HOUSTON — Chicago-based investment firm Dayton Street Partners has acquired a 500,000-square-foot logistics property in northeast Houston that features a 333-door truck terminal and a 33-bay maintenance facility. The property is situated on 90 acres at 5800 Mesa Drive, just south of Interstate 610 and less than 10 miles from Port Houston. Dayton Street Partners will undertake a multimillion-dollar renovation of the terminal and the development of 25 acres for secured trailer parking. The undisclosed seller was a private investor.
HOUSTON — Younan Properties Inc., a Los Angeles-based subsidiary of global private equity firm Younan Co., has acquired Two Westlake Park, a 455,000-square-foot office building located in Houston’s Energy Corridor. The building was constructed on 5.4 acres in 1982 and is situated within Westlake Park, an office development that spans more than 2.8 million square feet across 58 acres. Dan Miller and Marty Hogan of JLL represented the seller, PIMCO, in the transaction. Younan Properties was self-represented.
HASLET, TEXAS — Bellomy & Co. has brokered the sale of Life Storage, a 623-unit self-storage facility in Haslet, located approximately 16 miles from downtown Fort Worth. The property spans 78,950 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, a locally based limited partnership, in the transaction. The duo also procured the buyer, New York-based Angelo Gordon Real Estate Inc.
AUSTIN, TEXAS — Dallas-based Muskin Commercial has arranged the sale of The Arts Apartments at Turtle Creek, a 95-unit multifamily complex located just south of downtown Austin. The property is situated on 5.3 acres and features one- and two-bedroom floor plans. Amenities include a pool, dog park and multiple art installations. Muskin Commercial represented the undisclosed, Dallas-based seller in the transaction. Locally based investment firm Narrow Road Group purchased the complex for an undisclosed price and will implement a value-add program that includes rebranding the property as Arroyo Apartments.
KANSAS CITY, KAN. — Industrial Logistics Properties Trust (NASDAQ: ILPT) has purchased a Class A warehouse in Kansas City for $44 million. Built in 2018, the 645,000-square-foot building is situated on 57 acres at 17001 W. Mercury St. The property is fully leased to one tenant, which has 12 years remaining on its lease. The sales price represents a cap rate of 6.5 percent. Industrial Logistics Properties Trust is a publicly traded REIT with 301 properties spanning 43.8 million rentable square feet in its portfolio as of Sept. 30.
ZIONSVILLE, IND. — The Connor Group has acquired The Domain at Bennett Farms in Zionsville, a northwest suburb of Indianapolis, for $40.5 million. Amenities at the 219-unit apartment property include a fitness center, resident lounge, community garden, bike storage and garage parking. The three-story community was built in 2012. Steve LaMotte Jr., Dane Wilson and Alex Possick of CBRE represented the seller, REI Real Estate Services.
NAPERVILLE, ILL. — Haven Realty Capital continues to build its single-family rental portfolio with the $18.5 million acquisition of Ashwood Place in Naperville. Ashwood Place is one of the first dedicated rental communities (DRC) in the Chicagoland area. A DRC is similar to a single-family housing subdivision except that it caters solely to renters. These types of communities are growing in popularity, particularly among residents who cannot afford to purchase a home but desire a neighborhood feel, according to Haven. Each of the 60 homes at Ashwood Place feature a two-bedroom, two-bathroom floor plan spanning 1,350 square feet. The community was 95 percent leased at the time of sale. Justin Ross, Matt Ishikawa, Bill Howe and David Guenther of CBRE represented the undisclosed seller.
BURLINGTON, N.J. — Lee & Associates has brokered the $110.5 million sale of a 116.8-acre industrial redevelopment site in the Southern New Jersey city of Burlington. The property currently houses a 1 million-square-foot warehouse that was previously occupied by the U.S. General Services Administration and will be decommissioned. The new ownership, a partnership between New York-based Clarion Partners and MRP Industrial, plans to build two Class A distribution centers on the site on a speculative basis. Bob Yoshimura, Joe Hill, Eric Mattson and Joe Hill Jr. of Lee & Associates represented the seller, Boston-based STAG Industrial, in the deal.
NEW YORK CITY — A joint venture between Los Angeles-based CIM Group and L+M Development Partners has sold 265 and 275 Cherry Street, two 26-story Section 8 apartment buildings located on Manhattan’s Lower East Side that total 490 units. The properties were originally built in 1979 and feature one-, two- and three-bedroom units. Amenities include a community room, convenience mart, outdoor courtyards and playgrounds. The buyer was an affiliate of Related Cos. Cushman & Wakefield represented both parties in the transaction.
RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.