sales_and_leases

HSM Acquires 126,000 SF Shopping Center in Metro Dallas

by Taylor Williams October 5, 2017

CARROLLTON, TEXAS — Henry S. Miller Brokerage Co. (HSM) has acquired Mills Pointe, a 126,000-square-foot shopping center situated on 11.5 acres at the corner of Trinity Mills Road and Marsh Lane in Carrollton. Built in 1985 and renovated in 2016, the center was 80 percent leased at the time of sale to anchor tenant Fitness Connection, as well as Subway, H&R Block and State Farm Insurance. Darrell Hurmis of HSM represented the undisclosed seller and the buyer, HSM Mills Pointe Partners LP, in the transaction.

October 5, 2017

CBRE Negotiates Sale of 100,260 SF Office Property in San Antonio

by Taylor Williams October 5, 2017

SAN ANTONIO — CBRE has negotiated the sale of a 100,260-square-foot, Class A office property located at 3302 N. Ellison Drive in San Antonio. Amenities include a full-service cafeteria, outdoor patio with cooking stations, fitness center, wellness clinic and a walking/running trail. Gary Carr and John Alvarado of CBRE, along with Todd Mills and Hunter Mills of Cushman & Wakefield arranged the transaction on behalf of the seller, SRP Office Holdings I LLC. Houston-based Radler Enterprises Inc. purchased the asset for an undisclosed price.

October 5, 2017

Industrial Texas

Stream Realty Secures 60,408 SF Industrial Lease in Metro Fort Worth

by Taylor Williams October 5, 2017

NORTHLAKE, TEXAS — Stream Realty Partners has secured a 60,408-square-foot industrial lease within Northport 35 Business Center, a three-building, 945,000-square-foot industrial park in the Fort Worth metro of Northlake. Houston-based reLogistics, a provider of warehouse and pallet management services, will occupy most of Building C, leaving about 23,000 square feet of space still available for lease.

October 5, 2017

Midwest Minnesota Multifamily

CBRE Brokers $3.2M Sale of Apartment Property in Minneapolis

by Kristin Harlow October 5, 2017

MINNEAPOLIS — CBRE has arranged the sale of Lee Lofts Apartments in the Minneapolis Warehouse District for $3.2 million. Located at 280 N. Second Ave., the property was originally built in 1906 and converted into loft-style apartments in the 1960s. SRRT Lee LLC, an affiliate of SR Realty Trust Inc., purchased the 24-unit apartment property, which was 96 percent occupied at the time of sale. CBRE also arranged a $2.2 million Freddie Mac loan for the acquisition. Ben Bastian, Joel Torborg and Mark Roos of CBRE represented the buyer. Harmony Lofts LLC was the seller.

October 5, 2017

Midwest Seniors Housing Wisconsin

Evergreen Acquires 72-Unit Seniors Housing Community in Racine, Wisconsin

by Kristin Harlow October 5, 2017

RACINE, WIS. — Evergreen Real Estate Group has acquired Durand Plaza in Racine, 25 miles south of Milwaukee. The purchase price was not disclosed. The 72-unit affordable seniors housing community is located at 3003 Durand Ave. Residents can qualify for occupancy by being either elderly or disabled. Originally constructed in 1970, the four-building property will undergo a $2 million renovation within the next six to nine months. Evergreen will make kitchen and bath upgrades to most units.

October 5, 2017

California Multifamily Western

IEC Acquires Verse La Mesa Apartments in San Diego for $34M

by Nellie Day October 4, 2017

SAN DIEGO — Interstate Equities Corporation (IEC) has purchased the 133-unit Verse La Mesa apartment complex in San Diego for $34 million. The value-add community is located at 7400 Parkway Drive in La Mesa. It was built in 1976 and is currently 96 percent occupied. The property will be rebranded as The Cove. It will also undergo renovations, including the installation of washers, dryers and dishwashers, new paint, laminate wood floors and upgraded fixtures throughout the units. Shane Shafer, Ed Rosen, John Chu, and Kyle Pinkalla of Berkadia executed the transaction.

October 4, 2017

California Multifamily Western

Trion Properties Purchases 88-Unit Apartment Community in Fremont for $26.5M

by Nellie Day October 4, 2017

FREMONT, CALIF. — Trion Properties has purchased an 88-unit multifamily property in Fremont for $26.5 million. The community is located at 4445 Stevenson Blvd. in East Bay, within the northern part of Silicon Valley. The apartment community is situated less than five miles from Fremont’s Tesla factory, which currently employs more than 6,000 people and encompasses 5.3 million square feet. The Fremont City Council recently approved a 4.6 million-square-foot expansion of the Tesla factory, which is predicted to bring 3,100 new workers to the area. Shivu Srinivasan of NAI Capital represented Trion Properties, while Victor Makras of Makras Real Estate represented the seller, the Jones Family, in this transaction.

October 4, 2017

California Multifamily Western

Sherry Lane Garden Homes in Santa Ana Trades for $19.8M

by Nellie Day October 4, 2017

SANTA ANA, CALIF. — Montgomery Partners has acquired the 62-unit Sherry Lane Garden Homes in Santa Ana for $19.8 million. The community is located at 1920 Sherry Lane. The property was built on 9.8 acres in 1964 near the 5, 22 and 55 freeways. Joseph Berkson of Marcus & Millichap represented both the buyer and unnamed seller in this transaction.

October 4, 2017

Colorado Multifamily Western

Dwell Apartments in Denver Sells for $12.8M

by Nellie Day October 4, 2017

DENVER — A private capital firm has acquired the 53-unit Dwell Apartments in Denver for $12.8 million. The community is located at 600 – 624 N. Pennsylvania St. in the Capitol Hill neighborhood. The unit mix includes studios, one- and two-bedroom apartments that range from 505 to 829 square feet. Community amenities include a swimming pool, gym and off-street parking. Jacob and Nick Steele of Marcus & Millichap represented both the buyer and seller, another locally based private capital client, in this transaction.

October 4, 2017

Office Texas

KBS Acquires Two Office Properties Totaling 442,039 SF in Irving

by Taylor Williams October 4, 2017

IRVING, TEXAS — KBS Strategic Opportunity REIT, a private, California-based investment firm, has acquired two office properties totaling 442,039 square feet in Irving. The 18-story 125 East John Carpenter and six-story 5100 North O’Connor are a combined 84 percent leased. Both properties are located near the Gables Water Street mixed-use development and the Irving Music Factory, both of which offer retail, restaurant and entertainment options. The sellers were not disclosed.

October 4, 2017

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