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.
ATLANTA — Walker & Dunlop has brokered the $164.5 million sale of The Mansions Portfolio, a portfolio of four Class A independent living properties in Atlanta. Focus Senior Housing Fund I LP, a discretionary investment vehicle that is managed by an affiliate of Focus Healthcare Partners LLC, bought the portfolio. Joshua Jandris, Mark Myers, Jordyn Berger and Brett Gardner of Walker & Dunlop represented the buyer in the transaction. Additionally, Russell Dey of Walker & Dunlop arranged three acquisitions loans through Freddie Mac. The seller(s) was not disclosed. The Mansions Portfolio includes 559 independent living units across four unnamed properties located within 30 miles of one another. Some communities include restaurant-style dining rooms, fitness centers, landscaped grounds and in-unit washers and dryers. The communities are fairly new as they were constructed between 2016 and 2020. Focus Healthcare Partners is a real estate investment and asset management firm headquartered in Chicago.
TUNKHANNOCK, PA. — New York City-based Cleeman Realty Group has brokered the $4.7 million sale of Village Center, a 68,000-square-foot shopping center in Tunkhannock, located northwest of Scranton. Anchored by grocer Weis, the property sits on 6.9 acres and was 93 percent leased at the time of sale. Cleeman Realty Group represented the buyer and seller, both of which requested anonymity, in the off-market transaction.
SMYRNA, TENN. — MCR, a hotel owner-operator with offices across the country, has acquired Tru by Hilton Smyrna Nashville and Home2 Suites by Hilton Smyrna Nashville, a dual-branded hotel in the Nashville suburb of Smyrna. The 167-room property is located less than 10 miles from the Nashville Superspeedway, a motor racing complex, and 20 miles from Nashville International Airport and downtown Nashville. The seller and sales price were not disclosed. The Tru by Hilton Smyrna Nashville features 78 pet-friendly guestrooms with refrigerators, a free daily breakfast, 24-hour fitness center, outdoor pool, free Wi-Fi, 24-hour business center with personal pods and remote printing access, 24-hour lobby market with snacks and drinks, onsite laundry and complimentary parking. The Home2 Sutes by Smyrna Nashville features 89 pet-friendly suites with kitchenettes, a free daily breakfast, a 24-hour fitness center, an outdoor pool, free Wi-Fi, a 24-hour business center, onsite laundry and complimentary parking.
MIAMI — Gridline Properties has arranged the sale of a former Methodist church and school in Miami for $5.4 million. The 28, 947-square-foot property is located at 205 NE 87th St. in Miami’s Upper East Side and within El Portal Village. Built in 1952, the former Rader Memorial United Methodist Church has been vacant for more than 10 years. Gridline’s Alfredo Riascos represented the sellers, Seth Gadinsky of Gadinsky Real Estate LLC and Samuel Soriero of Group 10 Capital Management LLC, in the transaction. The buyer, The Sanctuary LLC, a client of Elm Spring Inc., plans to adapt the property into restaurant, retail and office space. The sellers acquired the property in 2016 for $3.2 million and entitled the asset into a mixed-use retail, office and event space building prior to selling. No timeline was given on the redevelopment project.
RICHMOND AND PORTSMOUTH, VA. — A joint venture between Blackfin Real Estate Investors and GMF Capital LLC have acquired three Low Income Housing Tax Credit (LIHTC) communities in Virginia for $48 million. The seller was The Franklin Johnston Group. Drew White and Carter Wood of Berkadia secured the $48 million sale, while Mitch Sinberg and Matt Robbins of Berkadia arranged the $39.1 million financing. The affordable housing portfolio totals 452 units and includes Oaks of Dunlop Farms located at 101 Old Oak Lane Colonial Heights in Richmond. Also, the portfolio includes Crescent Place located at 2804 Turnpike Road and Independence Square located at 5120 George Washington Highway in Portsmouth. The Oaks of Dunlop Farms has 144 units, Crescent Place has 156 units and Independence Square has 152. The transaction represented the venture’s sixth acquisition together.