FORT WORTH, TEXAS — A partnership between Chicago-based investment firm Pearlmark and Buffalo-based Sinatra & Co. Real Estate has acquired La Jolla Terrace, a 340-unit apartment community in Fort Worth. Built in 1984, the property was 97 percent occupied at the time of sale and features one-, two- and three-bedroom units. Amenities include a pool, fitness center and a playground. The new ownership will implement a value-add program that will upgrade unit interiors and exterior amenity spaces. The seller and sales price were not disclosed.
LAKELAND, FLA. — Cushman & Wakefield has arranged the $41.2 million sale of CenterState West, a 440,000-square-foot distribution center in Lakeland. The property is situated on 44 acres at 8054 State Road 33 N., 40 miles east of downtown Tampa and 45 miles west of downtown Orlando. The building features 115 dock doors, 36-foot clear heights, 120- to 130-foot truck court depths, 172 trailer parking spaces and ESFR sprinklers. Rick Brugge, Mike Davis, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Brooke Tulley of Cushman & Wakefield represented the seller, a joint venture between Chicago-based Brennan Investment Group and Grandview Partners, in the transaction. Nuveen Real Estate acquired the property.
MEMPHIS, TENN. — A partnership between Welker Properties, Think Multifamily, Bullseye Investments and Tactical Asset Management has acquired The Woods at Ridgeway, a 568-unit multifamily community in southeast Memphis. The partnership has begun a $13.5 million renovation plan, which includes installing new roofs, painting the building exteriors and adding gate-controlled access. Communal amenities such as the screening room, fitness center, business center and multisport court will also be upgraded. Unit interiors will receive new kitchens, flooring, bathrooms and paint jobs. A timeline for completion was not disclosed. ROCO Real Estate sold the property, which is situated at 6277 Lake Arbor Drive, 15 miles southeast of downtown Memphis.
SPARTA, N.J. — New York City-based Maya Capital Partners has acquired Sparta Drive-Up Storage, a self-storage facility in Sparta, located in the northern part of the state near the New Jersey-Pennsylvania border. The purchase price was approximately $6.8 million. The 505-unit facility spans 58,000 square feet and offers a combination of indoor, drive-up and climate-controlled units. Evergreen Property Advisors, an affiliate of Maya Capital Partners, will manage the property.
VANCOUVER, WASH. — Rise Properties (Westwynd) LP, a Seattle-based REIT, has purchased Westwynd Apartment Homes, a multifamily property located in Vancouver. Christensen Properties I, based in Vancouver, sold the asset for $18.3 million. Located at 10117 NE Ninth Ave., Westwynd Apartments features 120 units spread across seven residential buildings, a clubhouse, pool and office, as well as a 20-car garage building. At the time of sale, the property was 98.6 percent occupied. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented both parties in the deal. The purchase is Rise Properties’ first acquisition in the Portland/Vancouver area.
LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released. The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property from its original uses and tailored the asset to the needs of traditional media, streaming media companies, television, film and digital production tenants, as well as innovative technology and design professionals. Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates West LA represented BLT in the transaction. Bryan Kenny and Will James of Sunrise Mortgage arranged acquisition financing, while Mike Slinger, Patricia Shlageck and their teams at Chicago Title handled title and escrow. With the acquisition, BLT now owns more than 250,000 square feet of office, production and studio space in Hollywood. Last year, BLT purchased a four-stage studio lot adjacent to Television Center and established BLT Studios, serving production clients throughout the area. Earlier this year, the company also acquired two additional creative office projects within a half-mile …
EL CENTRO, CALIF. — ACI Apartments has arranged the purchase of Villas Bonita, a multifamily complex located at 699 Wake Ave. in El Centro. Imperial Properties acquired the asset from Villas Bonita LCC for $9.6 million. Built in 2005, the 71,250-square-foot community features 75 apartments spread across seven two-story buildings. The property offers one-, two- and three-bedroom apartment layouts ranging from 730 square feet to 1,130 square feet, each with an in-unit washer/dryer and balcony or patio. The community also includes 75 carports, 51 surface parking spaces, a gym, recreation room, pool, spa, playground area, barbecues and a large patio. Ricardo Lopez of ACI Apartments represented the buyer, while Steve Willmore and Erik Faucett of Lee & Associates represented the seller in the deal.
KINGMAN, ARIZ., AND SILVER CITY, N.M. — Benson DBS has acquired two retail properties for a total of $3.3 million. Dave Hammack of Cushman & Wakefield | PICOR represented the buyer in both transactions. Benson DBS company acquired a new Dollar General-occupied building located at 7265 E. Concho Drive in Kingman. SimonCRE Saltair II sold the asset for $1.7 million. Additionally, the company purchased a new Dollar General-occupied property at 1330 E. 32nd St. in Silver City from Silver City (E32) DNMP LLC for $1.6 million.
NEW YORK CITY — Alpha Realty has arranged the sale of a 48-unit apartment building located at 1675 Ocean Ave. in the Midwood area of Brooklyn. The property also houses two office spaces for a total of approximately 54,000 square feet of commercial space. Lev Marshev and Yehuda Leser of Alpha Realty brokered the off-market transaction between a local family that sold the asset to a private investor for $8.5 million.
DALLAS — SkyView Advisors, a Tampa-based self-storage brokerage firm, has arranged the sale of a 908-unit Extra Space Storage facility located at 7701 Banner Drive in north Dallas. The property is situated on a 1.1-acre lot and spans 77,162 net rentable square feet. Ryan Clark of SkyView Advisors represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.