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Acquisitions

4200-04-Adams-Ave-San-Diego-CA
AcquisitionsCaliforniaRetailWestern

Marcus & Millichap Brokers Sale of 4,673 SF Adams Heritage Row Retail Center in San Diego

by Amy Works

SAN DIEGO — Marcus & Millichap has arranged the sale of Adams Heritage Row, a corner retail center located at 4200-04 Adams Ave. in San Diego’s Kensington neighborhood. The Davis/Logan Family Trust sold the asset to an undisclosed buyer for $2.9 million. Ross Sanchez and Nick Totah of Marcus & Millichap’s The Totah Group represented the seller in the deal. Constructed in 1935, Adams Heritage Row offers 4,673 square feet of multi-tenant retail space, occupied by Pappalecco Italian Café and The OAS Center, as well as an adjacent seven-space parking lot.

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AcquisitionsHospitalityLoansMassachusettsNortheast

JLL Arranges Sale, Financing of Two Hotels Totaling 238 Rooms in Devens, Massachusetts

by Taylor Williams

DEVENS, MASS. — JLL has arranged the sale and financing of two hotels totaling 238 rooms in Devens, about 35 miles northwest of Boston. The 118-room Hilton Garden Inn Devens and 120-room SpringHill Suites Devens both offer indoor pools, fitness and business centers and meeting/event space. Alan Suzuki, Matthew Enright and Emily Zhang of JLL represented the seller, RA Ventures, in the transaction. Amy Lousararian and Hugh Doherty of JLL arranged acquisition financing on behalf of the undisclosed buyer(s). BankProv provided the loan for the Hilton Garden Inn, and Avidia Bank funded the acquisition of the SpringHill Suites.

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AcquisitionsMassachusettsNortheastRetail

Marcus & Millichap Brokers $4.8M Sale of Shopping Center in Westborough, Massachusetts

by Taylor Williams

WESTBOROUGH, MASS. — Marcus & Millichap has brokered the $4.8 million sale of Westmeadow Plaza, a retail center located in Westborough, roughly 35 miles west of Boston. Tenants at the 27,867-square-foot center include Papa Gino’s, H&R Block, Westborough Dentistry and Spices of India. Westmeadow Plaza’s tenant roster spans 15 users, and the property was fully leased at the time of sale. Evan Griffith, Tony Pepdjonovic and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer in the transaction.

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AcquisitionsMidwestMultifamilyWisconsin

Breneman Capital Acquires 58-Unit Apartment Complex in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — Breneman Capital has acquired Fairhaven Court Apartments in Madison for an undisclosed price. The 58-unit apartment complex is located on Fairhaven Road. The property was built in two phases and includes a townhome building from 2007 and an apartment building from 2014. Units range from 579 to 1,528 square feet. Bruner Realty will manage the property. Breneman plans to make light renovations to select units.

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AcquisitionsIllinoisMidwestMultifamily

Marcus & Millichap Arranges $3M Sale of Multifamily Property in Chicago

by Kristin Harlow

CHICAGO — Marcus & Millichap has arranged the sale of a 25-unit multifamily property in Chicago for nearly $3 million. Built in 1928, the property is located at 2253 W. 111th St. in the city’s Morgan Park neighborhood. There are 25 two-bedroom floor plans across 31,185 rentable square feet. Jack Stanton and Kyle Stengle of Marcus & Millichap’s Stengle Stanton Group represented the seller, a longtime local investor. Buyer information was not provided.

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AcquisitionsIllinoisIndustrialMidwest

Brown Commercial Group Negotiates Sale of 20,000 SF Industrial Building in Suburban Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 20,000-square-foot industrial building in the Chicago suburb of Elk Grove Village for $1.9 million. The property is located at 989 Pauly Drive. Mason Hezner of Brown represented the buyer, AES USA Corp., a distributor of flexible conduit systems for heavy industrial automotive markets. The buyer is moving from a 10,000-square-foot space in Elk Grove Village. CBRE represented the seller, Rumco Acquisition Corp.

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AcquisitionsIndustrialSelf-StorageTexas

Marcus & Millichap Brokers Sale of 144-Unit Self-Storage Facility in Georgetown, Texas

by Taylor Williams

GEORGETOWN, TEXAS — Marcus & Millichap has brokered the sale of Georgetown Mini Storage, a 144-unit self-storage facility located on the northern outskirts of Austin. The facility was built in 1983 and spans 26,400 net rentable square feet of non-climate-controlled space. Jon Danklefs and Douglas Diffie of Marcus & Millichap represented the undisclosed seller in the transaction. Danklefs also procured the buyer, New York-based Merit Hill Capital.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Arranges $9.9M Sale of Bridgeport Commons Apartments in Southern Connecticut

by Taylor Williams

BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9.9 million sale of Bridgeport Commons Apartments, an 86-unit multifamily property in southern coastal Connecticut. The two-building property was originally built between 1967 and 1970 and is located directly across the street from Bridgeport Hospital. The unit mix comprises nine studios, 73 one-bedroom apartments and four two-bedroom residences. Brad Balletto, Rich Edwards and Robert Paterno of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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AcquisitionsNet LeaseNew JerseyNortheastRetail

Marcus & Millichap Brokers $4.7M Sale of Retail Property Leased to 7-Eleven in Freehold, New Jersey

by Taylor Williams

FREEHOLD, N.J. — Marcus & Millichap has brokered the $4.7 million sale of a retail property in Freehold, an eastern suburb of Trenton, that is leased to 7-Eleven on a triple-net basis. The property consists of a 3,100-square-foot convenience store and a 12-pump fuel station. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Mark Krantz and Derrick Dougherty, also with Marcus & Millichap, represented the buyer. Both parties were locally based investors that requested anonymity.

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AcquisitionsHospitalityIndianaMidwest

Noble Acquires Two Newly Built Hotels in Indiana’s Fishers District

by Kristin Harlow

FISHERS, IND. — Noble Investment Group has acquired the Courtyard by Marriott Indianapolis | Fishers and the dual-branded Hyatt House & Hyatt Place Indianapolis | Fishers. The two newly built hotels are located within the Fishers District, a 150-acre mixed-use development in the Indianapolis suburb of Fishers. The seller and sales price were undisclosed. Noble is a real estate investment manager specializing in the travel and hospitality sector.

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