GREELY, COLO. — Legend Investment Group (LIG), a division of Legend Partners, has arranged the sale of a grocery out-parcel strip center, located at 6628 W. 10th St. in Greely. A local private investor sold the property to an undisclosed buyer for $2.2 million. Papa Murphy’s, Dickey’s BBQ, 420 Friendly’s and Hiroshi Teriyaki Grill fully occupy the 6,694-square-foot property. Situated on a 0.88-acre site, the property was built in 2013. Peter Peluso of LIG represented the seller in the deal.
EL PASO, TEXAS AND SANTA TERESA, NEW MEXICO — CBRE has negotiated the sale of the IDI Logistics portfolio, a collection of 20 buildings totaling approximately 1.7 million square feet in El Paso and Santa Teresa, New Mexico. Seventeen of the buildings are located in El Paso and three are located in Santa Teresa. The portfolio was 96.4 percent occupied at the time of sale. William Caparis, Andres Sandoval and Jonathan Bryan of CBRE represented Atlanta-based IDI Logistics in the transaction. The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.
AUSTIN, TEXAS — CONTI Organization, a privately held multifamily owner-operator, has purchased Hillside Creek Apartments, a 268-unit community located about three miles south of downtown Austin. Built on eight acres in 1981, the garden-style complex offers amenities such as a pool, fitness center, a dog park, onsite laundry facilities and shuttle service to the University of Texas at Austin. The acquisition is CONTI’s first in Austin and 42nd in Texas. The seller was not disclosed.
FORT WORTH, TEXAS — Gaines Real Estate Co. has brokered the sale of Western Hills Plaza Shopping Center, an 82,000-square-foot retail asset in Fort Worth. American Freight anchors the property, which also houses tenants such as Sonic, Taco Casa, Jackson Hewitt Tax Service and Ultimate Physique. Andrew Gaines and Hank Gaines of Gaines Real Estate represented the seller, a Dallas-based partnership, and procured the buyer, a California-based investor. Both parties requested anonymity.
NEW YORK CITY — Westbridge Realty Group has brokered the $4.8 million sale of a multifamily property in the Woodside neighborhood of Queens. Located at 39-26 62nd St., the property features 26 units. Alexandra Rossland of Westbridge represented the seller, 39-26 62nd Street LLC. Jonathan Bichoupan of Westbridge procured the buyer, a private individual. The sales price was not disclosed.
CHICAGO — Standard Equipment Co. has sold its headquarters property in Chicago’s Fulton Market West for $14.8 million. The 2.8-acre site includes four buildings totaling 43,828 square feet as well as a lot for truck and trailer parking. It has served as the environmental equipment company’s headquarters since 1986. Standard Equipment will relocate its operations to Elmhurst this quarter. George Toscas of ACO Commercial represented the buyer, Realterm Logistics.
MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. has acquired an 18-property, 3,336-unit affordable housing portfolio located predominately in Florida and North Carolina. The portfolio was 96 percent occupied at the time of acquisition. The garden-style portfolio offers amenities such as pools, clubhouses, playgrounds, fitness centers and laundry facilities. More than 50 percent of the portfolio is located in Orlando, Jacksonville, Raleigh and Charlotte. Individual properties were not disclosed. The seller(s) was also not disclosed. Starwood REIT is a non-traded REIT managed by Miami Beach-based Starwood Capital Group.
WASHINGTON, D.C. — Park Hotels & Resorts Inc. has sold the Embassy Suites by Hilton Washington DC Georgetown, a 197-room hotel in Washington, D.C., for $90.4 million. The property is situated at 1250 22nd St. NW in Georgetown, one mile west of downtown D.C. The hotel offers an indoor pool, fitness center, arcade, complimentary breakfast, baggage storage and a business center. The buyer was EOS Investors LLC.
NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of a Regency Inn hotel in Naperville for $3.3 million. The buyer, Northbrook-based MZ Capital Partners, plans to redevelop the property and convert it into 112 micro apartments. The hotel was not well-occupied and had significant deferred maintenance, according to Ebrahim Valliani of Marcus & Millichap. Valliani, along with colleagues Michael Klar, Chris Gomes and Allan Miller, represented MZ Capital as well as the seller, Prime Motel Inc. The two-story, 122-room hotel is located at 1350 E. Ogden Ave.
CONROE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of West Creek Apartment Homes, a 228-unit community located about 25 miles north of Houston in Conroe. The property features one-, two- and three-bedroom units and amenities such as a pool, business center and a resident clubhouse. Will Balthrope, Drew Kile, Jennifer Campbell and Will Griffin of IPA represented the seller, Partin Real Estate Management, in the transaction. The team also procured the buyer, Southstar Capital Group.
