COLLEGE STATION, TEXAS — The Preiss Co. has acquired University Trails College Station, an 828-bed student housing property located within walking distance of the Texas A&M University campus in College Station. The community offers a mix of one-, two-, three- and four-bedroom units that are fully furnished and feature private balconies. Shared amenities include a sand volleyball court, pool and hot tub, basketball court, two fitness centers, a business center and multiple study rooms. Preiss Co. plans to implement a value-add program.
ROCKFORD, ILL. — Mid-America Real Estate Group has brokered the sale of State Street Market in Rockford for an undisclosed price. The 193,657-square-foot shopping center is positioned at the northwest corner of State Street and Trainer Road. The property is 69 percent leased to Burlington, Dollar Tree, Jo-Ann Fabric, Old Chicago and PetSmart. Rick Drogosz of Mid-America represented the seller, Highlands REIT, and the buyer, Rhino Investments.
ORLANDO, FLA. — Red Bank, N.J.-based Denholtz Properties has acquired a 106,966-square-foot, seven-story office building located at 618 East South St. in Orlando. The seller and sales price were not disclosed. Constructed in 2011, 618 East South St. is downtown Orlando’s first privately developed LEED-certified building, according to Denholtz. Additionally, the building features an integrated parking garage with a ratio of 3.1 spaces per 1,000 square feet. Currently fully leased, 618 East South St. serves as the Southeastern headquarters for GAI Consultants, an engineering, planning and environmental consulting firm with clients in the energy, transportation, development, government and industrial markets. In addition to GAI Consultants, the building is home to six additional tenants spanning the financial services and healthcare markets. The property is situated near a Publix and Thornton Park, a neighborhood with restaurants, luxury condominiums and apartments. The building is also located adjacent to SR 408 East-West Expressway. The acquisition allows Denholtz’s Orlando area portfolio to grow to nearly 1 million square feet. The investor also owns the nearby 100 East Pine St. property, an 80,010-square-foot, six-story office building that is currently 90 percent leased to 12 tenants.
LOS ANGELES — Rexford Industrial has acquired two Class A industrial buildings in central Los Angeles for a total consideration of $28 million. Located at 1501-1545 Rio Vista, the buildings feature a total of 53,651 square feet. At the time of sale, both buildings were 100 percent leased to stable credit tenants. Jerry Sackler of DAUM Commercial represented the seller, a private family real estate investment trust, and procured the buyer in the deal.
KINGSPORT, TENN. — Marcus & Millichap has brokered the sale of Shoppes at East Stone, a 24,502-square-foot retail property in Kingsport. The property sold for $4.5 million. Michael Early of Marcus & Millichap represented the seller, an undisclosed family trust, and secured the buyer, a Maryland-based real estate investment corporation. Jody McKibben of Marcus & Millichap assisted in closing this transaction. Shoppes at East Stone is occupied by tenants including Polish Nail Bar, East Coast Wings + Grill, LL Flooring and Hertz Car Rental. Located at 2637 E. Stone Drive, the property is situated in northern Tennessee, about 102 miles from Knoxville. The property is also 13.6 miles from Tri-Cities Airport.
BONITA SPRINGS, FLA. — Castle Lanterra has acquired Diamond Oaks Village, a 160-unit seniors housing community in Bonita Springs. Built in 2017 by the United Group of Cos., Diamond Oaks Village is an age-restricted residential community for households with members age 55 years or older. Cody Tremper and Mike Garbers of JLL represented the seller, The United Group of Cos. Inc., in the sale. In addition, Allison Holland of JLL worked on behalf of the buyer to secure a three-year, floating-rate loan through Square Mile Capital Management. The sales price and loan amount were not disclosed. The gated community offers one- and two-bedroom units averaging 1,036 square feet. Unit amenities include open-floor concept living spaces, full kitchens with granite counters, in-unit washers and dryers and screened-in private balconies. Community amenities include a covered parking garage, fitness center, outdoor pool and spa, dog park, putting green and bistro, bar and a pub. Located with easy access to Highway 41 and Interstate 75, Diamond Oaks Village is close to the North Naples Hospital, NCH Bonita Emergency Room and Lee Health’s Coconut Point hospital complex.
COLLEGE STATION, TEXAS — Homestead U has acquired Aspen Heights College Station, a 797-bed student housing property located near Texas A&M University in College Station. The community was acquired in partnership with Columbus Pacific and its affiliates for an undisclosed price. The property offers cottage-style units with bed-to-bath parity across 27 acres. Amenities include a pool, fitness center, outdoor grilling and dining areas, a dog park, game room, computer lab and a study lounge. The seller and sales price were not disclosed.
CHICAGO — Interra Realty has brokered the sale of 5505 S. Dorchester Ave. in Chicago’s Hyde Park neighborhood for $12 million. Built in 2020, the 34-unit apartment complex features a covered garage with 20 parking spaces as well as 14 surface parking spaces. Brad Feldman of Interra represented the seller, a local developer, and the local buyer, an entity doing business as 5505 S. Dorchester LLC. The buyer plans to add a rooftop deck.
SHERMAN, TEXAS — Michigan-based brokerage firm Friedman Real Estate has arranged the sale of Midway Mall, a 530,000-square-foot regional shopping and dining destination located in the North Texas city of Sherman. Anchored by department stores Dillard’s and Burlington, Midway Mall also houses tenants such as 3-D Entertainment, Art of Threading and Candy N Lots. Steven Silverman of Friedman Real Estate represented the undisclosed buyer, which plans to redevelop the property to feature a mix of uses. Specifics of the redevelopment plan were not disclosed.
BALTIMORE — Byrnes & Associates Inc. has brokered the sale of 210 North Charles St., a 15-story, 232,000-square-foot office tower in downtown Baltimore. An entity known as 210 N. Charles Owner LLC, a joint venture partnership formed by Baltimore-based residential developer Trademark Properties and local investor Prab Thangarajah, has acquired the property for $6 million. Artemis Properties sold the property. Brad Byrnes of Baltimore-based Byrnes & Associates represented the buyer in the transaction. Built in 1894, 210 North Charles St., also known as The Fidelity & Deposit Building, will be converted into a multifamily property with about 220 apartment units. The property’s new ownership group intends to start the renovation process next month. The project will have a mix of studio, one- and two-bedroom floorplans ranging from 500 to 2,000 square feet. Construction is slated to be completed by spring 2024. The development cost is expected to be $34 million. The project will also feature a street-level restaurant component, featuring a corner vault room complete with an outdoor seating area that overlooks Center Plaza. In addition, two or three retail spaces will be carved out of the street-level and leased to end users, and the project will have underground parking …