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sales_and_leases

RetailTexas

Marcus & Millichap Closes Sale of 64,084 SF Retail Center in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Marcus & Millichap has closed the sale of Mays Crossing, a 64,084-square-foot retail center located at 1201 S. Interstate 35 in the northern Austin metro of Round Rock. The property is located across the street from an Academy Sports + Outdoors. Other nearby retailers include O’Reilly Auto Parts, Pluckers Wing Bar and Cricket Wireless. Philip Levy of Marcus & Millichap represented the seller, a financial institution, and procured the buyer, a developer. Both parties requested anonymity.

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MultifamilyNorth CarolinaSoutheast

Inland Arranges $49.5M Sale of Apartment Community in Metro Raleigh

by Camren Skelton

KNIGHTDALE, N.C. — Inland Real Estate Acquisitions has arranged the sale of Alta Legacy Oaks, a 304-unit apartment community in Knightdale, roughly 15 miles east of Raleigh. Mark Cosenza and Beth Smith of Inland Real Estate Group arranged the transaction on behalf of the buyer, an Inland affiliate. Wood Partners sold the asset for $49.5 million, according to the Triangle Business Journal. The property, located at 1150 Baxter Lane, will be renamed View at Legacy Oaks. The community includes one- to three-bedroom units ranging in size from 744 to 1,502 square feet. Community amenities include a swimming pool, outdoor kitchen, outdoor game lounge, fitness center, community garden, business center, dog park, car care center, playground and a clubhouse. At the time of sale, View at Legacy Oaks was 96 percent occupied.

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GeorgiaIndustrialLoansSoutheast

CBRE Secures $28.7M Acquisition Loan for Industrial Asset in Metro Atlanta

by Camren Skelton

AUSTELL, GA. — CBRE has arranged a $28.7 million acquisition loan for Core5 Logistics Center at Interstate West, a 781,440-square-foot industrial facility located at 440 Interstate West in Austell, roughly 18 miles northwest of downtown Atlanta. Joel Torbora, Jonathan Rice and Jeff Ackemann of CBRE arranged the three-year loan through BMO Harris on behalf of the buyer, WPT Capital Advisors. The company acquired the facility from Core5 Industrial Partners, which developed the property in September. Core5 Logistics Center features 36-foot clear heights. Todd Barton of CBRE is handling the property’s leasing assignment.

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FloridaOfficeSoutheast

Ian Black Real Estate Negotiates $16M Sale of Office Building in Sarasota

by Camren Skelton

SARASOTA, FLA. — Ian Black Real Estate has arranged the $16 million sale of a 70,304-square-foot office building located at 6010 Cattleridge Blvd. in Sarasota. The Ibis Group sold the three-story asset to Sarasota County for its new administrative headquarters for the Sheriff’s Office. Ian Black, Steve Horn, Nick DeVito and Melissa Harris of Ian Black Real Estate represented Ibis Group in the transaction.

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IndustrialWashingtonWestern

Peregrine Realty Partners Buys 205,554 SF Industrial Property in Seattle for $36.5M

by Nellie Day

SEATTLE — Peregrine Realty Partners has purchased North Creek Parkway Center, a 205,554-square-foot flex industrial/office park in the North Creek submarket east of Seattle, for $36.5 million. The six-building center is located at 11804-18916 North Creek Parkway. Almost half of North Creek Parkway Center’s tenants have leased space in the park for 10 plus years, including anchor Alder Biopharmaceuticals. HFF represented both the buyer and seller, an affiliate of KBS Capital Advisors, in this transaction.

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ArizonaMultifamilyWestern

Gelt Baseline Holdings Sells Mission Springs Apartments in Tempe for $33.8M

by Nellie Day

TEMPE, ARIZ. — 29th Street Management II LLC has acquired the 306-unit Mission Springs apartment complex in Tempe for $33.8 million. The community is located at 1311 W. Baseline Road. Mission Springs was built in 1987. Each unit includes modern appliances, hardwood flooring, washer and dryer, oversized closets, private balcony or patio, and vaulted ceilings. The community offers a swimming pool with a sun deck and spa, picnic area with barbecues, business center with WiFi and covered parking. Jim Crews of Cushman & Wakefield represented the seller, Gelt Baseline Holdings LLC, in this transaction.

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CaliforniaHospitalityWestern

Brighton Management Acquires 50-Room Hyatt Place in Vista, California

by Nellie Day

VISTA, CALIF. — Brighton Management has purchased the 50-room Hyatt Place hotel in the San Diego submarket of Vista for an undisclosed sum. The hotel is located at 2645 S. Melrose Drive. The four-story hotel opened in 2012. It offers 1,200 square feet of meeting space, a 24/7 guest kitchen, gallery market and bakery café. CBRE Hotels represented the seller, an affiliate of Irvine-based CoreCapital that purchased the hotel in 2014. Brighton Management represented itself in the transaction. The company will also manage the hotel.

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HospitalitySoutheastVirginia

Chatham Lodging Trust Acquires 219-Room Embassy Suites Hotel in Metro D.C. for $68M

by Camren Skelton

SPRINGFIELD, VA. — Chatham Lodging Trust has acquired a 219-room Embassy Suites by Hilton hotel in Springfield, roughly 15 miles southwest of Washington, D.C., for $68 million. Other terms of the transaction were not disclosed. Opened in 2013, the LEED-certified hotel features steel and concrete construction and 26 extended-stay suites with full kitchens. The hotel is located less than two miles from Fort Belvoir, the nation’s fifth largest military base, and the new headquarters of the Transportation Security Administration, which is expected to open in August 2020.

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OfficeTexas

Mohr Capital Acquires 100,000 SF Office Building in Dallas

by Taylor Williams

DALLAS — Mohr Capital, a Dallas-based investment firm, has acquired a 100,000-square-foot office building located in the University Park area of Dallas. The property, which is situated on 13.8 acres, is currently vacant. Mohr Capital will invest in capital improvements to the building that will result in an additional 150,000 square feet of space being added. Gary Horn and Jack Glasgow of Cresa represented Mohr Capital in the transaction. The seller was not disclosed.

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