JERSEY CITY, N.J. — Gebroe-Hammer Associates has arranged the $9.7 million sale of a 57-unit multifamily portfolio in Jersey City. The sales price equates to roughly $171,000 per unit. The portfolio consists of two buildings that were both constructed around the turn of the 20th century. Niko Nicolaou of Gebroe-Hammer represented the seller, Kevelson Family LLC, in the transaction. Brad Domenico of Progress Capital provided acquisition financing on behalf of the undisclosed buyer.
Left: Paul Letourneau, Manager of Commercial Loan Originations, Alliant Credit Union. Right: Randall Shearin, Senior Vice President, France Media. Flexibility and Lending in the Midst of Pandemic Listen to Paul Letourneau, Manager of Commercial Loan Originations at Alliant Credit Union describe why his company has been able to continue lending in the midst of the pandemic. COVID-19 has forced many capital providers to pull back, but Alliant’s flexibility and adaptability has allowed it to source deals discerningly. Tune in to hear a concise conversation on what balance sheet lenders have to offer borrowers and how Alliant is able to look to the future of financing. Q&A sponsor: Alliant’s members-first philosophy has always served them well. With over 80 years of history and more than $12 billion in assets, Alliant Credit Union is the largest credit union in Illinois and one of the largest in the nation. Their excellent online, mobile and phone banking services, combined with their full suite of competitive products, make banking simpler for their 500,000 members nationwide.
HIALEAH, FLA. — The Estate Cos. has acquired a former Ramada Inn in Hialeah for $15.3 million. The non-operational hotel was originally built in 1970 with expansions completed in 1973, 1979 and 1988. The property offers 258 rooms and sits on five acres at 1950 W. 49th St., 15 miles northwest of downtown Miami. Camilo Niño, Ricardo Uribe and Alen Hernandez of LV Lending originated an $11.5 million acquisition loan on behalf of the buyer. The seller was a partnership between UCH1 LLC, Miami Corporate Partners, Bidart Dairy II LLC and Noriega Properties. Details of renovation plans were not disclosed.
ROMEOVILLE, ILL. — Colliers International has brokered the sale of Interchange 55 Logistics Park in Romeoville for $98 million. Located near I-55, the two-building industrial development spans 1.3 million square feet. Completed in late 2019, the project was 30 percent occupied at the time of sale. Both buildings feature clear heights of 36 feet. Jeff Devine and Steve Disse of Colliers International represented the seller, Macquarie Real Estate. Prologis purchased the asset.
WHITESTOWN, IND. — Exeter Property Group has acquired Fishback 4, a 604,000-square-foot speculative industrial building within Fishback Creek Business Park in the northwest Indianapolis suburb of Whitestown. The purchase price was undisclosed. There are three other buildings within the industrial park. A planned second phase of development will provide an additional 1.5 million square feet of industrial space at the site. Terry Busch and Jared Scaringe of CBRE represented the seller, INDHLAND LLC.
CENTRALIA, ILL. — Marcus & Millichap has arranged the sale of a 13,650-square-foot property occupied by Walgreens in Centralia, about 60 miles east of St. Louis. The sales price was undisclosed. The building is located at 225 N. Elm St. and features a pharmacy drive-thru window. Walgreens has operated at the property since 2003. Brian Parmacek and Victor Cornelio of Marcus & Millichap marketed the building on behalf of the seller and procured the buyer, One Family Property.
KINGSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Oasis Mobile Home & RV Park, a 144-site property in Kingsville, located outside Corpus Christi in South Texas. The community consists of 69 mobile home lot rentals, 31 park-owned home rentals and 44 RV lot rentals. Robert Denninger and Brad Dorsey of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a limited liability company. Both parties requested anonymity.
FAIRFIELD, N.J. — Chicago-based development and investment firm Venture One Real Estate has purchased a 107,107-square-foot industrial building located at 116 Lehigh Drive in Fairfield, about 30 miles west of New York City. The single-tenant building was constructed on 8.1 acres in 1986 and features nine exterior docks, 187 automobile parking spaces and an ESFR sprinkler system. Noah Balnoff, Jacquelyn Severino and Chris Haenn of Colliers International represented the undisclosed seller in the transaction. Venture One will implement a value-add program at the property, which was vacant at the time of sale.
RENTON, WASH. — Denver-based EverWest Real Estate Partners has completed the $29.5 million acquisition and partial sale-leaseback of an industrial building located at 851 SW 34th St. in Renton, about 14 miles south of downtown Seattle. Alliance Packaging sold the property and executed a leaseback for a portion of the asset. Totaling 164,332 square feet, the property features 26-foot clear heights, dock-high and grade-level doors in a cross-dock configuration and 5,000 amps of heavy power. Alliance Packaging will continue to occupy 82,019 square feet of the property under a long-term lease agreement. The remaining 82,313 square feet, including 13,440 square feet of office space, is available for immediate lease. Ryan Madson provided in-house representation for EverWest, while Arie Salomon and Jeff Forsberg of NAI Puget Sound Properties represented Alliance Packaging in the transaction.
PHOENIX — WaterWalk, a developer of upscale extended-stay hotels, has purchased 4.5 acres at the southwest corner of 19th Avenue and Pinnacle Peak Road in Phoenix’s Deer Valley neighborhood. Alter Group sold the development site for $2.1 million. Trask Switzenberg and Chuck Wells of Kidder Mathews represented the buyer in the deal. WaterWalk plans to develop an extended-stay hotel on the site, which includes a retail pad. Currently, WaterWalk has seven open hotels in Kansas, Colorado, Texas and North Carolina, with two additional locations opening this fall in North Carolina and Minnesota. The Phoenix property will be the brand’s first Arizona property. WaterWalk plans to have 50 locations open by year-end 2024. WaterWalk is the fifth national brand started by hotelier Jack DeBoer. Other brands include Residence Inn, Summerfield Suites, Candlewood Suites and Value Place/WoodSpring.