Houston's Air Center Business Park sells

An affiliate of Cobalt Capital Partners LP has purchased the Air Center Business Park in Houston, Texas, for an undisclosed amount.

The two-building, 192,420-square-foot industrial complex is located at 1704 Rankin Road and 16680-16684 Air Center Blvd. within the Central Green Business Park in northern Houston.

Completed in 2006, the 11-acre property was leased at the time of sale to tenants including Ziebel US, House of Forgings Inc. and Array Holdings Inc.

The seller, Cypressbrook Co., is a real estate brokerage, management and development company based in Houston.

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source: columbusrealtors.com

South Carolina luxury apartments bought

The developer of a 360-unit, class A apartment complex in Bluffton, S.C., recently sold the property for $45 million.

Louisville, Ky.-based Allen Cos. of Kentucky Inc. unloaded the property on a fund advised by JP Morgan Asset Management.

Completed in two phases in 2004 and 2006, Lakes at Myrtle Park has one-, two- and three-bedroom units averaging 1,136 square feet each. The property is located at 4921 Bluffton Parkway close to Hilton Head Island and Interstate 95.

According to a press statement, "The Lakes at Myrtle Park is the only luxury apartment community within 30 miles of Hilton Head. Nearly all the rental properties on the island were converted to condominiums within the last three years."

The developer of a 360-unit, class A apartment complex in Bluffton, S.C., recently sold the property for $45 million.

Louisville, Ky.-based Allen Cos. of Kentucky Inc. unloaded the property on a fund advised by JP Morgan Asset Management.

Completed in two phases in 2004 and 2006, Lakes at Myrtle Park has one-, two- and three-bedroom units averaging 1,136 square feet each. The property is located at 4921 Bluffton Parkway close to Hilton Head Island and Interstate 95.

According to a press statement, "The Lakes at Myrtle Park is the only luxury apartment community within 30 miles of Hilton Head. Nearly all the rental properties on the island were converted to condominiums within the last three years."

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source: columbusrealtors.com

Pa. mall deal tops $100M

A large shopping center in Altoona, Pa., has sold for $104 million, real estate brokerage Jones Lang LaSalle recently announced.

AVR purchased the 852,542-square-foot Logan Town Center from the property's developer, MM Altoona Associates LP, and Jones Lang LaSalle represented both parties in the transaction.

Logan Town Centre is located at Exit 33 of Interstate 99 within the trade area defined by the "Tri-City" Region of Altoona, State College and Johnstown, Pa.

At the time of sale, the asset was 95 percent occupied by tenants that included Giant Eagle Supermarket, Kohl's, Staples, Best Buy, Petco, Dicks Sporting Goods, Barnes and Noble, Bed Bath and Beyond, Ross, Boscovs and Home Depot.

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source: columbusrealtors.com

STAG Capital buys Ohio facility

STAG Capital Partners continues to expand its holdings with the recent acquisition of a large office facility in Dayton, Ohio.

The value of the transaction was not disclosed.

The building, which totals 131,000 square feet, is situated on 10 acres of land at 4646 Needmore Road.

At the time of sale, the property was fully leased to Electronic Data Systems Corp., a provider of business and technology solutions that aims to help its clients worldwide improve their business performance.

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source: columbusrealtors.com

$24M Hollywood multifamily deal

Prometheus Real Estate Group Inc. has paid $24 million to purchase the recently renovated Franklin Plaza Apartments in the Hollywood district of Los Angeles.

The 80-unit property, which was sold by R.W. Selby and Co. Inc., is located at 7230 Franklin Ave. It comprises 62,972 square feet in one three-story building and is situated on a 36,634-square foot lot.

Franklin Apartments features one- and two-bedroom units, and common-area amenities include a pool and spa; a fitness center with free weights, elliptical machines and treadmills; and a courtyard area with fountain.

Built in 1974, the apartment community is a "luxury exempt" building, which means it is not subject to city rent control laws, according to a press statement.

The sales price of $24 million represents $300,000 per unit.

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source: columbusrealtors.com