DENTON, TEXAS — Marcus & Millichap has brokered the sale of Denton Medical Office Building, a 12,892-square-foot office property located in Denton. The single-story, multi-tenant medical office building is located at 3331-3333 Colorado Blvd. Lab Corp. and Health Texas Provider Network fully occupy the space. Cody Payne and Wayne Bares of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were undisclosed private investors.
SEATTLE — Kennedy Wilson and an equity partner have acquired the 204-unit Equinox apartment community in Seattle for $90 million. The Class A community is located at 1520 Eastlake Ave. E. Equinox was built in 2009, near the South Lake Union submarket. The community is within walking distance to Facebook, the Fred Hutchinson Cancer Research Center, Amazon’s headquarters and the future 607,000-square-foot Google campus.
SANTA ANA, CALIF. — NAI Capital has arranged the sale of a new Chipotle Mexican Grill located at 629 S. Harbor Blvd. in Santa Ana. 99 Motel LLC acquired the property from Santa Ana HM Property for $3.7 million. The 2,336-square-foot restaurant sits on a 22,615-square-foot pad and is leased to Chipotle Mexican Grill Inc. on a 20-year ground lease. Barry Blake and Steve Liu of NAI Capital represented the buyer and seller in the transaction
DEARBORN, MICH. — Mid-America Real Estate Corp.’s investment sales team has arranged the sale of Fairlane Meadows, a retail center located at the corner of Ford Road and Mercury Drive in Dearborn. Times Equities acquired the property from Ramco-Gerhenson Properties Trust for $20.6 million. The 157,225-square-foot center is occupied by Best Buy, Citi Trends, David’s Bridal, Five Below and Dollar Tree. Ben Wineman and Daniel Stern of Mid-America represented the seller in the deal.
FLAGSTAFF, ARIZ. — Exchange Services has acquired The Lodge, a 252-unit luxury apartment community in Flagstaff, for $43.6 million. The community is located on Lake Mary Road just south of the I-17/I-40 freeway interchange. The Lodge was built in 2004. Exchange Services acted as an intermediary for SK5-ELA LLC (Keller Investment Properties LLC). David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Clear Sky Lodge LP, in this transaction. The company is a partnership between Clear Sky Capital and Narland Properties.
ORLANDO, FLA. — Cushman & Wakefield has brokered the $42.8 million sale of Phase I of Crest at Millenia, a newly built, 252-unit apartment community located at 5100 Millenia Waters Drive in Orlando. Built in 2016 on a 12.8-acre site in Orlando’s Millenia submarket, Crest at Millenia’s amenities include gated access, a resort-style salt water pool with private cabanas, grilling courtyard, hammock grove, dog park, game room with billiard tables, bocce ball court, 24-hour fitness center, resident hub, extra storage and 358 parking spaces. The property’s units average 957 square feet and feature hardwood-style flooring, granite countertops in the kitchens and baths, stainless steel appliances, 42-inch designer custom cabinets, crown molding, ceramic tile floors in the bathrooms, USB charging stations and washers and dryers in all units. Jay Ballard and Ken Delvillar of Cushman & Wakefield represented the seller, Miami-based Lennar Multifamily Communities, in the transaction. The buyer, Atlanta-based Centennial Holding Co., purchased the asset for roughly $170,000 per unit. The 272-unit Phase II of Crest at Millenia will be located on an adjacent 13.5-acre site and is expected to come on line later this year.
SAN ANTONIO — Buchanan Street Partners has sold The Pyramid, a 220,693-square-foot, Class A office building located in San Antonio. Taurus Investment Holdings acquired the property. The building was 87 percent occupied at the time of sale. Among the tenants are the General Services Administration; law firm Davidson Troilo Ream & Garza; Experian; design consultant Kimley-Horn & Associates; and insurance brokerage firm Arthur J. Gallagher & Co. HFF marketed the property on behalf of the seller and secured floating-rate acquisition financing for the new buyer through the Austin office of Independent Bank.
FORT WORTH, TEXAS — Velocis has sold Magnolia Medical Tower, an 89,991-square-foot medical office building located in Fort Worth, to Ridgeline Magnolia MOB LP. Velocis acquired the property in 2012 and invested $1.5 million in property renovations, including substantial upgrades to all six floors of the building and the parking garage. The property is located adjacent to Baylor All Saints Medical Center at 1603 Mistletoe Blvd. Lee Asher, Chris Bodnar and Austin Barrettin of CBRE represented the seller in the transaction.
PORT ARTHUR, TEXAS — Agree Realty Corp. has acquired an 84,584-square-foot, net-leased retail property located in Port Arthur. The fully occupied center was renovated in 2014 and is home to tenants including Hobby Lobby, Party City and PetSmart. Ryan West and Matt Berry of HFF represented the seller, Baker Katz, in the transaction.
AUSTIN, TEXAS — Hunter Hotel Advisors has arranged the sale of two hotels in Austin: the 80-room StayBridge Suites Austin Northwest, and the 82-room Fairfield Inn & Suites Austin Northwest. Hunter Hotel’s Los Angeles office represented the seller, Excel Hotel Group, in both transactions. The buyer of both assets was an unnamed opportunity fund based in New York. The buyer plans to invest $1 million in the Staybridge Suites hotel, which was built in 2009. The Fairfield Inn was built in 2014. Hunter’s Los Angeles office arranged the sale of six hotels in the third quarter and has at least five sales scheduled to close this quarter.
