NEW YORK CITY — Ideal Property Group, a New York City-based investment firm, has acquired three-property portfolio of Stop & Store self-storage properties in Pennsylvania for $5.2 million. Located in in Dillsburg, York and Dover, the properties total 94,976 net rentable square feet and were 75.6 percent leased at the time of sale. The total number of units was not disclosed. Mike Mele, Robert Bloch and Noah Obuchowski of Cushman & Wakefield represented the seller, an individual private owner, in the transaction.
GAINESVILLE, GA. — Walker & Dunlop provided a $44.3 million Freddie Mac acquisition loan for Century New Holland, a 348-unit multifamily community in Gainesville. The property, which was built in 2018, offers one-, two- and three-bedroom floor plans. Communal amenities include a dog park, car care detailing area, bocce ball court, picnic areas and grilling areas. The asset is located at 1465 Jesse Jewell Pasrkway NE, two miles north of downtown Gainesville and 57 miles northeast of downtown Atlanta. Centennial Holding Co. acquired the property from the undisclosed seller. Brian Moulder, Chris Goldsmith and Sean Williams of Walker & Dunlop represented the buyer in the sale transaction. Taylor Williams of Walker & Dunlop originated the fixed-rate loan, which features five years of interest-only payments.
NORTH CHARLESTON, S.C. — Hunt Real Estate Capital has provided a $21.5 million Freddie Mac acquisition loan for Greenwood at Ashley River, a 280-unit, garden-style apartment complex in North Charleston. The community comprises 35 residential buildings and a clubhouse. The 262,896-square-foot property offers two- and three-bedroom floor plans. Communal amenities include a full-size soccer field, pool, playground, basketball court, business center and a dog park. The property is situated at 6520 Dorchester Road, 12 miles north of downtown Charleston. The 10-year acquisition loan features five years of interest-only payments followed by a 30-year amortization schedule. John Beam and Keith Morris of Hunt Real Estate originated the loan on behalf of the borrower, Brick Lane, which acquired the complex from Atlanta-based The RADCO Cos.
FORT WORTH, TEXAS — Los Angeles-based CIM Group has acquired Junction 20/35, a 1.1 million-square-foot logistics center located at 7550 Oak Grove Road in south Fort Worth The property was built in 1989 and has been renovated several times over the years, most recently in 2018 to include freezer and cold storage space. The sale also included an adjacent 14.4-acre parcel. The seller was not disclosed.
DALLAS — Locally based investment firm 180 Multifamily Properties has purchased an undisclosed, 267-unit apartment community located in the central region of the Dallas-Fort Worth metroplex. The property was built in 1983 on 9.3 acres and spans 206,000 net rentable square feet. An undisclosed, California-based firm sold the property. The new ownership will implement a value-add program and rebrand the community.
HOUSTON — NAI Partners has brokered the sale of a 25,146-square-foot industrial property located at 7311 Galveston Road in southeast Houston. According to LoopNet Inc., the single-tenant, freestanding property was built in 1980. Clay Pritchett and Zane Carman of NAI Partners represented the buyer, Latitude 17 Holdings LLC, in the transaction. Hache Annamuhammedov and Andy Yaltir of Vita Realty represented the seller, Yilteks Warehouse LLC.
TORRANCE AND COMMERCE, CALIF. — Omninet Capital has purchased two office parks in the metro Los Angeles area for a combined total of $78 million in separate transactions. The buyer was self-represented in both transactions. In the first transaction, TA Associates sold Park Del Amo, a three-building office park located at 2355 and 2377 Crenshaw Blvd. in Torrance, for $39 million. Built in 1985 on 12.8 acres, Park Del Amo features 204,468 square feet of office space. At the time of sale, the campus was 92 percent leased to multiple tenants, including Keenan & Associates, which occupies 43 percent of the property and recently signed a five-year lease extension. Kevin Shannon, Ken White and Michael Moore of Newmark Knight Frank’s (NKF) Capital Markets team represented the seller in the deal. In the second deal, Omninet acquired Commerce Plaza, a two-building office complex located at 5601 E. Slauson Ave. and 5701 S. Eastern Ave. in Commerce. Colony Capital sold the offce campus for $39 million. At the time of sale, 13 tenants including Waste Management, County of Los Angeles and DaVita Medical Management occupied the 194,908-square-foot asset. The County of Los Angeles plans to lease an additional 51,555 square feet, which …
SCOTTSDALE, ARIZ. — Valwood Mesquite LLC has acquired Mesquite Corporate Center, a two-story office building located at 14646 N. Kierland Blvd. in Scottsdale. An undisclosed seller sold the asset for $19.5 million, or $244.80 per square foot. Totaling 79,537 square feet, Mesquite Corporate Center overlooks the Westin Kierland Golf Club and is within walking distance to multiple restaurants and retail amenities at Kierland Commons. The Ron Schooler and Ken Elmer Team of Commercial Properties Inc./CORFAC International represented the buyer in the transaction.
COLORADO SPRINGS, COLO. — The Denver office of Scannell Properties has completed the sale of an industrial property located at 2640 Zeppelin Road in Colorado Springs. Walnut Creek, Calif.-based Nearon Enterprises purchased the asset for $14.6 million. Developed by Scannell Properties and completed last year, the 99,960-square-foot property is a multi-tenant distribution center leased to Geary Pacific Corp. and a national home improvement retailer. The building features 30-foot clear heights, ESFR sprinklers, dock-high and drive-in loading, LED lighting and a front-park, rear-load design. Situated in east Colorado Springs, the property is three miles from the Colorado Springs Airport and seven miles from downtown Colorado Springs. The building is located within a larger business park that will consist of four buildings at full build-out. Tyler Carner, Jeremey Ballenger, Jim Bolt and Jessica Osternick of CBRE’s Denver office represented the seller in the deal. Scannell Properties is a privately owned commercial real estate developer that has completed 328 built-to-suit or speculative development projects exceeding 63 million square feet in 44 states and three Canadian provinces.
PHOENIX — Marcus & Millichap has arranged the sale of Ocotillo Apartments, an affordable multifamily complex located at 1780 W. Missouri Ave. in Phoenix. A local apartment investor sold the property to an undisclosed buyer for $12.8 million, or $74,277 per unit. Built in 1972 and completely renovated in 2014, Ocotillo Apartments features 173 units in a mix of studio, one- and two-bedroom floor plans. Units offer updated kitchens and bathrooms, central air conditioning and energy-efficient windows and doors. Community amenities include a swimming pool with clubhouse, two laundry rooms, covered parking and a dedicated leasing office. Rich Butler and Sean Connolly of Marcus & Millichap’s Phoenix office handled the transaction.