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Varidesk Acquires 424,000 SF Office Building in Irving’s Las Colinas District

by Taylor Williams January 8, 2019

IRVING, TEXAS — Varidesk, a provider of adjustable desks, has acquired a 424,000-square-foot office building located at 901 W. Walnut Hill Lane in Irving’s Las Colinas district. The three-story building was built in 1983 and formerly served as the headquarters of jewelry retailer Zales. Amenities include a fitness center, cafeteria and conferencing facilities. The new ownership will reposition the building with a design that activates the entry plaza, promotes connectivity to the outdoors and modernizes the amenity spaces. Cushman & Wakefield is working with Varidesk on the redevelopment and lease up of the building. Corgan is the architect and interior designer for the new office space, which is expected to open this summer as VARISPACE Las Colinas.

January 8, 2019

Acquisitions Illinois Midwest Retail

Newport Buys 183,000 SF Shopping Center in Wilmette, Illinois for $72M

by Kristin Harlow January 8, 2019

WILMETTE, ILL. — Newport Capital Partners has purchased Edens Plaza in Wilmette for $72 million. Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet at the former Carson’s Furniture Gallery space at the property. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.

January 8, 2019

Acquisitions Midwest Multifamily Nebraska Student Housing

Joint Venture Acquires 632-Bed Student Housing Community in Lincoln, Nebraska

by Kristin Harlow January 8, 2019

LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.

January 8, 2019

Acquisitions Industrial Midwest Missouri

Ashley Furniture Distribution Center in St. Louis Trades Hands for $10M

by Kristin Harlow January 8, 2019

ST. LOUIS — One Liberty Properties Inc. (NYSE: OLP) has purchased an Ashley Furniture distribution center in St. Louis from an affiliate of Mohegan Capital for $10 million. The 119,680-square-foot, single-tenant property is located at 9791 Green Park Industrial Drive and features a clear height of 38 feet. Jason Powell and Colin Couch of Stan Johnson Co. represented the seller. The transaction represents a cap rate of 7.2 percent. The buyer also owns the tenant’s headquarters in Memphis, Tenn.

January 8, 2019

Acquisitions Multifamily New Jersey Northeast Seniors Housing

SVN Affordable | Levental Realty Brokers $47.5M Sale of Age-Restricted Community in Newark

by David Cohen January 8, 2019

NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.

January 8, 2019

Acquisitions New Jersey Northeast Office

CBRE Negotiates $13.3M Sale of Office Building in Springfield, New Jersey

by David Cohen January 8, 2019

SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

January 8, 2019

Acquisitions California Retail Western

Brixmor Property Sells San Bernardino Target Center to International Properties Holdings

by Amy Works January 8, 2019

SAN BERNARDINO, CALIF. — Brixmor Property Group has completed the sale of San Bernardino Target Center, a shopping center located at 499 W. Orange Show Road in San Bernardino. International Properties Holdings Group acquired the 143,082-square-foot asset for an undisclosed price. A 105,565-square-foot Target and a 37,367-square-foot Big Lots anchor the property, which was fully occupied at the time of sale. Dixie Walker and Charley Simpson of Cushman & Wakefield represented the seller in the transaction.

January 8, 2019

Acquisitions Office Texas

Hartman REIT Acquires Office Building in San Antonio for $16.5M

by John Nelson January 7, 2019

SAN ANTONIO — Hartman vREIT XXI Inc. has purchased the Spectrum Building, a 10-story office asset located at 613 N.W. Loop 410 in San Antonio’s North Central submarket, for $16.5 million. The sales price, which included a buyer’s auction premium, equates to about $94 per square foot. The 175,314-square-foot office building was 87.7 percent leased at the time of sale. The seller was not disclosed.

January 7, 2019

Acquisitions Multifamily Texas

Praedium Group Purchases Newly Built Multifamily Community in North Arlington

by John Nelson January 7, 2019

NORTH ARLINGTON, TEXAS — The Praedium Group has purchased Arlington Commons, a 353-unit apartment community in North Arlington. The seller and sales price were not disclosed, but The Dallas Morning News reports Nehemiah Co. was the developer. Built in 2018, the four-story building features an attached parking garage, swimming pool with a tanning shelf, resident lounge and business center within the clubhouse, wellness center with fitness on-demand, valet trash, elevators, dog park with dog wash station, electronic parcel lockers and a lounge deck with barbecue grills. Arlington Commons’ unit mix consists of one- and two-bedroom residences ranging from 580 to 1,418 square feet. Unit interiors include 10- to 12-foot ceilings, granite or quartz countertops, stainless steel appliances, undermount sinks, designer backsplashes, chrome finishes, electronic door entry, vinyl plank wood flooring, custom track lighting, full-size washers and dryers and balconies or patios.

January 7, 2019

Acquisitions Industrial New York Northeast

Mack-Cali Realty Corp. Sells Industrial Park in Elmsford, New York for $70.2M

by David Cohen January 7, 2019

ELMSFORD, N.Y. — Mack-Cali Realty Corp. has sold the Elmsford Distribution Center in Elmsford for $70.2 million. The six-building, 386,000-square-foot industrial park is located at 1-6 Warehouse Lane in Elmsford, approximately 22 miles north of Manhattan. Jose Cruz, Jordan Avanzato and Marc Duval of HFF represented Mack-Cali in the transaction. Realterm Logistics, an owner and manager of logistics facilities, acquired the property.

January 7, 2019

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