IOWA CITY, IOWA — Phoenix Investors has acquired a 364,000-square-foot manufacturing and distribution center in Iowa City for an undisclosed price. The property is located at 2500 Highway 6 East. Phoenix acquired the asset from International Automotive Components, which used the facility for manufacturing of various automotive parts. The property features 19 loading docks, three drive-in doors and clear heights ranging from 25 to 37 feet. Phoenix now owns more than 2 million square feet of industrial assets in the state of Iowa.
DECATUR, ILL. — Quantum Real Estate Advisors Inc. has brokered the $3.3 million sale of a single-tenant medical office building in the central Illinois town of Decatur. The occupant, Memorial Health System, has roughly 10 years remaining on its lease. Dan Waszak of Quantum represented the seller, a Midwest-based real estate investor and developer. A California-based fund was the buyer.
SYRACUSE, N.Y. — New York City-based Aptitude Development has sold The Marshall, a 287-bed student housing building in Upstate New York, to Syracuse University for an undisclosed price. The property opened in 2018 at the site of a former strip mall and is located within two blocks of campus. The Marshall’s 147 units come in studio, one-, two-, three- and four-bedroom floor plans and are furnished with built-in desks, quartz countertops and stainless steel appliances. Amenities include a fitness center, private and open study rooms and a resident lounge and bistro café. The Marshall also houses retail space that is leased to Five Guys and Kung Fu Tea.
WEST JORDAN, UTAH — Institutional Property Advisors (IPA), a division Marcus & Millichap, has arranged the sale of Broadmoor Village, a multifamily property located in West Jordan. Bridge Investment Group acquired the asset from Wasatch Property Group for an undisclosed price. Danny Shin and Brock Zylstra of IPA represented the seller and procured the buyer in the deal. Developed in 1986 on 16 acres, Broadmoor Village is a garden-style asset that features 348 apartments in one-, two- and three-bedroom layouts, with an average apartment size of 867 square feet. Community amenities include landscaped grounds, walking paths, a heated swimming pool and community courtyard.
KENT, WASH. — Marcus & Millichap has brokered the sale of Glacier West Self Storage and Napa Auto Parts Store, located at 1415 and 1407 Central Ave. S in Kent. The transaction includes a 45,400-square-foot self-storage facility and a 6,000-square-foot NAPA Auto Parts Store. A limited liability company sold the asset to an undisclosed buyer for $10.7 million. Built in 2001 on three acres, the 10-building self-storage facility features 134 climate-controlled units and 183 drive-up units without climate control. Christopher Secreto of Marcus & Millchap’s Seattle office represented the seller in the transaction.
MISSION VIEJO, CALIF. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 26911 and 26921 Trabuco Road in Mission Viejo. Starpoint Properties sold the asset to a Hawaii-based private investor for $11 million. Smart & Final and Saddleback Carpet & Flooring fully occupy the 26,202-square-foot property, which is part of Alicia Trabuco Plaza. Smart & Final serves as the anchor tenant for the plaza. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller and buyer in the deal.
MIAMI AND SOUTHFIELD, MICH. — Veteran Services USA and Southfield, Mich.-based Lockwood Asset Management have bought a 10-property hotel portfolio totaling more than 1.6 million square feet, for $225 million. The seller(s) was not disclosed. Veteran Services USA plans to redesign and convert existing buildings into mixed-use properties with Radisson Hotel accommodations. The properties will include separate studio and one-bedroom residential apartments for veterans age 55 and over who live on a fixed income. SarahCare, a Canton, Ohio- based brand that provides senior daytime care and activities, will lease space at several locations within the portfolio. In addition to the residential space and SarahCare facilities, the building’s large-scale, existing kitchen facilities will be available for lease for a ghost kitchen. The 10 properties include the following: • Crowne Plaza located at 6121 N. Interstate Highway 35 in Austin, Texas; • Crowne Plaza located at 33 E. Fifth St. in Dayton, Ohio; • Crowne Plaza located at 9090 Southwest Freeway in Houston, Texas; • Marriott located at 200 E. Amite St. in Jackson, Miss.; • Radisson located at 1775 Parkway Place in Marietta, Ga.; • Crowne Plaza located at 2625 Thousand Oaks St. in Memphis, Tenn.; • Clarion Inn located at …
MABLETON, GA. — ZMR Capital has acquired Upland Townhomes, a 348-unit multifamily community in metro Atlanta in Mableton, for $40.1 million. The seller was not disclosed. Located at 6850 Mableton Parkway, Upland Townhomes offers a mix of one-, two- and three-bedroom townhomes. Approximately half of the homes were recently upgraded, and ZMR is planning a capital improvement program to update the remainder of the units. Planned upgrades include stone countertops, new cabinetry, upgraded lighting and plumbing fixtures, new vinyl plank flooring and stainless appliances. Community improvements will include the addition of a new clubhouse that will include a business center and fitness center and upgrades to the playground, a dog park and grilling areas. ZMR Capital is a Tampa-based real estate investment firm. Upland is ZMR’s third acquisition in the metro Atlanta area over the past three years and brings the firm’s Atlanta portfolio to just under 1,000 units. The company is looking to invest approximately $250 million in metro Atlanta over the next 24 to 36 months.
ROSWELL, GA. — Principal Real Estate Investors has sold Coleman Village, a 90,981-square-foot, Kroger-anchored shopping center in Roswell. Jim Hamilton, Brad Buchanan and Andrew Michols of JLL represented the seller in the transaction. The Georgetown Co. acquired the property for $20.8 million. Situated on 12.2 acres at 800 Marietta Highway, Coleman Village was 97 percent leased at the time of sale. The tenant roster includes Starbucks, El Porton Mexican Restaurant, Attitude Fitness and Mavis Tire. Principal Real Estate Investors manages or sub-advises $90.3 billion in commercial real estate assets and is based in Des Moines, Iowa. The Georgetown Co. is a New York-based, privately held real estate firm.
CHARLOTTE, N.C — Northpond Partners has acquired Packard Place, a five-story creative office building located at 222 South Church St. in downtown Charlotte. Dunn Mileham and David Morris of Trinity Partners arranged the transaction on behalf of the seller, Packard Place Properties LLC, an entity owned by Sara and Dan Roselli. The sales price was $15.4 million. After purchasing the 95,128-square-foot property in 2010, Sara and Dan Roselli founded The Garage at Packard Place, a nonprofit focused on providing Charlotte’s start-up and entrepreneurial community with technical, educational and business support. Currently 60 percent leased, Packard Place has served as home to the Arts & Science Council, Insight Enterprises, DealCloud, Sunlight Financial, Not Just Coffee and Ink n Ivy. Northpond has selected architectural firm Gensler to lead the design for the property’s comprehensive common area renovations. Potential plans include the creation of an open lobby allowing for tenant connection and collaboration. Capital improvements are expected to begin later this year and be completed in second-quarter 2022. Northpond has retained Maddy Howey and Tim Arnold of Trinity Partners to lease the property. Additionally, Trinity Partners will manage the property. Northpond Partners is a Chicago-based real estate investment firm. This property is Northpond’s …