PITTSBURGH — Marcus & Millichap has brokered the sale of the 69-room Hampton Inn Pittsburgh/West Mifflin hotel. Built in 1997 and renovated in 2018, the hotel is located about eight miles south of the downtown area and offers amenities such as an outdoor pool, fitness center and a business center. Alexandre Duong and Kevin Laureno of Marcus & Millichap represented the seller, Seaview Hospitality, in the auction sale. The duo, along with Adam Sklaver and Philip Kates of Marcus & Millichap, also secured the private buyer.
ORLANDO, FLA. — CBRE has brokered the $15 million sale of an office building located at 65 S. Keller Road in Orlando. The building, which was fully leased at the time of sale, totals 82,260 square feet. David Harari, CEO of Bloom Ventures, was the buyer. Ronald Rogg of CBRE represented the undisclosed seller in the transaction. Zack Brumbaugh of CBRE secured acquisition financing on behalf of the borrower.
NEW YORK CITY — Global alternative investment firm Investcorp has acquired three national industrial portfolios that collectively total 1.5 million square feet across 41 buildings. The sales price was approximately $300 million. The seller(s) was not disclosed. The details of the three portfolios are as follows: Following this transaction, which comes on the heels of the firm buying a five-building, 435,000-square-foot industrial portfolio on Long Island, Investcorp now owns 640 industrial buildings totaling roughly 42 million square feet across the country. “We remain confident in the industrial asset class, which now represents nearly 60 percent of our real estate assets under management in the United States,” says Herb Myers, co-head of real estate, North America at Investcorp. “While the overall sector has shown signs of normalizing from pandemic-era highs, a lot of this stabilization is concentrated among newly built speculative properties, and we continue to see strong performance and compelling investment opportunities for existing infill assets in high-growth markets.” “As reshoring and nearshoring have reshaped the industrial and manufacturing landscapes, well-located, multi-tenanted industrial assets have continued to attract robust interest from tenants and investors,” adds Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties comprising these …
ATLANTA — LRE Management has acquired a multifamily portfolio located in the Atlanta metro area for $102 million. The seller was not disclosed. Totaling 778 units across three properties, the portfolio comprises Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as modernize the amenities and implement new property management. “We believe that acquiring 2000s-vintage assets in a tier-one market at pre-pandemic pricing and at a significant discount to current replacement cost represents a once-in-multiple-decades investment opportunity,” says Eric Londa, founder and managing partner of LRE.
MIAMI — Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 N.W. 37th Ave. in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously arranged Plage Associates’ $7.5 million purchase of the property in 2020. RAM Steel Framing will continue to occupy the building, which is situated roughly three miles from Miami International Airport.
DALTON, GA. — Faris Lee Investments has arranged the $4.7 million sale of a freestanding retail pad building located in Dalton, a city in northern Georgia near the Tennessee border. Starbucks Coffee and AFC Urgent Care currently occupy the property. Developed in 2023, the two-tenant building features a drive-thru and is situated at the entrance to Dalton Square, a shopping center leased to Food City, Ross Dress for Less, Ulta Beauty and PetSmart. Scott DeYoung, Jeff Conover, Don MacLellan and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. A Georgia-based 1031-exchange private investor was the buyer.
HOUSTON — Los Angeles-based investment firm Lunada Rose Partners has acquired a 185,413-square-foot industrial building located at 13612 Furman Road on the south side of Houston. The building was completed earlier this year and features 32-foot clear heights, 34 loading docks and two drive-in doors. At the time of sale, the building was fully leased to Empire Auto Parts on a long-term basis. JLL represented the undisclosed seller in the off-market transaction. The sales price was also not disclosed, but the deal traded in all-cash and was originally listed for $21.8 million.
SHERMAN, TEXAS — Marcus & Millichap has brokered the sale of Quality Suites Sherman, a 67-room hotel located about 50 miles north of Dallas in Sherman. The sales price was not disclosed. Built on 2.2 acres in 1996 and renovated in 2019, the two-story hotel offers amenities such as an outdoor pool, meeting room, breakfast bar and guest laundry facilities. Chris Gomes of Marcus & Millichap represented the seller in the transaction and procured the Oklahoma-based private investor as the buyer. Both parties requested anonymity. Allan Miller and Skyler Cooper of Marcus & Millichap assisted in closing the deal as supporting brokers.
MILLSTONE, N.J. — California-based brokerage firm Matthews Real Estate Investment Services has arranged the $10.3 million sale of a self-storage facility in the Central New Jersey community of Millstone. CubeSmart operates the facility, which was built in phases on a 10-plus acre site between 2021 and 2023. The property totals 59,605 net rentable square feet across 488 units (340 climate-controlled and 148 non-climate-controlled). Milton Braasch II, Ben Tracy and Simon Assaf of Matthews represented the undisclosed seller/original developer in the transaction. The buyer was also not disclosed.
NEW YORK CITY — Lee & Associates has brokered the $6.8 million sale of a 37-unit apartment building in the Brooklyn Heights neighborhood. The six-story, rent-stabilized building at 75 Pierrepont St. consists of 25 one-bedroom apartments and 12 studios that were fully occupied at the time of sale. Thomas Gammino and Patrick Donahue of Lee & Associates represented the buyer and seller, both of which requested anonymity, in the transaction. The deal traded at a cap rate of 6.2 percent. The deal traded at a cap rate of 6.2 percent.