KALAMAZOO, MICH. — GREA has brokered the sale of Big Bend Apartments, a 128-unit low-income housing tax credit community in Kalamazoo. Constructed in 2004, the property features a mix of two- and three-bedroom units. GREA facilitated the disposition of the asset on behalf of the original developer.
NEW YORK CITY AND DENVER — Global Net Lease Inc. (NYSE: GNL), a New York City-based net lease REIT, has entered into a definitive merger agreement to acquire Modiv Industrial Inc. (NYSE: MDV), an industrial REIT based in Denver. The acquisition, which has been approved by the boards of directors for both companies, is valued at $535 million. Modiv Industrial owns and operates single-tenant industrial properties that are occupied by manufacturers on long-term net leases. According to the company, it is the only publicly traded REIT that exclusively focuses on ownership of manufacturing facilities. Recently announced transactions include Modiv acquiring a Fujifilm-occupied facility in Santa Clara, Calif., and agreeing to sell a facility in Melbourne, Fla., that is leased to Northrop Grumman. The merger deal will grow Global Net Lease’s holdings of mission-critical industrial properties. Though the number of properties involved was not released, multiple media outlets report that Modiv owned 39 industrial facilities at the time of sale. For Modiv, the transaction is expected to increase annual dividend payments by 25 percent for the combined company. No senior level executive changes are expected to occur as a result of the merger. Under terms of the all-stock transaction, holders of …
BOSTON — Locally based owner-operator The Davis Cos. has sold a 491-unit self-storage facility in Boston’s Brighton neighborhood. Davis acquired the facility at 235 N. Beacon St., which spans 28,885 net rentable square feet, in April 2018 and subsequently implemented capital improvements, as well as a 56-unit, second-story expansion. Extra Space Storage operates the facility, which was 90 percent occupied at the time of sale. The buyer was a joint venture between Invesco Real Estate and Baranof Holdings.
ONTARIO, CALIF. — BH Properties has completed the disposition of Lakeview, a Class A office campus in Ontario, to MGR Real Estate for $24.7 million. Situated on a 7.8-acre site, the asset consists of two three-story buildings offering a total of 106,345 square feet, as well as 1.85 acres of excess land. The campus was built in late 2004 as part of the master-planned Centrelake Business Park. Paul Jones, Brandon White and Kevin Shannon of Newmark represented the seller, while Michael Rademaker and Tony Hermosillo of MGR Real Estate represented the buyer in the deal.
PROVIDENCE, R.I. — FM, a Rhode Island-based commercial property insurer, has acquired 10 Memorial Boulevard, an office building in downtown Providence. According to LoopNet Inc., the 10-story building was constructed in 2006 and totals 290,000 square feet. Amenities include a fitness center and an onsite restaurant, per LoopNet. FM plans to occupy a portion of the space. The seller and sales price were not disclosed.
MARCO ISLAND, FLA. — A joint venture between an affiliate of Sculptor Real Estate and Miami-based hospitality firm Trinity Investments has purchased the JW Marriott Marco Island Beach Resort, an 809-room hotel in southwest Florida for $835 million. The seller, MassMutual, owned the hotel resort for the past four decades. The sales price translates to more than $1,000 per room. The purchase is being financed with a $690 million acquisition loan. Situated on more than 26 acres with a quarter-mile of private beachfront, the JW Marriott Marco Island offers a variety of suites as part of its accommodations. According to another industry publication, Hotel Management, the hotel first opened in 1971 as the Marco Island Beach Hotel & Villas and was converted to a Marriott brand following a $320 million renovation in 2017. Today, guests at the hotel can enjoy amenities such as 140,000 square feet of meeting and event facilities, 12 dining and entertainment venues and a private membership club, as well as five pools and a 24,000-square-foot spa. In addition, patrons of the hotel have access to more than 400 acres of additional golf and resort activities and features. The new ownership plans to make capital improvements to …
AUSTIN, TEXAS — A joint venture between San Diego-based investment firm PacVentures Inc. and Austin-based AQUILA Commercial has purchased The Campus at Arboretum, a five-building, 318,000-square-foot office complex in northwest Austin with plans to implement capital improvements. Upgrades will cover the fitness center, tenant lounge and conference facilities, and the new ownership also plans to refresh lobbies and restrooms, update lighting and security and enhance outdoor areas throughout the campus. The seller and sales price were not disclosed.
MESA, ARIZ. — Stoneweg has completed the disposition of Avenue 8, a garden-style multifamily property in Mesa. Rise48 Equity acquired the asset for an undisclosed price. Brett Polachek, Chris Chanter and Brad Goff of Newmark represented the seller in the transaction. Located at 1050 W. 8th Ave., Avenue 8 features 194 open-concept, two-bedroom/two-bath apartments averaging 1,000 square feet in size. All units include in-unit washers/dryers, private patios or balconies and abundant storage. Community amenities include a resort-style swimming pool and spa, fitness center, pet park and covered parking.
TUSCALOOSA, ALA. — Greystone has provided a $28.2 million Freddie Mac loan to finance the purchase of Landmark Apartments, a 264-unit multifamily community located in Tuscaloosa. Elliott Mulkin of Greystone originated the five-year loan, which features a 30-year amortization schedule and interest-only payments. The borrower and seller were not disclosed. Andrew Brown and Craig Hey of Cushman & Wakefield represented the buyer in the sale. Built in 2007, Landmark Apartments spans 23 acres and comprises a mix of one-, two- and three-bedroom floorplans. Amenities at the garden-style community include a resort-style swimming pool, fitness center with yoga studio, resident clubhouse, business center and outdoor gathering spaces.
NEW ORLEANS — SRSA Real Estate has negotiated the $7.2 million sale of a ground-floor retail condominium at 1200 Poydras St. in New Orleans near the Caesars Superdome, home of the NFL’s New Orleans Saints. Chick-fil-A and Hurts Donut anchor the 17,270-square-foot space, with Juicy Seafood expected to open immediately. Steve Reisig and Christopher Robertson Jr. of SRSA Real Estate represented the seller, an entity doing business as Poydras Properties II LLC, in the transaction. The buyer requested anonymity.