Acquisitions

Harvest Health Acquires Cannabis Grower, Cultivation Facility in Reading, Pennsylvania for $25.5M

by Alex Patton April 6, 2020

READING, PA. — Arizona-based cannabis grower and retailer Harvest Health & Recreation has acquired Reading-based grower Franklin Labs LLC for $15.5 million in cash and a $10 million promissory note. The acquisition of the company included a 46,800-square-foot cultivation and processing facility in a former Pepsi warehouse, located at 1800 Centre Ave. in Reading. Harvest owns and operates five medical cannabis dispensaries in Pennsylvania and plans to begin growing and processing at its new facility during the second quarter of this year. The Pennsylvania Department of Health defines medical cannabis dispensaries and healthcare providers as essential services that will remain open during the COVID-19 crisis.

April 6, 2020

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $16.7M Sale of Multifamily Building in Queens

by Alex Patton April 6, 2020

NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.

April 6, 2020

Acquisitions Industrial Northeast Pennsylvania

Colliers Brokers Sale of 15,200 SF Industrial Property in Allentown, Pennsylvania

by Alex Patton April 6, 2020

ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.

April 6, 2020

Acquisitions California Multifamily Western

Gemdale USA Sells Apartment Property Near Los Angeles for $31.9M

by Amy Works April 6, 2020

WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.

April 6, 2020

Acquisitions Michigan Midwest Multifamily

NAI Wisinski of West Michigan Brokers Sale of 182-Unit Multifamily Property in Grand Rapids

by Kristin Harlow April 6, 2020

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Foote Hills Apartments & Townhomes in Grand Rapids for an undisclosed price. The 182-unit, Class B multifamily property sits on 19.2 acres. The community features a pool, fitness center and newly remodeled clubhouse. Scott Nurski and Craig Black of NAI Wisinski represented the undisclosed buyer and seller.

April 6, 2020

Acquisitions Healthcare Midwest Missouri

Marcus & Millichap Arranges $1.4M Sale of Urgent Care Facility in St. Charles, Missouri

by Kristin Harlow April 6, 2020

ST. CHARLES, MO. — Marcus & Millichap has arranged the $1.4 million sale of a 5,159-square-foot urgent care facility net leased to Our Urgent Care in St. Charles near St. Louis. The property is located at 2893 Veterans Memorial Parkway. Benjamin Bach and Dominic Sulo of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. An out-of-state buyer completing a 1031 tax-deferred exchange purchased the building at 100 percent of the list price.

April 6, 2020

Murray-Highland-Memory-Care-Beaverton-OR

Acquisitions Multifamily Oregon Seniors Housing Western

SLIB Arranges Sale of 18-Unit Murray Highland Memory Care in Oregon

by Amy Works April 6, 2020

BEAVERTON, ORE. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Murray Highland Memory Care in Beaverton, a suburb of Portland. The community features 18 memory care units totaling 24 beds. The 12,048-square-foot community was built in 2018 on a 0.7-acre plot. The average rent is $7,350 per month. The seller is a local owner exiting the seniors housing industry. The buyer is a regional operator with an existing portfolio in California, and looking to expand to Oregon. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction. The price was not disclosed.

April 6, 2020

Acquisitions Multifamily Texas

Marcus & Millichap Arranges Sale of Two Workforce Housing Communities in Metro Houston

by Taylor Williams April 3, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of two workforce housing communities totaling 227 units in the eastern Houston suburb of Pasadena. Jeffrey Fript and Christian Mazzini of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer. The new ownership will implement a value-add program.

April 3, 2020

Acquisitions Multifamily Texas

Greysteel Brokers Sale of 129-Unit Multifamily Portfolio in El Paso

by Taylor Williams April 3, 2020

EL PASO, TEXAS — Greysteel has brokered the sale of a two-property multifamily portfolio located at 525 and 670 N. Carolina Drive in El Paso. The properties were built in 1981 and feature two-bedroom units with an average size of 600 square feet. Jack Stone, Doug Banerjee and Andrew Hanson of Greysteel represented the seller and procured the buyer in the transaction. Fisher Wells and Daniel Harnett of Greysteel arranged acquisition financing for the buyer. Both parties requested anonymity.

April 3, 2020

Acquisitions Multifamily Texas

Jenkins Organization Acquires 74-Site RV Park in Austin

by Taylor Williams April 3, 2020

AUSTIN, TEXAS — The Jenkins Organization, a Houston-based self-storage development and management firm has acquired the 74-site Austin Oaks RV Resort. The company will rebrand the community and implement a capital improvements program to the RV sites, pool, clubhouse, dog park and other common areas. The seller was not disclosed.

April 3, 2020

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