HATFIELD, PENN. — Marcus & Millichap has arranged the $8.5 million sale of Applegate Apartments, a 72-unit complex located in Hatfield, Penn., and Applecore Apartments, a 12-unit property located in nearby Souderton. Both properties are located about 40 miles north of Philadelphia. Andrew Townsend, Clark Talone, Ridge MacLaren and Daniel Bernard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was a family trust. Both parties requested anonymity.
FONTANA, CALIF. — Pacific Industrial has sold Sierra Pacific Center, a two-building, 1.5 million-square-foot industrial property in Fontana, about 50 miles east of downtown Los Angeles in the Inland Empire. The industrial development and investment firm sold the asset for $213.5 million to an unnamed institutional life insurance company. Sierra Pacific Center was completed in 2016 and was fully occupied by LG Electronics and FedEx at the time of the sale. The property is situated at 5565 and 5885 Sierra Ave., adjacent to California Highway 210 and within 20 miles of seven major highways including Interstates 215, 10 and 15. Amenities include electric car charging stations; 3 percent skylight coverage, as where the industry average is 2 percent; and truck courts up to 430 feet deep, as opposed to the Class A average of 185 feet. This transaction represents the largest, non-portfolio sale by dollar value in California over the past 24 months. “This is a milestone transaction that represents the remarkable investment potential of spec industrial developments when they are done well,” says Dan Floriani, partner and co-founder of Pacific Industrial. “By developing this asset with a long-term-hold mindset, we thoughtfully designed each detail, resulting in a property with …
BOCA RATON, FLA. — MSD Partners LP, an investment firm with offices in New York, Santa Monica and West Palm Beach, has acquired Boca Raton Resort & Club, a 337-acre hospitality property. The seller was an affiliate of real estate giant Blackstone, which invested more than $300 million in the property during its ownership period. Originally built in 1926, Boca Raton Resort & Club comprises 1,047 hotel rooms, two 18-hole golf courses, a 50,000-square-foot spa, seven pools, 32 tennis courts, a 32-slip marina, 13 restaurants and bars and 200,000 square feet of meeting space. The property fronts both the Intracoastal Waterway and the Atlantic Ocean, where its beach extends for a half-mile. Jeffrey Davis and Gregory Rumpel of JLL led the marketing efforts on behalf of the seller.
BIRMINGHAM, ALA. — PointOne Holdings LLC and Biscayne Atlantic have sold two office buildings in Birmingham for $34.5 million. The Class A office buildings total 153,000 square feet and are situated at 1800 and 1900 International Park, about 11 miles south of downtown Birmingham. The joint venture originally acquired the property as part of a three-building portfolio that also included Blue Lake, which PointOne Holdings and Biscayne Atlantic will retain. Kevin Markwordt of Transwestern represented the sellers in the transaction. Shamrock Investments acquired the buildings.
GADSDEN, ALA. — Marcus & Millichap has arranged the $7.8 million sale of Riverview Plaza, a 148,860-square-foot shopping center in Gadsden. Bargain Hunt, Harbor Freight Tools, Tuesday Morning and Dollar Tree anchor the center. Zach Taylor of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, EIG Riverview Plaza LLC, in the transaction. Louise Jennings of Real Estate Southeast represented the buyer, MR Stealth LLC, which is a private investor.
DALLAS — Megger, a global electronic test equipment manufacturer, has acquired a 127,720-square-foot industrial facility with office space that is located at 4545 W. Davis St. in Dallas. The acquisition of the stand-alone property, which was built in 2001, enables Megger to more than double its footprint in the market. Craig Jones and Caleb McCoy of JLL represented Megger in the acquisition, as well as in a second transaction in which the manufacturer sold its 60,000-square-foot facility located at 4271 Bronze Way in Dallas.
LAS VEGAS — Boca Raton, Fla.-based PEBB Enterprises has purchased Rainbow Promenade, a retail power center adjacent to U.S. 95 and North Rainbow Boulevard near Las Vegas’ Summerlin submarket. PEBB acquired the 228,279-square-foot property through an auction platform. The price was not disclosed. The center recently underwent a $5 million renovation and is currently 95 percent occupied by a variety of tenants, including Hobby Lobby, Barnes & Noble Bookstore, Party City and Cost Plus World Market. The asset also includes three ground-lease pads occupied Macaroni Grill, Chili’s and AMC Theatres. The buyer plans to subdivide and sell off one or more of the outparcel pads. PEBB currently owns and manages approximately 2.5 million square feet of commercial real estate across the United States for its own portfolio as well as major institutions. Terms of the transaction were not released.
LAKEWOOD, COLO. — Pinnacle Real Estate Advisors has arranged the sale of The Applewoods, an apartment community located at 1975 Oak St. in Lakewood. An undisclosed buyer acquired the building for $7.5 million, or $178,571 per unit. Built in 1971, the property features 42 apartments. Joe Hornstein of Pinnacle Real Estate Advisors represented the undisclosed seller, while Scott Fetter, also of Pinnacle Real Estate Advisors, represented the buyer in the deal.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Cobble Hill, a 136-unit multifamily community located at 6050 Oakland Hills Drive in Fort Worth. The property was built in 1983. Al Silva of Marcus & Millichap represented the seller, a Dallas-based partnership, in the transaction. Silva also procured the buyer, a Texas-based private investment firm that will implement a capital improvements program to the property’s unit interiors and amenity spaces.
INDIANAPOLIS — JLL’s Healthcare Capital Markets division has arranged the sale of a 143,499-square-foot Class A outpatient facility on the campus of Indiana University Health Methodist Hospital in Indianapolis. It is the largest hospital complex in Indiana with 1,411 staffed beds. Known as Methodist Professional Center II, the facility is fully occupied by Indiana University Health and its affiliates. Built in 1992, the four-story property sits on 1.4 acres. Mindy Berman, Justin Hill and Bruce Gordon of JLL advised the seller, Sanders Trust. Healthcare Realty Trust purchased the property for an undisclosed price.