FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Ranch at Fossil Creek, a 274-unit multifamily property located on Fort Worth’s north side. The property was built in 2002. Will Balthrope, Drew Kile and Joey Tumminello of IPA represented the seller, Connecticut-based Beachwold Residential LLC. The group also procured the buyer, Frisco-based CAF Capital Partners LLC.
PHILADELPHIA — A joint venture between Harrison Street Real Estate Capital and Brandywine Realty Trust has sold Evo at Cira Centre South, an 850-bed student housing community located in Philadelphia’s University City neighborhood, for $197.5 million. The property was built in 2014, and is the tallest purpose-built student housing tower in the U.S., serving students at the University of Pennsylvania and Drexel University. The community offers one-, two-, three- and four-bedroom units. Shared amenities include a rooftop infinity pool and lounge; 11 two-story study lounges; free weekly studio fitness classes including Zumba, yoga and Pilates; a 24/7 two-story fitness center; and a business and print center. The buyer’s name was not disclosed.
WASHINGTON, D.C. — ASB Real Estate Investments has sold 900 G Street N.W., a 112,635-square-foot office building in Washington, D.C.’s East End submarket, for $144 million. The firm completed the transaction on behalf of the Allegiance Fund, its $7.4 billion core investment vehicle. Eastdil Secured LLC arranged the transaction on behalf of ASB, and DLA Piper LLC served as ASB’s counsel. An affiliate of Masaveu Real Estate US, advised by EXAN Capital, acquired the building. Masaveu is a subsidiary of Corporacion Masaveu of Spain. ASB developed 900 G Street in partnership with MRP Realty, and subsequently acquired MRP’s interest after the project reached stabilization in 2016. The Gensler-designed building was 95 percent leased at the time of sale to tenants including Simpson Thacher, Swiss RE, Rin Tinto, Herman Miller, Truth Initiative and BMW.
ATLANTA — Vitus has acquired Heritage Station, a 370-unit affordable housing community in downtown Atlanta’s Pittsburgh neighborhood, for $26.3 million. The name of the seller was not disclosed. All of the units are reserved for residents making 60 percent or less of the area median income, and 40 percent of the units will be set aside as designated seniors housing. Constructed in 2007, Heritage Station features a business center, laundry facility, library, fitness center, swimming pool, picnic area, theater, playground and an afterschool program. Individual units feature central air conditioning, ceiling fans and private patios or balconies. In addition, the property is compliant with regulations set by the Americans with Disabilities Act, and units reserved for seniors are equipped with emergency pull cords and accessible bathrooms. The purchase marks Vitus’ third acquisition in the Atlanta market in the past 18 months. The company plans to purchase two additional low-income properties in Georgia before the end of the year.
MINNEAPOLIS — CBRE Capital Markets has brokered the sale of an 833,193-square-foot industrial portfolio in metro Minneapolis for an undisclosed price. The 11-building portfolio was 87 percent occupied by 45 tenants at the time of sale. The properties include: Kasota Industrial Center I & II in Minneapolis; Edina Twins North & South in Edina; Washington Square North & South in Eden Prairie; Midwest Business Center in Plymouth; Shingle Creek Commerce Center I & II in Brooklyn Center; Timberland North IV in Brooklyn Park; and 11100 Jefferson Building in Champlin. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, Tryperion Partners. The buyer is a joint venture between Investcorp and Capital Partners LLP.
CHICAGO — Westwood Financial has acquired Kingsbury Center in Chicago’s North and Clybourn retail corridor for an undisclosed price. The 53,079-square-foot shopping center is located at 1415-1435 N. Kingsbury St. Completed in 2012, the center is 100 percent leased to Buy Buy Baby, PetSmart, Road Runner Sports and Jimmy John’s. Amy Sands and Clinton Mitchell of HFF represented the undisclosed seller.
STURTEVANT, WIS. — Venture One Real estate has acquired a 350,274-square-foot industrial property in Sturtevant, about 30 miles south of Milwaukee. The purchase price was not disclosed. The property, located at 7601 Durand Ave., features a clear height of 24 feet, 30 dock doors, one drive-in door, trailer storage as well as 24,000 square feet of open office space. Venture One plans to renovate the property with a new roof, docks, paint, carpet, lights and parking lot repairs. Sergio Chapa, Michael Prost and Corey Chase of Newmark Knight Frank (NKF) represented Venture One in the transaction.
WHITTIER, CALIF. — CBRE has arranged the $40 million sale of Friendly Hills Marketplace, an 89,826-square-foot shopping center in Whittier, located 20 miles southeast of Los Angeles. Philip Voorhees, Kirk Brummer, James Tyrrell, Megan Wood, Preston Fetrow and Jim Leary of CBRE arranged the transaction on behalf of the seller and property developer, Oppidan Inc. Golden Capital Whittier LLC acquired the asset. Bruce Francis and Shaun Moothart of CBRE arranged acquisition financing on behalf of the buyer. Constructed in 2017, Friendly Hills Marketplace is fully leased to tenants including Orchard Supply Hardware, HomeGoods, ULTA Beauty and Sketchers.
LAKE FOREST, CALIF. — Baker Ranch Investment LLC acquired Baker Ranch Center, a retail center located at 20491 Alton Parkway in Lake Forest, for $4.8 million. The 6,000-square-foot property is 100 percent triple-net leased to four tenants, including Tenko Sushi & Teriyaki, Ameci Pizza, Sage Nail Lounge and Sheesh Lebanese Kitchen. Patrick Toomey, Thomas Chichester, Joseph Chichester and Matt Brooks of Faris Lee represented the seller, Shea/Baker Ranch, while John Carpenter from The 949 Group represented the buyer in the deal.
AUSTIN, TEXAS — CBRE has brokered the sale of Market at Parmer, a 122,349-square-foot shopping center located on Austin’s north side. San Antonio-based grocer H-E-B anchors the property, which was about 96 percent leased at the time of sale. Other tenants at Market at Parmer include Anytime Fitness, Pet Supplies Plus and Twin Liquors. Chris Cozby, Chris Gerard and Blaine Dozier of CBRE represented the undisclosed seller in the transaction. Other terms of sale were not released.
