UNION CITY AND BAYONNE, N.J. — Capital Realty has brokered the $130 million sale of a 66-building multifamily portfolio in Bayonne and Union City. A private investor purchased the 919-unit portfolio. Benjamin Greenstein of Capital Realty represented the undisclosed seller in the transaction. All 66 properties are within commuting distance of Manhattan. The city of Bayonne is expected to launch a Manhattan-bound commuter ferry in 2019.
SLIPPERY ROCK AND CANONSBURG, PA. — Neema Hospitality has acquired the Fairfield Inn & Suites in Slippery Rock and the Holiday Inn Express & Suites in Canonsburg. The sales price was undisclosed. The 75-room Fairfield Inn & Suites is located north of Pittsburgh nearby Slippery Rock University. Amenities include complimentary hot breakfast, free Wi-Fi, in-room microwaves and an indoor pool. The 90-room Holiday Inn Express & Suites is located south of Pittsburgh in Canonsburg. The hotel’s rooms offer microwaves, refrigerators, 42-inch flat-screen TVs and free breakfast and Wi-Fi. The hotel also features a heated indoor pool and more than 1,600 square feet of meeting space.
HOUSTON — Bellomy & Co. has arranged the sale of Sentry Self Storage, a 941-unit facility in Houston. Built in 2006, the property is situated on five acres and features climate-controlled units that total 104,025 net rentable square feet. Hugh Horne of Los Angeles-based Charmel Storage Capital, along with Bill Bellomy and Michael Johnson of Bellomy & Co., represented the seller in the transaction. The team also procured the buyer, Public Storage, a self-storage operator and REIT based in Glendale, Calif.
SAN ANTONIO — Utah-based Triago Ventures has purchased Republic Woodlake, a 288-unit multifamily asset in San Antonio. The garden-style property was built in 2008 and is located less than 10 miles from the downtown area. Units average 787 square feet each, and amenities include a pool, fitness center, dog park and a clubhouse. The seller was not disclosed.
HOUSTON — New York-based Lone Star Capital Group, led by Kent Piotrkowski and Rob Beardsley, has acquired Cranbrook Forest, a 261-unit multifamily community in northwest Houston. Built in 1983, the property offers one- and two-bedroom units, as well as a pool, fitness center and leasing office. The new ownership plans to add or upgrade the community playground, dog park, poolside picnic and barbecue area, leasing office and fitness center. Michael Muller and Marc Belsky of Eastern Union Funding arranged a $14 million acquisition loan on behalf of Lone Star Capital Group for the transaction.
LOS ANGELES — Avison Young has negotiated the sale of 819 N. Le Brea Ave., an iconic retail property located in Los Angeles’ La Brea neighborhood. Flora M Kinyon Trust sold the property to Santa Monica Corridor LLC for $4.1 million. Built in 1928 as a ribbon factory and renovated in 2015, the 5,106-square-foot, single-tenant property features an enclosed courtyard and gated parking lot with 19 spaces, as well as 105 feet of frontage along La Brea Avenue. Rick Owens’ currently occupies the property with its West Coast flagship store. Christopher Bonbright and Brandon Mason of Avison Young represented the buyer and seller in the transaction.
ROCHESTER HILLS, MICH. — Marcus & Millichap has brokered the sale of Rochester Mini Storage in Rochester Hills, about 25 miles north of Detroit. The sales price was not disclosed. The 94,115-square-foot self-storage facility includes units that range in size from 25 to 400 square feet. Both climate-controlled and non-climate-controlled options are available. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap brokered the transaction. An out-of-state buyer purchased the asset. The seller was a local owner.
TAMPA, FLA. — Cushman & Wakefield has brokered the $52 million sale of The Collection at Sabal Park, a 435,837-square-foot office portfolio in Tampa. The portfolio includes eight buildings located at 10117, 10002, 9950 and 9720 Princess Palm Ave. and 3923-3295, 3901, 3829 and 3922 Coconut Palm Drive. Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield arranged the transaction on behalf of the seller, IP Capital Partners. Priam Capital acquired the assets, which are located within Sabal Park, a 4.8 million-square-foot, master-planned business park located less than 10 miles northeast of downtown Tampa. The portfolio was 86 percent leased at the time of sale to tenants such as Coca-Cola, Permanent General, U.S. Army Corps of Engineers, Sodexo, Advantage Sales & Marketing and Taylor Morrison. Priam Capital has retained Mercedes Angell and Lauren Coup of Cushman & Wakefield to handle the portfolio’s leasing assignment. The team was originally awarded the listing when IP Capital Partners acquired the portfolio in 2014.
BRYAN, TEXAS — ARA Newmark has arranged the sale of Z Islander, an 864-bed student housing community in Bryan that serves Texas A&M University and Blinn College. The community totals 380 units in one-, two-, three- and four-bedroom configurations. Amenities include a pool, fitness center, outdoor fire pits, spa and sauna, theater room, volleyball and basketball courts, game room and community car wash stations. Ryan Lang and Brandon Buell of ARA Newmark represented the seller, Virginia-based ILM Capital, in the transaction. Florida-based Waypoint Residential purchased the asset for an undisclosed price.
HOUSTON — Chicago-based Brennan Investment Group LLC has acquired Hempstead Business Park, a 12-building industrial property located at 10612-10616 Hempstead Highway in northwest Houston. The buildings total 133,850 square feet and were 92 percent occupied at the time of sale. The seller was not disclosed.
