HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.
INDIANA, MICHIGAN, OHIO AND WEST VIRGINIA — Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne Centers REIT was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and JLL brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Ind.; Forest Park Plaza (104,231 square feet) in Brazil, Ind.; Phoenix Square (47,415 square feet) in South Haven, Mich.; Amberwood Center (34,553 square feet ) in Ashland, Ohio; Barberton Shopping Center (105,313 square feet ) in Barberton, Ohio; DeVeaux Village Shopping Center (72,050 square feet) in West Toledo, Ohio; Perrysburg Marketplace (101,859 square feet ) in Perrysburg, Ohio; Reynolds Plaza (110,479 square feet ) in South Toledo, Ohio; and Huntington Mall (36,066 square feet ) in Barboursville, W.Va.
KENT AND AUBURN, WASH. — Colliers International has arranged the sale of two industrial parks in southern King County. TA Realty acquired the assets from a local Puget Sound private investor for $22 million. Totaling four buildings on 6.3 acres, the properties are Pacific West Business Center in Kent and White River Corporate Park in Auburn. Built in 1979 and located at 18852-18872 72nd Ave. South, Pacific West Business Center features 60,530 square feet of industrial space on a 3.3-acre campus. At the time of sale, the asset was fully leased to nine tenants. Located at 2200-2222 W. Valley Highway North, White River Corporate Park offers a total of 60,852 square feet of warehouse space spread across two buildings. Built in 2004, the property was fully leased to five tenants at the time of sale. Bill Condon and Matt McGregor of Colliers International handled the transaction.
ATLANTA — Piedmont Office Realty Trust Inc. (NYSE: PDM) has purchased the remainder of Atlanta Galleria Office Park in northwest Atlanta. The $231 million acquisition consolidates Atlanta Galleria’s multi-tenant office buildings and 6,000-space structured parking facilities under a single owner for the first time. Situated in the city’s Cumberland-Galleria submarket near SunTrust Park and The Battery Atlanta, the acquisition comprises Galleria 400 and Galleria 600, two office towers totaling approximately 860,000 square feet. The purchase also included an adjacent 10.2-acre parcel entitled for 1 million square feet of additional development. The seller was undisclosed. “When we acquired Galleria 300 in 2015, we boldly imagined the environment a single owner could create adjacent to the unique amenity set evolving in The Battery,” says Brent Smith, president and CEO of Piedmont Office Realty Trust. “Today, the first step of that vision becomes a reality and marks the beginning of Piedmont’s transformation of this prominent Atlanta mixed-use development.” Piedmont Office Realty Trust purchased Galleria 100 and an additional 1.5-acre parcel in May for $95.1 million. The company’s total investment in The Galleria is just under $500 million. The 2.1 million square feet of office space within the master-planned development is spread across five …
CORPUS CHRISTI, TEXAS — Multifamily investment firm ClearWorth Capital has acquired The Palm on South Padre, a 299-unit apartment community in Corpus Christi. Built in 1973, the property features one-, two- and three-bedroom units and amenities such as two pools, dog park and outdoor grilling areas. ClearWorth will implement a value-add program that will deliver new flooring, cabinetry, backsplashes, lighting and plumbing to unit interiors, as well as upgraded signage and landscaping.
SYRACUSE, N.Y. — JLL has brokered the $18 million sale of Crouse Medical Center, a 173,466-square-foot of medical office building in Syracuse. The property comprises two connected buildings that are 88 percent leased to medical tenants including Crouse Health System. Steven Rutman, Ben Appel, Jose Cruz and Rob Rizzi of JLL represented the seller, Brittonfield Associates, in the transaction. ICONIC Property Partners was the buyer.
FINDLAY, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 402,604-square-foot industrial facility in Findlay for $13.7 million. The building is situated on 55 acres. The sale also included 66 acres of undeveloped land that is located immediately adjacent to the facility. Tim Echemann of IPB represented the buyer, Nick Reinhart. American Tire Distributors was the seller.
MONROVIA, CALIF. — A partnership between Pasadena, Calif.-based Telos Capital and Warner Pacific Properties has completed the disposition of Monrovia Landing, a grocery-anchored retail asset located in Monrovia. A Los Angeles-based buyer acquired the property for $30.5 million as part of a 1031 exchange from a prior sale. Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ Maxx/Home Goods, Ulta Beauty and O’Reilly Auto Parts. Philip Voorhees, Alex Kozakov, Patrick Wade, Sean Heitzler and Jimmy Slusher of CBRE represented the seller, while Sheila Alimadadian of Marcus & Millichap represented the buyer in the transaction.
ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.
PARK CITY, UTAH — Los Angeles-based Columbus Pacific has purchased Hyatt Centric Park City, a lifestyle hotel located on North Escala Court in Park City, for an undisclosed price. The name of the seller was not released. Situated at the base of Park City Mountain, the ski-in/ski-out property offers 120 deluxe guest rooms plus 85 one-, two-, three- and four-bedroom condominium residences. Accommodations range in size from 680-square-foot studios with kitchenettes to 2,820-square-foot, four-bedroom residences with full kitchens. Resort amenities include a full-service bar; three-meal restaurant; grab-and-go café; 10,000 square feet of indoor and outdoor event space; a fitness center; an outdoor pool with spa; ski valet; kids’ game room area; valet parking service and direct lift; and access to Park City Mountain.
