CRANSTON, R.I. — WS Development has acquired Garden City Center, a 530,000-square-foot retail property in Cranston, a southern suburb of Providence. Whole Foods Market anchors the retail center, along with Starbucks, Crate & Barrel, Pottery Barn and other tenants. Robert Griffin, Geoffrey Millerd and Justin Smith led a Newmark Knight Frank team that represented the seller, a public pension fund advised by TA Realty LLC.
PENNSAUKEN, N.J. — Colliers International has brokered the sale of a 37,856-square-foot industrial property in Pennsauken, an eastern suburb of Philadelphia. Situated at 2301 Haddonfield Road, the property features 16-foot clear heights and convenient access to the Cherry Hill Commuter Rail. Maple Direct Printing was the anchor tenant of the building at the time of sale. Ian Richman and Marc Isdaner of Colliers represented the seller, The Bloom Organization. Velocity Ventures was the buyer.
MURFREESBORO, TENN. — Hamilton Zanze has acquired Springfield Apartments, a 270-unit multifamily community in Murfreesboro. The property comprises 16 buildings with one-, two- and three-bedroom floor plans. Units average 1,013 square feet. Communal amenities include a dog park, gaming area, saltwater pool, hammock garden and an entertainment pub. Springfield Apartments is located at 3726 Manson Pike, 30 miles southeast of downtown Nashville. The property was delivered in 2018 and was 97 percent occupied at the time of sale. Denver-based Mission Rock Capital will manage the property. Further details of the sale were not disclosed.
VAIL, ARIZ. — Occidental Capital Holdings has acquired Old Vail Station Office and Retail Center and Vail Self Storage, a mixed-use commercial property located in Vail, a suburb of Tucson. Old Vail Station LLC sold the asset for $8.2 million. The transaction includes the 26,563-square-foot Old Vail Station, which was developed in 2006, and the 46,005-square-foot Vail Self Storage, which was developed in 2016. At the time of sale, the office and retail center was 94 percent occupied and the self-storage facility was 90 percent occupied. Craig Finfrock of Commercial Retail Advisors represented the seller, while the buyer was self-represented in the deal.
DALLAS — Stockdale Investment Group, a locally based firm, has acquired Preston Forest Shopping Center, a 200,000-square-foot retail property located at the corner of Preston Road and Forest Lane in north Dallas. Anchored by Whole Foods Market, the property houses other tenants such as Staples, Walgreens, JOANN Fabric & Crafts, Corner Bakery, Velvet Taco and Wells Fargo. Preston Forest Shopping Center was built on 13 acres in 1961 and was 95 percent leased at the time of sale. The seller was Mixon Investment Co. Inc.
GURNEE, ILL. — Cushman & Wakefield’s Midwest Multifamily Advisory Group has arranged the $9.6 million sale of Carriage House Apartments in Gurnee, about 40 miles north of Chicago. Constructed in the 1970s, the 17-building, 136-unit workforce housing property is located at 4344 McClure Ave. Brad Smith, Jason Stevens and Todd Stofflet of Cushman & Wakefield represented the seller, California-based Steadfast Apartment REIT III Inc. Wisconsin-based GP Property Management purchased the asset. Steadfast had acquired the property in 2016 and completed unit upgrades. The new owners are planning additional improvements. At the time of sale, the property was 97 percent occupied. Workforce housing refers to housing that is affordable to households earning 60 to 120 percent of the area median income, according to the Urban Land Institute. It’s often utilized for public employees, such as teachers, police officers and firefighters.
WEST DES MOINES, IOWA — Stan Johnson Co. has brokered the sale of a 9,536-square-foot property occupied by Fresenius Kidney Care in West Des Moines for $4.1 million. The dialysis facility is located at 9080 University Ave. Built in 2019, the property sits on two acres near other medical centers. Blaise Bennett and BJ Feller of Stan Johnson represented the seller, Hurd Real Estate. Cedar Rapids-based Midwest Equity Investors purchased the asset.
SOUTH WINDSOR, CONN. — Winstanley Enterprises LLC, a Massachusetts-based development and investment firm, has acquired a two-property industrial portfolio totaling 460,000-square-foot in South Windsor, a northeastern suburb of Hartford. The sales price was $44 million. The first property, located at 135 Sullivan Ave., is a 292,000-square-foot dry goods distribution center leased to Mobis Parts of America. The second property, located at 175 Sullivan Ave., is a 168,00-square-foot cold storage distribution center leased to Performance Food Group Inc. Both tenants will continue their leases with Winstanley as the new landlord. Brad Ruppel and Lauren Dawickiof of CBRE represented Winstanley in the transaction. The seller was undisclosed.
GREENSBORO, N.C. — Highwoods Properties Inc. (NYSE: HIW), a publicly traded REIT based in Raleigh, has sold its industrial and single-story flex portfolio in Greensboro, comprising 2.8 million square feet, for $193.4 million. The company also plans to close the $40 million sale of The Knollwood, a 250,000-square-foot office complex in Greensboro, by Feb. 15. The sale follows Highwoods’ recent announcement of its initiative to exit both the Greensboro and Memphis, Tennessee, markets. That plan led to the recent $76.4 million sale of the 248,000-square-foot International Paper IV office building in Memphis. “These sales are a significant step to completing the first phase of our plan to exit the Greensboro and Memphis markets and reinvest that capital in … high-growth markets such as Charlotte,” says Ted Klinck, president and CEO of Highwoods Properties. “With these dispositions, we will have completed approximately 75 percent of the first phase of sales, and we remain on track to complete the first phase by mid-2020.” Highwoods’ two-phased exit plan consists of selling a select portfolio of its Greensboro and Memphis assets and acquiring Bank of America Tower at Legacy Union in Charlotte in November for $436 million. The second phase consists of selling all remaining …
AUSTIN, TEXAS — New York-based investment firm Castle Lanterra Properties (CLP) has sold Villas Tech Ridge, a 350-unit apartment community in Austin. Built in 2008, the property is part of the 236-acre Tech Ridge master-planned community and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a resident clubhouse. CLP acquired the asset in 2016 and implemented a value-add program that upgraded unit interiors and amenity spaces. Villas Tech Ridge was 98 percent occupied at the time of sale.
