WARMINSTER, PA. — Binswanger has brokered the $1.7 million sale of a six-acre development site in Warminster. Located at 273 West County Line Road, the property is zoned as an industrial office district. Patagon Storage LLC acquired the property with plans to develop a self-storage facility. Chris Pennington and Jason Ostach of Binswanger represented the undisclosed seller in the transaction.
HAZELWOOD, MO. — Marcus & Millichap has brokered the $14.8 million sale of a 261,380-square-foot industrial building in Hazelwood, a northwest suburb of St. Louis. Located at 8840-8850 Pershall Road, the property was originally built as a Pillsbury baking facility before being converted to a food production facility housing two different tenants. Claire Roberts of Marcus & Millichap secured the buyer, St. Paul Properties. Bradley Barham assisted in closing the transaction. The seller was not disclosed.
LAS VEGAS — Northcap Commercial Multifamily has negotiated the sales of two multifamily properties located in Las Vegas. iA Financial Group sold the properties for $7.1 million, or $99,305 per unit, in an all-cash transaction. Built in 2004 and totaling 72 units, the properties are Casa Bonita Apartments at 1411 N. 23rd St. and Valley Vista Apartments at 2930 Mountain Vista St. Devin Lee, Robin Willett, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the transaction.
OLATHE, KAN. — Colliers International has negotiated the sale of a 46,748-square-foot industrial building in Olathe for an undisclosed price. The property is located at 220 N. Mahaffie St. John Stafford of Colliers represented the seller, Steven Rogers. Chimney Corner Investments LLC purchased the asset. Tenants were not disclosed.
WASHINGTON, D.C. — PRP, in partnership with GMF Capital, has acquired the Presidential Building, an office building located at 1111 Pennsylvania Ave. N.W. in Washington, D.C. The name of the seller and acquisition price were not released, but media outlets report the asset sold for $338 million. Originally built in 1967, the property was renovated and expanded in 2002 from 12 stories and 253,000 square feet to 14 stories and 334,000 square feet. The property also includes a four-story underground parking structure. Law firm Morgan, Lewis & Bockius occupies the entire building on a long-term lease through 2032. SKB redesigned the building’s interior space in 2017 as part of Morgan Lewis’ lease renewal. Since 2010, $35 million has been spent on base building and tenant space improvements.
FORT MYERS, FLA. — St. Petersburg, Fla.-based Mosaic Development has completed the disposition of Mosaic at the Forum, an apartment community located at 3100 Champion Ring Road in Fort Myers. An entity led by InvestRes acquired the property for $49.7 million, or $197,321 per unit. Brad Capas, Luis Elorza and Robert Given of Cushman & Wakefield represented the seller in the deal. Developed in 2017 and situated on 13 acres, the property comprises 10 three-story buildings featuring a total of 252 units, with an average unit size of 908 square feet. Community amenities include a resident clubhouse, leasing center, pool deck with fire pit, grills and gazebos, fitness center, two dog parks, Wi-Fi, a resident package delivery system, detached garages and storage closets. At the time of sale, the property was 95 percent occupied.
ELIZABETHTOWN, KY. — The Kirkland Co. has arranged the sale of Crossfield Townhomes, a multifamily property located at 2201 Crossfield Drive in Elizabethtown. Mark Harris Construction sold the property to Bob and Deborah Hart for an undisclosed price. Built in 2017, the property features 28 two-bedroom apartments. Brandon Wilson and Brian Devlin of The Kirkland Co. handled the transaction.
AUSTIN, TEXAS — Newmark Knight Frank (NKF) has arranged the sale of Estates at Southpark Meadows and Terraces at Southpark Meadows, two multifamily assets totaling 670 units in south Austin. The properties, which were acquired as value-add opportunities, were built in 2009 and border the Southpark Meadows power center. Patton Jones of NKF’s Capital Markets group represented the seller, Atlanta-based BVT Equity Holdings, in the transaction. The buyer was not disclosed.
DENVER — Ellwood Corp. has completed the sale of Brittany House Apartments, a multifamily property located at 77 S. Ogden St. in Denver’s West Washington Park district. Denver-based RedPeak acquired the property for $16.5 million, or $242,647 per unit. The five-story building features 68 units in a mix of studio, one- and two-bedroom units. Bill Morkes and Craig Stack of Colliers International represented the seller in the deal.
SANTA MONICA, CALIF. — Locker Realty Corp. has arranged the acquisition of a restaurant property, located on Lincoln Boulevard in Santa Monica. An undisclosed buyer acquired the asset for $8.4 million. Chick-fil-A occupies the 1,560-square-foot restaurant and drive-thru building, which is located on 12,314 square feet of land, on a net-leased basis. Paul Locker and Kristine Locker of Locker Realty Corp. represented the buyer, while Pat Wade and Alex Kozakov of CBRE represented the undisclosed seller in the deal.