CEDAR RAPIDS, IOWA — Marcus & Millichap has arranged the sale of an 83,286-square-foot self-storage facility known as Cedar Storage in Cedar Rapids for $5.5 million. The property includes 374 units as well as RV and boat storage. It is located at 804 Vernon Valley Drive. Britney Hendricks and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, an individual trust. The team also represented the buyer, a private investor.
SAN ANTONIO — Chicago-based NXT Capital has provided a $30 million acquisition loan for an undisclosed, Class B apartment community in San Antonio. The 300-unit property is located roughly 10 miles north of downtown San Antonio and features amenities such as a resident clubhouse, business center, fitness center and two pools. Tip Strickland, David Schwarz and Kevin Amend of Newmark Knight Frank placed the debt with NXT Capital on behalf of the undisclosed borrower.
HOUSTON — Locally based investment firm The Richland Cos. has acquired Corporate Centre Webster, a 49,793-square-foot office park located at 16969 Texas Ave. in Houston. The property was 84 percent leased at the time of sale and offers proximity to Clear Lake Medical Center, Johnson Space Center and Baybrook Mall. The seller was not disclosed.
LAKE JACKSON, TEXAS — Marcus & Millichap has arranged the sale of The Springs at Lake Jackson, a 153-unit apartment community in Lake Jackson, located south of Houston. Christian Mazzini and Jeffrey Fript of Marcus & Millichap represented the buyer, a limited liability company, in the off-market transaction. Additional terms of sale were not disclosed.
LITTLE ROCK, ARK. — TSCG has brokered the sale of Markham West, a 180,200-square-foot retail power center in Little Rock. The shopping center was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Office Depot, Dollar Tree, Michaels and Planet Fitness. Markham West also features five outparcel buildings housing tenants such as TCBY Yogurt, Aspen Dental, Pizza Hut and US Bank. The asset is situated at 11164 W. Markham St., seven miles west of downtown Little Rock and a half-mile from Interstate 430. TSCG represented the seller, an affiliate of Houston-based Weingarten Realty, in the transaction. An affiliate of Atlanta-based RCG Ventures LLC acquired the property for an undisclosed price.
CHANTILLY, VA. — Newmark Knight Frank (NKF) has arranged the $23.7 million sale of Victory Point at Westfields, a 147,000-square-foot office building in Chantilly. The sellers, Goldstar Group and CrossHarbor Capital Partners, renovated the property in 2016 to include fitness center with locker rooms, an onsite café and an outdoor plaza area. Built in 1989, Victory Point at Westfields was 96 percent leased at the time of sale to tenants including Strayer University, BTRG Group and Alpha Industries Inc. The building is situated at 14200 Meadow Lane, 26 miles west of downtown Washington, D.C. An affiliate of AAFMAA Life Insurance Co. acquired the asset. Jud Ryan of NKF represented the sellers in the transaction.
KANSAS CITY, MO. AND LENEXA, KAN. — Pacific Sands Funds has purchased two multifamily properties in metro Kansas City for an undisclosed price. The first property is Chouteau Heights, a 76-unit apartment complex in the Sherwood Estates neighborhood of Kansas City. The second is Villas of Loiret, a 46-unit rental townhouse community in Lenexa. Chouteau Heights was built in 1964, while Villas of Loiret was constructed between 1999 and 2003. Pacific Sands plans to update both properties. Irvine, Calif.-based Pacific Sands maintains a portfolio of more than 500 units in southern California, Las Vegas, St. Louis and Kansas City. Seller information was undisclosed.
LAGUNA HILLS, CALIF. — Healthcare Realty has purchased a medical office building, located at 23521 Paseo De Valencia in Laguna Hills, from The Muller Co. for $42 million in an off-market transaction. Known as Taj Mahal, the property was originally developed in 1964 as an office building and later converted into medical office space due to its proximity to Saddleback Memorial Hospital. The 88,538-square-foot asset underwent a modernization in 2011 to update the property’s design and functionality. John Wadsworth of Colliers International’s Healthcare Services served as lead broker in the transaction. Wadsworth represented the buyer in the deal.
LOS ANGELES, SANTA CLARITA, SYLMAR AND LANCASTER, CALIF. — Marcus & Millichap has negotiated the sale of a four-property multifamily portfolio located in Los Angeles County. The portfolio sold to four separate buyers for a total of $28.3 million. Steve Bogoyevac, Alexander Garcia Jr., Greg Harris, Kevin Green and Paul Darrow of Marcus & Millichap represented the undisclosed seller and undisclosed buyers in the transactions. The properties are a 54-unit building at 2736 Pomeroy Ave. in Los Angeles; a 65-unit community for residents age 55 or older located at 22816 Market St. in Santa Clarita; a 20-unit building at 13002 Dronfield Ave.; and an 80-unit seniors housing community located at 44942 Cedar Ave. in Lancaster.
SEATTLE — Talonvest Capital has secured a $13.8 million permanent loan on behalf of Catalyst Storage Investors for West Coast Self-Storage in Seattle. A CMBS lender funded the non-recourse, 10-year, fixed-rate, full-term, interest-only financing. The loan is secured by a Class A self-storage asset located at 3736 Rainier Ave. South in Seattle. Developed in 2014 by the borrower, the facility features 851 climate-controlled units and 64,689 net rentable square feet. Kim Bishop, Jim Davies, Tom Sherlock, David DiRienzo and Lauren Maehler of Talonvest arranged the financing.