RIDGEWOOD, N.J. — The STRO Companies, a locally based investment firm, has purchased a 35,000-square-foot, stand-alone industrial facility fully leased to FedEx in Ridgewood, located in Union County. The building is positioned near I-78 and I-95, as well as the Garden State Parkway and State Route 28. John Zieran, Zach Bermudez and Lubna Syed of Signature Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Greystone has brokered the sale of La Hacienda and Ederville, two apartment properties totaling 313 units in Fort Worth. Both communities are located on the eastern side of the city. Mark Allen of Greystone represented the seller and procured the out-of-state buyer, which will implement a value-add program, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Blackstone Real Estate, a division of private equity behemoth Blackstone Group (NYSE: BX), has agreed to acquire the entire U.S. logistics portfolio of Singapore-based investment manager GLP for approximately $18.7 billion. The portfolio of distribution and fulfillment centers spans roughly 179 million square feet of urban infill space across 36 major markets, nearly doubling New York City-based Blackstone’s volume of U.S. industrial real estate holdings. The sale is expected to close sometime after Labor Day. Blackstone cited a growing demand for e-commerce and the need by retailers to reconfigure their supply chains as the primary driving forced behind the deal. “Logistics is our highest conviction global investment theme today,” says Ken Caplan, global co-head of Blackstone Real Estate. “We look forward to building on our existing portfolio to meet the growing e-commerce demand.” According to the Financial Times, GLP will use proceeds from the sale to return value to shareholders and to reinvest in other U.S. real estate assets. GLP, which has more than $64 billion in real estate and private equity assets under management, first entered the U.S. market in 2015 and quickly became one of the country’s largest owners of industrial real estate. Blackstone has been …
BLYTHEWOOD, S.C. — Cushman & Wakefield has arranged the $41 million sale of Enclave Blythewood, a 384-unit multifamily property in Blythewood, about 18 miles north of Columbia, S.C. Southwood Realty/Triangle Real Estate acquired the community and will rename it The Palisades at Blythewood. The property was built in two phases in 2008 and 2015, and offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, swimming pool, business center, dog park, car care center, fitness center and a putting green. Tai Cohen, Watson Bryant and Jordan McCarley of Cushman & Wakefield represented the seller, McCall Capital, in the transaction.
KNOXVILLE, TENN. — Mallory & Evans Partners LLC has acquired the Kern’s Bakery site, an opportunity zone near downtown Knoxville and the University of Tennessee. The Atlanta-based developers plan to transform the area as a mixed-use development that will preserve the historic building to include retail, restaurant, entertainment and office space. A 160-unit multifamily complex and a hotel will also be included in the 16-acre development area. The development will occur in three phases beginning in July and culminating in August 2020. The first phase will be the multifamily component, which will be designed to appeal to young professionals. Phase II will include the restaurants, retail and office space. Kern’s Bakery will comprise 75,000 square feet of space. The third phase will include the hotel. The design team includes Jimmy Ryan of Knoxville’s Johnson as the architect and Fulghum, MacIndoe, and Associates Inc. will provide civil engineering services.
BOSTON — Pebblebrook Hotel Trust, a publicly traded real estate investment trust (NYSE: PEB), has sold the 112-room Onyx hotel located at 155 Portland St. near downtown Boston for $58.3 million. The buyer was not disclosed, but the sales price represents a capitalization rate of 5.9 percent. Pebblebrook will use proceeds from the sale for general business purposes, including paying off existing debt. The Onyx Hotel offers guests amenities such as a 24-hour fitness center, bike rental services, spa products and services that are delivered directly to guestrooms.
LANCASTER, PA. — HFF has negotiated the sale of Chelsea Square, a 96,455-square-foot, grocery-anchored shopping center in Lancaster, located roughly midway between Philadelphia and Harrisburg. Regional grocer Weis serves as the anchor tenant alongside Talbots, Jos. A. Bank, M&T, Domino’s Pizza and Great Clips. Built on 10.6 acres, the property is located along the Manheim Pike, a retail corridor with a daily traffic count of approximately 46,000 vehicles. Chris Munley and Carl Fiebig of HFF represented the seller, Boston-based Beacon Communities, in the transaction. The buyer was Pennsylvania-based Goodman Properties. The sales price was not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $9.6 million sale of a 54-unit multifamily building in The Bronx. The five-story property, which was originally built in 1925, is located at 2474 Valentine Ave. in the Fordham Heights neighborhood. The buyer and seller were not disclosed. The deal closed at a capitalization rate of 5.5 percent. Aaron Jungreis of Rosewood handled the transaction on behalf of both parties.
SCOTTSDALE, ARIZ. — Sunrise Luxury Living has completed the sale of The CORE, a newly built Class A multifamily property in Scottsdale. An undisclosed buyer acquired the 282-unit asset for $80.4 million. Situated on 4.5 acres at 15333 N. Hayden Road, the property features a mix of studio, one- and two-bedroom layouts with nine-foot ceilings, quartz countertops, Whirlpool stainless steel appliances and gas cooktops. Community amenities include a rooftop pool, modern fitness center with yoga/spin room, electric vehicle charging stations and a package locker system. The seller, who owned the land since 2015, completed construction The CORE in 2018. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE represented the seller in the deal.
DENVER — RedPeak Property has purchased Safari Club Apartments, a multifamily building in Denver. An undisclosed seller sold the asset for $16.8 million. Located at 990 Logan St., the property features 66 apartments. Marc Lippitt, Scott Shwayder and Justin Herman of Greystone Unique Apartment Group represented the seller in the transaction.