SAN PABLO, CALIF. — Colliers has brokered the sale of San Pablo Mini Storage, a self-storage facility located at 5310 Riverside Ave. in the Bay Area city of San Pablo. The Reeves Family Trust sold the property to Merit Hill Capital for an undisclosed price. Jacob Becher of the de Jong | Becher Self-Storage Team of Colliers represented the seller and procured the buyer in the deal. Situated on 2.4 acres, the 11-building San Pablo Mini Storage features 50,503 square feet of rentable space and 522 units. At the time of sale, the property was 83 percent occupied.
CORBIN, KY. — Brennan Investment Group and an institutional client of Arch Street Capital Advisors have purchased a 386,705-square-foot manufacturing facility in Corbin, a city in south Kentucky equidistant between Knoxville, Tenn., and Lexington, Ky. via I-75. The property was fully leased at the time of sale to Trèves Group, a global automobile supplier focused on automotive interiors and acoustic environments. The seller and sales price were not disclosed. Brennan and Arch Street Capital purchased the facility as part of its 10th joint venture, which has $300 million of purchasing power to acquire mission-critical facilities in the top U.S. industrial markets.
FORT MYERS, FLA. — Continuum Advisors has arranged the sale of Amavida, a newly built, 387-unit seniors housing community in Fort Myers. Opened in December 2018 on a 30-acre site, the 570,000-square-foot campus comprises 28 cottages, 223 independent living apartments, 101 assisted living apartments and 35 memory care apartments, plus a 9,000-square-foot clubhouse. The sale includes 8 acres of fully entitled land ready for a Phase II expansion of approximately 130 additional independent living units. Continuum served as the exclusive sale-side representation for Quadrum Global. A national investor with a development background acquired the asset for an undisclosed price. The new owner has selected Life Care Services as the operator of Amavida. Ranked as the No. 1 retirement community by Fort Myers’ Community’s Choice Awards in 2023, the campus is uniquely situated on an infill site adjacent to the 275-acre Lakes Regional Park.
AUSTIN, TEXAS — Newmark has arranged the sale of The Park on Brodie Lane, a 290-unit apartment community in South Austin. The recently renovated property sits on approximately 39 acres and was 97 percent leased at the time of sale. Amenities include a pool, outdoor grilling and dining area, a fitness center, dog park, volleyball and basketball courts and a clubhouse with a coffee bar. Patton Jones and Andrew Dickson of Newmark represented the seller, Charlotte-based Barings Real Estate, in the transaction. Matt Greer and Andrew Wilson, also with Newmark, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Mill Creek Residential, which has rebranded the property as Alister Sunset Valley.
SRS Brokers $9.1M Sale of New Gas Station, Convenience Store in Metro Orlando Net Leased to 7-Eleven
DAVENPORT, FLA. — SRS Real Estate Partners has brokered the $9.1 million sale of a newly built gas station and convenience store located at 1223 Finley Ave. in Davenport, about 30 miles southwest of Orlando and 15 miles from Disney World. 7-Eleven occupies the property on a 15-year triple-net lease that features scheduled rent increases and multiple extension options. The 7-Eleven is situated on a 1.4-acre site at the entrance of Champions Station, a 14-acre mixed-use development. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based development firm, in the all-cash transaction. The 1031 buyer is a Michigan-based private investor.
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of an 82-room Wyndham-branded hotel in the West Texas city of Midland. The Microtel Inn & Suites by Wyndham Midland is a three-story building that was developed between 2013 and 2014 and offers amenities such as a fitness center, business center and a guest laundry facility. Matt Omansky of Marcus & Millichap represented the seller in the transaction. Chris Gomes, also with Marcus & Millichap, procured the buyer. Both parties were private investors that requested anonymity. Allan Miller of Marcus & Millichap assisted in closing the deal as the supporting broker.
HUNTINGTON BEACH, CALIF. — Los Angeles-based Dunleer has acquired a two-building industrial business park at 7602 Talbert Ave. in Huntington Beach, southeast of Los Angeles. A local private owner, a family member of the original developer, sold the asset for $5.8 million in an off-market transaction. Built in 1978 on 1.15 acres, the 22,382-square-foot park features 16 industrial units, eight small office units, 15 ground-level doors, 12-foot ceiling heights and 33 parking spaces. At the time of sale, the property was fully occupied by 19 tenants. Alexander Harrold of Matthews Real Estate Investment Services represented the buyer and seller in the deal.
LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.
PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.
STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.