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JLL, NAI Arrange Sale of 124,000 SF Harms Road Business Park in Northwest Houston

by John Nelson January 10, 2020

HOUSTON — JLL and NAI Partners have arranged the sale of Harms Road Business Park, a 124,000-square-foot industrial park located at 7204-7214 Harms Road in Houston’s Northwest submarket. The five single-tenant buildings were constructed between 2014 and 2018 and feature clear heights ranging from 28 to 30 feet, 22 overhead doors, office space and overhead cranes with capacities ranging between 10 and 20 tons. Trent Agnew, Charlie Strauss and Ethan Goldberg of JLL and Travis Land of NAI Partners represented the seller, United Equities Inc., in the transaction. A partnership between Finial Group and Senterra LLC purchased the industrial park for an undisclosed price.

January 10, 2020

Acquisitions Lee & Associates Retail Texas

Lee & Associates Negotiates Sale of Retail Center in Sherman, Texas

by John Nelson January 10, 2020

SHERMAN, TEXAS — Lee & Associates has brokered the sale of a 25,000-square-foot retail center located at 5629 Texoma Parkway in Sherman. As of October 2018, the shopping center’s tenants included Allstate, Chef Angel, TTS E-Cig & Vape and Mac’s Tax & Bookkeeping Service. Matt Thompson and Phil Rosenfeld of Lee & Associates Dallas/Fort Worth represented the buyer, Bemisal Enterprises, in the transaction. Sangha Enterprises LLC sold the center for an undisclosed price.

January 10, 2020

Acquisitions Colorado Multifamily Student Housing Western

Griffis/Blessing Purchases Lion Village Student Housing in Colorado Springs for $34M

by Amy Works January 10, 2020

COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.

January 10, 2020

Acquisitions Arizona Lee & Associates Office Western

Pinnacle Healthcare Buys Creative Office Building in Tempe for $8.4M

by Amy Works January 10, 2020

TEMPE, ARIZ. — Oregon-based Pinnacle Healthcare has purchased 1860 West University, a creative office building located in Tempe. iT1 Source sold the asset for $8.4 million, or $314 per square foot. The seller, an IT solutions company, will continue to occupy the property through a long-term lease. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix, along with Colton Trauter and Bill Blake of Lee & Associates in Phoenix represented the seller in the deal. Renovated in 2018, the single-story, 26,750-square-foot building features open/collaborative floor plans, superior-quality interior finishes, a rooftop solar power system, excellent ingress/egress and a parking ratio of 4.3 spaces per 1,000 square feet.

January 10, 2020

Acquisitions California Retail Western

SBH Real Estate Group Acquires 5,324 SF Vacant Retail Building in Burbank, California

by Amy Works January 10, 2020

BURBANK, CALIF. — SBH Real Estate Group has purchased a single-tenant building located 1750 W. Olive Ave. in Burbank for an undisclosed price. Built in 1974, the asset features a 5,324-square-foot building situated on a 22,406-square-foot land parcel with 24 parking stalls. Formerly occupied by US Bank, the drive-thru building was delivered vacant. Lee Shapiro of Kennedy Wilson handled the transaction. The name of the seller was not released.

January 10, 2020

Acquisitions Industrial Texas

Marcus & Millichap Negotiates Sale of Empire Commerce Industrial Facility in Dallas

by John Nelson January 9, 2020

DALLAS — Marcus & Millichap has arranged the sale of Empire Commerce Center, a 44,537-square-foot industrial facility located at 1150 Empire Central Place in Dallas. The property was built in 1982 on a 3.2-acre site about three miles south of Dallas Love Field Airport. Adam Abushagur and Ron Hebert of Marcus & Millichap represented the seller, a private investor, in the transaction. The unnamed buyer is based in Mexico and is a repeat buyer in the market.

January 9, 2020

Acquisitions Retail Texas

Resolute RE Brokers Sale of Bull Creek Market Shopping Center in Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Resolute RE has brokered the sale of Bull Creek Market, a 27,040-square-foot shopping center located at 6203 N. Capital of Texas Highway in Austin’s Northwest Hills submarket. The property was listed for sale at $6.3 million, which would represent an 8.5 percent cap rate. Bull Creek Market was 96 percent leased at the time of sale to tenants including Sherwin Williams, Waterloo Ice House, Siente Ristorante Toscana, Chase Flooring, 360 Pizza and Sharkey’s Cuts for Kids. The three-building retail center was built in 1999 and 2004 on a seven-acre site, according to LoopNet Inc. Janice Landers of Resolute RE represented the undisclosed seller in the transaction. Sara Foskitt of Floyd Real Estate represented the unnamed buyer.

January 9, 2020

Acquisitions Multifamily Texas

Muskin Commercial Arranges Sale of Park Plaza Apartments in North Central Austin

by John Nelson January 9, 2020

AUSTIN, TEXAS — Muskin Commercial has arranged the sale of Park Plaza Apartments, a 62-unit multifamily community located in Austin’s North Central submarket. The property features a swimming pool, barbecue/picnic area, playground and access to Little Walnut Creek. Quantum Capital Inc., a value-add multifamily investment firm with assets in Los Angeles and Austin, purchased the property for an undisclosed price. Muskin Commercial represented the seller, an entity named Austin Park Plaza LLC that has owned the community for 28 years.

January 9, 2020

Acquisitions California Retail Western

PECO Buys 59,796 SF Del Paso Marketplace in Sacramento

by Amy Works January 9, 2020

SACRAMENTO — Phillips Edison & Co. (PECO) has purchased Del Paso Marketplace, a shopping center in Sacramento, for an undisclosed price. The name of the seller was not released. The acquisition bolsters PECO’s presence in Northern California, representing the company’s fifth metro Sacramento shopping center. Situated at the intersection of Del Paso Road and East Commerce Way, Del Paso Marketplace features 59,796 square feet of retail space. A 29,296-square-foot Sprouts Farmers Market anchors the shopping center. Additional tenants include T-Mobile, Chipotle, Club Pilates, Cookie Cutters, Ono Hawaiian BBQ, State Farm and Jersey Mike’s Subs.

January 9, 2020

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of Multi-Tenant Retail Building in San Diego

by Amy Works January 9, 2020

SAN DIEGO — Cushman & Wakefield has negotiated the sale of a freestanding retail building located in La Jolla Village in San Diego. Girard Avenue LP acquired the property from a private family trust for $15.3 million. Located at 1133-1147 Prospect St., the multi-tenant property features 8,116 square feet of retail space. Mike Slattery, Jason Kimmel, Tim Winslow and Kevin Nolen of Cushman & Wakefield’s San Diego office represented the seller in the deal.

January 9, 2020

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