NEW YORK CITY — JLL has negotiated the sale of Gallivant Times Square, a 336-room hotel located at 234 W. 48th St. in Manhattan. The 16-story building spans 209,851 square feet and offers amenities such as a fitness center, business center and meeting space. In addition, the building houses two restaurant concepts. Jeff Davis, K.C. Patel, Michele Mahl and Nikhil Chuchra of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also undisclosed.
PHOENIX — Taylor Street Advisors has arranged the sale of Shorewood Apartments, a multifamily community located at 3601 N. Fifth Ave. in Phoenix. A private investment fund acquired the property from an out-of-state investor for $4.9 million, or $233,333 per unit. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the buyer and seller in the deal. The mid-century modern apartment community features 21 residences. The property was recently renovated with the addition of in-unit washers/dryers, new floors, kitchens and baths.
BROOKHAVEN, N.Y. — Woodmont Industrial Partners has sold a 130,565-square-foot facility located at 100 Precision Drive in the Long Island town of Brookhaven. BlackRock Real Assets purchased the asset for $30.7 million on behalf of one of its institutional clients. The 12.6-acre property was originally built in 2002 and is located less than half a mile from the Long Island Expressway. Woodmont acquired the asset in 2019 and implemented a capital improvement program.
WOODBRIDGE, N.J. — NAI DiLeo-Bram has brokered the sale of The Village at Falcon Point, a 56-unit apartment complex located in the Northern New Jersey community of Woodbridge. The seven-building property was completed in 2020. David Simon, Robert DiLeo, Matthew DiLeo and Kyle Gerace of NAI DiLeo-Bram represented the seller, Falcon Partners LLC, in the transaction. The buyer and sales price were not disclosed.
BOZEMAN, MONT. — A joint venture between TPG Real Estate Partners and Cardinal Group Investment Management has acquired The Arrow Townhomes and Flats, an 887-bed student housing community located near the Montana State University campus in Bozeman. Constructed in 2019, the property offers a mix of one-, two-, three-, four- and five-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool, state-of-the-art fitness center, 24-hour clubhouse, sauna, steam room and multiple study areas. Berkadia represented the undisclosed seller in the transaction. CBRE advised on debt for the acquisition, which was added to a Fannie Mae credit facility formed by the joint venture. Cardinal Group Management will manage the property; Cardinal Group Construction will manage planned value-add construction; and Agency Fifty3 will provide marketing and branding services for the community.
CHANDLER, ARIZ. — A joint venture between Conor Commercial Real Estate and WHI Real Estate Partners have completed the disposition of the first phase of Lotus Project to a Chicago-based investment advisor. The acquisition price was not released. Located in Chandler, the newly built industrial park features four state-of-the-art advanced manufacturing and light industrial buildings offering a total of 473,516 square feet. The project is one of the largest Class A industrial parks in Chandler and was 96 percent leased at the time of sale. Each building features 32-foot clear heights, 50-foot by 56-foot column spacing with 56-foot by 60-foot speed bays, 29 truck docks, a 210-foot shared truck court and abundant parking. Additionally, all buildings offer ample power, skylights, six-inch reinforced concrete floors, LED lighting and ESFR sprinkler systems. Recently, the development team broke ground on the second phase of Lotus Project, which will include three industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24-foot to 32-foot clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55-foot speed bays. Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial …
MOSES LAKE, WASH. — Crystal Investment Property (CIP) has arranged the sale of a Motel 6 located at 2822 Driggs Drive in Moses Lake. Terms of the transaction were not released. Situated off Interstate 90 at exit 176, the motel features 89 guest rooms, an outdoor swimming pool, grassy courtyard area and ample parking for trucks, buses or RVs. Located in North Central Washington, the motel is approximately 100 miles west of Spokane and 180 miles east of Seattle. Joseph Kennedy of CIP represented the seller and worked closely with the buyer in the transaction.
RIFLE, COLO. — Stan Johnson Co. has arranged the sale of an industrial building located at 185 Gemat Circle in the Western Colorado city of Rifle. A Southern California-based private investor acquired the property from Blue Wing Capital Management for $3.1 million. Beacon Roofing Supply, a distributor of residential and non-residential roofing and complementary building products, occupies the 37,864-square-foot facility. Built in 2010 on two acres, the property offers access to Interstate 70 and is approximately one hour northwest of Aspen. David Wirgler of Stan Johnson Co. represented the seller in the deal.
HOUSTON — Frisco-based Worldwide Commercial has brokered the sale of Waterford Grove, a 552-unit apartment community in northwest Houston. According to Apartments.com, the property was built in 1973 and offers two-and three-bedroom units. Amenities include a fitness center, leasing office, pool, a dog park and an after-hours childcare program. The names of the New Hampshire-based buyer and locally based seller were not disclosed.
HOUSTON — Miami-based investment firm Elandis has acquired Waters at Westchase, a 260-unit apartment community in Houston. Built in 1979, the property features one- and two-bedroom units. Elandis acquired the property in a joint venture with London-based M&G Investments and multinational conglomerate Libra Group. The new ownership will implement a value-add program focused on the unit interiors, amenity spaces and common areas. The seller was not disclosed.