TOMBALL, TEXAS — Colliers has brokered the sale of a 16.2-acre commercial development site located along South Chestnut Street in Tomball, a northeastern suburb of Houston. Tom Condon Jr. of Colliers represented the buyer, the Tomball Economic Development Corp. (TEDC), in the transaction. The seller and sales price were not disclosed. The TEDC bought the parcel with the intent of assembling a larger site, specific development plans for which have yet to be determined.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $20 million sale of a multifamily development site in the Prospect Lefferts Gardens neighborhood of Brooklyn. The site at 224-240 Clarkson Ave. is located within an Opportunity Zone and can support up to 150,000 buildable square feet of new development. Sean Kelly, Shimon Shkury and Lawrence Sarn of Ariel Property Advisors represented the seller, private investor Albert Rabizadeh, in the transaction. The buyer was not disclosed.
RALEIGH, N.C. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of a five-property portfolio of Food Lion-anchored shopping centers in the Carolinas. The assets span 248,030 square feet and include College Lakes Plaza in Fayetteville, N.C.; Eden Centre in Eden, N.C.; Kimberly Park in Carthage, N.C.; Kris Krossing in Conway, S.C.; and West Pointe Village Asheboro, N.C. Raleigh-based Genesis Properties purchased the portfolio from Richmond-based Capital Square for an undisclosed price. Dean Zang and David Crotts of IPA, along with Zach Taylor of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Ben Yelm and Donald Gilchrist served as Marcus & Millichap’s brokers of record in South Carolina and North Carolina, respectively, in the deal.
SARASOTA, FLA. — Buligo Capital has purchased Sarasota Industrial Business Center in southwest Florida for $27.4 million. The park includes five industrial parcels totaling over 186,650 square feet of shallow-bay industrial space, as well as 1.1 acres of industrial outdoor storage (IOS) and laydown yard. Nick DeVito II and Brie Tulp of Ian Black Real Estate represented the seller, GBA Holdings, a joint venture between Biscayne Atlantic and Genet Property Group, in the transaction. The brokers also procured the undisclosed buyer. Biscayne Atlantic purchased the park in 2023 and invested $1.3 million in capital improvements. Sarasota Industrial Business Center, which is located on Industrial Boulevard with access to U.S. Route 301 and I-75, was 85 percent leased at the time of sale.
KNOXVILLE, TENN. — Atlanta-based Hunter Hotel Advisors has brokered the sale of Crowne Plaza Knoxville Downtown University, a 195-room hotel located in downtown Knoxville. The property is situated near the Tennessee Valley Authority headquarters and Market Square and within walking distance to the University of Tennessee. Crowne Plaza features more than 15,000 square feet of meeting space, an indoor pool, business center, fitness center and Mahogany’s, a full-service restaurant. Local hotel owner, The 9 Group, purchased the property from a private seller for an undisclosed amount. Tim Osborne of Hunter’s Chattanooga office brokered the transaction.
SAN DIEGO — Holland Partner Group has completed the sale of Folia, an apartment community located at 12520 Camino Del Sur in San Diego, to an undisclosed buyer in an off-market transaction. Rachel Parsons, Derrek Ostrzyzek, Mike Murphy and Kenji Thomas of CBRE represented the seller in the transaction. Built in 2024, Folia offers 342 one-, two- and three-bedroom apartments with stainless steel appliances, hardwood floors and in-unit washers/dryers. The community features a resort-style pool and space, a fitness center, resident clubhouse, playground and grilling and picnic areas.
BUENA PARK, CALIF. — Cushman & Wakefield has arranged the sale of two industrial buildings at 6250 and 6270 Caballero Blvd. in Buena Park. AEW sold the assets to Elion for an undisclosed price. Totaling 274,170 square feet, the two buildings offer 24-foot clear heights, 32 dock-high doors, three ground-level doors and 13 rail doors. The properties are situated on 12 acres and offer ample parking and convenient freeway access. Jeff Chiate, Rick Ellison, Matt Leupold, Aubrie Monahan and Jeff Cole of Cushman & Wakefield represented the seller and procured the buyer in the transaction. Brian Share, Rob Rubano, Max Schafer, Brennan Vance, Niki Kretschmann and Jonathan Grotzinger of Cushman & Wakefield arranged financing on behalf of the new ownership.
SAN DIEGO — Alterra IOS has purchased a 5.1.-acre industrial outdoor storage (IOS) site with 30,000 square feet of accompanying warehouse space in the Otay Mesa neighborhood of San Diego. Located at 2660 Cactus Road, the property includes designated office space and open canopies. Additionally, the property is fully leased to a national tenant in the building materials sector. Located adjacent to the United States-Mexico border, the asset offers convenient access to the region’s key domestic and international ports, highways and airports, with direct connectivity to I-5, I-8, I-805, Route 905 and Route 11. Mickey Morera of Kidder Mathews facilitated the acquisition for Alterra.
PLAINFIELD, ILL. — Quantum Real Estate Advisors Inc. has brokered the $9 million sale of a 55,073-square-foot retail center in Plainfield within metro Chicago. Located at 12337 S. Route 59, the property was 97 percent leased at the time of sale to tenants such as Enterprise, One Main Financials, Chop’d and Khaos Brewcade and Kitchen. Brett Berlin of Quantum brokered the transaction. A private investor based in Illinois purchased the asset from a local family development company based in Chicago’s western suburbs.
ADA, MICH. — Marcus & Millichap has negotiated the sale of Ada Attic Self-Storage, a 342-unit self-storage facility in Ada near Grand Rapids. The sale closed at a 6.62 percent cap rate. Built in 2002, the 52,150-square-foot property comprises climate-controlled and conventional units and was 96 percent occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. Eddie Greenhalgh of Marcus & Millichap represented the seller, a family trust/limited liability company, and procured the buyer, Prestige Storage, in association with Steve Chaben, the brokerage firm’s broker of record in Michigan. The transaction marks the first time that the asset has changed hands.