HOUSTON — The Siegel Group Nevada Inc. has acquired a former Amerihome Inn & Suites hotel in Houston. The three-story building was originally constructed in 1983 and spans 110,700 square feet. The company plans to renovate and rebrand the property under its Siegel Suites flagship hospitality brand, which features fully furnished apartment-style units with full kitchens. Capital improvements will include upgrades to floors, cabinets, furniture, appliances, windows and signage.
OVERLAND PARK, KAN. — 29th Street Capital (29SC) has acquired 79 Metcalf Apartments in Overland Park for an undisclosed price. The purchase marks the firm’s first multifamily acquisition in the Kansas City metro area. Built in 1984, 79 Metcalf Apartments is a 280-unit, Class C community. 29SC plans to fully renovate all units, enhance amenities and install new exterior siding. Haven Residential, 29SC’s in-house property management service, will oversee management and leasing. The seller was undisclosed.
MEDINA, OHIO — SVN Summit Commercial Real Estate Advisors has brokered the $6.7 million sale of Jefferson Villa Apartments in Medina, about 33 miles south of Cleveland. The garden-style, luxury apartment property features 60 units and is located on the corner of North Jefferson Street and Reagan Parkway. The community was fully occupied at the time of sale. Jerry Fiume of SVN brokered the sale. A local investor sold the asset to CR Medina LLC.
PHILADELPHIA — A partnership between Chicago-based investment firm Venture One Real Estate and investment advisory firm Kovitz Investment Group has acquired a 17-acre industrial outdoor storage facility at 6501 Essington Ave. in Philadelphia. The property, which was fully leased at the time of sale, consists of a 6,575-square-foot freestanding office building and a 34,520–square-foot repair/maintenance facility equipped with 15 drive-in repair bays and floor drains. The site can accommodate more than 475 trailers, 1,050 sprinter vans, fleet maintenance and outdoor storage. Chris Pennington of Binswanger represented the undisclosed seller in the transaction.
LAS VEGAS — Barker Pacific Group, in a joint venture with Positive investment Group, has purchased Bank of America Tower, an office complex located at 300 S. 4th St. in Las Vegas. The acquisition marks Barker Pacific’s entry into the Las Vegas market. The joint venture will rebrand the 274,565-square-foot building as Tower 300 and implement an upgrade program to the common areas. Terms of the acquisition were not released. Mike Tabeek, Larry Singer and Christopher Crooks of Newmark will handle leasing for the building.
HESPERIA, CALIF. — CBRE has arranged the sale of Eagle Plaza, a shopping center located at 15776 Main St. in Hesperia. A Texas-based private buyer acquired the asset for $5.4 million. Alan Krueger and Vanessa Haddad of CBRE represented the seller, a private local investor, in the deal. Totaling 39,877 square feet, Eagle Plaza is occupied by five tenants, including a donut shop, laundromat and sandwich store that have occupied the property since it opened in 1989. The other two tenants are government-funded school district operations.
FORT LEE, N.J. — The Kislak Co. Inc., a New Jersey-based brokerage firm, has arranged the $55.3 million sale of The Pinnacle, a 142-unit high-rise apartment building in the Northern New Jersey community of Fort Lee. Built in 2020, the 15-story building features studio, one-, two- and three-bedroom units. Scott Davidovic of Kislak represented the seller and developer, 69 Main Street Fort Lee Urban Renewal, in the transaction. Justin Lupo of Kislak procured the buyer, a joint venture between Blue Diamond Equities and Skywood Properties. David Singer of Calloway Capital placed acquisition financing through MF1 Global on behalf of the buyer. The property was 70 percent occupied at the time of sale.
DENVER — Marcus & Millichap has arranged the sale of Pecos Square, a multi-tenant retail property located at 1777 and 1717 W. 38th Ave. in Denver. A private investor acquired the asset from a private partnership for $5.1 million. Built in 1988, Pecos Square features 10,729 square feet of retail space and was 100 percent occupied at the time of sale. The property consists of 81 percent corporate leases with an average occupancy of 18 years. The asset also features a standalone Burger King restaurant. Drew Isaac and Ryan Bowlby of Marcus & Millichap represented the seller, while Austin Snedden of Marcus & Millichap represented the buyer in the deal.
YONKERS, N.Y. — CBRE has negotiated the $37 million sale of 3 Executive Boulevard and 3 Odell Plaza, two office buildings totaling 130,607 square feet in Yonkers, located north of New York City. Both assets are leased on a long-term basis to a single tenant, Montefiore Health System. Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie of CBRE represented the seller, an entity managed by Robert Martin Co., in the transaction. The team also procured the buyer, a joint venture between Benedict Realty Group and Harbor Group International.
WAXAHACHIE, TEXAS — Dallas-based Kalterra Capital Partners has sold Park Place, a 213-unit apartment community located on a 12-acre site in Waxahachie, about 30 miles south of Dallas. Park Place features one-, two- and three-bedroom units with private yards and attached garages, as well as a pool, fitness center, a dog park and courtyards. The seller and sales price were not disclosed. Kalterra Capital Partners plans to break ground on another multifamily and an active adult project in Waxahachie later this year.