HOUSTON — Locally based investment firm Barvin has acquired Elan Heights, a 326-unit apartment community in The Heights neighborhood of Houston. Developed in 2016 by South Carolina-based Greystar, the property features units with stainless steel appliances and quartz countertops. Amenities include a fitness center with yoga and spin studios, a game room, conference center and a rooftop lounge. The seller and sales price were not disclosed.
DETROIT — Dan Gilbert’s Bedrock has acquired The ICON, a 420,000-square-foot facility in Detroit that formerly served as the home of the UAW-GM training center. The purchase price was undisclosed, but the vacant property previously traded hands for $34 million in November 2020, according to Crain’s Detroit Business. In addition to office and training space, the property includes 880 parking spaces, a 375-seat auditorium and direct access to Detroit’s East Riverfront. Located at 200 Walker St., the facility is adjacent to a 500,000-square-foot office building at 300 River Place that Bedrock also owns.
HIALEAH, FLA. — CBRE has arranged the sale of North Dade Distribution, a 16.5-acre industrial site under development in Hialeah. Dallas-based Dalfen Industrial purchased the site for $26.4 million. Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose of CBRE represented the seller, Coconut Creek, Fla.-based Butters Realty, in the transaction. Slated to be completed in March 2023, North Dade Distribution will total 298,354 square feet. The rear-load warehouse will feature 32-foot clear heights, a 120-foot truck court, 240-foot building depth, separate ingress and egress access for cars and trucks and an ESFR sprinkler system. Located on the corner of 97th Ave. and 165th St., the site provides access to Interstate 75 and the Florida Turnpike via NW 138th St.
MIAMI BEACH, FLA. — Miami-based Integra Investments, in partnership with Miami-based Constellation Group, has sold 1674 Meridian, a 31,979-square-foot office building in Miami Beach for $26.5 million or $828 price per square foot. The buyer was not disclosed. Integra Investments and Constellation Group acquired 1674 Meridian in August 2019 for $10.1 million. Over the course of their ownership, the firms completed building renovations including new HVAC systems, touchless elevators and face temperature camera telecoms. The Class A office building also includes 5,505 square feet of retail space. The five-story building is located one block from Lincoln Road, Miami Beach’s pedestrian-only, high street promenade with dining, retail and entertainment options.
NEW YORK CITY — Boston Properties (NYSE: BXP) has acquired 350 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan. Enterprise Asset Management sold the 20-story building for approximately $300 million. The new ownership plans to implement a capital improvement program to enhance building systems, work suites and common areas. Boston Properties also secured a $220 million loan for the refinancing of the existing debt attached to the property.
ATLANTA AND NEWARK, N.J. — Atlanta-based Carroll, in partnership with Newark-based PGIM Real Estate, has bought 12 multifamily communities in Orlando, Sarasota, West Palm Beach and Fort Lauderdale totaling 3,976 units. All properties were acquired through Carroll’s latest institutional investment vehicle, Carroll Multifamily Venture VI LP. The sales price was not disclosed. Carroll will manage the properties, which include seven Orlando properties, three Sarasota-Bradenton communities, one West Palm Beach property and one Fort Lauderdale community. The properties will all be rebranded under the Arium name, including: • Arium Altamonte Springs (previously Ashford Altamonte Springs) • Arium Winter Park (Bishop Park) • Arium Springs Colony (Springs Colony) • Twelve Oaks at Windemere by Arium (Twelve Oaks at Windemere) • Arium Valencia Gardens (Verona at Valencia Park) • Arium Mission Bay (Mission Bay) • Arium Mariner’s Village (Valencia Plantation) • Arium Bristol Bay (Perico Apartments) • Arium Citrus Run (Mcintosh Apartments) • Arium Grove Walk (Heron’s Run) • Gardens East by Arium (Gardens East) and • Park Place at Turtle Run by Arium (Park Place at Turtle Run) Carroll currently manages 39 properties throughout Florida and more than 13,000 units, totaling $3.5 billion in assets under management. Between 2015 and 2021, Carroll …
COPPELL, TEXAS — Locally based brokerage firm Disney Investment Group (DIG) has arranged the sale of Valley Ranch Centre, a 111,211-square-foot retail property in Coppell, located in the northern-central part of the metroplex. Anchored by Club 4 Fitness and Dollar Tree, Valley Ranch Centre was built on 11.6 acres in 1989 and was roughly 75 percent leased at the time of sale. David Disney and Adam Crockett of DIG represented the seller, Dallas-based Centcom Realty Corp., and procured the out-of-state buyer in the transaction.
VISTA, CALIF. — Black Lion Investment Group has completed the sale of Vista Terrace Marketplace, a retail strip center in Vista. A real estate fund advised by Crow Holdings Capital acquired the asset for $13.3 million. Situated on two acres at 1280, 1330 and 1350 E. Vista Way, Vista Terrace Marketplace features 28,440 square feet of newly renovated retail space. At the time of sale, the property was 91 percent leased to a variety of national and local tenants, including Anytime Fitness, Discovery Preschool, Sports Clips, Jersey Mike’s Subs, Pacific Dental, Upper Crust Pizza and Bombay Café. Daniel Tyner and Gleb Lvovich of JLL Retail Capital Markets represented the seller in the deal. This two-part transaction comes one year after the $10.7 million sale of three outparcel pad buildings at Vista Terrace Marketplace in December 2020.
DURHAM, N.C. — Durham-based Pickett Sprouse Commercial Real Estate has brokered the $3.4 million sale of 3114 Croasdaile Drive, an office building in Durham that will be redeveloped into a new Veterans Outpatient Clinic. The 45,000-square-foot office building is situated on 3.7 acres just off Interstate 85. Jerry Gambill of Pickett Sprouse represented the seller, an entity doing business as HBR Properties LLC, in the sale of the property to the buyer, an entity doing business as VAF 3114 Croasdaile Drive LLC. Pickett Sprouse, which offers commercial real estate brokerage and property management services, is the commercial real estate division of West & Woodall Real Estate.
FISHERS, IND. — Midland Atlantic Properties has arranged the $7.5 million sale of Fishers Corner shopping center in the Indianapolis suburb of Fishers. The 28,359-square-foot property was built in 2005 and was fully leased at the time of sale. Jacque Haynes of Midland Atlantic represented the seller, Sena Realty FC LLC. Johnny Vassallo managed the acquisition on behalf of the buyer, POG Kosmos Fishers LP. First Financial Bank provided acquisition financing.