sales_and_leases

IPA Brokers Sale of 150-Unit Multifamily Property in San Antonio

by Taylor Williams November 2, 2017

SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of The Quarry Luxury Townhomes, a 150-unit multifamily community situated on six acres at 250 Treeline Park in San Antonio. The property offers one-, two- and three-bedroom units and amenities such as a resort-style pool, 24-hour fitness center and resident clubhouse. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the undisclosed seller and procured the buyer, San Francisco-based investment firm Hamilton Zanze.

November 2, 2017

TSB Realty Arranges Sale of Student Housing Community Near CSU Sacramento

by Nellie Day November 1, 2017

SACRAMENTO, CALIF. — TSB Realty LLC has arranged the sale of The Element, a 792-bed student housing community located near California State University-Sacramento. The community offers one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a resort-style swimming pool, updated fitness facility, covered basketball half-court, lighted sand volleyball court and game room. TSB represented the seller, a joint venture between VerTex Student Housing Partners and Harrison Street Real Estate Capital, in the transaction. Nelson Brothers acquired the property for an undisclosed price.

November 1, 2017

California Retail Western

Marcus & Millichap Arranges $7.2M Sale of Rite Aid-Leased Property in Lancaster, California

by Nellie Day November 1, 2017

LANCASTER, CALIF. — Marcus & Millichap has arranged the $7.2 million sale of a 15,482-square-foot store in Lancaster net-leased to Rite Aid. Lior Regenstreif of Marcus & Millichap arranged the transaction on behalf of the buyer, an undisclosed partnership. The name of the seller was not released.

November 1, 2017

Massachusetts Multifamily Northeast Seniors Housing

Cushman & Wakefield Arranges Sale of LCB Senior Living Community Near Boston

by Amy Works November 1, 2017

READING, MASS. — Cushman & Wakefield has arranged the sale of Residence at Pearl Street, an 83-unit assisted living and memory care community in the Boston suburb of Reading, for an undisclosed price. The seller was a joint venture between LCB Senior Living and Virtus Real Estate. A new joint venture between LCB and Artemis Real Estate Properties acquired the asset. LCB will continue to operate the property. The community was originally an elementary school built in 1939 and is now a historic building. In 1996 the building was redeveloped into a seniors housing community and a purpose-built wing was added that currently houses the majority of the residential units. The property underwent a $3.3 million renovation in 2014 and 2015. LCB stabilized the community by the end of 2016 with occupancy over 90 percent. The Cushman & Wakefield team involved in the transactions included Rick Swartz, Jay Wagner, Jim Dooley and Caryn Miller.

November 1, 2017

Industrial Texas

Fort Capital Acquires 369,625 SF Industrial Portfolio in Fort Worth

by Taylor Williams November 1, 2017

FORT WORTH, TEXAS — Fort Worth-based investment firm Fort Capital has acquired a four-property, 369,625-square-foot industrial portfolio in Fort Worth. The properties include the 116,000-square-foot Suffolk Business Park located at 2901-2951 Suffolk Drive; a 63,795-square-foot property located at 2020 E. 24th St.; a 16,000-square-foot property located at 500 E. Central St.; and a 173,830-square-foot property located at 1101 NE 23rd St. Collectively, the properties were 94 percent leased at the time of sale.

November 1, 2017

Retail Texas

Mimco Acquires Big Lots-Anchored SF Shopping Center in Metro Fort Worth

by Taylor Williams November 1, 2017

NORTH RICHLAND HILLS, TEXAS — Mimco Inc. has acquired North Park Plaza, a 55,000-square-foot shopping center located at the intersection of Rufe Snow Drive and Mid Cities Boulevard in the Fort Worth metro of North Richland Hills. Anchored by Big Lots, the center currently houses 13 tenants and has three spaces available for lease. A private investor based in New York sold the asset for an undisclosed price. With this transaction, Mimco’s portfolio in Dallas-Fort Worth (DFW) now exceeds 1 million square feet.

November 1, 2017

Iowa Midwest Retail

NKF Brokers $55M Sale of Regional Mall in Sioux City, Iowa

by Kristin Harlow November 1, 2017

SIOUX CITY, IOWA — Newmark Knight Frank (NKF) has brokered the sale of Southern Hills Mall in Sioux City for $55 million. The 571,465-square-foot enclosed regional mall is located directly off I-29. The property was constructed in 1980 and renovated in 2007. Anchor tenants include AMC Classic Southern Hills 12, Barnes & Noble, J.C. Penney, Scheels Sports, Sears and Younkers. Thomas Dobrowski and Jeffrey Miller of NKF brokered the transaction. Washington Prime Group purchased the property.

November 1, 2017

Kansas Midwest Multifamily

Passco Acquires 228-Unit Apartment Property in Olathe, Kansas for $38.3M

by Kristin Harlow November 1, 2017

OLATHE, KAN. — Passco Cos. has acquired Greenwood Reserve in Olathe, a suburb of Kansas City, for $38.3 million. The 228-unit apartment property, built in 2016, is located at 13825 College Blvd. Amenities include a pool, community grilling area, cyber café, business center, resident lounge and fitness center with yoga studio. Jeff Stingley of CBRE represented both Passco and the seller, an affiliated entity of Cityscape Residential. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for Passco through Fannie Mae.

November 1, 2017

Midwest Multifamily Wisconsin

Marcus & Millichap Arranges $37M Sale of Two Multifamily Properties in Madison, Wisconsin

by Kristin Harlow November 1, 2017

MADISON, WIS. — Marcus & Millichap has arranged the sale of River’s Edge and Fordem Towers in Madison for $37 million. Together, the two multifamily properties total nine buildings and 420 units. Both are located approximately two miles east of the University of Wisconsin-Madison. River’s Edge, completed in two phases in 1974 and 1984, consists of seven three-story buildings totaling 312 market-rate units. Fordem Towers, built in 1982, features two seven-story buildings totaling 108 units. The units, 27 of which are earmarked for low-income housing through a housing assistance payments (HAP) contract, range from 390 to 1,666 square feet. Matthew Whiteside of Marcus & Millichap represented the seller, an Illinois-based limited liability company, and procured the buyer, a Colorado-based limited liability company.

November 1, 2017

Office Texas

Cushman & Wakefield Negotiates 55,178 SF Office Lease Extension in Houston

by Taylor Williams November 1, 2017

HOUSTON — Cushman & Wakefield has negotiated a 55,178-square-foot office lease extension on behalf of national law firm Chamberlain, Hrdlicka, White, Williams & Aughtry. The company will continue to occupy the 13th and 14th floors at Two Allen Center, a 979,000-square-foot office property located at 1200 Smith St. in Houston, through 2028. David Guion and Tim Relyea of Cushman & Wakefield represented the law firm in the lease negotiations. John Pruitt, Bubba Harkins and Jessica Ochoa of JLL represented the landlord, Brookfield Property Partners.

November 1, 2017

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