INDIANAPOLIS — Avison Young has brokered the sale of Building 5 within Whiteland Exchange Business Park in the Indianapolis suburb of Whiteland. The sales price was undisclosed. Sean McHale and Peter Seoane of Avison Young represented the seller, Jones Development. DHL Supply Chain was the buyer. Avison Young was also the leasing agent for Whiteland Exchange, which totals 2.4 million square feet.
EAST LANSING, MICH. — Newmark has arranged the sale of three student housing assets totaling 496 beds that serve Michigan State University in East Lansing. The sales price was undisclosed. The properties include: The Gates, a 139-bed property built in 2014; The Manor, a 56-bed building constructed in 2015; and The Tower, a 301-bed property. Amenities include controlled access, resident events, onsite parking, laundry facilities and a pedestrian bridge to campus. Ryan Lang, Jack Brett, Ben Harkrider and Debbie Corson of Newmark represented the seller, MJW Investments. Blue Vista Capital Management was the buyer.
ANKENY, IOWA — Sealy & Co. has acquired Crosswinds II, a 221,520-square-foot distribution center in Ankeny, a northwest suburb of Des Moines. The purchase price was undisclosed. The facility was completed earlier this year and features a clear height of 32 feet, 30 dock-high doors and a 136-foot truck court. Jason Gandy and Davis Gibbs led the transaction for Sealy on an internal basis. John Hassler of Newmark Zimmer represented the undisclosed seller.
AUBURN AND GREENFIELD, MASS. — CBRE has brokered the $26.2 million sale of the Lundgren Honda dealerships located in the Central Massachusetts cities of Auburn and Greenfield. The Auburn property was built in 2012 and spans 55,870 square feet. The Greenfield property was constructed in 2005 and totals 12,807 square feet. The family-owned and -operated dealership and its affiliate real estate company, Lundgren Equity Partners, sold the sites to Pennsylvania-based Legacy Automotive Capital. Karly Iacono of CBRE represented both parties in the transactions.
NEWPORT, R.I. — Pebblebrook Hotel Trust (NYSE: PEB) has acquired Gurney’s Newport Resort & Marina, a 10-acre waterside resort located on Narragansett Bay in Rhode Island, for $174 million. The 257-room hotel is located on Goat Island in Newport and features unobstructed views of Newport Harbor and the Newport Bridge. The hotel grounds include a historic lighthouse; 3,000-square-foot spa; coffee shop; 3,200-square-foot waterside pavilion; resort-style swimming pool with cabanas; indoor pool; fitness center; seasonal ice-skating rink; 80,000 square feet of flexible indoor and outdoor event space; and several waterside restaurants, including Showfish Newport and The Pineapple Club. The property also features a 22-slip full-service marina, which was not included in the sale, but will be available for PEB to purchase in 2027. The new ownership is evaluating a number of capital expenditures at the resort, which could include full renovations to guest rooms; upgrades to the lobby; updated landscaping; refurbishment of the property’s restaurants and bars; the addition of a new market; relocating and updating the spa; and updates to the hotel’s grand ballroom, south lawn and outdoor pavilion spaces. “Gurney’s Newport is the only resort-style property in Newport, drawing strong demand from New York, Boston and Providence,” says …
HOUSTON — NAI Partners has brokered the sale of a 23,781-square-foot industrial building located at 7522 S. Santa Fe Drive on Houston’s south side. According to LoopNet Inc., the property was built in 1962. Zane Carman and Clay Pritchett of NAI Partners represented the buyer, The New Generation Engineering & Construction Co., in the transaction. David Munson and Garrett Thomas of Boyd Commercial represented the undisclosed seller.
CHAMBERSBURG, PA. — JLL has negotiated the sale of Franklin Center, a 174,063-square-foot shopping center in Chambersburg, located in the southern central part of the state. Built in 1990 and renovated in 2015, Franklin Center was 91.5 percent leased at the time of sale. Dick’s Sporting Goods, T.J.Maxx, Ulta Beauty, Petco and Ollie’s Bargain Outlet are the anchor tenants. Christopher Munley, Jim Galbally, Colin Behr and James Graf of JLL represented the seller, Florida-based investment firm Coastal Equities, in the transaction. Milbrook Properties Ltd. acquired the asset for an undisclosed price.
UPLAND, CALIF. — Virtu Investments has completed the disposition of Foothill Ridge, a multifamily property in Upland, to Clear Capital for $82 million, or $353,448 per unit. Built in 1973, Foothill Ridge features 232 apartments spread across 32 one- and two-story buildings on 11 acres. Units offer energy-efficient appliances, large closets and central air conditioning. Community amenities include ample open space, a resort-style pool with furnished sundeck, a spa, fitness center, dog park, playground and barbecue grills. Alexander Gracia Jr., Tyler Martin and Chris Zorbas of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
LAS VEGAS — SVN | The Equity Group has brokered the sale of Silverado Square, a retail center situated on 6.5 acres in Las Vegas. AG Property Development LLC sold the asset to an undisclosed buyer for $24.4 million. Located at 1110-1190 E. Silverado Blvd., Silverado Square features 48,492 square feet of retail space. Sprouts Farmers Market anchors the property, which was developed in 2018 and 2019. Nolan Julseth-White of SVN | The Equity Group represented the seller, while Rob Ippolito of Newmark represented the buyer in the transaction.
DENVER — NorthPeak Commercial Advisors has arranged the sale of Avon Apartments, a multifamily property located at 2850 and 2880 S. Federal Blvd. in Denver. The asset traded for $19.8 million, or $200,000 per unit. The names of the seller and buyer were not released. Totaling 75,662 square feet, Avon Apartments features 99 units. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.
