CHICAGO — Jameson Commercial has brokered the $6.8 million sale of a retail building in Chicago’s Elston corridor. The 81,700-square-foot property is situated on 1.5 acres at 2525 N. Elston Ave. Artsupply.com and Johnstone Supply are two of the property’s tenants. Jose Colon represented the buyer in the sale. Both the buyer and seller were investment groups based in the Chicago area.
RICHLAND, WASH. — CBRE has brokered the sale of Badger Mountain Ranch, a multifamily property located 451 Westcliffe Blvd. in Richland. Badger Mountain Apartments I LLC sold the property to Irvine, Calif.-based Starboard Realty Advisors for an undisclosed price. Built in 2013, the property features 176 apartment units in a mix of one-, two- and three-bedroom layouts. Phil Oester, Eli Hanacek, Joe Nydahl and Josh McDonald of CBRE represented the seller in the transaction.
DENVER — Nexus Commercial Real Estate has brokered the sale of Park Plaza Apartments, located at 2250 Josephine St. in Denver. Anchor Josephine LLC acquired the apartment building from Park Plaza Josephine LLC for $3.2 million. The 22-unit building features 20 one-bedroom units, one studio apartment and one two-bedroom unit. Adam Riddle of Nexus represented the seller, while Riddle and Austin Smith, also of Nexus, represented the buyer in the deal.
JACKSONVILLE, FLA. — Jacksonville-based investment firm FRP Holdings Inc. (NASDAQ: FRPH) has entered into an agreement to sell 41 warehouses to an affiliate of The Blackstone Group (NYSE: BX) for $358.9 million. Two of the properties include adjacent lots that were included in the sale. The individual locations of the warehouses were not disclosed. However, according to the company’s 8-K form filed with the Securities & Exchange Commission (SEC), FRP’s portfolio is largely located in the Baltimore and Washington, D.C. metro areas. The sale is expected to close during the second or third quarter of 2018. Following the transaction, FRP will continue to own a portfolio of properties. Some of the retained assets are located within the RiverFront on the Anascotia development near Capitol Hill. The company will also retain ownership of properties situated within the Windlass Run Business Park in Baltimore County, as well as a large parcel in Hampstead, Md. For several of the assets, the company will offer first rights of refusal purchase options to the tenants. FRP Holdings plans to use proceeds from the sale to pay off existing debt and implement capital improvements on its remaining properties. The company also plans to reinvest a portion …
SAN ANTONIO — Skyview Advisors, a Tampa-based brokerage firm specializing in self-storage, has brokered the sale of a 763-unit Extra Space Storage facility in San Antonio. Approximately 97 percent of the units at the Class A facility are climate-controlled. The property sold during lease-up at 50 percent physical occupancy, according to Ryan Clark of Skyview, who represented the seller in the transaction. California-based FollettUSA purchased the property for an undisclosed price.
DALLAS — Greysteel has negotiated the sale of The Bailiwick and Tree Top, two multifamily properties totaling 96 units in the Oak Lawn area of Dallas. The Bailiwick was built in 1972, totals 59 units and features a pool and laundry services. Tree Top was built in 1966 and features 37 units. Doug Banerjee, Boyan Radic, Andrew Mueller and Andrew Hanson of Greysteel arranged the sale, other terms of which were not disclosed.
HOUSTON — Moody Rambin has arranged the sale of a 19,200-square-foot warehouse situated on 1.4 acres at 3511 Jensen Drive on Houston’s north side. Zachary Taylor and Doyle Toups of Moody Rambin represented the buyer in the transaction. The seller and sales price were not disclosed.
LONG ISLAND, N.Y. — Rosewood Realty Group has arranged the sale of a two-story medical office building in Southampton for $9.7 million at a 6.8 percent capitalization rate. Built in 1996, the 21,606-square-foot building is located 92 miles east of Manhattan at 365 County Road 39A and sits on 2.4 acres of land. Aaron Jungreis of Rosewood represented the seller, Benton Plaza LLC. Rosewood’s Jack Zalta represented the buyer, a private investor.
BELLEVUE, WASH. — Hodges Ward Elliott has arranged the sale of AC Hotel Seattle Bellevue/Downtown, a hotel located at 208 106th Place NE in downtown Bellevue. Ishin Aju Hotel Bellevue LLC acquired the hotel from WPPI Bellevue AC LLC for $87 million. The seven-story property, which opened in August 2017, features 234 rooms, two levels of underground parking, 1,487 square feet of meeting space, the AC Lounge, the AC Kitchen, the AC Store, the AC Library and a fitness center. Mark Elliott, John Sonnier, Michael DiPrima and Rick Rush of Hodges Ward Elliott represented the seller in the transaction.
OAK PARK, ILL. — Interra Realty has brokered the $1.4 million sale of a condo deconversion in Oak Park, a suburb of Chicago. The buyer intends to convert the property’s 10 condominiums into apartment rental units. Built in the 1950s and located on Marion Street, the property features a mix of one- and two-bedroom floor plans. Patrick Kennelly of Interra represented the sellers through the condominium’s association and also procured the undisclosed buyer. The sales price equates to approximately $145,000 per unit. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or lease back the unit from the new owner.
