ATLANTA — MDH Partners has acquired 1500 Marietta Blvd., a 48,975-square-foot industrial building located in Atlanta’s Upper Westside. The transaction is a sale-leaseback deal with the tenant, Ideation. The sales price was $6.2 million. Ideation, a wholesale bakery based in Atlanta that was previously known as H&F Bread Co. signed a three-year lease with MDH at the Class B, infill industrial facility. The property is located close to Interstate 75 and the Interstate 285 loop. The facility also sits adjacent to Tilford Yard, where TPA Group is set to develop 77 acres on behalf of Amazon, including a 220,000-square-foot delivery station. Ideation provides research, development, manufacturing and packaging solutions for restaurants, hotels, grocers and caterers. MDH Partners is an Atlanta-based real estate investment company.
DENVER — San Diego-based MG Properties Group has acquired Neon Local Apartments, a multifamily property located in Denver’s South Broadway neighborhood. North America Sekisui House and Holland Partner Group sold the asset for $108.2 million. Built in 2020, Neon Local Apartments features 238 apartment and proximity to mass transit and commuter freeways. Jordan Robbins and Pamela Koster of JLL represented the sellers. JLL Capital Markets’ Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice arranged acquisition financing through an affiliate of Apollo Global Management.
SURPRISE, ARIZ. — South Dakota-based SWC Development Partners has purchased a 27.9-acre land site in Surprise for $7.1 million. The buyer plans to develop a multi-phased industrial project with warehouse/distribution, manufacturing and flex facilities on the site. Kevin Helland of Avison Young represented the buyer in the acquisition. Helland and Mark Seale, also of Avison Young, will represent the ownership on the leasing and sale of the project. SWC Development Partners plans to build eight buildings, ranging from 25,000 square feet to 139,278 square feet. Located at 11860 N. Dysart Road, the first building is already fully permitted and will be a 59,352-square-foot warehouse/distribution facility. Construction is slated to begin in October with completion scheduled for fourth-quarter 2022. The second building will total 139,278 square feet and construction is scheduled to begin in second-quarter 2022 with completion estimated for first-quarter 2023. The construction schedule for the remaining six buildings is to be determined based on market demand. The sold parcel marks the final phase of Skyway Commons, an industrial park that currently has four completed industrial buildings totaling 173,878 square feet that another developer built.
TUCSON, ARIZ. — Thayer Manca Residential (TMR) has purchased Desert Shadows, an apartment property located in Tucson. Located at 7425 N. Mona Lisa Road, Desert Shadows features 338 apartments. TMR plans a $6.8 million renovation and repositioning plan includes a marketing rebrand, upgrades to the common area amenity package and interior renovations to the units. TMR acquired the 368-unit Circ Tucson in 2019 and the 424-unit Envii Apartments in 2020.
MUNSTER, IND. — CA Health and Science Trust Inc. (CAHST), a newly formed private REIT focused on the acquisition and development of medical office and life sciences facilities, has acquired a three-building medical office complex in Munster for an undisclosed price. Munster is located about 30 miles southeast of the Chicago Loop. The buildings total more than 113,200 square feet and are home to ambulatory surgery centers. The sale also includes adjacent land parcels for the potential development of up to 50,000 square feet of additional medical office space. The acquisition is part of an equity commitment of up to $245 million from partners Davidson Kempner Capital Management LP, Monarch Alternative Capital LP and CA Ventures. Mike Wilson, Erik Foster and Jim Kornick of Avison Young represented the seller, LBC Owner LLC.
CHICAGO — Cushman & Wakefield has brokered the sale of the Tesla Service Center of Chicago property located at 3059-3057 N. Elston Ave. for $13.1 million. Located in Chicago’s Avondale neighborhood, the build-to-suit for Tesla opened in 2019. The service center spans 31,700 square feet and provides maintenance and repairs for all Tesla models. Michael Marks, Evan Halkias, David Matheis and Eric Cline of Cushman & Wakefield represented the seller, a private owner. Exan Capital acquired the property on behalf of a separate account, Chicago Elston One LLC. Exan is an independent real estate fund manager with asset management services.
AMARILLO, TEXAS — Dallas-based hospitality developer and management firm NewcrestImage has sold the 91-room Hyatt Place and 90-room Tru by Hilton hotels in Amarillo. Two different affiliates of locally based investment firm KAMP Hotels LLC purchased the properties, both of which rise four stories, for undisclosed prices. NewcrestImage continues to operate two hotels in downtown Amarillo: a 107-room Courtyard by Marriott and a 226-room Embassy Suites.
SAN ANTONIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mosaic on Broadway, a 120-unit apartment complex that is located adjacent to the Pearl Brewery development in San Antonio. The property was built in 2013 and includes 15,593 square feet of retail space that is fully leased. In addition, Mosaic on Broadway offers a rooftop pool, spa and outdoor grilling area, along with a 24-hour fitness center, a resident lounge with media zone, coffee bar, mail center and a fenced-in dog park. Will Balthrope and Drew Garza of IPA represented the seller, Broadway Developments, in the transaction. The duo also procured the buyer, Moody National Cos.
ARLINGTON, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of The Oaks of Arlington, a 107-unit community located about 1.5 miles from AT&T Stadium and Globe Life Field. According to Apartments.com, the property was built in 1984 and offers one- and two-bedroom units ranging in size from 502 to 1,184 square feet. Jon Krebbs of TMG represented the seller and the Chicago-based buyer, both of which requested anonymity, in the transaction.
LINDEN, N.J. — An affiliate of Cammeby’s International has purchased Sunnyfield Garden Apartments, a 120-unit multifamily property in Linden, for $20.5 million. The community, located in Union County, consists of 82 one-bedroom units, 38 two-bedroom units and onsite parking for 100 cars. Jeff Squires of New Jersey-based brokerage firm The Kislak Co. Inc. represented the seller, an entity doing business as S.G.A. LLC that has owned the property since 1950, in the transaction. Squires also procured the buyer.