WHITELAND, IND. — Montecito Medical Real Estate has acquired a 19,360-square-foot medical office building in Whiteland near Indianapolis. Completed this year, the property is located at 503 Greenwood Trace. It is fully leased to a physician group that offers primary care and a range of specialty medical services. The seller and sales price were undisclosed. In the past year, Montecito has acquired three medical office buildings in central Indiana.
DALLAS — Greystone has brokered the sale of Midpark Towers, a 202-unit apartment complex in North Dallas that was built in 1978. According to Apartments.com, the property offers one-bedroom units with an average size of 525 square feet. Mark Allen of Greystone represented the undisclosed, locally based seller in the transaction. The buyer was Elizabeth Property Group.
TULSA, OKLA. — Stan Johnson Co., a Tulsa-based brokerage firm focused on net-leased assets, has negotiated the $13.7 million sale of a portfolio of 10 restaurant properties totaling 25,643 square feet that are leased to Taco Bueno. The properties are located in various cities in Texas and Oklahoma. Josh Pardue of Stan Johnson Co. represented the seller, New York-based private equity firm U.S. Realty Advisors LLC, in the transaction. The buyer was Dallas-based Centric Capital Partners. The deal traded at a cap rate of 7.22 percent.
PRYOR, OKLA. — Trident Multifamily, an investment firm based in North Texas, has sold The Park @12Twenty, a 100-unit apartment complex located in the eastern Tulsa suburb of Pryor. The sales price was $6.5 million. The property was built on 8.3 acres in 1974, renovated in 2019 and had an occupancy rate of 96 percent at the time of sale. Mike Marrara, David Dirkschneider, William Forrest and Chris O’Hare of Capstone Apartment Partners represented Trident Multifamily in the transaction and procured the buyer, Adventurous REI.
NEW JERSEY — National brokerage firm SVN has negotiated the sale of a portfolio of self-storage facilities located throughout New Jersey that consists of 3,147 units and 393,400 net rentable square feet. The portfolio comprises five stabilized facilities that were originally built in the mid-1980s and two expansion projects. Nick Malagisi and Hans Hardisty of SVN brokered the deal. The buyer and seller were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $7.8 million sale of a 49-unit apartment building located at 258 Wadsworth Ave. in the Washington Heights area of Upper Manhattan. The property was built in 1923. Jacob Kahn and Seth Glasser of Marcus & Millichap represented the seller, an entity doing business as 258 Wadsworth Associates, in the transaction. Kahn and Glasser, along with Joe Koicim and Peter Von Der Ahe of Marcus & Millichap, represented the buyer, 258 Wadsworth Realty LLC. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
LAKELAND AND MELBOURNE, FLA. — SRS Real Estate Partners has arranged the sale of two Crunch Fitness-occupied properties located in the Central Florida cities of Lakeland and Melbourne. The sales totaled $12.1 million. Matthew Mousavi, Patrick Luther and Patrick Nutt of SRS represented the seller, a Florida-based development firm, in the disposition of both properties to two separate buyers. Mousavi and Luther also represented the undisclosed buyers in the transactions, both of which are private investors based in California. The 18,000-square-foot Lakeland property is located at 5218 Florida Ave. S and sold for $5.9 million. Located at 1257 W. New Haven Ave., the 45,487-square-foot Melbourne property sold for just under $6.2 million.
NORTH CHARLESTON, S.C. — Standard Communities has acquired Osprey Place Apartments in North Charleston. Built in 2004, the 108-unit affordable housing property located at 2390 Baker Hospital Blvd. North comprises five garden-style apartment buildings situated on 19 acres. Community amenities include a laundry room, playground and off-street parking. The total capitalization of the transaction exceeded $22 million, including over $82,000 per unit in renovation costs. Standard Communities purchased the property on a long-term ground lease in a public-private partnership with nonprofit organization Housing on Merit and South Carolina State Finance and Development Authority (SC Housing). Regions Bank provided Low Income Housing Tax Credits (LIHTC) for the transaction in partnership with SC Housing. Gene Levental of SVN Affordable | Levental Realty represented the undisclosed seller in the transaction. The deal brings Standard Communities’ affordable housing portfolio in the Charleston area to more than 500 units. Based in New York and Los Angeles, Standard Communities has a national portfolio exceeding 15,500 apartment units, including approximately 11,500 affordable and workforce housing units. The firm has completed more than $3 billion of affordable housing acquisitions and rehabilitations nationwide.
HOUSTON — MCR, a New York City-based hospitality owner-operator, has acquired the 135-room Hampton Inn & Suites by Hilton Houston I-10 West/Park Row. The hotel offers a covered outdoor picnic area, fitness center, outdoor pool, convenience mart and 575 square feet of meeting and event space. The seller and sales price were not disclosed. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
MOONACHIE, N.J. — Nevada-based investment and development firm Dermody Properties has acquired a 72,045-square-foot warehouse that is situated on a three-acre site in Moonachie, located in Bergen County. The property offers proximity to Interstates 95, 80 and 78 and features a clear height of 20 feet, 62 parking spaces and 9,388 square feet of office space. Gary Stein of Savills, along with Craig Engelhardt and Steve Korfiatis of Newmark, represented Dermody Properties, which will implement a value-add program in the transaction. Capital improvements will include repaving the truck court and parking areas, installing new dock packages and fully renovating the existing office space. KBC Advisors will market the property for lease beginning in the fourth quarter.