MISSION, TEXAS — JLL has negotiated the sale of a 270,084-square-foot industrial property located at 802 Trinity St. in Mission, a city in the Rio Grande Valley. Boston-based STAG Industrial acquired the warehouse property from Colimar Inc. for an undisclosed price. Dustin Volz, Zane Marcell and Grant Matthews of JLL, along with Edward Villareal of South Texas Commercial Real Estate, brokered the deal.
ST. LOUIS — MCR has sold the 195-room Hilton St. Louis Downtown at the Arch. The hotel is located at 400 Olive St. Amenities include a business center, bar area, fitness room and meeting rooms. The buyer was not disclosed. MCR, which purchased the property in December 2016, generated a 44 percent internal rate of return on its initial investment. The sales price was not disclosed, but the property has an appraised value of nearly $7 million, according to the St. Louis Post-Dispatch. MCR’s investment strategy is to purchase well-located hotels, improve operations and sell opportunistically, according to Tyler Morse, CEO and managing partner.
HAMPSHIRE, ILL. — Realty Metrix Commercial has brokered the sale of a 50-acre industrial development site in Hampshire, about 40 miles southeast of Rockford. The sales price was not disclosed. The buyer, RMC Holdings Hampshire LLC, plans to develop Metrix Industrial Park. The site is located at the northwest corner of I-90 and Route 20. The park will cater to users in the trucking and cartage industries and is adjacent to a 33-acre Love’s Travel Stop that is currently under construction. Completion of the industrial park is slated for fall 2019.
NORTH RIVERSIDE, ILL. — Marcus & Millichap has arranged the $2 million sale of an 18-unit apartment property in North Riverside, about 12 miles west of Chicago. The two-building property is located at 2628-2640 Desplaines Ave. Recent capital improvements included new finishes as well as updated windows, doors, roofing, hot water heaters, boilers, and air conditioners. Andrean Angelov, Ryan Engle and Samuel Antreasian of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the private buyer.
HAMDEN, CONN. — HK Group has brokered the $136 million sale of Town Walk at Hamden Hills in Hamden. The garden-style community, which is located at 100 Town Walk Drive, features 764 units and sits on a 44-acre site. Matthew Keefe and Ricardo E. Cordido of HK Group represented the buyer, Jones Street Investment Partners, and the seller, Baker Properties, in the transaction. AvalonBay Communities built the property in the 1990s.
LANGHORNE AND TREVOSE, PA. — Cushman & Wakefield has negotiated the $44.8 million sale of a light industrial portfolio in Langhorne and Trevose. The 607,890-square-foot portfolio includes 10 buildings and is currently 80 percent occupied by a mix of national, regional and local tenants. Robert Yoshimura, Joseph B. Hill, Eric Mattson, Gerry Blinebury, Jonas Skovdal and Joseph R. Hill of Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. The Arden Group was the buyer.
CHERRY HILL, N.J. — HREC Investment Advisors has orchestrated the sale of the Holiday Inn Philadelphia-Cherry Hill. The sales price was undisclosed. The 186-room property is located seven miles east of downtown Philadelphia. Ketan Patel, Mark von Dwingelo and Bill Schoenenberger of HREC represented the seller, 2715 Marlton Pike Associates LP., in the transaction. KPG Hotels acquired the property.
LEE’S SUMMIT, MO. — JVM Realty Corp. (JVM) has acquired Summit Ridge Apartments in Lee’s Summit, a suburb of Kansas City, for an undisclosed price. The 432-unit apartment community features a pool, fitness center, dog park and resident lounge with a coffee bar, business center and conference room. JVM plans to renovate the property, built in 2001, by upgrading units, installing a package delivery facility and expanding the fitness center. The seller was not disclosed. JVM Management will manage the property. Mac Crowther of ARA Newmark brokered the transaction.
PAPILLION, NEB. — PREP Property Group has purchased Shadow Lake Towne Center in Papillion, a suburb of Omaha, for an undisclosed price. The 654,666-square-foot shopping center is located at the southwest corner of 72nd Street and Highway 370. Originally built in 2007, the property includes tenants such as Dick’s Sporting Goods, JC Penney, ULTA, Bed Bath & Beyond, Best Buy, PetSmart and Old Navy. The seller was not disclosed. PREP is focused on transforming retail real estate by repositioning lifestyle centers, power centers and enclosed malls that are undermanaged, capital starved or distressed.
BRASELTON, GA. — Monmouth Real Estate Investment Corp. has acquired a newly constructed industrial building in Braselton, roughly 50 miles northeast of Atlanta, for $61.1 million. Delivered earlier this year, the 373,750-square-foot building is net-leased for 15 years to FedEx Ground Packaging System. The facility is situated on 93 acres at 650 Braselton Parkway off of Interstate 85. New Jersey-based Monmouth’s portfolio includes 111 properties totaling 21.2 million square feet.
