WARRENSVILLE, OHIO — A Costa Rica-based private investor has purchased a facility occupied by car sales company Carvana in Warrensville, about 15 miles southeast of Cleveland. The sales price was $6.7 million. Located at 4070 Interchange Corporate Center Road, the 8,408-square-foot property was constructed in 2017. Michael Shover and Matthew Gorman of CBRE represented the buyer. There were 17 years remaining on Carvana’s lease at the time of sale. The seller was undisclosed.
HOUSTON — A partnership between Houston-based Better World Holdings and New York-based Crown Capital Ventures has acquired Skylar Pointe Apartments, a 449-unit community in Houston’s Clear Lake area, for $49.1 million. Built in 1979, Skylar Pointe comprises 162 one-bedroom units, 255 two-bedroom apartments and 32 three-bedroom residences. Amenities include two pools, a spa, playground and onsite laundry facilities. The new ownership will invest about $4.6 million in capital improvements to the property, including $2.9 million to unit interior and $1.7 million in to building exteriors and amenity spaces.
FORT WORTH, TEXAS — Levin Johnston, a division of Marcus & Millichap, has brokered the sale of Constellation Ranch Apartments, a 324-unit multifamily community in Fort Worth that was built in 2005. Units come in one-, two- and three-bedroom formats and feature washers and dryers, built-in computer niches and walk-in closets. Amenities include a pool, fitness center, business center, movie theater, dog park and Amazon package lockers. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the seller and the buyer, a California-based private investor, in the transaction. Both parties requested anonymity.
NEW YORK CITY — Marcus & Millichap has brokered the $55.5 million sale of the 531-room Martinique New York hotel, located at the corner of Broadway and 32nd Street in Manhattan. Eric Anton and Nelson Lee led a Marcus & Millichap team that represented the seller, New York-based Herald Hotel Associates LP, in the transaction. The buyer was Oklahoma City-based Burnett Equities. Marcus & Millichap also represented the new ownership in negotiations for several retail leases that were recently signed at the property.
ALTOONA, PA. — Axiom Realty has acquired Orchard Plaza, an 82,438-square-foot shopping center in Altoona, located east of Pittsburgh in Blair County. Built in 1986, the center was 81 percent leased at the time of sale to tenants such as Big Lots, The American Red Cross and CosmoProf. MSC Retail represented the seller, Cincinnati-based shopping center REIT Phillips Edison, in the transaction.
EAST BRUNSWICK, N.J. — New Jersey-based brokerage firm R.J. Brunelli & Co. has negotiated the $4.9 million sale of a 25,000-square-foot retail property in East Brunswick, located in Middlesex County. A Jersey Strong health club occupies the freestanding building. R.J. Brunelli represented the seller, WOW Plaza III LLC, in the transaction. Ellen Quentzel of Jordan Baris Inc. Realtors represented the buyer, New York-based KHC Development Inc.
MARGATE, FLA. — Lynd Living has sold the Lakes at Margate, a 280-unit, garden-style apartment complex in Margate, for $66.5 million. The firm purchased the property just eight months prior for $51 million. The buyer was not disclosed. Hampton Beebe of Newmark represented Lynd Living in the sale. The firm is rebranding Lakes at Margate as Aqua Villa. Built in 1987, the property features one-, two- and three-bedroom units with wood-plank floors, custom white cabinetry and energy-efficient appliances. Community amenities include two pools, a clubhouse, modern fitness studio and a cyber café. Aqua Villa was 91 percent occupied at the time of sale. Lynd Living spent $4 million in renovations and upgrades during its ownership, including the addition of chef’s kitchens to the property’s three-bedroom units, which the company says has allowed it to raise rents by as much as $800 per unit. The chef’s kitchens improvements include the expansion of counters for one long solid surface for cooking, tile backsplashes and a top shelf installed for pots and pans. Located at 5750 Lakeside Drive, Aqua Villa is situated close to Florida’s Turnpike. The property is 15 miles from Fort Lauderdale, 19.6 miles from Fort Lauderdale International Airport and 12.6 …
FORT WORTH, TEXAS — Atlanta-based investment firm MDH Partners has acquired Everman Crossroads, a two-building industrial complex in Fort Worth totaling 954,611 square feet. The buildings were constructed on a combined 47 acres in 2021. Building 1 totals 310,292 square feet and includes 88 dock doors and 36-foot clear heights. Building 2 spans 644,319 square feet and features 182 dock doors and 40-foot clear heights. Pet food provider Purina occupies Building 1, and Building 2 is available for lease. Dustin Volz, Stephen Bailey, Dom Espinosa, Zach Riebe and Matthew Barge of JLL represented the seller, a partnership between Dallas-based Bandera Ventures and Invesco Real Estate, in the transaction. Scott Moore of CBRE represented MDH Partners in conjunction with internal agent Georga Rowe.
COMMERCIAL POINT, OHIO — Colliers has arranged the sale of a 1 million-square-foot e-commerce fulfillment center occupied by Bath & Body Works Inc. in Commercial Point, a southern suburb of Columbus. The sales price was undisclosed. The retailer plans to add 500 employees to its central Ohio workforce to fill online orders at the facility. Located at 514 Exchange Way, the property is the first building within the 875-acre Rickenbacker Exchange at Commercial Point industrial park. Alex Cantu, Jeff Devine, Steve Disse and Michael Linder of Colliers represented the seller, VanTrust Real Estate. The Mid-America Management Corp., an Ohio-based investment firm, was the buyer.
CHICAGO — Hines Global Income Trust Inc. has entered into an agreement to acquire the historic WGN-TV Studios building located at 2501 W. Bradley Place in Chicago’s North Center submarket. Chicago-based developer R2 is selling the property for about $30.5 million, according to Crain’s Chicago Business. The deal follows Hines Global’s recent acquisition of Bradley Business Center, a 23-acre mixed-use campus located across the street from the WGN property. The TV station spans 131,000 square feet and is fully leased to WGN-TV, which first aired in 1948. Cody Hundertmark, Tom Sitz and David Knapp of Cushman & Wakefield brokered the transaction.
