SACRAMENTO, CALIF. — Pathfinder Partners has acquired the 195-unit Savannah Court apartments in Sacramento for $22 million. The community is located at 4337 Norwood Ave. The 24-buillding community was built in 1986. Amenities include a fitness center, swimming pool and spa and a tennis court. CBRE’s Marc Ross represented both Pathfinder and the seller in this transaction.
CHANDLER, ARIZ. — IPT Acquisitions has purchased a 91,204-square-foot last-mile logistic center in Chandler for $10.7 million. The center is located at 550 E. Elliot Road. Amazon occupies the property. Will Strong, Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield represented the seller, Globe Management Co., in this transaction.
LOS ANGELES — Paradigm Talent Agency has leased 83,000 square feet of office space in Beverly Hills. The space is located at 8942 Wilshire Blvd. within the Wilshire La Peer Building. Paradigm will use the entire building for its headquarters, with plans to move in during spring 2018. The company plans to make capital renovations to the property. The agency is consolidating three locations into one space. NKF’s Michael Moll, CBRE’s Jeff Pion and BCRS’s Willa McNamarra Fields represented the talent agency, while LA Realty Partner’s Peter Best, Lisa St. John and Rick Buckley represented the building owners, Ocean West and Walton Street, in this transaction.
TEMPE, ARIZ. — Weidner Apartment Homes has purchased The Lofts at Rio Salado, a 466-unit multifamily community located at 1033 N. Parkside Drive in Tempe, for $75.5 million. The Kirkland, Wash.-based apartment investor acquired the asset from an unnamed wealth and asset management services firm. The Lofts at Rio Salado is situated adjacent to the Center Parkway/Washington Street metro station and the 3.2 million-square-foot, mixed-use Grand at Papago Park Center. Arizona State University is within walking distance and downtown Phoenix is within 10 miles radius of The Lofts. Community amenities include two swimming pools with cabanas, an onsite recycling program, business center, clubhouse, fitness center, spas and conference room. Units range from studio to three-bedroom floor plans and command rents from $999 to $1,460 per month, according to Apartments.com. The Lofts is considered a value-add investment for Weidner, according to Steve Gebing, senior managing director of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Gebing and colleague Cliff David represented the seller and procured Weidner in the transaction. “Asking rents for newly constructed core assets in the Tempe submarket are substantially higher than the in-place rents at The Lofts at Rio Salado,” says Gebing. “This rent differential, coupled …
HOLLADAY, UTAH — Mountain West Commercial Real Estate has arranged the sale of Van Winkle Shopping Center, a 168,494-square-foot retail center located in Holladay, 11 miles southeast of Salt Lake City. VASA Fitness anchors the property. Chris Monson of Mountain West represented the seller, Glen Kitto. Ben Brown, also of Mountain West, represented the buyer, an undisclosed private investor.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $22.2 million sale of Michaels Plaza, a 62,952-square-foot retail center located adjacent to the 1.2 million-square-foot Galleria at Tyler Mall in the Inland Empire community of Riverside. The property was 98 percent occupied at the time of sale by tenants including Michaels, David’s Bridal, Lamps Plus, Armed Forces, The Flame Broiler, GameStop and Miracle Ear. Ed Hanley, Bill Asher and Kevin Fryman of Hanley Investment represented the seller, an affiliate of The Krausz Companies Inc., in the transaction. Jefferson Kim of jKim Group Inc. represented the buyer, a private investor from Fullerton.
DALLAS — Marcus & Millichap’s Dallas-based multifamily investment team has brokered the sale of a six-property portfolio of multifamily properties located throughout Texas for approximately $41 million. The properties include the 172-unit Country Place in Abilene; the 14-unit Fair Oaks in Dallas; the 88-unit Legends of Lindale in Lindale; the 112-unit Riverwood in Temple; the 162-unit La Vita in Dallas; and the 108-unit The Carlton in Fort Worth. Nick Fluellen and Bard Hoover of Marcus & Millichap represented the sellers and procured the buyers for each property.
DALLAS — Greysteel has brokered the sale of French Colony, a 94-unit multifamily property located at 1239 Hartsdale Drive in Dallas. Built in 1964, the property consists of 41 one-bedroom units and 53 two-bedroom units averaging about 755 square feet per unit. Boyan Radic and Doug Banerjee of Greysteel brokered the sale on behalf of the seller, a local private investor, in the transaction. The buyer and other terms of sale were not released.
ADDISON, TEXAS — Gaedeke Group has negotiated a 14,562-square-foot office lease at Millenium Tower in Addison. Gaedeke Group owns the building, which is located at 15455 Dallas Parkway, and was represented internally by Elliot Prieur and Allison Johnston. Craig Wilson and Dean Collins of Cushman & Wakefield represented the tenant, Manpowergroup US Inc., a workforce solutions firm.
ALEXANDRIA, VA. — Morgan Properties has acquired the Mark Center portfolio, a multifamily and retail portfolio comprising 2,664 apartment units and a 63,320-square-foot retail center in Alexandria, for $509 million. Located in the Seminary Road submarket, the 150-acre Mark Center portfolio is roughly eight miles south of Washington, D.C. CBRE represented the undisclosed seller in the transaction. The Apartments at Mark Center include six adjacent garden-style communities: Hillwood, Stoneridge, Meadow Creek, Lynbrook, Brookdale and Willow Run. King of Prussia, Pa.-based Morgan Properties will consolidate the six assets into four apartment communities and invest approximately $35 million in capital improvements, including updated interiors and appliances and a new fitness center, business center, movie theater, club room, putting green and a dog park. The Shops at Mark Center is leased to tenants including CVS/pharmacy, Global Foods, Starbucks Coffee and SunTrust Bank. The Mark Center acquisition is Morgan Properties’ second largest transaction in the company’s history. With the acquisition, the company obtained the former owner’s right to maximize the allowable density of the center from 2.5 million square feet to 6.4 million square feet over the long-term.
