LANSING, MICH. — Marcus & Millichap has negotiated the sale of a CubeSmart Self Storage facility in Lansing. The sales price was not disclosed. The 67,500-square-foot property is located at 4724 S. Creyts Road. The facility includes 89 climate-controlled units and 444 standard drive-up units for a total of 533 units. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also procured the buyer, a limited liability company.
FLINT, MICH. — SRS Real Estate Partners has arranged the ground lease sale of a 7,163-square-foot property occupied by Texas Roadhouse in Flint for $1.7 million. Constructed in 2015, the building is located at 4140 Miller Road. The triple net lease has approximately 13 years remaining on the initial term. Dan Elliot and Sean Lutz of SRS represented the seller, JSNT Real Estate LLC. Richmond Properties IV LLC purchased the property. The cap rate was 5 percent.
MOORPARK, CALIF. — Orange County, Calif.-based MCA Realty has completed the sale of an industrial building, located at 14401 Princeton Ave. in Moorpark. Big Brand Tires acquired the asset for $10.2 million. The buyer plans to fully occupy the 69,914-square-foot property. MCA purchased the property in November 2017, as part of a 137,465-square-foot, two-building industrial acquisition for $7.5 million. Renovations included the removal of approximately 20,000 square feet of mezzanine space to create more functional space. Additionally, the seller added an expansion truck court and large loading dock with a canopy. Bennett Robinson of CBRE, along with Robert Griffin and Rick Sheckter of Newmark Knight Frank, represented the seller, while John Ochoa of Lee & Associates represented the buyer in the transaction.
SEATAC, WASH. — Marcus & Millichap has arranged the sale of International Boulevard Self Storage, a self-storage facility located in SeaTac. A local investment group acquired the asset for $6.5 million. Located at 19825 International Blvd., the 45,273-square-foot property features 453 self-storage units. The facility was built in 1974. Christopher Secreto of Marcus & Millichap’s Seattle office represented the out-of-state seller and secured the buyer in the deal.
BINGHAMTON, N.Y. — Vesper Holdings has acquired 20 Hawley, a 290-bed student housing community located near Binghamton University in Upstate New York. The community offers a mix of one-, two-, three-, four-, five- and six-bedroom units with bed-to-bath parity. Shared amenities include a fitness center, yoga studio, golf simulator, game room, movie theater, study lounges, a business center, hot tub and an outdoor lounge with grilling stations. New York City-based Vesper plans to undertake $1.8 million worth of renovations at the property, including upgrades to unit interiors and shared amenity spaces; extensive enhancements to the property’s exteriors; and substantial technology upgrades throughout the complex.
DESTIN, FLA. — Passco Cos. has acquired Legacy on the Bay, a 300-unit apartment complex in Destin, for $63.5 million. Legacy on the Bay is situated on U.S. Highway 331 near U.S. Highway 98. The property offers one- through four-bedroom floor plans and amenities including a swimming pool, 24-hour fitness center, tennis court, basketball court, clubhouse, business center, playground and a dog park. Brian Moulder and Dhaval Patel of Walker & Dunlop represented the seller, Carter-Haston Real Estate Services, in this transaction. KeyBank provided acquisition financing on behalf of Passco. In December, Passco acquired Sea Glass, a 288-unit multifamily complex in Destin.
COLUMBIA, S.C. — Cushman & Wakefield has arranged the $23.4 million sale of Heron Lake, a multifamily complex in Columbia. The property offers one-, two- and three-bedroom floor plans. Communal amenities include bike storage, a car care center, fitness center, swimming pool, sand volleyball courts and a pet park. Tai Cohen, Jordan McCarley and Marc Robinson of Cushman & Wakefield represented the seller, MAS Broken Arrow, in the transaction. Collins Group acquired the property.
FLAGSTAFF, ARIZ. — Vestar has purchased University Plaza, a shopping center located 1312 S. Plaza Way in Flagstaff. An undisclosed seller sold the property for $27.5 million. Situated near downtown Flagstaff, University Plaza features 165,615 square feet of retail space. At the time of sale, the property was 98 percent leased and anchored by Safeway, Ross Dress for Less, Bed Bath & Beyond and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in transaction.
GLENDALE, ARIZ. — Kasten Long Commercial Group has arranged the sale of a warehouse asset, located at the northwest corner of 51st Avenue and Camelback Road in Glendale. CBRE Global Investors acquired the property for $17.5 million from an undisclosed seller. Built in 1987, the property features 105,906 square feet of cold-storage space. Sprouts Farmers Market is a tenant at the property. Walter Unger of Kasten Long Commercial brokered the deal.
LAKE GENEVA, WIS. — The Barry Co. has brokered the sale of a 68,000-square-foot industrial facility located at 901 Maxwell St. in Lake Geneva for an undisclosed price. The property sits on 5.7 acres. Kevin Barry represented the seller, Everett Smith Group. The buyer, Lake Geneva Self Storage LLC, plans to convert the property into a self-storage facility.