MARYSVILLE, MICH. AND MILWAUKEE — An affiliate of Phoenix Investors has acquired two industrial properties totaling roughly 2.3 million square feet and 145 acres in Michigan and Wisconsin for an undisclosed price. The facilities are located at 840 Huron Blvd. in Marysville, Mich., and 3280 S. Clement Ave. in Milwaukee. Both were previously owned by FCA US LLC, a wholly owned subsidiary of global automaker Stellantis, which leases both buildings. Phoenix’s portfolio now exceeds 80 million square feet nationwide. Tony Avendt and Jeff Hoffman of Cushman & Wakefield brokered the sale.
ITASCA, ILL. — Entre Commercial Realty has brokered the sale of a 17,541-square-foot industrial building in Itasca for an undisclosed price. Located at 1211 W. Norwood Ave., the freestanding manufacturing facility offers heavy power and ample parking with immediate highway access. John Joyce and Sam Deihs of Entre represented the buyer, Sea Converting Inc., a custom converter that provides custom-made covers, protectors and cases.
NORTHLAKE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Livano Canyon Falls, a 300-unit apartment community located north of Fort Worth in Northlake. Livano Canyon Falls is a three-story, garden-style complex that offers one-, two- and three-bedroom units with an average size of 1,015 square feet. Amenities include a pool, private workspaces and fishing ponds. Drew Kile, Michael Ware, Joey Tumminello, Taylor Hill and Shelby Clark of IPA represented the undisclosed seller in the transaction and procured the buyer, an affiliate of Harbor Group International. Brian Eisendrath, Cameron Chalfant, Harry Krieger and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing for the deal.
CHARLOTTE, N.C. — Crescent Communities has sold its interest at Novel Ballantyne, a 285-unit upscale apartment community located at 14011 Bespoke Road in south Charlotte’s Ballantyne district. The buyer and sales price were not disclosed, but Charlotte Business Journal reports that Crescent Communities netted roughly $95 million in the sale. The Class A property is a component of a master-planned residential community that includes an active adult property (The Balmore at Ballantyne by Laurel Street) and an upcoming townhome community. Built in 2023, Novel Ballantyne features a mix of studio, one- and two-bedroom apartments, as well as an amenity package that includes a resort-style saltwater pool area, fitness center, dog park, coworking library and an outdoor lawn with a putting green. The design-build team for Novel Ballantyne included Cooper Carry (architect), Ellinwood + Machado (structural engineer), IMEG Corp. (MEP engineer), LandDesign (landscape architect and civil engineer) and Vignette (interior designer).
ORLANDO, FLA. — CBRE has arranged the $20 million sale of Chancellor Square, an industrial complex spanning 142,069 square feet in Orlando. Boca Raton, Fla.-based Basis Industrial purchased the property from Miami-based B Group Capital Management. Ronald Rogg of CBRE represented the seller in the transaction, along with Sebastian Barbagallo and Franco Barbagallo of B Group Capital. Anthony Scavo and Ahmad Elayyan represented Basis Industrial internally. Situated on 23 acres in Orlando’s Central Park area, Chancellor Square comprises three single-story freestanding buildings that feature light industrial, flex and showroom space. The property was fully leased at the time of sale to government and publicly traded companies, according to CBRE.
HEBRON, KY. — Brennan Investment Group has purchased a 100,000-square-foot industrial facility located at 1102 Aviation Blvd. near the Cincinnati & Northern Kentucky International Airport (CVG) in Hebron. The property is located on 18 acres off I-275 near Amazon Prime Air Hub. The seller and sales price were not disclosed, though Brennan says it purchased the infill facility at below replacement cost. The Chicago-based investment firm plans to renovate and update the facility over the course of its ownership.
ROCKINGHAM, N.C. — New York-based Andover Properties has purchased a self-storage facility located at 102 W. Greene St. in Rockingham, about 70 miles southeast of Charlotte. Renovated in 2022, the property comprises nearly 500 climate-controlled units and spans 63,000 square feet. The facility represents the 15th North Carolina facility for Andover’s Storage King USA brand. The property features three loading docks, multiple levels of storage units, keypad-controlled entry and 24/7 video surveillance. The seller and sales price were not disclosed.
FORT WORTH, TEXAS — Worth Commercial Real Estate has purchased Magnolia Centre, a 31,000-square-foot historic office building located in Fort Worth’s Near Southside District. According to LoopNet Inc., the six-story building was originally constructed in 1926 and renovated in 1990. Worth Commercial plans to occupy space on the building’s fourth floor for its new headquarters and to lease the remainder. The seller and sales price were not disclosed.
EL CENTRO, CALIF. — CBL Properties has completed the all-cash, $38.1 million disposition of Imperial Valley Mall in El Centro. The property served as collateral under CBL’s nonrecourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million. The name of the buyer was not disclosed.
PHOENIX — MAG Capital Partners has purchased an industrial building located at 2848 Sweetwater Ave. in northwest Phoenix for an undisclosed price. Sunrun and Kaboomracks fully occupy the 39,950-square-foot building, which is situated on 3.1 acres. Phil Haenel and Foster Bundy of Cushman & Wakefield represented the seller, a private investor, in the deal.