TORRINGTON, CONN. — Community Preservation Partners (CPP) has acquired Woodland Hills Apartments, a 176-unit affordable housing community in Torrington, located west of Hartford. The property comprises 14 buildings on a 19-acre site. Units are reserved for households earning 50 percent or less of the area median income. The seller was not disclosed. Between acquisition and costs of executing a 10-month capital improvement program, CPP’s total investment is nearly $40 million.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $42.5 million sale of a multifamily development site located at 575 Grand St. in the Williamsburg neighborhood of Brooklyn. The site spans 27,500 square feet and half a city block and can support up to 110,000 buildable square feet. Daniel Lebor and Dan Marks of TerrraCRG represented the undisclosed buyer in the transaction. The seller was also not disclosed.
COLUMBUS AND DUBLIN, OHIO — Marcus & Millichap has brokered the sale of a portfolio of three Tri-Village Self Storage facilities in Ohio for an undisclosed price. The properties, totaling 1,653 units, are located at 3490 Trabue Road in Columbus, 1123 Goodale Blvd. in Columbus and 5235 Avery Run Road in Dublin. Gabriel Coe and Brett Hatcher of Marcus & Millichap brokered the transaction. Buyer and seller information was not provided.
MORAINE, OHIO — Stan Johnson Co. has arranged the $5.6 million sale of a 64,000-square-foot healthcare lab facility in Moraine, a southern suburb of Dayton. Located at 2308 Sandridge Drive, the property is fully leased to CompuNet Clinical Laboratories, a full-service clinical laboratory that serves physicians, hospitals and health organizations throughout Southwest Ohio. The facility was built in 1986. Craig Tomlinson of Stan Johnson represented the California-based buyer, who completed a 1031 exchange. A Dayton-based private investor was the seller.
LARGO, MD. — A partnership between investment firm FCP, developer Insight Property Group and Virginia-based nonprofit AHC has acquired Camden Largo Town Center, a 245-unit apartment community in Largo, just east of Washington, D.C. The sales price was $71.9 million, or roughly $293,500 per unit. At the time of sale, the garden-style community was approximately 93.5 percent occupied. The new ownership plans to upgrade common areas, rebrand the community as Haven Largo and introduce income restrictions to certain residences. Haven Largo features one-, two- and three-bedroom units that are furnished with kitchen pantries, rentable garages and private patios/balconies. Amenities include a pool, fitness center, and outdoor dining and lounge areas. In addition, Haven Largo offers proximity to Largo Town Center Metro Station and the Capital Beltway. “FCP is excited to continue investing in our home market with the acquisition of a well-maintained and high-performing asset in one of the top submarkets in suburban Maryland,” says Scott Reibstein, associate at FCP. “As part of our commitment to the preservation of moderately priced apartment communities in the region, we plan to offer resident services and implement affordability requirements to a portion of the units.” Chris Doerr and Will Harvey of Walker & …
NEW YORK CITY AND AUSTIN, TEXAS — CBRE Investment Management and facility operator William Warren Group have acquired a 64-property self-storage portfolio for $588 million. Austin-based World Class Holdings was the seller. The self-storage portfolio includes over 4.1 million rentable square feet across 10 states including Texas, Ohio, Illinois, Colorado, Missouri, Mississippi, Tennessee, Indiana, New York and Nevada. The properties include a total of 28,601 units. The self-storage properties will now operate under the StorQuest brand. The facilities were previously operated by Great Value Storage. The assets are primarily single-story drive-up units. The portfolio was 82 percent leased at the time of sale. “We expect these assets to add significant value to our investment stack given the high demand for self-storage facilities across multiple markets and end-users amid the pandemic,” says Justin Shanahan, deputy portfolio manager for CBRE Investment Management. “This specific portfolio offered a unique opportunity to acquire a diverse collection of facilities in various states that have strong population demographics. We believe that the portfolio is well-positioned to continue its robust leasing momentum and yield long-term profitability.” With this transaction, CBRE Investment Management, a New York City-based global real estate assets investment management firm and affiliate of Dallas-based …
TEMPE, ARIZ. — Faris Lee Investments has arranged the sale of Costco Plaza, a shadow-anchored Costco center located at the southeast corner of Elliot Road and Priest Drive in Tempe. A Southern California-based private investor sold the property to a Southern California-based developer for $27.8 million. Costco Plaza features 237,000 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller in the transaction.
SALT LAKE CITY — Phoenix-based ViaWest Group has acquired an 18-acre industrial development site at 3255 W. 500 South in Salt Lake City. Terms of the transaction were not released. The site contains an existing 37,000-square-foot industrial building, which was built in 2016. Phillip Eilers of Cushman & Wakefield represented the ViaWest Group and James Merrill of cRc Nationwide represented the undisclosed seller in the deal. ViaWest plans to split the existing lot, creating a separate 11-acre parcel on which it will construct a new 171,600-square-foot Class A speculative industrial building to accompany the existing building on the property.
SAN JOSE, CALIF. — San Jose-based DJM Capital, through a joint venture with affiliates of Fortress Investment Group, has acquired a four-property, grocery-anchored portfolio totaling 488,000 square feet of retail space across California. Merlone Geier sold the portfolio for an undisclosed price. Chris Hoffmann of Eastdil Secured brokered the transaction. Bank of America served as lender and Brian Ley of JLL acted as equity intermediary. The portfolio includes: Magnolia & Adams, a 68,000-square-foot property at 9062 Adams Ave. in Huntington Beach, Calif. Magnolia & Warner, a 62,000-square-foot center at 17070 Magnolia St. in Fountain Valley, Calif. Poway Town Center, a 101,000-square-foot asset at 12342 Poway Road in Poway, Calif. Deer Creek Village, a 257,000-square-foot property at 429 N. McDowell Blvd. in Petaluma, Calif.
LOS ANGELES — CBM1 has arranged the sale of a neighborhood shopping center located at 11201-11223 National Boulevard in West Los Angeles. Los Robles Office Partners sold the asset to a private party for $13.1 million. The property includes a 10,883-square-foot retail building situated on a 24,400-square-foot lot. The retail center includes eight units; a newsstand; a Wells Fargo ATM; two income-producing billboards; and a cell tower. At the time of sale, seven of the eight units were occupied. Geoff Grossman of CBM1 represented the seller, while Paul Brehme of Lee & Associates represented the buyer in the transaction.