PARSIPPANY, N.J. — Marcus & Millichap has arranged the $2.6 million sale of The Shoppes on New Road, a recently completed 7,410-square-foot retail property in Parsippany, 28 miles west of Manhattan. The four-tenant retail center is located at 131 New Road and is 100 percent occupied. Alan Cafiero, Ben Sgambati, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
ATLANTA — Charlotte-based Asana Partners has acquired Krog Street Market and Atlanta Stove Works, two mixed-use destinations in Atlanta’s Inman Park neighborhood that once housed Tyler Perry Studios. Paces Properties sold both assets to Asana for an undisclosed price. Situated across Krog Street from one another, the properties are adjacent to the Atlanta BeltLine’s Eastside Trail, a former railway corridor-turned-multi-use trail. Krog Street Market houses a food hall and retail shops including Hop City, Bar Mercado, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Atlanta Stove Works houses creative office space for firms like Media Star Promotions, Trees Atlanta and Atlanta BeltLine Partnership, as well as three restaurants — Rathbuns, Bell Street Burrito and Krog Bar. Paces Properties opened Krog Street Market in 2014 in a former 1920s warehouse. The Atlanta-based company acquired Stove Works in 2012. Asana will invest capital to enhance the properties, building on their appeal as central gathering spaces along the BeltLine trail. King & Spalding served as legal adviser to Asana, and Eastdil Secured arranged the transaction on behalf of Paces Properties.
ATLANTA — Atlanta-based Hospitality Ventures Management Group (HVMG), in conjunction with Investra Capital Group Ltd., has completed the acquisition of a 12-property hotel portfolio totaling 1,465 rooms. The purchase price was not disclosed. The portfolio comprises Marriott- and Hyatt-branded hotels across the Midwest, Southeast and Southwest. The Midwest properties include the 84-room Courtyard Grand Rapids Airport in Grand Rapids, Mich.; the 147-room Courtyard Detroit Southfield in Southfield, Mich.; the 86-room Fairfield Inn & Suites Indianapolis Airport in Indianapolis; the 95-room Residence Inn Indianapolis Airport in Indianapolis; and the 113-room Courtyard Cleveland Beachwood in Beachwood, Ohio. The portfolio also includes three properties in Georgia and four properties in Texas. HVMG will operate the entire portfolio. The seller was not disclosed.
ILLINOIS, KANSAS AND OHIO — Waypoint Residential has acquired three multifamily properties and one student housing property in the Midwest. Neither the purchase price nor the sellers were disclosed. The properties include the 196-unit Legacy at Poplar Creek in Schaumburg, Ill.; the 70-unit Two Itasca Place in Itasca, Ill.; the 184-unit The Attleigh in Columbus, Ohio; and the 500-bed Rockland West near the University of Kansas in Lawrence. Dan Price leads Waypoint’s acquisitions in the Midwest, while Mike Hung leads the company’s student housing acquisitions.
NORTH SIOUX CITY, S.D. — Sterling Computers has purchased an 82,829-square-foot office building in North Sioux City for $4.7 million. The property, which is connected to a 105,938-square-foot distribution center, is situated on 5.7 acres within the former Gateway Computer Campus. Chris Bogenrief of NAI United represented the seller, Keating Resources, in the transaction. Keating purchased the 750,000-square-foot, six-building campus in January and plans to sell all of the buildings to local companies.
LEANDER, TEXAS — Bellomy & Co. has arranged the sale of Big & Safe Self Storage, a 482-unit facility in Leander, a northwestern suburb of Austin. Built in 2004 and expanded in 2014, the property features climate- and non-climate-controlled units totaling 60,475 net rentable square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Vermont-based seller in the transaction. The team also procured the buyer, Montfort Capital Partners, a Dallas-based self-storage investment firm.
DENTON, TEXAS — CBRE has negotiated the sale of Shops at Colorado, a 74,310-square-foot retail center in the North Texas city of Denton. The property was 100 percent leased at the time of sale to tenants such as Bed Bath & Beyond, Staples, Party City and Sherwin-Williams. Chris Gerard, Chris Cozby and Blaine Dozier of CBRE represented the seller, RCG-Denton LLC, in the transaction. Lincoln Retail Income & Growth Fund purchased the asset for an undisclosed price.
UPPER MARLBORO, MD. — Avanath Capital Management LLC has acquired two multifamily properties in Upper Marlboro, roughly 20 miles southeast of Washington, D.C., for a combined $29.3 million. The firm acquired Largo Center, a 100-unit community located at 520 Largo Center Drive, for $14.3 million, and Vistas at Lake Largo, a 110-unit seniors housing community located at 500 Harry S. Truman Drive, for $15 million. The properties were purchased through Avanath’s institutional fund, Avanath Affordable Housing III. The names of the sellers were not disclosed. Largo Center features a swimming pool, clubhouse and in-unit washers and dryers. Vista at Lake Largo features a theater, courtyard, community room and laundry facilities. Avanath plans to renovate both properties with upgraded clubhouses and fitness centers, keyless entry, LED lighting, exterior paint, landscaping improvements and renovated common area hallways.
ALPHARETTA, GA. — HFF has arranged the $23.5 million sale of Preston Ridge I, a 148,355-square-foot office building located at 3655 N. Point Parkway in Alpharetta, roughly 26 miles north of Atlanta. Ralph Smalley of HFF represented the seller, Barings Real Estate, a subsidiary of Barings LLC, on behalf of an institutional client. HFF also procured the buyer, The Simpson Organization. The six-story building was constructed in 1997 and features 25,000-square-foot floorplates, a circular entrance lobby and more than 590 parking spaces. The property is located less than a mile from Avalon, an 86-acre mixed-use development situated on Old Milton Parkway near Ga 400.
CHICAGO — Angelo, Gordon & Co. has acquired Presidents Plaza in Chicago for $147 million. The pair of Class A office buildings, totaling 834,893 square feet, are located at 8600 and 8700 W. Bryn Mawr Ave. in the O’Hare submarket. Developed in 1980, the buildings are 92.4 percent leased to various tenants. The property, which is LEED Silver and EnergyStar certified, has undergone more than $15 million in capital renovations since 2016. The seller had made improvements to building systems, lobbies, entrances, canopies and landscaping. Property amenities include a 17,900-square-foot fitness center, conference center, café, hair salon/barber, convenience store, tenant lounge and full-service car wash. James Postweiler and Peter Harwood of JLL brokered the transaction. The seller, a partnership between Chicago-based GlenStar Properties LLC and a global real estate investment manager, has owned the property since 2006. GlenStar, the current leasing manager and operator of the property, will partner with the new owner to provide services and building upgrades. Angelo, Gordon & Co. is a $28 billion alternative investment firm focused on real estate and credit investing. — Kristin Hiller