SCHERTZ, TEXAS — NAI Partners has arranged the sale of a 409,685-square-foot distribution center located at 1150 Schwab Road along the Interstate 35 corridor in the Central Texas city of Schertz. According to LoopNet Inc., the site was developed in 2008, includes 78,500 square feet of office space and houses additional land for future expansion. Carlos Marquez of NAI Partners represented the undisclosed seller in the transaction. The buyer was HPI Real Estate Services & Investments, which acquired the property vacant.
CHICAGO — Jameson Commercial has brokered the sale of a retail portfolio in Chicago’s South Loop for $21.9 million. The portfolio includes a single-tenant Chick-fil-A, a 7-Eleven gas station and an 8,000-square-foot retail building anchored by Aspen Dental. Mark Kishtow of Jameson represented the seller, GW Properties, as well as the buyer, Park 1 Chicago.
LOMBARD, ILL. — Exeter Property Group has acquired a 193,000-square-foot industrial building located at 100 Progress Road in Lombard for an undisclosed price. The property is situated at the intersection of I-355 and North Avenue in the Central DuPage County submarket. The building offers clear heights ranging from 24 to 29 feet and is fully leased to Orora Packaging. David Bercu of Colliers International brokered the sale. A private investor sold the asset.
NEEDHAM AND NEWTON, MASS. — Avison Young Commercial Real Estate has brokered the $7 million sale of two retail properties in Needham and Newton, two western suburbs of Boston. The property in Needham, a 15,609-square-foot retail center located at 238 Highland Ave., is leased to Needham Montessori School, Mandarin Cuisine Restaurant and Needham Nail & Spa. The property in Newton, a 3,588-square-foot building located at 106 Needham St., is leased to fitness equipment distributor Gym Source. Brandon Dickinson of Avison Young represented the seller, Terrazzino Investment Trust, in the transaction. The buyer was not disclosed.
SANTA CLARA AND LA MIRADA, CALIF. — PS Business Parks (PSB) has completed the acquisition of two business parks in California for a total consideration of $30.3 million. The purchases will qualify as 1031 exchanges for tax purposes. On Dec. 20, 2019, PSB purchased San Tomas Business Center in Santa Clara for $16.6 million. Totaling 79,400 square feet, the park features nine buildings offering suites ranging from 200 square feet to 3,500 square feet. At the time of closing, the property was 96 percent occupied. Additionally, PSB acquired La Mirada Commerce Center in La Mirada on Jan. 10 for $13.7 million. The five-building park offers a total of 73,400 square feet, with suites ranging from 1,200 square feet to 3,000 square feet. At the time of closing, the property was 100 percent occupied. The names of the sellers were not released.
ATLANTA — Cushman & Wakefield’s Multifamily Advisory Group has brokered the $169 million sale of an eight-property multifamily portfolio totaling 1,544 units in Georgia and South Carolina. The portfolio comprises two properties in each Macon, Augusta and Warner Robbins, Ga.; and two properties in Aiken, S.C. The average age of the portfolio is 30 years old and was 94 percent occupied at the time of sale. Capital Square 1031, a national real estate firm specializing in tax-advantaged real estate investments, acquired the portfolio. Taylor Bird, Robert Stickel and Nelson Abels of Cushman & Wakefield’s Atlanta office represented the seller, a joint venture between McDowell Properties and Angelo, Gordon & Co. LP, in the transaction.
FAYETTEVILLE, N.C. — Progress Realty Partners has acquired Marketfair Shopping Center, a 219,000-square-foot retail property in Fayetteville, for $36 million. The property recently underwent a complete redevelopment and remerchandising, highlighted by the mid-December grand opening of Lidl. The German grocer joins other national tenants such as Planet Fitness, Gander Outdoors and AMC Theatres. Marketfair Shopping Center is located at 1916 Skibo Road, six miles west of downtown Fayetteville. The seller was Westport Capital.
CHICO, CALIF. — CBRE has arranged the sale of Campus Walk, a 174-bed student housing community serving California State University, Chico. NB Private Capital purchased the property from Dallas-based Fountain Residential Partners for an undisclosed price. Jaclyn Fitts, William Vonderfecht, Casey Schaefer and Marc Ross of CBRE arranged the transaction on behalf of the seller. The property offers shared amenities including a swimming pool, outdoor movie screen and fitness center.
COLORADO SPRINGS, COLO. — Colliers International Multifamily Advisory Group has arranged the sale of The Palmer Park Apartments, a multifamily property located at 1304 E San Miguel St. in Colorado Springs. Roundhouse, a Los Angeles-based investment and development firm, sold the asset to Los Angeles-based Clear Capital for $26.1 million, or $130,500 per unit. The acquisition price is a record price per square foot for the multifamily assets built in Colorado Springs before 1990. Built in 1949, Palmer Park Apartments features 200 units. Originally constructed as military housing in a low-density setting with 20 two-story buildings on nine acres, the property has operated as a market-rate property for years. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the transaction.
SANTA MONICA, CALIF. — An affiliate of Rockwood Capital has purchased the Telephone Building, a historic property in downtown Santa Monica. DivcoWest sold the asset for an undisclosed price. The seller acquired the 58,000-square-foot creative office and retail building in 2017. During its ownership, DivcoWest completed lease-up, implemented capital improvements and obtained historical landmark status for the building from the City of Santa Monica under the Mills Act. The historic landmark status ensures preservation of the Art Deco building. Andrew Harper, Michael Leggett, Doug Bond and Matt McRoskey of JLL Capital Markets represented the seller in the deal.