SYRACUSE, N.Y. — JLL has brokered the $18 million sale of Crouse Medical Center, a 173,466-square-foot of medical office building in Syracuse. The property comprises two connected buildings that are 88 percent leased to medical tenants including Crouse Health System. Steven Rutman, Ben Appel, Jose Cruz and Rob Rizzi of JLL represented the seller, Brittonfield Associates, in the transaction. ICONIC Property Partners was the buyer.
FINDLAY, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 402,604-square-foot industrial facility in Findlay for $13.7 million. The building is situated on 55 acres. The sale also included 66 acres of undeveloped land that is located immediately adjacent to the facility. Tim Echemann of IPB represented the buyer, Nick Reinhart. American Tire Distributors was the seller.
JOHNSON CREEK, WIS. — Marcus & Millichap has arranged the sale of the Comfort Suites Johnson Creek, a 100-room hotel located about 45 miles west of Milwaukee. The sales price was not disclosed. The property is located at 725 Paradise Lane near I-94. It includes approximately 7,600 square feet of event space. Jake Erickson and Jared Plamann of Marcus & Millichap represented the undisclosed buyer and seller in the transaction.
MONROVIA, CALIF. — A partnership between Pasadena, Calif.-based Telos Capital and Warner Pacific Properties has completed the disposition of Monrovia Landing, a grocery-anchored retail asset located in Monrovia. A Los Angeles-based buyer acquired the property for $30.5 million as part of a 1031 exchange from a prior sale. Situated on more than six acres at 723-737 E. Huntington Drive, the center features 96,885 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of national-credit tenants, including ALDI Food Market, TJ Maxx/Home Goods, Ulta Beauty and O’Reilly Auto Parts. Philip Voorhees, Alex Kozakov, Patrick Wade, Sean Heitzler and Jimmy Slusher of CBRE represented the seller, while Sheila Alimadadian of Marcus & Millichap represented the buyer in the transaction.
ALBUQUERQUE — Hodges Ward Elliott (HWE) has arranged the sale of DoubleTree by Hilton Hotel Albuquerque Downtown, located at 201 Marquetta Ave. NW in Albuquerque. AWH Partners acquired the hotel for an undisclosed price. Connected to the recently renovated Albuquerque Convention Center, the hotel features 295 guest rooms and more than 8,100 square feet of meeting space. Additionally, the property has undergone more than $8.3 million in capital improvements since 2015. Michael DiPrima, Rick Rush and Diana Simpson of HWE’s Los Angeles team represented the undisclosed seller, while Lawrence Britvan, also of HWE, advised the buyer on acquisition financing.
PORTLAND, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 704 NW 21st Ave. in Portland. A limited liability company sold the asset to a private investor for $1.2 million in an off-market transaction. Bhuna, a fast-casual Indian restaurant, occupies the 1,878-square-foot property on a net-leased basis. Joseph Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the seller. Michael Shall, also of Marcus & Millichap, represented the buyer in the deal. Neither party was disclosed.
CHARLOTTE, N.C. — TerraCap Management LLC has acquired Resource Square I, II and V for $59.3 million. The three properties are located within the Resource Square office campus and total 337,611 square feet. The property is located near Interstates 85, 77 and 485, as well as Charlotte’s LYNX Light Rail Blue Line. Patrick Gildea of CBRE represented the seller, The Dilweg Cos., in the transaction. IberiaBank provided TerraCap with an undisclosed amount of acquisition financing for the deal.
CHESAPEAKE, VA. — American Commercial Realty Corp. (ACR) has purchased Crossroads at Chesapeake Square, a 198,741-square-foot shopping center in Chesapeake. Ross Dress for Less, Aldi, Best Buy and Old Navy anchor the center. The Hampton Roads property was built in 1991 with Walmart as its anchor. Walmart relocated in 2005, making room for a new tenant mix. This is ACR’s first purchase in Virginia. Virginia Beach-based Divaris Real Estate will manage the leasing for the center.
MIAMI — Avison Young has arranged the $46 million sale of seven contiguous parcels in Miami’s Wynwood neighborhood. An affiliate of PMG Acquisitions LLC purchased the land and plans to build multifamily units up to six stories high above the existing single-story retail buildings. Six of the seven parcels have retail buildings already in place. The land is located at the corner of Second Avenue and 24th Street, three miles north of downtown Miami. Details for construction were not disclosed. John Crotty, Michael Fay, David Duckworth, Brian de la Fé and Myles Stepner of Avison Young represented the seller, a private family trust, in the sales transaction. Peter Desiderio of Stearns Weaver Miller Weissler Alhadeff & Sitterson P.A., and Laura Bourne Burkhalter of Laura Bourne Burkhalter P.A., provided legal representation on behalf of the seller.
HOUSTON — Marcus & Millichap has closed the sale of Bellaire Town Center, an 8,144-square-foot retail center located at 13438 Bellaire Blvd. in Houston. Gus Lagos and Alex Wolansky of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was not disclosed.
