DAYTON, N.J. — CBRE has brokered the $5.7 million sale of an industrial outdoor storage (IOS) facility in Dayton, located in Central New Jersey. The site at 3 Wheeling Road includes a warehouse/service facility in addition to 3.5 acres of useable outdoor space. Mark Silverman, Elli Klapper, Liam McGregor and Mark Trevisan of CBRE represented the undisclosed seller in the transaction and procured the buyer, private investment firm Genesis.
SAN JOSE, CALIF. — San José State University (SJSU) has purchased Spartan Village on the Paseo (SVP) at 184 S. Market in downtown San Jose from Throckmorton Partners for $165 million. Throckmorton acquired the asset, the former Signia by Hilton Hotel south tower, in November 2023 and commenced a nine-month conversion into a 264-room student housing property with beds for approximately 700 undergraduate students. The 14-story property offers an onsite dining area and community kitchen, a fitness center, games room, co-learning spaces and a study lounge in the sky bridge. SJSU was granted access to $89 million in debt relief capacity as part of the state’s Higher Education Student Housing Grant program that allowed the university to enter a lease agreement with Throckmorton Partners. The agreement included an option to purchase after two years, which SJSU has implemented to assume ownership of the building.
PHOENIX — Speed Bay, sponsored by Academy Partners Group, has purchased a 228,733-square-foot portfolio of industrial properties in Phoenix from Top Ten Properties for $43.7 million, or $191.27 per square foot. The portfolio includes Carleton Square at 1711-1741 W. Rose Garden Lane, Top 10 Business Center at 4845 and 4855 W. McDowell Road and Valley Commerce Center at 4810-4828 S. 40th St. KBC Advisors represented the buyer, while the Leroy Breinholt team at Commercial Properties Inc./CORFAC International represented the seller in the deal.
GRESHAM, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of East Wind, an apartment community in Gresham. Terms of the transaction were not released. Hamid Panahi and Anthony Palladino of IPA and Whitney Rhoades of Marcus & Millichap represented the seller and procured the buyer in the deal. David Tabata of Marcus & Millichap served as broker of record in Oregon. Built in 1971, the three-story, eight-building property features 150 one-, two- and three-bedroom apartments with enclosed patios with planters boxes and large, dual-pane windows. Community amenities include a clubhouse with kitchen, individual leasing offices, a basketball court, playground and laundry facilities.
CARLSBAD, CALIF. — CBRE has arranged the sale of an industrial property located at 1695 Faraday Ave. in Carlsbad. AG-LC 1695 Faraday Owners LLC sold the asset to Faithway LLC for $13.5 million. Dennis Visser and Weston Yahn of CBRE represented the seller, while Blake Wilson and Roger Carlson of CBRE represented the buyer in the deal. Situated on 4.1 acres within Carlsbad Research Center, the 63,062-square-foot property features 3,000 amps of power, 24- to 25-foot clear heights and three dock-high doors.
BRIGHTON AND COLORADO SPRINGS, COLO. — Bespoke Holdings Co. has completed the disposition of a two-property industrial outdoor storage (IOS) portfolio totaling 67,508 square feet in the Denver and Colorado Springs metro areas. Alterra IOS acquired the portfolio for an undisclosed price. Located at 995 N. 5th Ave. in Brighton, the property features a 4,890-square-foot building on a 4.6-acre site with 2.4 percent site coverage. Built in 1982, the steel-constructed facility features a clear height of 14 feet and two drive-in doors. The property was fully leased to a major national equipment rental company at the time of sale. Located at 3240-3250 Astrozon Blvd. in Colorado Springs, the asset spans 62,618 square feet across 6.9 acres with 20.8 percent site coverage. Constructed in 1981 with recent improvements including a 2018 standing-seam metal roof installation, the facility features a clear height of 18 feet, 10 drive-in doors and railroad spur access. The property is fully leased to an established lumber and building materials company. Peter Merrion and Robert Key of JLL Capital Markets represented the seller, while Parker Pearson of Alterra IOS represented the buyer.
CHICAGO — Pebblebrook Hotel Trust (NYSE: PB) has sold the 752-room Westin Michigan Avenue Chicago hotel for $72 million. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged a $54 million acquisition loan on behalf of the buyer, Vinayaka Hospitality. A life insurance company provided the loan. The hotel is located at 909 N. Michigan Ave. along the Magnificent Mile. For the trailing 12 months that ended Sept. 30, the hotel generated earnings before interest, taxes, depreciation and amortization of $4.6 million and net operating income of $2.5 million, according to Pebblebrook.
SHAKOPEE, MINN. — JLL Capital Markets has brokered the sale of The DECO, an 89-unit luxury apartment building in the Minneapolis suburb of Shakopee. Joseph Peris and Josh Talberg of JLL represented the seller, Enclave Development. The buyer was LouMin Holdings, a locally based multifamily investment firm. Completed in 2021, The DECO features a rooftop sundeck, fitness center, clubroom, underground parking and ground-floor retail space occupied by Mana Brewing. The development is situated on the site of Shakopee’s original City Hall from 1883. LouMin has engaged Sail Management to oversee day-to-day operations of the five-story property. The acquisition was funded through an equity raise and supported by institutional financing, including a Fannie Mae loan.
INDIANAPOLIS — Greenstone Partners has arranged the $10.3 million sale of a multi-tenant, shallow bay industrial property totaling 120,886 square feet in Indianapolis. The building is located at 2402 Shadeland Ave. within the Warren Park submarket. Jason St. John of Greenstone represented the seller, a Chicago-based family office, and procured the buyer, a Florida-based real estate investment group. The transaction represents the second highest price per square foot for a multi-tenant industrial investment over 100,000 square feet in Indianapolis, according to CoStar. The property is home to seven tenants, and suite sizes average just over 17,000 square feet. Ownership has invested more than $1 million in capital improvements over the past four years. Major projects include a $726,000 full roof replacement backed by a 20-year warranty, as well as $133,000 in parking lot milling, repaving and restriping. Additional upgrades include HVAC repairs and replacements.
NEW YORK CITY — CBRE has arranged the sale of a 20-property last-mile distribution and light-manufacturing industrial portfolio across eight states. New York City-based Ares Commercial Real Estate Corp. (NYSE: ACRE) acquired the portfolio, which spans more than 3 million square feet. Brian Fiumara led CBRE’s National Partners team in marketing the portfolio and representing the undisclosed seller in the transaction. The CBRE team also procured the buyer. The properties include: The industrial portfolio consists of well-maintained industrial buildings ranging in size from 16,000 to 500,000 square feet, while average occupancy across the properties currently sits at 95 percent. “The acquisition by Ares allows the company to expand its existing portfolio with a critical mass of light industrial and well-located last-mile assets in major population centers with access to key distribution infrastructure,” says Fiumara. ACRE is a real estate investment trust (REIT) managed by Ares Commercial Real Estate Management LLC, a subsidiary of Ares Management Corp., which manages approximately $596 billion of assets. ACRE’s stock price closed on Thursday, Dec. 4 at $5.15 per share, down from $6.98 a year ago, a nearly 26 percent decline. — Abby Cox