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Parkway Acquires 1.2 MSF Post Oak Central Office Campus in Uptown Houston

by Taylor Williams October 3, 2023

HOUSTON — Parkway, which is a partnership between Orlando-based Parkway Property Investments and Houston-based Midway, has acquired Post Oak Central, a 1.2 million-square-foot office campus in Uptown Houston. Designed by Philip Johnson and constructed between 1975 and 1981, the campus consists of three buildings on a 17-acre site. Post Oak Central also features 90,000 square feet of retail and restaurant space, including both fine dining and fast-casual concepts, as well as onsite medical and banking services. Eastdil Secured represented the undisclosed seller, which previously owned an interest in the property, in the transaction. Parkway will continue to operate Post Oak Central, and Parkway’s development partner, Midway, will oversee the redevelopment of the property.

October 3, 2023

Acquisitions Multifamily Texas

IPA Negotiates Sale of 115-Unit Apartment Complex in Northwest Houston

by Taylor Williams October 2, 2023

HOUSTON — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Icon at Yorktown, a 115-unit apartment complex in northwest Houston. Built on three acres in 2021, Icon at Yorktown offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, package lockers, resident lounge and a coffee bar. Travis Austin, Greg Austin, Jackson Hart, Drew Kile and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

October 2, 2023

Acquisitions Multifamily Texas

SPI Advisory Acquires 164-Unit Riverbend Apartments in New Braunfels, Texas

by Taylor Williams September 29, 2023

NEW BRAUNFELS, TEXAS — Texas-based private equity firm SPI Advisory has acquired Hawthorne Riverside, a 164-unit multifamily complex in New Braunfels, a northwestern suburb of San Antonio. Built in 1995, the property offers one- and two-bedroom units and amenities such as a pool, fitness center, volleyball court, cybercafé, pet park, resident clubhouse, business center and outdoor grilling and dining stations. SPI Advisory plans to implement a value-add program and rebrand the property as Riverbend Apartments. The seller and sales price were not disclosed.

September 29, 2023

Acquisitions New Jersey Northeast Office

American Equity Partners Acquires Jersey City Office Building for $46M

by Taylor Williams September 29, 2023

JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.

September 29, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 490-Unit Self-Storage Facility in Forney, Texas

by Taylor Williams September 28, 2023

FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Bin 741 Storage, a 490-unit self-storage facility located in the eastern Dallas suburb of Forney. The facility was built in 2017 and spans 56,900 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership that originally built the property, in the transaction. The duo also procured the buyer, a Houston-based investment firm.

September 28, 2023

Acquisitions Hospitality Texas

NewcrestImage, Dabu Group Buy 294-Room Hotel in Westlake, Texas

by Taylor Williams September 27, 2023

WESTLAKE, TEXAS — A joint venture between two Dallas-based companies, NewcrestImage and Dabu Group, has purchased the 294-room Marriott Dallas/Fort Worth Westlake hotel, located north of Fort Worth. The hotel offers amenities such as a concierge level with a private lounge, a fine dining restaurant, Starbucks coffee shop, outdoor pool, business center and approximately 15,000 square feet of meeting and event space. Miles Spencer and Parker Sherrill of Newmark represented the undisclosed seller in the transaction. The new ownership plans to implement a value-add program.

September 27, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 225,214 SF Shopping Center in Boothwyn, Pennsylvania

by Taylor Williams September 27, 2023

BOOTHWYN, PA. — JLL has brokered the sale of Larkin’s Corner, a 225,214-square-foot retail center located in Boothwyn, located near the Pennsylvania-Delaware border. Acme Grocery and Walmart anchor the property, which was 99 percent leased at the time of sale. Other tenants at the center include McDonald’s, TD Bank and Dollar Tree. Chris Munley, Jim Galbally, Colin Behr, James Graf and Patrick Higgins of JLL represented the seller, Site Centers, in the transaction. The team also procured the undisclosed buyer.

September 27, 2023

Acquisitions New Jersey Northeast Office

JLL Brokers $14.7M Sale of Office Building in Montvale, New Jersey

by Taylor Williams September 26, 2023

MONTVALE, N.J. — JLL has brokered the $14.7 million sale of a 119,089-square-foot office building in the Northern New Jersey community of Montvale. The two-story building sits on a 16.5-acre site at 5 Paragon Drive and houses amenities such as a cafeteria and a fitness center. Jeremy Neuer, Jose Cruz and Kevin O’Hearn of JLL represented the seller, Dallas-based Nessel Development, in the transaction. The buyer was Exclusive Management, an investment firm based in New York’s Hudson Valley region. The building was 76 percent leased at the time of sale.

September 26, 2023

Acquisitions Industrial Texas

Fort Capital Acquires 258,999 SF Industrial Portfolio in Houston

by Taylor Williams September 21, 2023

HOUSTON — Fort Worth-based investment firm Fort Capital has acquired a 258,999-square-foot industrial portfolio in Houston. The portfolio consists of five Class B, light industrial buildings with a total of 97 units that are located across three different unnamed sites. The portfolio was 81 percent leased at the time of sale. The seller and sales price were not disclosed.

September 21, 2023

Acquisitions Industrial New Jersey Northeast

Sitex Group Acquires 640,000 SF Industrial Campus in Saddle Brook, New Jersey

by Taylor Williams September 21, 2023

SADDLE BROOK, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired Zuckerberg’s Industrial Park, a 640,000-square-foot industrial campus located in the Northern New Jersey community of Saddle Brook. Zuckerberg’s Industrial Park, which has been owned by a local family for three generations, comprises 50 buildings on a 40-acre site and a four-acre trailer parking lot. Tenants at the development include UPS, ServePro and Johnstone Supply. The sales price was not disclosed, and no third-party brokers were involved in the deal. Sitex plans to implement a value-add program via new paving, lighting and signage, as well as updated building interiors.

September 21, 2023

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