sales_and_leases

Greysteel Closes Sale of 814-Unit Multifamily Portfolio in Dallas

by Taylor Williams October 23, 2017

DALLAS — Greysteel has closed the sale of a portfolio of two multifamily properties totaling 814 units in Dallas. The 656-unit Forest Cove Apartments was built in 1981 and offers one- and two-bedroom units, as well as amenities such as a pool, tennis court and on-site laundry facilities. The 158-unit North Creek was built in 1970 and offers one- and two-bedroom units in addition to amenities such as a pool, laundry facilities and covered parking. Both properties are located just north of Interstate 635 and east of Highway 75 in northeast Dallas. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel negotiated the sale, other terms of which were not disclosed.

October 23, 2017

IPA Brokers Sale of 288-Unit Apartment Community in Rio Grande Valley

by Taylor Williams October 23, 2017

HARLINGEN, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Vantage at Harlingen, a 288-unit multifamily community located at 902 S. Palm Court Drive in the Rio Grande Valley city of Harlingen. Will Balthrope, Jordan Featherston and Joey Tumminello of IPA represented the undisclosed seller and procured the buyer, Presidium. The three-story property was built in 2015 and offers amenities such as a pool, fitness and business centers, a picnic area and an Internet café with a Starbucks.

October 23, 2017

Colorado Multifamily Western

Bell Partners Venture Acquires Escape at Ken Caryl Apartments in Littleton for $64M

by Nellie Day October 23, 2017

LITTLETON, COLO. — A venture sponsored by Bell Partners has acquired the 250-unit Escape at Ken Caryl apartment community in Littleton for $64 million. The community is located at 12044 W. Ken Caryl Circle within the Ken Carl Ranch Master Association. The master-planned development features 3,800 acres of private open space, more than 25 miles of trails and The Ranch House, which includes tennis courts, outdoor 25-meter swimming pool, soccer fields, disc golf course, sand volleyball court and equestrian center. The asset is also situated near the Denver Technological Center business corridor. Terrance Hunt, Shane Ozment, Jeff Hawks, Doug Andrews and Chris Cowan of ARA Newmark represented the seller, TA Realty, in this transaction.

October 23, 2017

California Retail Western

NKF Brokers $38.1M Sale of Grocery-Anchored Center Near Los Angeles

by Nellie Day October 23, 2017

DUARTE, CALIF. — Newmark Knight Frank (NKF) has arranged the $38.1 million sale of Buena Vista Marketplace, a 92,346-square-foot retail center in Duarte, 21 miles northeast of Los Angeles. Pete Bethea, Rob Ippolito and Glenn Rudy represented the seller, Weingarten Realty, in the transaction. The buyer, Gerrity Group, represented itself. Smart & Final anchors Buena Vista Marketplace, which was 98.5 percent leased at the time of sale to tenants including Dollar Tree, Wells Fargo, AT&T, UPS, Subway, Flame Broiler and Jamba Juice.

October 23, 2017

California Retail Western

Faris Lee Arranges $3.5M Sale of Two-Tenant Retail Building in Moreno Valley

by Nellie Day October 23, 2017

MORENO VALLEY, CALIF. — Faris Lee Investments has arranged the $3.5 million sale of a 6,440-square-foot retail building in Moreno Valley. The property was triple-net-leased to TitleMax and Coast Dental at the time of sale. Patrick Toomey and Matt Brooks of Faris Lee Investments represented the seller, TC Enterprise LLC, in the transaction. Realty ONE Group represented the buyer, Perrishemlock LLC. The property was renovated in 2015 and is located within a larger center that is home to CVS/pharmacy and Dollar Tree.

October 23, 2017

Hospitality Midwest North Dakota

Marcus & Millichap Brokers Sale of 75-Room Hotel in Fargo, North Dakota

by Kristin Harlow October 23, 2017

FARGO, N.D. — Marcus & Millichap has brokered the sale of Days Inn Fargo, a 75-room hotel in Fargo. The sales price was not disclosed. The property, originally built in 1993 as a Hampton Inn & Suites, is located at 3431 14th Ave. Southwest. Jon Ruzicka of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Ruzicka, along with Helen Zaver, represented the buyer, a real estate investment trust.

October 23, 2017

Industrial Texas

Hunt Southwest Inks Two Industrial Leases Totaling 260,176 SF in Fort Worth

by Taylor Williams October 20, 2017

FORT WORTH, TEXAS — Hunt Southwest Real Estate Development has inked two industrial leases totaling 260,176 square feet at Riverbend West Distribution Center in Fort Worth. Ecolab, a Minnesota-based provider of resource technologies and services, has leased 192,350 square feet and PODS, a Florida-based moving and storage company, has leased 67,826 square feet. Located at 2101 Reeves Place near Interstate 820, the 301,500-square-foot facility features 2,167 square feet of office space, 12 dock-high doors and LED warehouse lighting. J.R. Tomlinson of Jackson Cooksey represented Ecolab and Mark DiMarsico of Commercial Realty Associates represented PODS in the lease negotiations. Donnie Rohde and George Jennings of Holt Lunsford Commercial represented Hunt Southwest.

October 20, 2017

Retail Texas

Weitzman Negotiates 46,155 SF Retail Anchor Lease in College Station

by Taylor Williams October 20, 2017

COLLEGE STATION, TEXAS — Weitzman has negotiated a 46,155-square-foot tenant lease with Tru Fit Athletic Clubs for the anchor space at Parkway Square, a 156,520-square-foot retail center in College Station. Tru Fit Athletic Clubs will join other tenants at the center such as Stein Mart, Harbor Freight Tools, Firestone and McDonald’s. The Parkway Square gym will be the Colorado-based fitness chain’s 18th location in Texas. James Namken and Kyle Knight of Weitzman represented the landlord in the lease negotiations and CBRE represented Tru Fit.

October 20, 2017

Florida Multifamily Southeast

M&C Properties Acquires New Multifamily Community in Orlando for $56.5M

by Camren Skelton October 20, 2017

ORLANDO, FLA. — Salt Lake City-based M&C Properties has purchased Alta at Eastmar Commons, a newly constructed, 312-unit apartment community located at 10038 Vista Laguna Drive in Orlando, for $56.5 million. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented the seller, Wood Partners, in the transaction. Constructed this year, Alta at Eastmar Commons features a tech lounge with a coffee bar, sports lounge with billiards room, conference room, fitness center, cycle room, yoga studio, pet park and a pet spa. The community was 95 percent occupied at the time of sale.

October 20, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $34.4M Sale of Multifamily Property in Camden, New Jersey

by Amy Works October 20, 2017

CAMDEN, N.J. — Marcus & Millichap has brokered the sale of Crestbury Apartments, a multifamily property located at 2552 S. Eighth St. in Camden. An affiliate of Lincoln Avenue Capital acquired the property from Tryko Partners for $34.4 million. Situated on 18 acres, the property features 392 one- and two-bedroom units. Andrew Townsend, Ridge MacLaren and Clarke Talone of Marcus & Millichap represented the seller in the deal. J.D. Parker of Marcus & Millichap is the firm’s broker of record in New Jersey.

October 20, 2017

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