PHOENIX-Kings Court Associates buys the 116-unit Village Square Apartments from AGM & Associates of Encino, CA, for $8.8 million in cash. The buyer's new holding is a 25-year-old, class B asset.
HUMBLE, TX-Westlake Atascocita, part of a neighborhood center, passes to a 1031 Exchange investor from Carlsbad, CA, who beats out seven others for the trio of fully leased buildings.
HOUSTON-Hanover Cos. puts a just-completed trophy on the market after getting an unsolicited offer for the 44%-leased apartment complex in the Galleria market. The tower and mid-rise building could fetch as much as $78 million.
SEDONA, AZ-The owner of Sinagua Plaza and Canyon Portal Retail Center gets $24.7 million in a seven-year package with a 5.9% fixed-rate interest. The 29,989-sf Sinagua Plaza is 95% leased while its sister property, totaling 48,500 sf, is 100% occupied.
MESA, AZ-Village in the Pines, with 194 class B units, sells to a limited liability company from Del Mar, CA. The 19-year-old complex, consisting of all two-bedroom units, is 92% leased.
SCOTTSDALE, AZ-The local real estate company moves CFO Jeffrey Krajewski to president of Cityblock Inc., the property management arm, and appoints Rodney Prokop to backfill the CFO spot.
COLLEGE STATION, TX-A Beverly Hills, CA buyer skates past 22 offers to win the deed, anteing up close to the $13.7-million asking price for Parkway Square. Weingarten Realty Investors is the seller of the 99%-leased center, which has Kroger as the anchor.
HOUSTON-Daniel Industries Inc., a subsidiary of Emerson Electric Co., puts it 1970s-era campus on the market and makes a commitment for newer space in the Valley. The firm buys a 175,000-sf industrial build-to-suit and leases a 71,000-sf office building.