ALBANY, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $23.8 million sale of a 65,000-square-foot grocery store in Albany. Market 32, which is part of the Price Chopper Supermarkets family of brands, occupies and recently extended its lease at the building, which was previously home to ShopRite. Jim Koury and Brad Nathanson of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
COLUMBUS, OHIO — Reynolds Asset Management, in partnership with the Slabotsky Family Office, has purchased The Commons at Water’s Edge in Columbus with plans to invest over $10 million to overhaul the property. The 432-unit multifamily community features a mix of one- and two-bedroom units. Renovations are expected to begin immediately and continue through 2026. George Skaff, Carter Stephens and Julie Mickley of Newmark brokered the sale, while Henry Stimler and Ricky Warner of Newmark procured the debt.
NEW YORK CITY AND SALT LAKE CITY — Global alternative asset manager and private equity firm Apollo (NYSE: APO) has entered into an agreement to acquire Bridge Investment Group Holdings Inc. (NYSE: BRDG) in an all-stock transaction valued at approximately $1.5 billion. The deal is expected to close in the third quarter. Based in Salt Lake City, Bridge operates nearly a dozen offices nationwide and has approximately $49 billion in assets under management. In addition to some 13.5 million square feet of industrial holdings, the company’s portfolio includes nearly 65,000 residential units across the market-rate, workforce/affordable housing, seniors housing and single-family rental verticals. Bridge was ranked No. 21 on the American Seniors Housing Association’s (ASHA) 2024 list of largest seniors housing owners. Under the terms of the agreement, Bridge stockholders will receive 0.07081 shares of Apollo common stock for each share of Bridge common stock at closing. Both parties value the per-share price at $11.50, which represents a premium of about 45 percent over the company’s closing stock price of $7.92 per share on Friday, Feb. 21. Upon closing, Bridge will operate as a standalone platform within Apollo’s asset management business. Bob Morse, the current executive chairman of Bridge, will …
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.
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.
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.
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.
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.
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.
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.