INDIANAPOLIS — Colliers International has negotiated the sale of a two-building, 166,119-square-foot industrial portfolio in Indianapolis for $6.6 million. The properties, located within the Stout Field Industrial Park, are fully leased to Progressive Logistics and Micronutrients. Alex Cantu and Alex Davenport of Colliers brokered the transaction on behalf of the seller, Progressive Logistics. The O’Donnell Group Inc. purchased the portfolio. This is the first acquisition in the Indianapolis market for the California-based firm.
CHICAGO — Newmark Knight Frank (NKF) has arranged the sale of a 106-year-old building and development site on Milwaukee Avenue in Chicago. The sales price was not disclosed. The site comprises a five-story, 26,700-square-foot building and 11,000 square feet of neighboring land. Jim Cummings and Brian Carroll of NKF represented the seller, Hollander Holdings LLC, a manufacturer of house furnishings. The Hollander family had owned the building ever since its construction in 1912 and used the property for storing archives. The buyer, GW Properties, plans to restore the building and develop a mixed-use property with office and retail space on the ground floor. Redevelopment plans also call for an apartment building.
HARRISON, OHIO — Marcus & Millichap has brokered the $2.2 million sale of an 18,888-square-foot retail property net leased to Tractor Supply Co. in Harrison, about 20 miles northwest of Cincinnati. The property is located at 389 Comfort Drive near I-74. Tractor Supply Co. has operated at the building since 1999. Dan Yozwiak and Justin Fenn of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also represented the buyer, a limited liability company.
COLUMBIA, S.C. — Dominion Realty Partners (DRP), in partnership with Blue Vista Capital Management, has acquired Synergy Business Park, a 315,919-square-foot office park in Columbia, for $24.3 million. The new ownership plans to make significant investments in building renovations and capital improvement projects. The four-building property was 78 percent leased at the time of sale. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield arranged the transaction on behalf of the undisclosed seller.
JACKSONVILLE, FLA. — CBRE has brokered the $15.3 million sale of Palm Trace Apartments, a 160-unit multifamily community located at 6870 103rd St. in Jacksonville. Shelton Granade, Cliff Taylor, Joe Ayers, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller, Chicago-based American Landmark Properties. Beverly Hills, Calif.-based Enzo Multifamily acquired the asset. Palm Trace Apartments includes a mix of one- and two-bedroom units and features a dog spa, car wash area, resident clubhouse, fitness center, pool, playground and a grilling/picnic area.
DENVER — Xenia Hotels & Resorts has purchased The Ritz-Carlton Denver, located at 1811 Curtis St. in downtown Denver, for $100.2 million, approximately $496,000 per key. The acquisition was funded with cash available on the company’s balance sheet. The 14-story hotel features 202 oversized rooms, including 47 suites, 13,000 square feet of meeting space, The Ritz-Carlton Spa and Elway’s Restaurant. The hotel is part of a mixed-use development that includes 25 luxury residences and 193 apartment units. The Ritz-Carlton, Denver is the 39th hotel in Xenia’s portfolio of primarily luxury and upper upscale hotels. It the company’s second Ritz-Carlton hotel.
LAWRENCEVILLE, GA. — SRS Real Estate Partners has arranged the $5.3 million sale of a freestanding retail building leased to Crunch Fitness in Lawrenceville, located 34 miles northeast of Atlanta. The 22,000-square-foot property opened in March and is triple-net-leased to Crunch Fitness for 12.5 years. Matthew Mousavi and Patrick Luther of SRS arranged the transaction on behalf of the seller, a local developer, and procured the buyer, a public REIT.
PHOENIX — Los Angeles-based CBRE Global Investors Acquisitions has purchased Southwest Industrial Center, an industrial asset located at 7775 W. Buckeye Road in Phoenix. Houston-based Hines sold the property for $48.5 million. Constructed in 2015, the 684,420-square-foot facility features 32-foot clear heights and Class A cross-dock distribution space. Bo Mills, Mark Detmer, Ryan Sitov, Marc Hertzberg and Anthony Lydon of JLL Capital Markets represented the seller in the transaction.
CITY OF INDUSTRY, CALIF. — Realty Advisory Group has arranged the sale of an industrial property located at 15250 Don Julian Road in City of Industry. Cordia Capital Management acquired the 78,600-square-foot property for an undisclosed price. Situated on 3.8 acres, the facility features 25-foot to 29-foot ceiling heights, seven dock-height positions and future divisibility. At the time of sale, Golden West Packaging Group fully occupied the property. Mark Repstad and John Repstad of Realty Advisory Group represented the undisclosed seller and the buyer in the transaction.
SANTA CLARA, CALIF. — Levin Johnston of Marcus & Millichap has negotiated the purchase of Claddagh Apartments, a multifamily property located at 1408 Reeve St. in Santa Clara. A local apartment group acquired the asset from an undisclosed seller for $7.6 million. Constructed in 1958, the property features 20 apartments in a mix of one- and two-bedroom layouts, a community pool, on-site laundry and covered parking. The buyer plans to reposition and renovate the property. Levin Johnston represented the buyer in the deal.