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Acquisitions

U-Storage-OK-Edmond-Oklahoma
AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 623-Unit Self-Storage Facility in Edmond, Oklahoma

by Taylor Williams

EDMOND, OKLA. — Marcus & Millichap has brokered the sale of U Storage OK, a 623-unit self-storage facility in Edmond, a northern suburb of Oklahoma City. The Class A property features both climate- and non-climate-controlled units and recently underwent a 28,000-square-foot expansion. Trey Hammond and Michael Mele of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Brian Fulton of Marcus & Millichap represented the buyer, a private investment group. Both parties requested anonymity.

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AcquisitionsIowaMidwestRetail

R.H. Johnson Co. Purchases 282,708 SF Shopping Center in Sioux City, Iowa

by Kristin Harlow

SIOUX CITY, IOWA — The R.H. Johnson Company has purchased Lakeport Commons in Sioux City for an undisclosed price. The 282,708-square-foot shopping center is located at 5101 Sergeant Road. Completed in 2005, the property is 92 percent leased to tenants such as Gordmans, Best Buy, Staples, Michaels, PetSmart, Old Navy, Party City, Shoe Carnival and Dress Barn. Amy Sands, Clinton Mitchell and Jules Sherwood of HFF marketed the property on behalf of the seller, InvenTrust Properties Corp.

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AcquisitionsCaliforniaRetailWestern

JLL Capital Markets Brokers Sales of Two Retail Properties in Southern California

by Amy Works

LAGUNA HILLS AND MURRIETA, CALIF. — JLL Capital Markets has brokered the sales of two retail properties in Laguna Hills and Murrieta. In the first deal, an undisclosed buyer acquired a restaurant property, located at 23971 El Toro Road in Laguna Hills, for $5.5 million. Raising Cane’s Chicken Fingers leases the property on a 13-year, triple-net ground lease. Additionally, this Raising Cane’s location is the first to sell in California. In the second transaction, an undisclosed buyer sold a gas station and convenience store property located in Murrieta. Shell Gas Station occupies the property under a 20-year, triple-net lease. Adam Friedlander and Matt Berres of JLL Capital Markets’ Irvine, Calif., office arranged the transactions.

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AcquisitionsMultifamilyNorth CarolinaSoutheast

Preferred Apartment Communities Sells Multifamily Asset in Triangle for $43.5M

by Camren Skelton

APEX, N.C. — Preferred Apartment Communities (PAC) has sold Lake Cameron, a 328-unit apartment community in Apex, for $43.5 million. Tennessee-based Fogelman Properties acquired the asset through a joint venture with New York-based DRA Advisors. The property is located at 1000 Cameron Woods Drive, roughly 15 miles west of Raleigh. Constructed in 1997, Lake Cameron offers a mix of one-, two- and three-bedroom units. Community amenities include barbeque grills, a lake with jogging trails, gazebo, playground, swimming pool and a fitness center. The property was 95 percent occupied at the time of sale.

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AcquisitionsHospitalityOregonWestern

Crystal Investment Property Negotiates Sale of 43-Room Hotel in Newport, Oregon

by Amy Works

NEWPORT, ORE. — Crystal Investment Property (CIP), a member of Hotel Brokers International, has brokered the sale of the Econo Lodge in Newport. The property features 43 rooms, which have been updated with new granite and tilework throughout. Joseph Kennedy of CIP represented the undisclosed seller and undisclosed buyer in the deal. The acquisition price was not released.

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AcquisitionsIllinoisIndustrialMidwest

Colliers International Brokers Sale of 225,006 SF Industrial Warehouse in Elk Grove Village, Illinois

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Colliers International has brokered the sale of a 225,006-square-foot industrial warehouse in Elk Grove Village. The sales price was not disclosed. The property is located at 1501 Nicholas Blvd. The buyer, GHP Group Inc., is a manufacturing company that specializes in electric fireplaces and accessories, personal heating products and gas grills. Chris Volkert and Brendan Green of Colliers represented GHP Group in the sale. Ken Franzese and John Cassidy of Lee & Associates represented the seller, Prologis.

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AcquisitionsGeorgiaIndustrialSoutheast

LRC Properties, Ladder Capital Acquire 644,040 SF Industrial Building in Metro Atlanta

by Camren Skelton

LITHIA SPRINGS, GA. — LRC Properties, in a joint venture with Ladder Capital, has acquired 7705 Staples Drive, a 644,040-square-foot industrial building in Lithia Springs. The manufacturing and food processing facility is located on 40 acres roughly 18 miles west of Atlanta. The building, constructed in 2007 and renovated in 2015, features a wastewater treatment plant, air compressors, large electrical load capacity, air conditioned space and a laboratory. Colliers International arranged the transaction on behalf of the seller, a joint venture between Keurig and AB InBev. The sales price was not disclosed.

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AcquisitionsMultifamilyNew YorkNortheast

Cushman & Wakefield Negotiates Sale of 42-Unit Multifamily Building in Upper West Side for $18.3M

by David Cohen

NEW YORK CITY — Cushman & Wakefield has arranged the sale of 410 West End Ave., a seven-story apartment building in the Riverside-West End Historic District on Manhattan’s Upper West Side. The sales price was $18.3 million. The 42-unit, 20,272-square-foot building contains 14 studios and 28 one-bedroom apartments. The property also retains 25,415 square feet of excess air rights. Hall Oster, Mitchell Levine and Teddy Galligan of Cushman & Wakefield represented the undisclosed seller in the transaction.

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1422 Nelson Avenue
AcquisitionsMultifamilyNew YorkNortheast

Besen & Associates Brokers Sale of 70,000 SF Apartment Building in Bronx for $11M

by David Cohen

NEW YORK CITY — Besen & Associates has brokered the sale of 1422 Nelson Avenue in the Highbridge section of the Bronx for $11 million at a cap rate of 4.2 percent. The 70,500-square-foot, six-story building contains 72 apartments that are each 1,000 square feet. GF Financial, an experienced operator with an already established portfolio in the Bronx, purchased the property. The sellers, Steve Zervoudis & Richard Sica of Galaxy General, acquired the building in 1992 for $700,000. Currently, the property is operating under a regulatory agreement governed by the Low-Income Housing Tax Credit program. Jonathan Shainberg, Shallini Mehra, and Amit Doshi of Besen & Associates arranged the transaction.

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AcquisitionsHospitalityNew YorkNortheast

HREC Arranges Sale of 81-Room Hampton Inn in Upstate New York

by David Cohen

SENECA FALLS, N.Y. — HREC Investment Advisors has arranged the sale of an 81-room Hampton Inn located in Seneca Falls. The sales price was undisclosed. The buyer was SF Hotel Group. Seneca Falls, located between Syracuse and Rochester, is a popular tourist destination due to the close proximity of vineyards, outdoor recreation and the Finger Lakes. Ketan Patel, Mark von Dwingelo and Peter Dolan of HREC negotiated the deal for seller Seneca Hospitality.    

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