PLANO, TEXAS — Chicago-based investment firm Waterton has acquired Mission Gate, a 434-unit apartment community in Plano. Built on 24 acres in 1999, Mission Gate features one-, two- and three-bedroom units with an average size of 965 square feet across 13 buildings. Amenities include a pool, outdoor grilling stations, a playground and a dog park. Waterton plans to invest in capital improvements to unit interiors and common areas. The seller and sales price were not disclosed.
RIVERSIDE, CALIF. — CBRE has arranged the sale of Metro 3610, a value-add apartment community located at 3610 Banbury Drive in Riverside. La Palma, Calif.-based Silver Star Real Estate acquired the asset for an undisclosed price. Dean Zander and Stewart Weston of CBRE represented the undisclosed sellers in the deal. Built in 1984 on 15.2 acres, Metro 3610 features 304 apartments; two swimming pools with a spa and wading pool; tennis courts; a resident clubhouse; fitness center; and open green space with picnic areas, grilling stations and a playground. Apartments feature kitchens with a complete appliance package, air conditioning, walk-in closets and washers/dryers in two-bedroom floorplans.
CATHEDRAL CITY, CALIF. — Matthews Real Estate Investment Services has brokered the all-cash sale of a vacant big box retail building in Cathedral City. Andrew Gross and Lee Cordova represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 35900 Date Palm Drive, the asset spans 80,000 square feet. The retail space sits on a 262,000-square-foot lot near an Amazon facility, gym and bank.
CLAWSON, MICH. — Mid-America Real Estate Corp. has brokered the sale of Clawson Center in the northern Detroit suburb of Clawson for an undisclosed price. The fully leased shopping center spans 91,266 square feet. Tenants include Staples, Dollar Tree, Billings Lawn Equipment, Burn Fitness, Cosmoprof, H&R Block, Joe’s Army/Navy, Play It Again Sports and Salon Suites. Ben Wineman and Daniel Stern of Mid-America represented the seller, a Dallas-based family office. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a metro Detroit-based private investment group.
ALPHARETTA, GA. — Lincoln Rackhouse, the data center division of Lincoln Property Co., and Principal Real Estate Investors, the real estate investment arm for Principal Global Investors, have partnered to purchase a 185,000-square-foot data center. Originally built and occupied by cell phone giant Blackberry in 2009, the data center sits on a 38-acre site at 4905 N. Point Parkway in Alpharetta, less than two miles from the Avalon mixed-use development and about 25 miles north of Atlanta. The seller and sales price were not disclosed. The data center’s current capacity is 7 megawatts (MW) but is expandable up to 13 MW, and the site can accommodate a new ground-up data center that can support 30 MW of capacity. St. Louis-based Ascent will continue to provide facilities management, engineering and construction services to the site. Digital Crossroad and CBRE’s Atlanta-based data center solutions team will provide marketing and leasing services for the new ownership.
DURHAM, N.C. — Northmarq has brokered the sale of the apartments at One City Center, a 28-story mixed-use tower located at 110 Corcoran St. in downtown Durham. Jeff Glenn, Allan Lynch, Andrea Howard, Caylor Mark, John Currin and Sara Wagman of Northmarq represented the seller and developer, Austin Lawrence Partners, in the transaction. The buyer and sales price were not disclosed. Built in 2019, the property features 109 apartments, as well as a rooftop pool and hot tub, fitness center and a courtyard on the sixth floor with an al fresco dining area and fenced dog park. Individual units feature floor-to-ceiling windows, custom quartz countertops and private balconies. One City Center also features 30 for-sale condominiums, 130,000 square feet of office space and 22,000 square feet of retail space that were not part of the transaction.
GRAND RAPIDS, MICH. — A fund managed by DRA Advisors in partnership with Pine Tree has acquired The Shops at CenterPoint in Grand Rapids for $63.5 million. The 537,948-square-foot regional shopping center is home to TJ Maxx, HomeGoods, Nordstrom Rack, Sierra Trading Post, DSW, Ulta, Five Below, Jo-Ann Fabrics, Planet Fitness and Dunham Sports. Previously an enclosed mall, the property underwent $38 million in renovations throughout 2012 and 2013 to transform it into an open-air retail center. CBRE represented the undisclosed seller in the off-market transaction.
HOUSTON — A joint venture between Austin-based RPM Living Investments and New York-based DRA Advisors has acquired San Paloma, a 372-unit apartment community in Houston’s Energy Corridor area. Developed by Sueba USA in 2006, San Paloma features one- and two-bedroom units with an average size of 1,050 square feet. The amenity package comprises a pool, fitness center, heated spa, playground, dog park, business center and outdoor lounge spaces. A partnership between Blackstone and Livcor sold the property for an undisclosed price. Amerant Bank provided acquisition financing for the deal.
HOUSTON — Berkadia has arranged the sale of Timberwalk, a 300-unit apartment community in northwest Houston. Built in 1983, Timberwalk offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and amenities such as two pools, a fitness center, playground, outdoor grilling and dining areas and onsite laundry facilities. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Dallas-based Performance Properties, in the transaction. Johnny King of Berkadia secured acquisition financing on behalf of the buyer, New York City-based Lone Star Capital.
PHOENIX — Ogden Capital Partners has completed the disposition of Paradise Palms, a value-add apartment property located in Phoenix’s Biltmore/Uptown submarket. An undisclosed buyer acquired the asset for $36.5 million. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller in the deal. Constructed in 1959, Paradise Palms features 130 garden-style apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include onsite maintenance and property management, two resort-style pools, a pet play area, storage space, grills and a picnic area. Ralph Haver designed the property, which is located at 1517 E. Colter St.
