FORT WORTH, TEXAS — Locally based brokerage firm Younger Partners has arranged the sale of a 58-acre industrial development site in Fort Worth. The site at 5921 South Freeway is located on the city’s southwest side near the junction of Interstates 20 and 35. Carter Crow and Michael Ytem of Younger Partners represented the seller in the transaction. Justin Toon of Industrial Reserve represented the buyer, which plans to start construction in 2025. Both parties requested anonymity.
HOUSTON — Locally based brokerage firm NewQuest Properties has arranged the sale of a 139,538-square-foot retail building in West Houston. The vacant building, which is part of a larger development anchored by Target, Burlington and Marshalls, sits on 12 acres and was formerly owned and occupied by Sam’s Club. John Nguyen of NewQuest Properties represented the buyer, an entity doing business as SSS Marketplace on Eldridge LLC, in the transaction. James Namken and Kyle Knight of Weitzman represented the seller.
MECHANICSBURG, PA. — JLL has arranged the $78.5 million sale of an 812,425-square-foot distribution center in Mechanicsburg, located just outside of Harrisburg in the central part of the Keystone State. The facility was built on 44.3 acres in 2002 and offers 182 dock-high doors, two drive-in doors, 329 parking spaces, 109 trailer stalls and 195-foot truck court depths. John Plower and Ryan Cottone of JLL represented the undisclosed seller and procured the buyer, a joint venture between Lightstone and an affiliate of Cerberus Capital Management, in the transaction. Peter Rotchford, Andrew Scandalios, Michael Pagniucci and Tyler Peck of JLL arranged a $65 million acquisition loan through Argentic Investment Management on behalf of the new ownership.
TEXARKANA, TEXAS — A joint venture between two investment firms, New Jersey-based Reynolds Asset Management and Dallas-based Newport Capital Advisors, has purchased two multifamily properties in Texarkana, located near the Texas-Arkansas border. The sales price was $23 million. The properties include Westridge Apartments (176 units) and Park at Summerhill (184 units). The seller was not disclosed. John Hamilton of Marcus & Millichap brokered the deal. Allan Edelson and Joe Tarantino of Walker & Dunlop originated an undisclosed amount of Fannie Mae acquisition financing on behalf of the joint venture, which plans to invest $3 million in capital improvements across both assets.
DALLAS — New York-based Sterling Investors has purchased Centreport 2, a 430,852-square-foot industrial building in Dallas. The address was not disclosed, but the cross-dock facility is located south of Dallas-Fort Worth International Airport in the Upper Great Southwest submarket. Centreport 2 was built in 2017 and features 97 dock doors and 32-foot clear heights. Trent Agnew, Charlie Strauss, Parker McCormack, Tom Weber, Lance Young, Pauli Kerr, Matthew Barge and Brooke Petzold of JLL represented the undisclosed seller in the transaction and procured Sterling Investors as the buyer.
STRATFORD, CONN. — Regional brokerage firm Atlantic Capital Partners has negotiated the $24.6 million sale of North Town Center, a 115,000-square-foot shopping center located in the southern coastal Connecticut city of Stratford. Big Y Supermarket has anchored North Town Center, which was 93 percent leased at the time of sale, since 2008. Other tenants include X-Golf, Town Line Liquors and Town Fair Tire. Justin Smith, Chris Peterson, Sam Koonce and Matt Ericson of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction. Stephen Joseph of Atlantic Capital arranged long-term financing for the buyer.
HICKSVILLE, N.Y. — JLL has arranged the sale of Broadway Commons, a 730,000-square-foot retail power center in the Long Island community of Hicksville. The center was 97 percent leased at the time of sale to tenants such as Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Blink Fitness, Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan of JLL represented the undisclosed seller in the transaction and procured the buyer, a partnership between KABR Group, BTF Capital and AJM BRE Ventures.
HOUSTON — Dallas-based brokerage firm Disney Investment Group (DIG) has arranged the sale of Presidio Square, a 189,338-square-foot shopping center in West Houston. An 82,466-square-foot H-E-B grocery store anchors the center. Other tenants include Family Thrift, AT&T, Subway, State Farm, Little Caesars, IHOP and Chase Bank. David Disney and Adam Crockett of DIG represented the seller, an affiliate of North American Development Group, in the transaction. The duo also procured the buyer, Houston-based Wu Properties. The sales price was not disclosed.
TOMBALL, TEXAS — Colliers has arranged the sale of Oak Bend Place, a 152-unit apartment complex in the northern Houston suburb of Tomball that was originally built in 1984. According to Apartments.com, the property offers two-bedroom units that range in size from 834 to 907 square feet and amenities such as a pool, pet play area and outdoor grilling and dining stations. Chip Nash, Bob Heard, Kitty Wallace and Jaleel Adatia of Colliers represented the seller, Alphil Investments, in the transaction. The buyer was not disclosed.
HOUSTON — California-based investment firm Sunstone Two Tree has acquired Villas Del Paseo, a 384-unit apartment community in Houston’s Westchase neighborhood, for $28.9 million. Built in 1978, the market-rate property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, playground, business center, package services and outdoor grilling and dining stations. Mark Saunders of Newmark represented the seller, Comunidad Partners, in the transaction. The new ownership plans to invest about $10.5 million in capital improvements. Unit interiors will receive new flooring, counters, lighting, appliances and cabinetry. Building exteriors will be upgraded with new paint, roofing, lighting, landscaping and signage. Sunstone will also repair balconies and parking lots, update the clubhouse and pool and add dog parks.