CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit multifamily building in the Uptown neighborhood of Chicago for $5.1 million. Kam Ying Lee sold the asset, located at 5022-30 N. Winthrop Ave., to a private partnership. The 32,000-square-foot building, constructed in 1913, features all two-bedroom units. Units include stainless steel appliances and washers and dryers. Dawn Overstreet of SVN | Chicago Commercial was the sole broker in the transaction.
HOUSTON — Local investment group Quasar Galleria Ltd. has acquired 5433 Westheimer, an 11-story, 123,477-square-foot office building located in Houston’s Galleria area. Dan Miller and Martin Hogan of HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads LLC and Edens. The property, built in 1967, was acquired for an undisclosed amount free and clear of existing debt. On-site amenities include Ruth’s Chris Steakhouse, an 11,000-square-foot common area with meeting space and an attached two-level structured parking garage. The building recently underwent a renovation program and was 81.2 percent leased at the time of sale.
THE WOODLANDS, TEXAS — Broken Barrel is set to open a 3,483-square-foot restaurant on the ground level of One Lakes Edge, an 825,000-square-foot multifamily and retail complex located within Hughes Landing in The Woodlands. Broken Barrel is a wine bar featuring tapas and small plates. Construction will begin on the restaurant in late April, with an expected completion in June. The location will feature a large outdoor patio overlooking Lake Woodlands. The space is being leased from The Woodlands Development Co., and will be operated by managing partners Hilda Ysusi, Joaquin Valle and Josh Cundy.
FORT LAUDERDALE, FLA. — Marcus & Millichap has brokered the $26.1 million sale of a 189,543-square-foot Walmart Supercenter in Fort Lauderdale. Wal-Mart Stores Inc. has a 20-year absolute net ground lease for the store, which is located within Riverbend Marketplace, a new 36-acre retail development less than three miles from Fort Lauderdale’s central business district. The store is the newest prototype for Walmart Supercenters, according to Marcus & Millichap. Lori Schneider of Marcus & Millichap, along with Aztec Group, represented the seller, Gatlin Development, in the transaction. Drew Kristol and Kirk Olson of Marcus & Millichap’s Miami office represented the buyer, a 1031 exchange investor.
CHICAGO — Chicago-based BlueRoad Ventures has acquired a national retail portfolio for $139 million. Brauvin Net Lease, a Chicago-based private REIT, sold the portfolio, which consists of 48 assets across 18 states. Retail brands such as CVS, Fresenius, Tractor Supply Co. and Advance Auto Parts occupy the properties. Much Shelist, a law firm, represented BlueRoad in the transaction.
INDIANAPOLIS — CBRE has brokered the sale of a 384-unit apartment community in Indianapolis for an undisclosed price. Ardizzone Holding Co. purchased Oakbrook Village as part of a 1031 exchange. Ardizzone plans to spend $1.7 million to upgrade the property, which was 93 percent occupied at the time of sale. Oakbrook Village includes amenities such as a fitness center with sauna and steam room, playground, clubhouse, tennis court, swimming pool, business center and on-site laundry facility.
MORENO VALLEY, CALIF. — The Praedium Group has purchased the 394-unit Villas at Towngate Apartments in Moreno Valley for $68.5 million. The community is located at 13120 Day St. Towngate was built in 2006. Notable employers in the area include Proctor & Gamble, Deckers Outdoor, Phillips Electonics and Walgreens. Amazon recently opened a 2 million-square-foot fulfillment center in the area, while Skechers debuted a 1.8 million-square-foot center in 2012. A 40.6 million-square-foot World Logistics Center was also recently approved within the city. It is the largest single project in California, and estimated to add 20,000 permanent jobs with an annual economic impact of $2.5 billion.
PROVO, UTAH — Berkadia has arranged the sale of University Villa Apartments, a 125-unit student housing property located three blocks from the Brigham Young University campus in Provo, for an undisclosed price. The buyer intends to complete major renovations on the complex, which was originally built in 1965. James Wadsworth and Greg Barratt of Berkadia represented the seller, a California-based entity, in the transaction. The complex offers two- and three-bedroom units with fully equipped kitchens, high-speed Internet, cable, air conditioning and outdoor storage. Community amenities include a recreation room, swimming pool and hot tub, laundry facility and a barbecue area.
NORTH RICHLAND HILLS, TEXAS — CBRE Capital Markets has arranged the sale of Courtyards on Glenview, a 241-unit multifamily community in the Fort Worth suburb of North Richland Hills. The 257,087-square-foot complex is located at 4401 Glenview Court, and was 93 percent occupied at the time of sale. Chris Deuillet and Nita Stewart of CBRE’s Dallas office represented the seller, Courtyards on Glenview LP, in the sale of the property to EB Real Estate Group LLC for an undisclosed price.
HOUSTON — Cousins Properties Inc. has signed a 12-year, 29,000-square-foot headquarters lease with CommunityBank of Texas, NA at 9 Greenway Plaza in Houston. Greenway Plaza is a 10-building, 4.4 million-square-foot office portfolio. The space leased in 9 Greenway Plaza provides the bank first floor lobby presence and tower space on the ninth floor for bank executives and personnel, according to Bob Boykin, senior vice president and market leader for Cousins Properties. Charlie Neuhaus and Harry Holmes of Avison Young represented CommunityBank of Texas in the lease transaction. Boykin, Bubba Harkins and Warren Savery represented Cousins Properties in-house.
