HOUSTON — California-based Canyon Partners Real Estate has acquired a $45 million preferred equity stake in Drewery Place, a 357-unit multifamily building in the Midtown area of Houston. The property features studio, one- and two-bedroom units and amenities such as a resort-style pool with swim-up bar, fitness center, pet park, sky lounge and coworking spaces. Australian developer Caydon Property Group delivered the building, which includes 11,000 square feet of retail space, in 2019 as part of its Laneways mixed-use project.
ALEXANDRIA, VA. — Berkadia has secured $24.9 million in financing for the acquisition of The Tuscany Apartments, a mid-rise multifamily property in Alexandria. Jonathan Pratt of Berkadia’s Salt Lake City office secured the acquisition financing on behalf of the borrower, an affiliate of Maryland-based Advantage Properties Inc. and Cove Property Management LLC. An affiliate of CW Financial Services LLC participated in the acquisition as a joint venture equity partner. The 10-year Freddie Mac loan features a floating interest rate, an approximately 70 percent loan-to-value ratio and a five-year interest-only period followed by a 30-year amortization schedule. Located at 260 Yoakum Parkway, Tuscany Apartments features one- and two-bedroom floor plans with in-unit washers and dryers, walk-in closets and private patios or balconies. Community amenities include a clubhouse, fitness center and a pet playground. The property is close to Stevenson Park, Interstate 395 and the shops and restaurants along South Van Dorn Street.
HOUSTON — Lee & Associates has brokered the sale of a manufacturing building located on approximately 7.9 acres at 9110 Taub Road in Houston. According to LoopNet Inc., the property was built on 10 acres in 1997. Mike Spears and Frank Blackwood of Lee & Associates represented the buyer, Integrated Induction Inc., in the transaction. David Boyd and Wes Williams of Boyd Commercial represented the Houston-based seller, Allegiance Bank.
SEATTLE — Colliers International has arranged the purchase of The Portal, a multifamily property located at 743 N. 35th St. in Seattle’s Fremont neighborhood. A local family office acquired the property for $21.3 million, or $690 per net rentable square foot. The name of the seller was not released. Recently completed, The Portal features 54 apartments and was sold pre-stabilization, closing 90 days after the seller received the certificate of occupancy. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers Pacific Northwest Multifamily Advisor team represented the buyer in the transaction.
LITTLETON, COLO. — Continental Divide Holdings LLC has acquired an office property located at 8331 Continental Divide in Littleton. Colorado Credit Union sold the asset for an undisclosed price. Formerly a credit union brand and headquarters, the 8,000-square-foot property feature a drive-thru and monument signage. The buyer plans to convert the building into a medical office space for use as its pediatric practice. Rick Egitto of Avison Young, along with Justin Rayburn of Fountainhead Commercial Properties, represented the seller, while Dann Burke and Stephani Gaskins of CBRE Healthcare Real Estate Brokerage Services represented the buyer in the deal.
CARLSBAD, CALIF. — Lee & Associates has arranged the purchase of a single-tenant industrial property located at 6212 Corte del Abeto in Carlsbad. Elion Acq LLC acquired the asset from an undisclosed seller for $13 million. Built in 1987, the 70,224-square-foot building features two dock-high doors, six grade-level doors, up to 26-foot clear heights and visibility on Palomar Airport Road. The property is located within Palomar Airport Business Park. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates – North San Diego County represented the buyer in the transaction.
MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.
WOODBURN, ORE. — Norris & Stevens has arranged the sale of Barclay Square Apartments, a multifamily property located at 2377 W. Hayes St. in Woodburn. West Coast Real Estate Holdings acquired the asset for $8.2 million. Constructed in 1975, the 53,000-square-foot property features 70 units in a mix of 30 one-bedroom/one-bath and 40 two-bedroom/one-bath layouts spread across nine buildings. The buyer plans to continue upgrading the property, and the acquisition financing obtained included funds for planned upgrades. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented the buyer and seller in the deal.
PLANTATION, FLA. — RK Centers, a privately held family-owned real estate development company, has purchased Veranda Shoppes, a 45,000-square-foot shopping center in Plantation. The property is situated on 4.2 acres at 550 N. Pine Island Road. Adam Feinstein of Cushman & Wakefield represented the seller, Jacksonville-based Regency Centers, in the $17 million transaction. Built in 2007, Veranda Shoppes is home to several neighborhood shopping, dining and service options. The Publix-anchored center is leased to tenants such as Anthony’s Coal Fired Pizza, Pei Wei Asian Diner, Dunkin’, Venetian Nails Spa and the Banfield Pet Hospital.
MACHESNEY PARK, ILL. — Marcus & Millichap has brokered the $6.4 million sale of Willow Creek II and IV in Machesney Park, a suburb of Rockford. The two retail buildings, totaling 23,202 square feet, are separate but located within the same development. Tenants include Buffalo Wild Wings, Verizon, Anytime Fitness, FedEx, Jersey Mikes and Pizza Hut. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the buyer, a Chicagoland private family. Prodigy Real Estate Group represented the seller, a Rockford-based developer.