PENNSAUKEN, N.J. — Colliers has brokered the sale of a 60,000-square-foot industrial property in the Southern New Jersey city of Pennsauken. The facility was fully leased at the time of sale. SNS Real Estate Investment Group LLC acquired the property from an undisclosed seller. Ian Richman of Colliers brokered the deal. New Jersey-based Freedom Bank provided acquisition financing.
NEW YORK CITY — Locally based brokerage firm Spur House Partners has negotiated the sale of an apartment building in Manhattan’s East Village area that was originally built in 1930 and consists of four four-bedroom units and ground-floor retail space. Shlomo Gelernter of Spur House Partners represented the buyer, Highpoint Property Group, in the transaction. Jay Bernstein of Besen Partners represented the seller, an entity doing business as 166 1st Avenue Realty Group.
CARY, N.C. — JLL Capital Markets has arranged the sale of Twin Lakes Center, a multi-tenant shopping center in Cary anchored by Wegmans. Thomas Kolarczyk and Ryan Eklund of JLL represented the seller, Leyland Alliance. Dallas-based L&B Realty Advisors acquired the property on behalf of an institutional client. The sales price was not disclosed. Built in 2020, Twin Lakes Center was fully leased at the time of sale to tenants including Hollywood Feed, Great Clips, Mezeh Mediterranean Grill, Premier Martial Arts, PM Pediatrics, Paris Nail Bar, Bul Box and Gulli Boys. Situated on 1.7 acres at 1125 Hatches Pond Lane, Twin Lakes Center is situated 16.1 miles from Raleigh and 14.1 miles from Durham.
AUSTIN, TEXAS — Newmark has brokered the sale of a four-property portfolio of mid-rise student housing properties totaling 1,441 beds. The properties are situated adjacent to public universities in the Southeast and Illinois. Ryan Lang, Jack Brett, Ben Harkrider, Tim McKay, Debra Corson, Blake Pera and Dean Smith of Newmark represented the seller, Rael Corp., in the transaction. The sales price and the buyer were not disclosed. The properties include: Gather Illinois, which is located near the University of Illinois at 410 North Lincoln Ave. in Urbana, Ill.; Gather Uptown located near East Carolina University at 400 South Greene St. in Greenville, N.C.; Gather Dickson located near the University of Arkansas at 333 St. Charles Ave. in Fayetteville, Ark.; and Gather Southern located near the University of Memphis at 3655/3695 Southern Ave. in Memphis.
HUNTSVILLE, ALA. — MH Hospitality has acquired the Holiday Inn Express Hotel, a 98-room, four-story hotel in Huntsville. Wealth Hospitality Group sold the property for $13.9 million. The Holiday Inn Express Hotel is a newly constructed, 56,963-square-foot hotel that features two elevators, 1,200 square feet of meeting space, an outdoor pool and a fitness center. Situated on 2.7 acres, the property is located about one mile from the U.S. Space & Rocket Center, Huntsville Botanical Garden and the Huntsville campus for the University of Alabama.
JACKSONVILLE, FLA. — Inman Equities has sold Kabana Cove Apartments, an 80-unit multifamily property in Jacksonville, for $8.6 million. Luke McCann and John Rutherford of NAI Hallmark brokered the transaction on behalf of Inman Equities and the buyer, Investor Boardroom. Built in 1974, the property offers 64 two-bedroom, one-bath units and 16 one-bedroom, one-bath units. Community amenities include a clubhouse, laundry facilities and package services. Inman Equities recently renovated the exterior of the property, including new paint, landscaping and pool upgrades. Located at 6595 San Juan Ave. on 3.1 acres, Kabana Cove is situated 8.4 miles from Florida State College at Jacksonville and 20.4 miles from Jacksonville International Airport.
CHICAGO — The Howard Hughes Corp. (NYSE: HHC) has sold its equity interest in 110 North Wacker Drive, a 55-story office tower spanning 1.5 million square feet in Chicago. Callahan Capital Partners and Oak Hill Advisors purchased the stake for $210 million. Based on this sales price, the implied value of the office tower is more than $1 billion, representing the highest valuation for an office property in Chicago since the sale of Willis Tower in 2015, according to Howard Hughes. The Class A building, located along the Chicago River, opened in October 2020 and was co-developed by Howard Hughes and Riverside Investment and Development Co. The property is more than 82 percent leased by tenants such as Bank of America, Heitman, Lincoln International, Jones Day and Morgan Lewis. Eastdil Secured represented Howard Hughes in the sale.
FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Heights of Cityview, a 344-unit apartment community in southwest Fort Worth. Built on 22 acres in 1998, the property features one-, two- and three-bedroom units with an average size of 984 square feet. Amenities include multiple pools, a fitness center, clubhouse, pet park, package locker system and outdoor grilling areas. Drew Kile, Joey Tumminello, Michael Ware, Asher Hall, Taylor Hill and Will Balthrope of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
WEBSTER, TEXAS — CBRE has brokered the sale of The Webster Medical Office & Life Sciences Campus, a two-building, 94,506-square-foot facility located in the southeastern Houston suburb of Webster. The campus was built between 2006 and 2008 and was fully leased at the time of sale. Biomedical conglomerate Catalent anchors the roster of 11 tenants with a 32,000-square-foot space, and other users include Centre for Neuro Skills (CNS), Texas Skin Center, Texas ENT, Arthritis Relief Centers and ProActive Physical Therapy Centers. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany, Zack Holderman and Brandy Bellow Spinks of CBRE represented the seller, a joint venture between Virtus Real Estate Capital and Lincoln Property Co., in the transaction. The buyer and sales price were not disclosed.
RENO, NEV. — Marcus & Millichap has arranged the sale of The ERGS Portfolio, an eight-property apartment portfolio in Reno. The 1,077 units traded for $302.5 million, or $280,872 per unit. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap’s Reno office represented the undisclosed seller and procured the undisclosed buyer in the deal. Built between 1958 and 2021, the portfolio includes: North Peak Apartments, 352 units Silver Lake Apartments, 352 units Sierra Sage Apartments, 232 units Vale Apartments, 40 units Vale Townhomes, 16 units Peavine Peaks, 30 units Oak Manor, 47 units Angel Street Apartments, eight units