parkside, a 309-unit apartment community located within the 81-acre Highland ATX mixed-use development in north-central Austin. Built in 2018, the six-story property houses a mix of studio, one- and two-bedroom units as well as 5,500 square feet of ground-floor retail space. Amenities include a pool, 24-hour fitness center, outdoor courtyard with fire pits, a business center and bike storage space. Patton Jones of Newmark represented the seller, Charleston, S.C.-based Greystar, in the off-market transaction. Andy Scott and Michael Cosby of JLL arranged a $40 million acquisition loan through Mesa West Capital on behalf of the buyer, Dallas-based multifamily investment firm SPI Advisory. The loan was structured with a five-year term and a floating interest rate. Elan Parkside was 97 percent occupied at the time of sale.
PASADENA AND DEER PARK, TEXAS — JLL has negotiated the sale of a three-building, 738,701-square-foot industrial portfolio near Port Houston. The properties were built in 2019 on a combined 44.6 acres and are located in Pasadena and Deer Park. Collectively, the buildings feature 30- to 36-foot clear heights, 175 dock-high doors, 10 drive-in-ramps, 262 trailer parking spaces and 399 car parking spaces. Trucking and logistics companies occupy the single-tenant buildings. Trent Agnew, Rusty Tamlyn, Charles Strauss and Katherine Miller of JLL represented the seller, Triten Real Estate Partners, in the transaction. Affiliates of Lexington Realty Trust purchased the portfolio for an undisclosed price.
RED BANK, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has sold River Centre, a six-building, 639,490-square-foot office complex in the Northern New Jersey community of Red Bank, for $84 million. First Mile Properties, an affiliate of New York-based Crown Acquisitions, acquired the Class A complex, which was 66 percent leased at the time of sale. The property offers amenities such as a fitness center, tenant lounge and a café with outdoor seating. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso, Seth Zuidema, Kevin Carton and Todd Elfand of Cushman & Wakefield represented Mack-Cali in the transaction. John Alascio, Alex Hernandez, Chuck Kohaut and T.J. Sullivan of Cushman & Wakefield arranged acquisition financing on behalf of First Mile Properties. The deal follows Mack-Cali’s divestiture of other office assets in Northern New Jersey, including its holdings in Short Hills (sold for $255 million) and in Edison and Iselin (sold for $254 million).
RICHMOND, VA. — Cushman & Wakefield | Thalhimer has brokered the $32.5 million sale of Brookfield Commons, a 90,598-square-foot Class A medical office property located at 6600 West Broad St. in Richmond. Eric Robison, Catharine Spangler and Birck Turnbull of Cushman & Wakefield | Thalhimer represented the seller, an entity managed by Stanley Shield Partnership, in the transaction. Nashville-based Montecito Medical Real Estate acquired the property. Brookfield Commons is a newly renovated medical office property located directly off Interstate 64 along West Broad Street in Richmond’s Midtown district. Built in 1977 and formerly known as the headquarters for the Virginia Department of Transportation, Brookfield Commons underwent a full-scale renovation in 2019. The property was 100 percent leased at the time of sale to four tenants including Central Virginia’s only ENT surgery center, Richmond’s largest pulmonary practice, a full-service imaging center and one of the region’s largest women’s healthcare practices.
INDEPENDENCE, MO. — Investors Realty Inc. has brokered the $20.3 million sale of Marketplace Shopping Center in Independence, just east of Kansas City. The 253,000-square-foot shopping center is 91 percent leased. Anchor tenant Price Chopper has occupied the property for 34 years. Other tenants include Petco, Big Lots, Viva Fashion and FedEx. Ember Grummons of Investors Realty represented the seller, a partnership between Walton Street Capital and NewQuest Epic. Grummons also procured the buyer, Wichita-based HJH Investments.
LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.
LAS VEGAS — Colliers International Las Vegas has arranged the purchase of an industrial building located at 3873 W. Oquendo Road in Las Vegas. The buyer, 963963 LLC, purchased the property from an undisclosed seller for $2.9 million. Situated within Stadium Industrial Park, the asset features 20,064 square feet of industrial space. Chris Connell and Grant Traub of Colliers International represented the buyer in the transaction.
