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Acquisitions

515-Post-Oak-Houston
AcquisitionsOfficeTexas

JLL Brokers Sale of 274,583 SF Office Building in Houston

by Taylor Williams

HOUSTON — JLL has brokered the sale of 515 Post Oak, a 274,583-square-foot office building in Houston’s Galleria neighborhood. The building was originally constructed in the 1980s on a 3.2-acre site and offers amenities such as a fitness center, tenant lounge/game room, café and technology equipped conference areas. Jeff Hollinden and Kevin McConn of JLL represented the seller, New York Life Real Estate Investors, in the transaction and procured the buyer, Dallas-based investment firm EY Ventures LLC. The building was 74 percent leased at the time of sale.

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AcquisitionsIndustrialTexas

Marcus & Millichap Brokers Sale of 6.1-Acre Industrial Outdoor Storage Facility in Baytown, Texas

by Taylor Williams

BAYTOWN, TEXAS — Marcus & Millichap has brokered the sale of a 6.1-acre industrial outdoor storage facility (IOS) in the eastern Houston suburb of Baytown. The building at 12825 Upland Way was completed in 2021 and was fully leased at the time of sale to EquipmentShare, a provider of construction solutions. Peter Bauman and Tivon Moffitt of Marcus & Millichap represented the seller, a REIT, in the deal. Nick Geaneotes and Derrick Dougherty of Marcus & Millichap procured the New York-based buyer. Both parties requested anonymity. Stephen Fillipo of Marcus & Millichap Capital Corp. arranged acquisition financing for the deal through a national credit union.

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Summit-Court-Union-New-Jersey
AcquisitionsMultifamilyNew JerseyNortheast

Inland Acquisitions Buys Northern New Jersey Apartment Community for $131.5M

by Taylor Williams

UNION, N.J. — Inland Acquisitions, a division of Chicago-based investment firm The Inland Real Estate Group of Cos., has purchased Summit Court, a 393-unit apartment community located in the Northern New Jersey township of Union. The sales price was $131.5 million. Built in phases between 2018 and 2023, Summit Court comprises 210 one-bedroom units and 183 two-bedroom apartments that feature stainless steel appliances and private washers and dryers. Amenities include a pool, fitness center, outdoor lounge, game room with a billiards table, pet grooming room and outdoor grilling and dining stations. Jose Cruz, Mike Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, a joint venture between Fidelco Realty Group and Diversified Properties, in the transaction. Mark Cosenza negotiated the deal for Inland on an internal basis. M&T Realty Capital provided a $65.7 million Fannie Mae acquisition loan for the deal.

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AcquisitionsMaineNortheastRetail

Marcus & Millichap Brokers $12.4M Sale of Retail Building in Bangor, Maine

by Taylor Williams

BANGOR, MAINE — Marcus & Millichap has brokered the $12.4 million sale of a 91,828-square-foot retail building in Bangor, Maine. BJ’s Wholesale Club occupies the building at 110 Longview Drive, which sits on a 13-acre site and was originally constructed in 2002 and renovated in 2015, according to LoopNet Inc. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsMultifamilyNew YorkNortheast

Brax Realty Arranges $8.5M Sale of Brooklyn Apartment Building

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $8.5 million sale of an eight-unit apartment building in the Williamsburg neighborhood of Brooklyn. According to LoopNet Inc., the building at 150 N. Ninth St. rises four stories and was originally constructed in 1910. Units at the property also recently underwent gut renovations and now feature modern finishes. Alan Stenson of Brax Realty brokered the deal. The buyer and seller were not disclosed.

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AcquisitionsIndustrialNew YorkNortheast

Venture One Buys 50,043 SF Industrial Building in Farmingdale, New York

by Taylor Williams

FARMINGDALE, N.Y. — Chicago-based investment firm Venture One Real Estate has purchased a 50,043-square-foot industrial building in Farmingdale, located on Long Island. The building at 220 Sherwood Ave. features suites that range in size from 11,373 to 25,383 square feet, as well as four exterior docks, four drive-in doors and a 155-foot truck court. David Pennetta, Stephen Cadorette and Tom DeLuca of Cushman & Wakefield represented the undisclosed seller in the transaction.

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Courtyard-Airport-Tucson-AZ
AcquisitionsArizonaHospitalityWestern

Marcus & Millichap Brokers Sale of 149-Key Courtyard Airport Tucson in Arizona

by Amy Works

TUCSON, ARIZ. — Marcus & Millichap has arranged the sale of Courtyard by Marriott Airport Tucson, a hotel located at 25050 E. Executive Drive in Tucson. Terms of the transaction were not released. Built in 1988 and renovated in 2021, Courtyard Airport Tucson offers 149 guest rooms, an outdoor pool, a fitness center, business center, an on-site bistro and meeting space. The three-story hotel is located less than one mile from Tucson International Airport. Ebrahim Valliani and Michael Klar of Marcus & Millichap represented the undisclosed seller and secured the undisclosed buyer in the transaction. Allan Miller and Chris Gomes, also of Marcus & Millichap, assisted with the deal. Ryan Sarbinoff is the firm’s broker of record in Arizona.

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Metro-on-First-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Arranges $42.6M Sale of Metro on First Apartments in Seattle

by Amy Works

SEATTLE — Kidder Mathews has arranged the $42.6 million sale of Metro on First, a multifamily property in Seattle’s Queen Anne neighborhood. Dylan Simon, Jerrid Anderson and JD Fuller of Kidder Mathews’ Simon | Anderson Multifamily team represented the seller, a large institutional owner, and sourced the undisclosed buyer in the deal. Located at 215 First Ave. W., Metro on First offers 106 studio, one- and two-bedroom units. Originally built in 2001, the 72,194-square-foot property has undergone substantial interior renovations in recent years.

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AcquisitionsKentuckySoutheastStudent Housing

GMH Communities Acquires 533-Bed Student Housing Property Near University of Kentucky

by John Nelson

LEXINGTON, KY. —  GMH Communities has acquired The Stretch, a 533-bed student housing community located near the University of Kentucky campus in Lexington. A joint venture between Campus Advantage and Tramview Capital Management sold the property for an undisclosed price. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller in the transaction. Built in 2009 at 1051 Red Mile Road, the community offers a mix of two-, three- and four-bedroom units. Shared amenities include a clubhouse; pool and hot tub; fitness center; basketball, pickleball and volleyball courts; study rooms; a tanning salon; and outdoor grilling areas. The property was 96 percent leased at the time of sale.

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AcquisitionsIllinoisMidwestMultifamilySeniors Housing

Tutera Acquires 75-Unit Seniors Housing Community in Suburban Chicago, Plans Reopening

by Kristin Harlow

MATTESON, ILL. — Tutera Senior Living & Health Care has acquired a 75-unit seniors housing community in Matteson, about 30 miles south of Chicago, for an undisclosed price. Built in 2021 for $21 million, the property formerly operated under the name Alexi Senior Living before closing in 2022. Tutera plans to make improvements to the community and reopen it as Ridgeland Senior Living this spring. Situated on 5.5 acres, the 81,589-square-foot development features 55 assisted living units and 20 memory care residences. Amenities at the property will include a restaurant-style dining room; poker area and art studio; barbershop, beauty salon and spa; therapy room and gym; movie theater, library and chapel; bistro; courtyard with walking paths; and common areas. The acquisition brings Tutera’s portfolio to 77 communities operated across 10 states. 

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