COLUMBUS, OHIO — Simi Capital has sold a 15-acre industrial property located on Stelzer Road in Columbus for $6.1 million. The institutional buyer plans to continue utilizing the property for industrial parking. Shortly after acquisition of the site, Simi secured the property’s entitlement for industrial use and arranged a long-term lease with CMH Parking and Repair. Simi paid $4.2 million for the site. Ryan Crossley of Kooperman Mentel Ferguson Yaross served as legal representation for Simi. Alex Marsh of The Robert Weiler Co. brokered the sale.
PENDERGRASS, GA. — Trammell Crow Co., in a partnership with CBRE Global Investors on behalf of one of its investment funds, has acquired a 287-acre development site in Pendergrass. The seller and sales price were not disclosed. At the site, the firms plan to build a 2.3 million-square-foot, Class A logistics center known as Jackson 85 North Business Park. Located in the metro Atlanta area along Interstate 85 in Jackson County, Jackson 85 North Business Park is located approximately 60 miles northeast of Atlanta and will be developed in two phases. Wilson Hull & Neal Real Estate will handle leasing for the project. Construction on Phase I is expected to begin in December with completion during the second half of 2022. Phase I will include a 538,450-square-foot cross-dock facility and a 1 million-square-foot cross-dock facility. Phase II will include a single 713,050-square-foot cross-dock facility. The construction timeline for Phase II was not disclosed. All three buildings will feature 185- to 190-foot deep concrete exterior truck courts, 40-foot clear heights and ESFR fire sprinklers.
FORT MYERS, FLA. — Westside Capital Group, a Miami-based real estate investment holding firm, has purchased Campo Felice, a 24-story residential tower located in downtown Fort Myers. Westside Capital acquired Campo Felice for $55 million, or $170,000 per unit. Campo Felice was originally built as a Sheraton hotel in 1986. In 2015, The MacFarlane Group acquired and redeveloped the property into a seniors housing community. As the new owners, Westside Capital intends to invest up to $5 million in capital improvements, upgrades and professional management to convert the property to a market-rate apartment tower. Existing senior residents will be welcomed to stay and lease at the property under the new ownership, though there will no longer be an active adult component. The 323-unit property features one- and two-bedroom apartments with floor-to-ceiling windows. Community amenities include four dining venues, a pool with jet spa, a 2,200-square-foot fitness center, a 49-seat movie theater, salon, dog park, ballroom and 521 parking spaces. The property was approximately 50 percent occupied at the time of sale. Located at 2500 Edwards Drive, the property sits on a 3.2-acre site on the south bank of the Caloosahatchee River, directly behind the Fort Myers Yacht Basin, a marina …
IRVING, TEXAS — Switzerland-based global investment firm Partners Group and Florida-based Accesso have sold Royal Ridge, a 505,948-square-foot office campus in Irving’s Las Colinas district, for an undisclosed price. Royal Ridge is a four-building campus that was constructed between 1998 and 2000. Tenants at the property, which has averaged a historical occupancy rate of about 94 percent during its life span, include Michaels and Honda. Todd Savage and Andrew Levy of JLL represented the partnership in the sale of the property to affiliates of Menlo Equities.
LAS VEGAS — The Bascom Group has completed the disposition of Fifty101, a multifamily community located at 5101 O’Bannon Drive in Las Vegas. Apartment Ventures acquired the asset for $21.6 million. The 90-unit community consists of 16 one-bedroom apartments, 50 two-bedroom units and 24 three-bedroom/two-bath layouts in a variety of floor plans. The Bascom Group had completed property-wide renovations, including capital improvements in dual-pane windows and public update upgrades and select unit renovations. Taylor Sims, Carl Sims and Brady Cleary of Cushman & Wakefield’s Multifamily Advisory Group in Las Vegas represented the seller in the transaction.
SAN ANTONIO — JLL has brokered the sale-leaseback of a 166,000-square-foot industrial facility located at 5003 Stout Drive on San Antonio’s east side. The property was built in 1985 and renovated in 2019. Building features include 22.5-foot clear heights, 93 parking stalls and a 21 percent office finish. Dustin Volz, Stephen Bailey, Dom Espinosa, Joshua Villarreal and Matthew Barge of JLL represented the seller and occupant, graphic design and custom manufacturing firm Comet Signs, in the transaction. The buyer/landlord was not disclosed.
NORTH HIGHLANDS, CALIF. — Exeter 4837 Watt LLC has acquired a flex industrial facility located at 4837 Watt Ave. in North Highlands. Stoneridge Watt Avenue LLC sold the asset for $12.4 million. Built in 1987 for Price Club, the property was renovated in 1997 for industrial and flex use. Situated on 12.8 acres, the 129,491-square-foot property is half a mile from Interstate 80. Alan Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the buyer, while Cushman & Wakefield represented the seller in the deal.
TAYLOR, TEXAS — The Boulder Group, an Illinois-based retail brokerage firm, has arranged the $2.4 million sale of a 6,912-square-foot retail property that is net-leased to Advance Auto Parts in Taylor, located northeast of Austin. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private investor based in the Southwest, in the transaction. The undisclosed, West Coast-based buyer completed the deal via a 1031 exchange.
PHOENIX — Marcus & Millichap has brokered the sale of a retail property located at 5120 and 5110 W. Indian School Road in Phoenix. A limited liability company sold the property to a personal trust for $8.1 million. WSS Shoes and Habit Burger occupy the 13,100-square-foot shopping center, which is across the street from American Family Fields of Phoenix Baseball Park, spring training home to the Milwaukee Brewers. Mark Ruble and Chris Land of Marcus & Millichap’s Phoenix’s office represented the seller, while Peter James and Rob Narchi of Marcus & Millichap’s Los Angeles office represented the buyer in the deal.
OAKLAND, ORE. — Crystal Investment Property (CIP) has arranged the sale of Ranch Motel, a motel in Oakland, a tiny city approximately midway between Eugene and Medford. Joseph Kennedy of CIP represented the buyer and seller in the deal. The acquisition price was not released. The exterior corridor motel is located north of Oakland and features 25 A-frame-style rooms and limited service. The property’s updated lobby and cabins feature a mid-century peaked metal roof.