FRESNO, TEXAS — Marcus & Millichap has arranged the sale of Cajun Self Storage, a 524-unit facility in Fresno, located south of Houston. Built in 2005 and expanded in 2015, the facility spans 104,823 net rentable square feet across both climate- and non-climate-controlled units. Brian Kelly, Brett Hatcher, Gabriel Coe and Jack Newman of Marcus & Millichap represented the seller in the transaction. Kelly, Hatcher and Coe also procured the buyer. Both parties were limited liability companies that requested anonymity. Tim Speck, division manager and broker of record, assisted in closing this transaction.
HOUSTON — Texas-based investment firm Stonelake Capital Partners has acquired a 127,513-square-foot industrial property in northwest Houston. Andy Sowell of Boyd Commercial represented the seller and former occupant of the building, Graybar Electric Co., in the deal. David Munson and Wes Williams, also with Boyd Commercial, subsequently negotiated a full-building lease with Hannibal Industries, a manufacturer of steel pallet racks.
DALLAS — Stream Realty Partners has brokered the sale of a 104,427-square-foot industrial property in Dallas. The property is situated on a roughly 10-acre site along Interstate 35 in the South Stemmons submarket. Jamie Jennings, Andrew Rabinovich and Jason Moser of Stream Realty Partners represented the seller in the transaction. Additional terms of sale were not disclosed.
CHALFONT, PA. — NAI Mertz has arranged the sale of a 151,220-square-foot industrial property located at 90 Hamilton St. in Chalfont, located north of Philadelphia. The sales price was approximately $6 million. The building is situated on 14 acres and includes 6,000 square feet of office/showroom space. Jeff Licht, Jared Licht and Adam Lashner of NAI Mertz represented the buyer, AVL Properties LLC, in the transaction. Binswanger Commercial Real Estate Services represented the seller.
FAIRFIELD, CONN. — An entity managed by Davis Marcus Partners, which is a joint venture between Marcus Partners and The Davis Companies, has sold a boutique office building located at 2150 Post Road in the southern Connecticut city of Fairfield for $10 million. According to LoopNet Inc., the property was built in 1986 and spans roughly 51,000 square feet. A CBRE team of Jeffrey Dunne, Steven Bardsley, David Gavin, Jeremy Neuer, Gene Pride and Stuart MacKenzie represented the seller in the transaction and procured the buyer, a group led by Valley East Management. The property was 96 percent leased at the time of sale.
MONTICELLO, N.Y. — Houlihan-Parnes Realtors LLC has brokered the sale of Monticello Meadows Apartments, a 176-unit multifamily complex in Monticello, located about 100 miles northwest of New York City. The complex is situated on nine acres and offers one- and two-bedroom units. Ed Graf of Houlihan-Parnes and Steve Tierney of Rochester law firm Woods Oviatt Gilman LP represented the parties involved in the transaction. The property was 95 percent occupied at the time of sale following the implementation of a capital improvement program.
PHOENIX — TerraCap Management LLC has acquired Anchor Centre, an office property in Phoenix’s Camelback Corridor, for $103.5 million. The two-building office park spans 333,014 square feet at the intersection of 24th Street and Camelback Road. KBS was the seller. The buildings were constructed in 1984 and 1986, and KBS completed a multimillion-dollar capital improvement program upon its acquisition of the asset in 2014. KBS made upgrades to the lobby, common areas, restrooms and amenity spaces, which include a deli, tenant lounge, game room, fitness center, conference facility, outdoor patio and underground parking. Anchor Centre is currently 93 percent occupied by tenants such as Humana Insurance, Northwestern Mutual and Black & Veatch. “The property’s freeway access and close proximity to high-end retail is advantageous for the tenants,” says Steve Hagenbuckle, founder and managing partner of TerraCap. “The amount of in-migration and corporate relocations coming from the West Coast should assist in keeping occupancy high, allowing us to increase long-term value for our investors.” The Phoenix office market showed signs of growth during the third quarter of 2020, posting just over 300,000 square feet of positive absorption, according to JLL. Colony Capital provided debt financing for TerraCap with assistance from Kevin …
CHARLOTTE, N.C. — Berkadia has arranged the sales of two apartment communities totaling $68.7 million in Charlotte. Miami-based One Real Estate Investment bought the 310-unit Kelston Apartments and the 240-unit Avalon Apartments from an undisclosed seller(s). Kelston was built in 1986 and is located at 1207 Kelston Place, seven miles east of downtown Charlotte. The property offers one-, two- and three-bedroom floor plans. The buyer plans to upgrade the clubhouse, fitness center, cyber café and pool. Built in 1999, Avalon Apartments is situated at 6000 Regal Estate Lane, less than one mile from Kelston Apartments. Avalon also offers one- through three-bedroom floor plans. Shared amenities include a renovated clubhouse, coffee and tea bar, media and entertainment lounge, pool table, fitness center and a dog spa. Voya Financial provided a three-year, interest-only loan with a floating interest rate for the Kelston acquisition. Berkadia provided a 10-year, fixed-rate Fannie Mae loan for the Avalon purchase. Mitch Sinberg and Brad Williamson of Berkadia originated both acquisition loans, which totaled $51.4 million. Additionally, Noam Franklin, Chinmay Bhatt and Cody Kirkpatrick of Berkadia arranged MLG Capital as a joint venture equity partner for One Real Estate Investment’s acquisition of Avalon. MLG Capital invested $13.1 million …
TAMPA, FLA. — Cushman & Wakefield has negotiated the $32 million sale of Macy’s Distribution Center in Tampa. The 645,241-square-foot property serves as a warehouse and Macy’s Furniture Gallery. Macy’s sold the asset to Irvine, Calif.-based LBA Realty. The building is situated at 4130 W. Gandy Blvd., seven miles southwest of downtown Tampa. The property features 108 48-foot dock doors, one drive-in door, 225 parking spaces and interior and exterior LED lighting. Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Gary Gabriel, Adam Spies and Anthony Pasqual of Cushman & Wakefield represented Macy’s in the transaction. Macy’s will continue to lease the space.
MEMPHIS, TENN. — LRC Properties has acquired a 640,000-square-foot industrial facility in Memphis for $23 million. The asset is situated at 4926 Southridge Blvd., 11 miles east of Memphis International Airport. Technicolor occupies the building on a lease that expires in 2023. The seller was not disclosed. Brian Califf of NAI Saig Co. represented the buyer in the transaction. Ready Capital closed an $18.9 million acquisition loan on behalf of the Rye Brook, N.Y.-based buyer. The non-recourse loan features interest-only payments for the duration of the four-year term, a floating interest rate, one extension option and flexible prepayment options.