MILWAUKEE — A joint venture partnership between Becovic and Next Realty has acquired a 14-building, 232-unit apartment portfolio within a one-mile radius of Marquette University in Milwaukee. The purchase price was $16.1 million. Units range from studios to four-bedroom floor plans. The portfolio was 95 percent leased at the time of sale. Taylor Grant of Park Equities represented the seller, Wiegand Enterprises LLC, which had owned the portfolio for roughly 20 years. Marquette University is home to nearly 12,000 students.
ST. PAUL, MINN. — A seven-building multifamily portfolio totaling 174 units has traded hands in St. Paul for an undisclosed price. Live Green Apartments sold the brownstone buildings to a private investor. The properties range in size from 12 units to 44 units and were built from 1911 to the 1920s. Ted Abramson, Drew Rafshol, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented the seller, which invested significant capital over the last several years to update roofs, windows, boilers, common areas and landscaping. Additionally, units and laundry areas received new flooring.
LANCASTER AND WOODLAND, CALIF. — Westcore has acquired a two-property industrial portfolio, totaling more than 1.4 million square feet of space, located at 2801 West Ave. H in Lancaster and 1755 E. Beamer St. in Woodland. Kimco Realty Corp. sold the portfolio for $108 million. Rite Aid occupies both distribution warehouses on 20-year leases. The Lancaster facility features 926,860 square feet and the Woodland property offers 508,000 square feet. Darla Long, Barbara Emmons and Rebecca Perlmutter of CBRE represented the seller, while Westcore was self-represented in the transaction.
VANCOUVER, WASH. — Institutional Property Advisors, a division of Marcus & Millichap, has arranged the purchase of Autumn Grove, a multifamily property located in Vancouver. Las Vegas-based The Calida Group acquired the property for an undisclosed price. The name of the seller was not released. Adjacent to the Vancouver Mall, the property features 148 apartments and was recently completed. At the time of sale, the community was 86 percent leased. Anthony Palladino, Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the buyer in the deal.
CHANDLER, ARIZ. — Silver Creek Development has purchased Ascend at Chandler Airport Center, a Class A office property located on 11 acres at 1811 E. Northrop Blvd. in Chandler. An undisclosed seller sold the asset for $34.2 million. Build in 2016 and renovated in 2018, the two-story building features 130,642 square feet of office space. At the time of sale, the property was fully leased on a long-term basis as the corporate headquarters of Zovio, a technology services company. Chris Toci and Chad Littell of Cushman & Wakefield represented both parties in the transaction. Greg Mayer, also of Cushman & Wakefield, provided leasing advisory services.
PALMETTO BLUFF, S.C. — Henderson Park Capital Partners and South Street Partners have formed a joint venture to acquire Palmetto Bluff, a 20,000-acre resort in Bluffton that is surrounded by 32 miles of riverfront. The price was not disclosed. Palmetto Bluff features nature trails; two village centers complete with river access, boat storage and a canoe club; dining options; the Montage Palmetto Bluff resort; and a Jack Nicklaus Signature Golf Course. The land includes available residential neighborhoods ranging from multimillion-dollar compounds to single-family lots. The joint venture will oversee all aspects of development and management of the single-family residential and resort community. Working alongside Palmetto Bluff’s current leadership team and the Montage Hotels & Resorts leadership team, Henderson Park and South Street will bring extensive experience in sales, marketing, club and resort operations. The joint venture says it will release more information later on about future development plans.
LAS CRUCES, N.M. — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Dona Ana Storage, a self-storage property in Las Cruces. Haggar Group acquired the asset. Terms of the transaction were not released. The buyer has rebranded the facility as StorWise Self Storage. The property features 273 non-climate-controlled units with tilt-up concrete exterior walls, metal Kynar-coated roofs, concrete drive aisles, LED lighting, security cameras, an on-site management apartment, leasing office and keypad controlled gate. Thomas Parsons and Adam Schlosser of Marcus & Millichap’s Denver office, along with Matthew Reeves of the firm’s Albuquerque office, represented the seller in the deal.
HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $9.9 million sale of Hollywood Design Center, a fully leased, 57,383-square-foot industrial building in Hollywood. Dominic Montazemi, Mike Ciadella, Scott O’Donnell, Greg Miller and Miguel Alcivar of Cushman & Wakefield represented the seller, an entity doing business as Avid Asset Properties Hollywood LLC, in the transaction. Larry Genet and Tom O’Loughlin of CBRE also assisted the seller in the transaction. The buyer was an entity doing business as KD Properties Group LLC. Hollywood Design Center features two tenants on long-term leases. The center is the international headquarters for Silver Airways and houses the company’s training center, command center and executive offices. The other tenant is UHS Hardware, a national commercial and residential hardware supplier. UHS Hardware occupies the other half of the property and moved to Hollywood Design Center after outgrowing its old space nearby. Located at 2850 Greene St., the center features seven functional warehouse bays with 24-foot clear heights, LED lighting, air conditioning throughout and ESFR sprinkler systems. Built in 1968, the property features a new roof under warranty, multiple HVAC unit replacements, a resealed and restriped parking lot and cosmetic upgrades to the exterior façade.
LAS VEGAS — Colliers International Las Vegas has arranged the purchase of an industrial building located at 3873 W. Oquendo Road in Las Vegas. The buyer, 963963 LLC, purchased the property from an undisclosed seller for $2.9 million. Situated within Stadium Industrial Park, the asset features 20,064 square feet of industrial space. Chris Connell and Grant Traub of Colliers International represented the buyer in the transaction.
SAN ANTONIO — A partnership between hospitality management firm Scarlett Hotel Group (SHG), which has offices in Chicago and Nashville, and Denver-based private equity firm Trailbreak Partners has purchased the former Wyndham San Antonio RiverWalk Hotel. The new ownership is planning a $50 million capital improvement program of the 21-story, 390-room hotel, which originally opened as an office building in 1958. Planned renovations include upgrades to the 40,000 square feet of meeting space and enhanced food and beverage options, as well as the addition of nearly 3,000 square feet of dining/restaurant space and luxury rooftop amenities. In addition, the hotel will be operated under the InterContinental Hotel Group (IHG) family of brands moving forward. Completion of the project is slated for early 2023.