REBusinessOnline

Institutional Property Advisors Brokers $29M Sale of Apartment Complex in Pensacola, Florida

PENSACOLA, FLA. — Institutional Property Advisors (IPA) has brokered the $29 million sale of Fairfield Lakes Apartments in Pensacola. Built in 2003, the 268-unit apartment complex comprises 16 residential buildings, a clubhouse and seven garages, as well as a swimming pool, fitness center, playground and a tennis court. Nearby employment centers include the Naval Air Station Pensacola, Corry Station and Saufley Field, a military airport and support facility. Frank Carriera and Michael Regan …

Marcus & Millichap Brokers $11.8M Sale of Apartment Community in Brooklyn

NEW YORK CITY — Marcus & Millichap has brokered the $11.8 million sale of a two-building apartment community in the Cobble Hill neighborhood of Brooklyn. Located at 439-441 Henry St., the property includes 73 feet of residential frontage on Henry Street. Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office represented the seller, a private investor, in the transaction. The buyer was also a private

TH Real Estate Sells 468,682 SF Industrial Warehouse in Inland Empire for $68.9M

RANCHO CUCAMONGA, CALIF. — TH Real Estate, an affiliate of Nuveen, has completed the sale of an industrial warehouse located at 9050 Hermosa Ave. in Rancho Cucamonga. Deutsche Wealth Services acquired the property for $68.9 million, or $147.11 per square foot. Built in 2004 on a 20-acre site, the freestanding, cross-docked property features 468,682 square feet of Class A industrial space. The asset offers fully-secured concrete truck courts, gate-controlled drive-around access, an ESFR …

CBRE Negotiates Sale of 303,777 SF Office Complex in Paramus, New Jersey

PARAMUS, N.J. — CBRE has negotiated the sale of Country Club Plaza, a 303,777-square-foot office complex in Paramus. The sales price was undisclosed. Located at 115 and 117 W. Century Road, the two-building complex is currently 97 percent leased to two investment-grade tenants. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zachary McHale of CBRE Institutional Properties represented the seller, a partnership of Garrison Investment Group and Onyx Equities, in the transaction. The buyer was …

IPA Arranges $55.5M Sale of 442-Unit Multifamily Property in Tempe, Arizona

TEMPE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Davenport, a multifamily asset situated on 20.5 acres along Mill Avenue in Tempe. Tides Equities acquired the property from an affiliate of Abacus Capital Group for $55.5 million, or $125,566 per unit. Developed in 1973 and 1979, The Davenport features 442 units in a mix of studio, one- and two-bedroom layouts. Steve Gebing and Cliff David of IPA represented the …

Keener Investments Acquires 314-Unit Multifamily Portfolio in League City, Texas

LEAGUE CITY, TEXAS — Houston-based Keener Investments has acquired The Shore and Harbor Walk, two multifamily properties totaling 314 units in League City, about 25 miles southeast of Houston. Both Class B properties were built in the 1980s, have an average unit size of 880 square feet and feature pools, fitness centers, business centers and playgrounds. Keener will upgrade both properties’ unit interiors and amenity spaces. The seller was not

Interra Brokers Two Multifamily Sales in Chicago’s South Shore Neighborhood for $6.4M

CHICAGO — Interra Realty has brokered the sales of two multifamily buildings in Chicago’s South Shore community for $6.4 million. The first property, located at 6901 S. Paxton Ave., sold for $4.2 million. The 50-unit building includes a mix of one, two-, three- and four-bedroom units. At the time of sale, the property was 94 percent leased. The second property, located at 7250 S. Yates Blvd., sold for $2.2 million. The 29-unit building features hardwood flooring, granite countertops and …

Friedman Negotiates Sale of 26,600 SF Office Building in Detroit

DETROIT — Friedman Real Estate has negotiated the sale of a 26,600-square-foot office building in Detroit for an undisclosed price. The property is located at 610 W. Congress St. Congress Real Estate Ventures LLC sold the asset to 610 West Congress Partners LLC. Alan Stern and Steven Silverman of Friedman represented both parties in the

VICI Properties, Penn National Buy Downtown Detroit Casino for $1B

DETROIT — VICI Properties Inc. (NYSE: VICI) and Penn National Gaming Inc. (NASDAQ: Penn) have purchased the Greektown Casino-Hotel in downtown Detroit for $1 billion in an all-cash deal. VICI Properties will be the majority owner, contributing approximately $700 million for the land and real estate assets. Penn National will supply the remaining $300 million for the operating assets. VICI Properties, a New York-based REIT, simultaneously entered into a triple-net lease agreement with Penn …

Marcus & Millichap Brokers $10.5M Sale of Office Building in New Jersey

CLARK, N.J. — Marcus & Millichap has brokered the $10.5 million sale of a 76,000-square-foot, five-story office building in Clark. Located at 67 Walnut Ave., the property was 97 percent occupied at the time of sale. Fahri Ozturk, Rick Lechtman, Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller in the transaction, a joint venture between Mountain Development Corp. and Bukiet Building and Management Co. The buyer was a private

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