GLENDALE, ARIZ. — Colliers International has arranged the sale of Summerhill Place, a multifamily property located at 6801 W. Ocotillo Road in Glendale. Maesag Properties LLC, an entity formed by Shon and Karah Brown, purchased the property from Trimark-Summerhill Place LLC, an entity formed by Trimark Property Group, for $19.8 million. Situated on 8.5 acres, the 189,050-square-foot property consists of 13 buildings featuring a total of 232 apartments in one- and two-bedroom layouts. At the time of sale, the property was 96 percent occupied. Bill Hahn, Trevor Koskovich and Jesse Hudson of Colliers’ Phoenix office represented the seller and buyer in the deal.
LA HABRA, CALIF. — Marcus & Millichap has brokered the sale of Harbor Hills Shopping Center, a retail property located at 1450-1460 S. Harbor Blvd. in the Orange County city of La Habra. Los Angeles-based DMI Real Estate Group LLC acquired the property from Harbor Hills LP for $5.7 million. The 27,080-square-foot property was mostly vacant at the time of sale. Joseph Lising and Mitchell Neff of Marcus & Millichap represented the seller in the transaction.
UPLAND, CALIF. — US Storage Centers has acquired a self-storage facility located at 1808 W. Foothill Blvd. in Upland. Foothill You-Stor sold the property for an undisclosed price. The 45,452-square-foot property features 483 self-storage units with drive-up access, video monitoring, gated access and RV/boat/auto storage. US Storage Centers currently owns and operates 43 self-storage facilities in Southern California. Garrett Sholer of Lee & Associates represented the buyer, while Travis Allan, also of Lee & Associates, represented the seller in the deal.
PHILADELPHIA — RLJ Lodging Trust (NYSE: RLJ) has sold Sheraton Society Hill, a 364-room hotel located in Philadelphia, for $95.5 million. The price represents a capitalization rate of 5.6 percent on the hotel’s net operating income (NOI) for 2017, as well as a price per room of approximately $262,000. Maryland-based RLJ has now generated $300 million from asset sales since merging with Texas-based FelCor Lodging Trust Inc. in September 2017. The company is planning to generate an additional $200 million to $400 million in proceeds this year, according to Ross H. Bierkan, president and CEO of RLJ. “The sale of another non-core asset at a highly accretive valuation highlights the meaningful progress we have achieved in realizing the embedded value from the FelCor merger,” says Bierkan. The Buccini/Pollin Group purchased the property and plans a multi-million dollar renovation and rebranding. PM Hotel Group, a national hotel management company, will manage the hotel. Located in the Old City district of Philadelphia at One Dock St., the hotel offers a close proximity to a number of historic attractions, including the National Constitution Center and Penn’s Landing. Amenities at the hotel include an indoor swimming pool, fitness center and onsite restaurant, as well …
NEWARK, N.J. — Gebroe-Hammer Associates has arranged the sale of Forrest Hill Terrace Apartments, a 452-unit apartment complex in Newark, for $50 million. The 1940s-era property is located at 325 Grafton Ave. in the Forest Hill neighborhood of Newark’s North Ward. The complex includes 94 studios, 297 one-bedroom and 60 two-bedroom units. Also included in the sale is a four-bedroom home that is on the property. Gebroe-Hammer represented the seller in the transaction, Kamson Corp., and procured the buyer, a private family-office entity. Allen Popowitz of Brach Eichler served as legal counsel for the seller.
EAST RUTHERFORD, N.J. — Duke Realty has acquired six industrial buildings and two land sites for future development along the I-95 corridor in central New Jersey. Three of the six buildings are located in Cranbury, South Brunswick, and Carteret and three buildings are located in Perth Amboy. Together, the six properties total 3.1 million square feet of industrial space and increase Duke Realty’s New Jersey industrial portfolio to 5.6 million square feet. Development has already begun on a 661,000-square-foot warehouse on one of the acquired land sites at 429 Delancy St. in Newark and a 194,000-square-foot warehouse is also proposed at the second land site, 5 Ethel Blvd. in Wood-Ridge. Duke Realty’s New Jersey office is located in East Rutherford.
BEDFORD, TEXAS — A partnership between Transwestern Investment Group and S2 Capital LLC has acquired Oak Creek Apartments, a 464-unit multifamily community in Bedford, a northeastern suburb of Fort Worth. The Class B property was acquired on behalf of one of the funds managed by the partnership. The community consists of 61 buildings and was 92 percent occupied at the time of sale. Taylor Snoddy, Philip Wiegand and James Roberts of Transwestern represented the undisclosed seller in the transaction.
RICHARDSON, TEXAS — A subsidiary of Hartman Income REIT Management Inc. has acquired Richardson Tech Center, a 96,660-square-foot flex property in Richardson, a northeastern suburb of Dallas. The multi-tenant property consists of four buildings. Zane Marcell and Dustin Volz of JLL represented the undisclosed seller in the transaction. David Wheeler and Russell Turman represented Hartman internally. HFF arranged acquisition financing for the deal through Southside Bank.
TAMPA, FLA. — Michaelson Real Estate Group LLC has acquired St. Moritz Apartments, a 168-unit multifamily community in Tampa, for $20.7 million. The name of the seller was not disclosed. The property is located at 13835 Heritage Club Drive, less than two miles from the University of South Florida. St. Moritz Apartments offers two-bedroom/two-bath townhomes and features a swimming pool, lakefront picnic and barbecue areas, fitness center and a clubhouse. The community was built in 1984 and has undergone renovations over the last two years.
TAMPA, FLA. — Tiktin Real Estate Investment Services (TREIS) has arranged the $5.2 million sale of Madison Square, a 38,720-square-foot shopping center located at 5513-55119 S. 78th St. in Tampa. Adam Tiktin of TREIS arranged the transaction on behalf of both the seller, Madison Square Group LLC, and the buyer, ATS Residential LLC. Family Dollar anchors the property, which was constructed in 2007 and was fully leased at the time of sale. The site also includes a one-acre outparcel for a future restaurant or retail building.