SAN ANTONIO — Newmark Knight Frank (NKF) has arranged the sale of Lenox Stone Oak, a 312-unit apartment community located in north central San Antonio. Built in 2017, the property’s units feature faux wood flooring, spa-like bathrooms and full-size washers and dryers. Amenities include a pool, fitness center, outdoor entertainment area, resident clubhouse and a dog park. Patton Jones of NKF represented the seller and developer, Austin-based Oden Hughes, in the transaction. Patrick Short, also with NKF, arranged acquisition financing for the buyer, a California-based investment firm that acquired the asset via a 1031 exchange.
INDEPENDENCE, MO. — Block & Co. Inc. Realtors has arranged the sale of a 28.6-acre self-storage property in Independence for $10 million. The facility features 741 enclosed units and 450 parking stalls. William Glasgow of Block & Co. represented the seller, Lake City U-Store. The buyer, State Storage Group Kansas City LLC, plans to modernize the entire facility with computer-automated climate control and other technological systems.
ATLANTA — A joint venture between Chevy Chase, Md.-based FCP and Atlanta-based developer Westbridge Partners has sold Stockyards Atlanta, a mixed-use project in Atlanta’s West Midtown district, to New York-based Clarion Partners for $69.7 million. Situated on three acres at the corner of 10th Street and Brady Avenue, Stockyards is an adaptive reuse of three historic warehouses into office and entertainment space. The space was initially built in the early 1900s as a stockyard and meatpacking plant. Designed by architectural firm ai3 and built by Gay Construction Co. in 2017, the 142,478-square-foot development houses tenants including Red Bull and Fitzgerald & Co., as well as the Italian restaurant Donetto and game parlor/restaurant Painted Duck. Stockyards Atlanta was fully leased within a year of delivery. Stewart Calhoun, David Meline, Mike McDonald, Samir Idris and Michael Moore of Cushman & Wakefield brokered the sale on behalf of the joint venture.
NEWNAN, GA. — Halpern Enterprises Inc. has acquired Newnan Crossing, a 92,412-square-foot shopping center in Newnan, about 35 miles southwest of downtown Atlanta. Ohio-based Retail Value Inc. sold the property to Smyrna, Ga.-based Halpern Enterprises for $11.6 million. A 66,412-square-foot Hobby Lobby anchors the center, which was fully leased at the time of sale. Other tenants include CATO, GNC, Edible Arrangements, Sally Beauty, American Deli, The Athlete’s Foot and T-Mobile. Walmart and Lowe’s Home Improvement shadow-anchor the center. Newnan Crossing was built in 1996 and is situated adjacent to Interstate 85 at 963 Bullsboro Drive.
MANSFIELD, TEXAS — Houston-based Hilltop Residential has acquired an undisclosed apartment community in the Dallas-Fort Worth metro of Mansfield. The number of units was also undisclosed, but the property was built in two phases between 2015 and 2017 and features a pool, fitness center, outdoor lounge and a dog park. Cortney Cole and Steve Heldenfels of JLL arranged a four-year, fixed-rate acquisition loan through a life insurance company on behalf of Hilltop Residential.
LAS VEGAS — Waterton has acquired Vegas Towers, a multifamily property located at 1061 E. Flamingo Road in Las Vegas. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 1974, Vegas Towers consists of two 10-story towers featuring a total of 264 one-bedroom/one-bath units and 192 two-bedroom/two-bath apartments, as well as a two-story clubhouse. Community amenities include an outdoor courtyard space with cabanas, grilling areas, pool and hot tub. Additionally, the property features laundry rooms on every floor, gathering spaces with a variety of seating options for group entertaining, workspaces for business needs and a fitness center. The buyer plans to implement a combination of renovation strategies that will include interior renovations to upgrade living rooms and bathrooms throughout the property. Select residences will receive quartz countertops, upgraded lighting and plumbing fixtures, new hardware, two-inch blinds and ceiling fans. CBRE represented the undisclosed seller in the deal.
VERNAL, UTAH — MidCap Financial and Ashley Creek Village II have completed the disposition of a two-property multifamily portfolio in Vernal, in the eastern part of the state near the Colorado border. DLP Real Estate Capital acquired the assets, which offer a total of 296 units, for an undisclosed price. Completed in 2013 and 2015, the portfolio comprises 13 buildings with garden-style construction. At the time of sale, the portfolio was 95 percent occupied. The portfolio includes the 96-unit Ashley Creek Village, located at 210 E. 500 South, and the 128-unit Willow Park, located at 110 N. 2500 West. Ashley Creek Village features private garages, a clubhouse, 24-hour fitness center, outdoor basketball court, playground and firepit. Willow Park features outdoor space with private garages, walking and biking trails, a playground area and a clubhouse. Patrick Bodnar and Eli Mills of CBRE’s Salt Lake City office represented the sellers in the deal.
PHOENIX — HB Foothills Gateway has completed the sale of Foothills Gateway Corporate Center, a multi-tenant office building located at 4505 E. Chandler Blvd. in Phoenix. Equity Advantage purchased the property for $11.5 million. Located in the Southeast Valley neighborhood of the Ahwatukee Foothills, the 68,198-square-foot building was 85 percent occupied at the time of sale. Built in 1999, the office building features frontage and signage along Chandler Boulevard, as well as quick access to Interstate 10 and Loop 202 South Mountain Freeway. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal.
MOUNT LAUREL, N.J. — JLL has brokered the $11 million sale of The Mount Laurel Office Center, an 83,216-square-foot office complex in Mount Laurel, an eastern suburb of Philadelphia. Situated at 530, 532 and 534 Fellowship Road, the property was 100 percent leased at the time of sale to six tenants, including the United States Government’s General Services Administration. Brett Segal, Doug Rodio and Brett Grifo of JLL represented the seller, Pennmark Properties, in the transaction. The team also procured the buyer, a private investor.
HOUSTON — Colliers International has brokered the sale of an 88,492-square-foot retail building formerly occupied by Gander Mountain at 19820 Hempstead Road in Houston. Kimberly Lenardson, Robert Hantgan, Ace Schlameus and Jenny Seckinger of Colliers represented the seller, an undisclosed REIT, in the transaction. Zac Hoffer of The Retail Connection represented the buyer, locally based investment firm Tazz Enterprise, which plans to convert the building into a multi-level entertainment center.