REDFORD, MICH. — DealPoint Merrill has acquired a 95,000-square-foot industrial facility in Redford, a western suburb of Detroit. The purchase price and seller were undisclosed. DealPoint Merrill plans a $9 million renovation that is expected to commence this quarter. David Frank and Sterling McGregor of DealPoint Merrill negotiated the transaction and handled the due diligence for the sale, respectively. Jason Limbert and Tyler Bendicksen of DealPoint Merrill completed the acquisition and underwriting, while Dave Rumsey of DealPoint Merrill’s capital markets division assisted with the equity-backed securities. Anthony Pellegrino III of P.A. Commercial represented the seller.
DALLAS, HURST AND ARLINGTON, TEXAS — Marcus & Millichap has brokered the sales of three multifamily properties totaling 377 units in the Dallas area. The properties sold for a combined $36.6 million. Park Place totals 120 units and is located in the northern-central metroplex city of Hurst, while Twenty Oaks comprises 86 units and is located in nearby Arlington. The Francisco, which is situated about five miles from downtown Dallas, totals 171 units. Al Silva and Ford Braly of Marcus & Millichap represented the sellers and buyers, all of which requested anonymity, in all three transactions.
SAN ANTONIO — Hunter Hotel Advisors has negotiated the sale of two Marriott-branded properties in San Antonio. The Courtyard by Marriott and Fairfield Inn & Suites SeaWorld/Westover Hills feature a combined 277 rooms and are located on the city’s west side. An undisclosed, institutional investment firm sold the hotels to Florida-based IRAS Group for an undisclosed price. David Perrin of Hunter Hotel Advisors represented the seller in the transaction.
SAN ANTONIO — CBRE has arranged an undisclosed amount of acquisition financing for Network Crossing, a 143,831-square-foot office complex in northwest San Antonio. Network Crossing consists of five buildings that were 85 percent leased at the time of the loan closing. Brock Hudson and Beau Brehm of CBRE arranged the five-year, fixed-rate loan on behalf of the borrower, Houston-based investment firm Fuller Interests. The direct lender was not disclosed.
GRAND PRAIRIE, TEXAS — SkyWalker Property Partners has sold Brookhollow Riverside, a 119,121-square-foot office building in the central metroplex city of Grand Prairie. Tom Strohbehn and Scott Farber of Younger Partners represented the seller in the transaction. Houston-based Silver Creek Realty Advisors purchased the building for an undisclosed price via a 1031 exchange. SkyWalker Property Partners originally purchased the building, which was 90 percent leased at the time of sale, in 2006.
THE WOODLANDS, TEXAS — Dallas-based Kobalt Investment Co. has acquired Creekside Park Village Green, a 74,670-square-foot shopping center in The Woodlands, about 30 miles north of Houston. Built in 2014, the center was 88 percent leased at the time of sale to tenants such as Fielding’s Local, Crust Pizza, Levure Bakery & Patisserie, Club Pilates and Cyclebar. The seller and sales price were not disclosed.
RALEIGH, N.C. — CBRE|Raleigh has negotiated the $56.5 million sale of Edwards Mill Townhomes and Apartments, a 220-unit multifamily community located at 4428 Mill Village Road in northwest Raleigh. Howard Jenkins, Kevin Kempf, William Yowell and Drew Harney of CBRE’s Southeast Multifamily Investment Sales team represented the seller, California-based RK Properties, in the transaction. K.O. Kennedy and Scott Brady of CBRE’s Debt & Structured Finance division secured acquisition financing for the undisclosed buyer. Built in 1984, Edwards Mill is situated within walking distance to Crabtree Valley Mall and features an onsite 20-mile fitness trail, a 5,000-square-foot fenced dog park, car care center, fitness center, swimming pool with a sundeck, cyber café, full basketball court and a lighted tennis court.
DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16.2 million sale of two adjacent multifamily buildings totaling 52 units that are located at 992-1000 Amsterdam Ave. on Manhattan’s Upper West Side. The buildings include a combined seven commercial spaces. Victor Sozio, Shimon Shkury, Howard Raber, and Evan Hirsch of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.