Acquisitions

FORT LORAMIE, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 56,710-square-foot industrial facility in Fort Loramie in western Ohio. The sales price was not disclosed. The buyer, St. Marys Iron Works, plans to begin occupying the facility in the spring of 2019 and will relocate from St. Marys. The property includes 2,850 square feet of office space, four drive-in doors and five docks. The building formerly served as the Marwill manufacturing plant. Tim Echemann of IPB represented the Ohio-based seller.

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FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.

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LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.

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TIGARD, ORE. — Capstone Properties has completed the disposition of Attwell Off Main, a multifamily property located in Tigard. Denver-based Grand Peaks Properties purchased the asset for $45 million. Located at 12850 SW Ash Ave., the property features 165 units in a mix of studio, one-, two- and three-bedroom layouts, including six two-story townhomes. Built in 2017, the community features trails for pedestrians and bicyclists, a fitness center, a pet grooming station, bike storage and repair center and a 1.02 parking ratio. Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Portland office represented the seller in the transaction.

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LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.

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GREER, S.C. — NAI Earle Furman has represented The Taft Family Office and Appian-Gilliam LLC in purchasing a 23.5-acre industrial park in Greer. The site has a newly constructed speculative building that spans about 100,000 square feet. The industrial park was 60 percent leased at the time of the sale. NAI Earle Furman will also handle the management and marketing of the rebranding of the park, now called The Inland Distribution Center. The center is located a few miles off Interstate 85 and neighbors the South Carolina Ports Authority’s Inland Port Greer. The seller and sales price were undisclosed.

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PENSACOLA, FLA. — Institutional Property Advisors (IPA) has brokered the $29 million sale of Fairfield Lakes Apartments in Pensacola. Built in 2003, the 268-unit apartment complex comprises 16 residential buildings, a clubhouse and seven garages, as well as a swimming pool, fitness center, playground and a tennis court. Nearby employment centers include the Naval Air Station Pensacola, Corry Station and Saufley Field, a military airport and support facility. Frank Carriera and Michael Regan of IPA represented the undisclosed seller. IPA is a division of Marcus & Millichap.

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COLUMBIA, S.C. — Adventurous Journeys Capital Partners (AJ) has purchased the Inn at USC, a 116-room hotel located near the campus of University of South Carolina in Columbia. The hotel will undergo renovations throughout its common areas in the spring. The hotel and common areas are expected to remain open throughout the renovation process. The hotel is set to become part of AJ’s Graduate Hotels collection next fall. This is the first planned hotel for Graduate Hotels in the Carolinas. Arpit Shah of CBRE represented the sellers, University Foundations and IMIC Hotels. The sales price was not disclosed.

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4545-Langfield-Road-Houston

HOUSTON — CBRE has negotiated the sale of a 71,566-square-foot industrial property located at 4545 Langfield Road in northwest Houston. According to LoopNet Inc., the property features 26-foot ceiling heights and 15 dock-high doors. William Rudolf and Kyle Golding of CBRE represented the seller, Hs-Tucson Az LLC, in the transaction. The buyer was Chamberlin Houston LLC.

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NEW YORK CITY — Marcus & Millichap has brokered the $11.8 million sale of a two-building apartment community in the Cobble Hill neighborhood of Brooklyn. Located at 439-441 Henry St., the property includes 73 feet of residential frontage on Henry Street. Matt Fotis and Dylan Renicker of Marcus & Millichap’s Manhattan office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

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