SAN JOSE, CALIF. — Levin Johnston of Marcus & Millichap has arranged the sale of a vacant industrial/flex warehouse located at 524 E. Brokhaw Road in San Jose. A private local investor sold the property to an undisclosed buyer for $3.4 million. Adam Levin of Levin Johnston represented the seller in the transaction. Situated on 0.73 acres, the 10,000-square-foot facility features 800 ampere, 120-240-volt heavy power, on-site parking and a fenced yard.
WALTHAM, MASS. — NKF Capital Markets has brokered the $86 million sale of CenterPoint, a 440,000-square-foot office complex in Waltham. The property comprises two buildings, 41 Seyon St. and 43 Foundry Ave. Edward Maher, Matthew Pullen and Robert Griffin of NKF Capital Markets represented the seller, Rubenstein Partners, in the transaction. The buyer was Hilco Real Estate. Anchor tenants at the property include Repligen, EDC (Education Development Center) and Simpson Gumpertz & Heger.
PHILADELPHIA, PA. — Marcus & Millichap has negotiated the sale of a five-building, 31-unit, multifamily portfolio in Philadelphia. The asset sold for $5.6 million or $182,258 per unit. Dana Newton and Mike Maxwell of Marcus & Millichap represented both the undisclosed seller and the buyer, a New York-based firm, in the transaction. The portfolio consists of 2105-2107 Green St., 2034 and 2036 Mt. Vernon St., 321 South 12th St., and five scattered condominiums.
HOUSTON — New York-based investment firm Merit Hill Capital has acquired StorIt! Seven Meadows and StorIt! Woodcreek, two self-storage facilities totaling 1,088 units in Houston. The Seven Meadows property totals 75,741 square feet and 525 units, while the Woodcreek property totals 68,965 square feet and 563 units. Both facilities offer climate- and non-climate-controlled space. The seller was The Jenkins Organization, which has owned Woodcreek since 2013 and Seven Meadows since 2011.
PAWTUCKET, R.I. — Sweeney Real Estate & Appraisal has arranged the $925,000 sale of a mixed-use development site in Pawtucket. Thomas Sweeney of Sweeney Real Estate represented the seller, Ten Mile Associates LLC, in the transaction. The buyer was Churchill & Banks Cos. Located at 1110 Central Ave., the property is currently an 83,000-square-foot industrial facility with three buildings.
GREENVILLE AND SULPHUR SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of two Texas hotels totaling 144 rooms. The acquisition includes Best Western Plus Monica Royale Inn & Suites in Greenville, a 79-room hotel located about 60 miles northeast of Dallas, and La Quinta Inn & Suites-Sulphur Springs, a 65-room hotel located about 80 miles northeast of Dallas. Chris Gomes, Joseph Jaques and Allan Miller of Marcus & Millichap marketed the properties on behalf of the sellers, both private investors.
FORT WORTH, TEXAS — Davidson Bogel Real Estate has arranged the sale of 2800 Bledsoe, a 22,000-square-foot retail center located in the West 7th Entertainment District in Fort Worth. The property was 100 percent leased at the time of sale to tenants such as Whisky Garden, Trophy Ranch and The Local. Cameron Deptula of Davidson Bogel represented the seller, TLC Urban, in the transaction. Houston-based Fifth Corner purchased the asset for an undisclosed price.
TAMPA, FLA. — CBRE has arranged the $274.3 million sale of a six-property multifamily portfolio located in Atlanta, Orlando, Raleigh, Charlotte and Charleston. Shea Campbell, Kevin Kempf, Ashish Cholia, Colleen Hendrix and Phil Brosseau of CBRE arranged the transaction on behalf of the undisclosed seller. Tampa-based American Landmark Apartments acquired the 1,863-unit portfolio, which comprised Arbor Terrace and Summerset in Atlanta, Bella in Orlando, Sterling Town Center in Raleigh, Integra Springs at Kellswater in Charlotte and Arbor Village in Charleston. A majority of the portfolio is less than 10 years old, and all six assets offer value-add opportunities, particularly on the interior units, according to CBRE. Community amenities across the portfolio include swimming pools, fitness centers, playgrounds, grilling areas and picnic areas.
BROOKHAVEN, GA. — Berkadia has arranged the $50 million sale of the Briarwood Park portfolio, a three-property apartment portfolio in Brookhaven, roughly 11 miles north of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matt White of Berkadia arranged the transaction on behalf of the seller, Atlanta-based Marquis Investments. Richard Levine of Berkadia arranged a $38 million Fannie Mae loan for the acquisition on behalf of the buyer, Washington-based Wilkinson Corp. The portfolio includes Northeast Plaza and Terraces at Brookhaven, which Wilkinson will combine into one property and rename The Commons at Briarwood. Located at 3506-3510 Buford Highway, the 344-unit property includes a mix of one- to three-bedroom floor plans and features a swimming pool, playground and laundry facilities. The third property, Epic Gardens, is located at 3460 Buford Highway, adjacent to The Commons at Briarwood, and includes 112 units with a mix of one- to three-bedroom floor plans. The community features private balconies or patios, two swimming pools and laundry facilities.
WOODRIDGE, ILL. — North American Real Estate (NARE) has acquired Woodgrove Festival in Woodridge, about 29 miles west of Chicago, for $20 million. The 157,276-square-foot retail center is situated on 15 acres at 1001 W. 75th St. Completed in 1985 and renovated and expanded in 2010, the property is 88.3 percent leased to tenants such as Hollywood Blvd. Cinema, Five Below, Carter’s, Shoe Carnival, Pearle Vision, Starbucks, T-Mobile, Carrabba’s Italian Grill, Jameson’s Charhouse and Panera Bread. Amy Sands and Clinton Mitchell of HFF represented the seller, Kimco Realty Corp.
