CRESTWOOD, ILL. — A joint venture between Clear Height Properties and Harbert US Real Estate, an investment fund sponsored by Harbert Management Corp., has acquired a four-building industrial portfolio in the Chicago suburb of Crestwood for an undisclosed price. The portfolio spans 131,733 square feet and is 88 percent leased to 19 tenants. The buildings were constructed between 1989 and 1991. Walter Murphy of Lee & Associates represented the undisclosed seller.
DENTON, TEXAS — Illinois-based investment firm ML Realty Partners has acquired a 153,150-square-foot industrial building located at 2340 I-35 W. Service Road in the North Texas city of Denton. According to commercialcafé.com, the freestanding property was built on a 36.3-acre site in 2006. The seller and sales price were not disclosed. ML Realty Partners has tapped CBRE to lease the building.
HOUSTON — Marcus & Millichap has brokered the sale of Studio 6 Houston, a 134-room hotel that is located on a three-acre site at 220 Bammel Westfield Road in North Houston. Gordon Allred and Tulsee Nathu of Marcus & Millichap represented the seller, Dallas-based Prosper Hospitality, in the transaction. The buyer, Salt Lake City-based investment firm MCRE, plans to convert the property into a residential community.
STAMFORD, CONN. — CBRE has arranged an $89 million acquisition loan for a 344-unit multifamily property located at 75 Tresser Blvd. in Stamford. The property was built in 2014 and features studio, one-, two- and three-bedroom units with stone countertops and individual washers and dryers, as well as private patios and balconies in select residences. Amenities include a pool, outdoor grilling areas, a media center, conference room, lounge, fitness center and a demonstration kitchen. Jason Gaccione, Shawn Rosenthal, Jake Salkovitz and Lauren Weinstein of CBRE arranged the loan through Apollo Global Management on behalf of the borrower, a partnership between Monday Properties and Washington Capital.
STAMFORD, CONN. — New Jersey-based investment firm BDP Holdings has acquired a 310,000-square-foot office building in Stamford, located in the southern coastal part of the state. The property was built on 22.7 acres in 1995 and was fully leased to Pitney Bowes Inc., a provider of shipping and mailing supplies and services for e-commerce firms, at the time of sale. Amenities include a cafeteria, fitness center and outdoor gathering areas. The seller and sales price were not disclosed.
EAST BRUNSWICK, N.J. — A joint venture between global asset manager Oxford Properties Group and Denver-based EverWest Real Estate Investors has purchased a 78,000-square-foot warehouse in East Brunswick, about 40 miles south of Manhattan. The sales price was $18 million. The property was vacant at the time of sale, and the new ownership plans to redevelop the eight-acre site to house a modern logistics facility. The seller was not disclosed.
PHOENIX — ABI Multifamily has negotiated the sale of The Vicinity Apartments, a multifamily community located at 6131 N. 16th St. in Phoenix. The property traded for $37.5 million, or $300,000 per unit. The undisclosed buyer and seller are both based in Arizona. Built in 1975 on 4.3 acres, The Vicinity Apartments features 125 units in 10 two- and three-story buildings. The community features a mix of 49 one-bedroom units, 26 two-bedroom townhome-style units and 50 two-bedroom/two-bath units. Units feature air conditioning/heating, hardwood-style flooring, walk-in closets, a patio or balcony, extra storage and a fully equipped kitchen with oven/range, refrigerator, garbage disposal, microwave and pantry. Community amenities include a swimming pool and spa, fitness center, business center, laundry facility, clubhouse, open courtyard, barbecue grills, picnic area, mature landscaping, controlled access and onsite covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group handled the transaction.
HILLSBORO, ORE. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Sunset Esplanade, a neighborhood retail center in Hillsboro, for $65.9 million. Target, Safeway, Ross Dress for Less, Petco and Starbucks Coffee are tenants at the 269,710-square-foot shopping center, which is located along SE Tualatin Valley Highway. Faris Lee Investments brokered the transaction. The name of the seller was not released.
RIVERSIDE, CALIF. — Dornin Investment Group (DIG) has completed the disposition of 2280 Market Street, its fifth and final multi-tenant office building of its five-building Riverside Office Portfolio in Riverside. A California-based company acquired the final asset for $13.1 million, or $200 per square foot. The three-story property features 65,380 square feet of office space. At the time of sale, the building was 68 percent occupied. DIG recently completed renovations to the lobby, common areas and landscaping while building two speculative office suites. Anthony Delorenzo, Sammy Cemo, Bryan Johnson and Doug Mack of CBRE represented DIG in the deal. Tom Pierik and David Mudge of Lee & Associates provided leasing services for the property. The total sales of the portfolio reached $59.4 million, or $266 per square foot. DIG originally purchased the five-property portfolio from an institutional ownership group in October 2018 for $44.3 million, or $198 per square foot.
DENVER — Monfort Cos. has completed the sale of 1946 Market Street, a retail building located in Denver’s LoDo neighborhood. Jim Blumenthal, a local real estate investor, acquired the asset for $24 million. Monfort Cos. and Riot Hospitality Group will continue to lease and operate Dierks Bentley’s Whiskey Row, which recently opened in the 22,000-square-foot property following a renovation of the original building, including a 6,000-square-foot addition. Whiskey Row opened in New Year’s Eve.
