NEW HAVEN AND HAMDEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of a portfolio of three multifamily properties totaling 234 units in the New Haven area. The 123-unit Liberty Building was converted into an apartment complex in 1999 and is located in the city’s downtown area. Hamden Centre and Dogwood Hill Apartments, located in nearby Hamden, were both built in the 1970s and respectively total 65 and 46 units. Victor Nolletti, Eric Pentore and Wes Klockner of IPA represented the seller, Beachwold Residential, in the transaction and procured the buyer, Cue Residential.
LINCOLN AND TIVERTON, R.I. — Bally’s Corp. (NYSE: BALY) has agreed to sell two of its casino resorts in Rhode Island to an affiliate of Gaming & Leisure Properties Inc. (NASDAQ: GLPI) for $1 billion. The properties in question are Bally’s Twin River Lincoln Casino Resort in Lincoln and Bally’s Tiverton Casino & Resort in Tiverton. A timeline for the closing of the sale-leaseback deal was not disclosed. Under the terms of the agreement, Rhode Island-based Bally’s will continue to operate the gaming operations and will pay a $9 million transaction fee at closing. GLP Capital, the acquiring entity of the Pennsylvania-based REIT, has agreed to pre-fund a deposit of up to $200 million that will be credited or repaid either at closing or on Dec. 31, 2023, whichever comes first. Ballly’s Twin River Lincoln features 136 hotel rooms and suites and a total of 162,000 square feet of gaming space, including 4,100 slot machines, 125 table games and a sportsbook. In addition, the resort houses four restaurants, three food courts, nine bars, three live entertainment venues, two VIP lounges and a retail store. Bally’s Tiverton comprises an 83-room hotel and 33,600 square feet of gaming space with 1,000 slot …
SUGAR LAND, TEXAS — JLL has negotiated the sale of Imperial Self Storage, a 791-unit facility located in the southwestern Houston suburb of Sugar Land. Operated by CubeSmart, the property features 94,220 net rentable square feet of climate-controlled space. Steve Mellon and Brian Somoza of JLL represented the seller, SurePoint Self Storage, in the transaction. OB Cos./My Place Self Storage, an investment firm launched by Simply Self Storage founder and former CEO Kurt O’Brien, purchased the facility for an undisclosed price.
TAMPA, FLA. — Colliers has arranged the sale of 115,899 square feet of office and retail space within Grand Central at Kennedy in Tampa’s Channel District. An affiliate of Maryland-based Mosaic Realty Partners purchased the shops and offices for $38.1 million, which is the largest retail transaction in Tampa’s core districts in terms of sales price, according to Colliers. In addition to the 60,329 square feet of retail space and 55,570 square feet of office space, the transaction includes a transfer of interest in the management for the property’s two parking garages that comprise 862 spaces. Grande Central at Kennedy was developed in 2007 and four tenants — retailers CVS/pharmacy and Crunch Fitness and office users Kraft Heinz Foods and Quality Carriers (a division of CSX Corp.) — occupied 80 percent of the gross leasable space at the time of sale. Other tenants include Massage Envy and several bars and restaurants, including Cena, City Dog Cantina, Pour House and Maloney’s Irish Pub. Grand Central at Kennedy also includes condos that were not part of the sale. Mike Milano, Nicholas Coccodrilli and Brandon Rapone of Colliers’ West Florida Retail Investment Team represented the seller, Mercury Advisors, the original developer of the …
GREENSBORO, N.C. — Highwoods Properties has sold Airpark East Office Park, a 298,037-square-foot office park situated along Albert Pick Road in Greensboro. Locally based investor Deep River Partners purchased the four-building office campus. The sales price was not disclosed, but Winston-Salem Journal reports the property traded for $20.3 million. The news outlet also reported Airpark East was 88.2 percent leased at the time of sale to tenants including Volvo Financial Services. Ben Kilgore of CBRE|Raleigh and Greg Wilson of CBRE|Triad represented Highwoods in the sales transaction. CBRE|Triad is the leasing agent of Airpark East, which features a conference center, café, walking trails, an amphitheater and wooded picnic areas.
ORLANDO, FLA. — Marcus & Millichap has brokered sale of Oak Ridge Plaza, a 75,701-square-foot shopping center located at 2332 W. Oak Ridge Road in Orlando. Aloma International Properties Inc. purchased the property from an entity doing business as 2332 West Oak Ridge Road LLC for $12.3 million. Nick Ledvora of Marcus & Millichap’s Orlando office procured the buyer in the transaction. Oak Ridge Plaza was 97 percent leased at the time of sale to 19 tenants, including Family Dollar, Biomat USA, La Familia Pawn, United Temps and Boost Mobile.
KATY, TEXAS — New York City-based investment firm Sentinel Real Estate Corp. has acquired The Retreat at Cinco Ranch, a 268-unit apartment community in the western Houston suburb of Katy. Built in 2008, the property offers one-, two- and three-bedroom units with an average size of 943 square feet. Interiors feature granite countertops, walk-in closets and full-size washers and dryers. Amenities include a pool, fitness center, outdoor grilling stations, a playground, resident lounge with a kitchen and coffee bar and a business center. The seller was not disclosed.
CHICAGO — Timber Hill Group has sold a 3.5-acre outdoor storage and fleet parking property at 4626 W. 42nd St. in Chicago for an undisclosed price. Zenith IOS purchased the property, which is zoned for truck parking and is located near the Cicero Avenue and I-55 interchange. Timber Hill acquired the site in 2017 and added a perimeter fence, gate system and lighting. Brian Vanosky and Tim McCahill of Lee & Associates represented the buyer. Timber Hill is a Chicago-based private equity firm specializing in the acquisition and development of logistics real estate.
IRVINE, CALIF. — MetLife Investment Management and PGGM have purchased Intersect, a four-building creative office campus in Irvine. Hines sold the property for $235.2 million. Totaling 453,975 square feet, the asset is located at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. in the Orange County Airport submarket. Kevin MacKenzie, John Chun and Samuel Godfrey of JLL’s debt advisory team secured a $117.6 million, 10-year, fixed-rate acquisition loan through Allianz Real Estate for the buyer. Previously, JLL worked to sell the original campus to Hines in 2015 and refinanced the asset on the company’s behalf in 2019. Intersect underwent a more than $27 million renovation in recent years. The asset features a two-acre courtyard with a game pavilion, urban garden, farmer’s market, basketball courts, volleyball courts, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining, as well as live music and events catering to the campus’ tenant base and residential neighbors. Additional onsite amenities include conference facilities, a fitness center, food trucks, wellness trails, private tenant terraces and patios, and subterranean and structured parking. At the time of sale, the property was 85 percent leased to …
FULLERTON, CALIF. — A group led by World Premier Investments has acquired Fullerton Town Center, a grocery-anchored neighborhood retail center in Fullerton. Terms of the transaction were not disclosed. Located at the intersection of Harbor Boulevard and Orangethorpe Avenue, Fullerton Town Center features 219,902 square feet of retail space. The property boasts a 98 percent national tenant base, including Amazon Fresh, Ross Dress for Less, Five Below, WSS and an AMC Theatrea dine-in location with food, beverage and elevated service offerings. NewMark Merrill represented the buyer, while Reza Investment Group represented the seller in the deal.