DENVER — Pinnacle Real Estate Advisors has arranged the sale of a retail and liquor store property located at 2035 S. Broadway in Denver. The 5,589-square-foot property traded for $4.7 million in an off-market transaction. The names of the seller and buyer were not released. Levi Saxen and Jack Eberwein of The Saxen Team of Pinnacle Real Estate Advisors represented the buyer and seller in the deal.
MINNEAPOLIS — Colliers has brokered the sale of ElseWarehouse, a 116-unit apartment building in the North Loop of Minneapolis. The sales price was undisclosed. The transaction marks the first time the historic warehouse apartments have hit the market. Mox Gunderson, Dan Linnell, Devon Dvorak and Adam Haydon of Colliers represented the seller, Greco. North Dakota-based Great States Development was the buyer. Greco converted the 1920s warehouse into apartments in 2012. Located at 730 N. Washington Ave., the property features a variety of one-, two- and three-bedroom units averaging 907 square feet. Amenities include a fitness center, rooftop clubrooms and retail space on the ground floor.
BETHLEHEM, PA. — NAI Summit has brokered the $5.5 million sale of a 48,000-square-foot industrial and research and development (R&D) facility in the Lehigh Valley city of Bethlehem. The facility features 32 clean rooms, warehouse space, an office area and a machine shop. Mike Adams and Sarah Finney Miller of NAI Summit represented the seller and former occupant, semiconductor manufacturer IQE, in the transaction. The buyer, German pharmaceutical company GfM Bremen, will also occupy the building.
YORK, PA. — Marcus & Millichap has negotiated the $2.9 million sale of a 10,000-square-foot medical office building in York, about 100 miles west of Philadelphia. The building at 1550 Rodney Road was fully leased at the time of sale to the University of Pittsburgh Medical Center. Spencer Koch, Scott Gould, Rory Shelby and Christopher Biuso of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
HOUSTON — Global investment firm Stonepeak, which is headquartered in New York City, has acquired a portfolio of six industrial properties totaling 2.3 million square feet in Houston. The properties, the names and addresses of which were not disclosed, serve tenants in the logistics sector and are all located within eight miles of Port Houston. JLL acted as Stonepeak’s financial advisor in the transaction. The seller and sales price were not disclosed.
DALLAS — Los Angeles-based investment firm ShainRealty Capital has purchased Yorktown Luxury Apartments, a 226-unit complex located in the Kessler Park area of Dallas, for $39.5 million. Built in 2016, the property offers studio, one-, two- and three-bedroom units and amenities such as a pool, lounge and outdoor grilling and dining stations. Eric Calub, Caleb Jones and Paul Harris of Berkadia brokered the sale. The seller was Nuveen Real Estate. Arbor Realty Trust provided a $27.6 million CMBS acquisition loan to ShainRealty Capital that was structured with a five-year term, fixed interest rate of 5.88 percent and a 70 percent loan-to-value ratio. The new ownership will make capital improvements and has rebranded the property as Infinity on Yorktown.
WEBSTER, TEXAS — CBRE has brokered the sale of Baybrook Passage, a 189,334-square-foot shopping center in Webster, a southeastern suburb of Houston. Best Buy and Staples anchor the center, which was built in 2003 and was 97 percent leased at the time of sale. Other tenants include Boot Barn, Skechers and healthcare provider Memorial Hermann. Mark Witcher, Jolie Duhon, Chris Cozby, Jim Batjer and Harrison Tye of CBRE represented the seller, Gulf Coast Commercial Group, in the transaction. The local buyer, SLS Properties, was self-represented.
SOUTHAVEN AND OLIVE BRANCH, MISS. — JLL Capital Markets has brokered the sale of two distribution centers totaling 589,598 square feet in the Mississippi suburbs of metro Memphis. The properties include Stateline Building K in Southaven and Crossroads Building L in Olive Branch. Tulsa-based real estate firm Sealy & Co. was the buyer. The sales price was not disclosed. Motivational Fulfillment & Logistics Services leases the 347,604-square-foot Stateline K facility, and American Music Supply occupies the 241,994-square-foot Crossroads L property. Both assets feature 32-foot clear heights, ESFR sprinkler systems, parking spaces and flexible layouts to accommodate single or multi-tenant uses. Matt Wirth, Britton Burdette, Dennis Mirtchell and Jim Freeman of JLL represented the seller, IDI Logistics LLC, in the transaction. Jack Wohrman of JLL handles leasing efforts for the property.
TALLAHASSEE, FLA. — Patterson Real Estate Advisory Group has arranged a loan of an undisclosed amount on behalf of Albany Road Real Estate Partners for Capital Circle Commerce Park, a six-building industrial portfolio totaling 181,100 square feet in Tallahassee. Ameris Bank is providing the acquisition loan. The portfolio, which was 99 percent leased at the time of sale, is situated less than 10 miles from the Tallahassee International Airport and includes IOS parking for current tenants as well as any future third-party parking needs.
DORAL, FLA. — Marcus & Millichap has arranged the $9.7 million sale of Doral Shops & Professional Center, a retail center located in the western Miami suburb of Doral. Scott Sandelin and Edward Romo of Marcus & Millichap represented the seller and procured the buyer in the deal. Situated at 3655 NW 107th Ave., the multi-tenant property spans 15,314 square feet. Nine tenants are operating on a triple-net leased basis at the property, including South Dental Doral, Doral Physical Therapy, Uni K Wax and Venezuelan restaurant La Coriana.
