Acquisitions

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FREMONT, CALIF. — Berkadia has secured a joint venture equity partner on behalf of an institutional client for the development of Aurum, the final phase of a 966-unit multifamily project adjacent to the Warm Springs BART Station in Fremont. Brett Betzler and Kaohu Berg-Hee of Berkadia brokered the deal. Located at 3300 Innovation Way, Aurum will consist of a five-story, elevator-served building with 336 apartments and more than 600 structured garage parking spaces. Community amenities will include a fitness center, resort-style pool and approximately 4,900 square feet of ground-floor retail space. Completion is slated for 2027.

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NEW YORK CITY — StorageMart has acquired a portfolio of 15 self-storage facilities totaling 25,498 units in New York City, where the Missouri-based owner-operator does business under the Manhattan Mini Storage brand. The portfolio, which also offers 121 parking spaces for vehicular storage, spans approximately 1.3 million net rentable square feet and includes facilities in Manhattan, Staten Island, Brooklyn and Queens. Eastdil Secured represented the undisclosed seller in the transaction and advised StorageMart in securing acquisition financing for the deal.

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MISSION HILLS, CALF. — San Diego-based Location Matters has negotiated the $3.2 million sale of a single-tenant restaurant property located in the San Diego neighborhood of Mission Hills. Situated at 902 W. Washington St., the 2,505-square-foot building is occupied by contemporary American restaurant Harley Gray Kitchen & Bar, which has operated at the site for 12 years. Mike Spilky of Location Matters represented both the seller and the buyer in the transaction. The buyer plans to reposition the space with a new restaurant concept.

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IOWA, MINNESOTA AND NEBRASKA — Marcus & Millichap has brokered the $41.6 million sale of the Yellow Brick Road Portfolio, a collection of 18 triple-net-leased early childhood development centers in Iowa, Minnesota and Nebraska. Spencer Berkley, Mark Ruble, Chris Lind, Zack House, Jon Ruzicka and Adam Lewis of Marcus & Millichap represented the sellers, Ben Ditzer and Bob Carlson of Triple Net Capital, and procured the buyer, a Florida-based real estate investment trust. The portfolio included a range of lease structures and ownership entities. Two additional assets were sold separately to private buyers prior to the sale of the remaining 18 properties.

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LA PORTE, TEXAS — JLL has negotiated the sale of a 511-unit self-storage facility located in the southeastern Houston suburb of La Porte. Spencer Mini Storage comprises 11 single-story buildings that were built in the late 1990s. About 190 (37 percent) of the units are climate-controlled, and the property also offers 79 boat or RV surface parking spaces. Adam Roossien, Matthew Wheeler, Steve Mellon and Brian Somoza of JLL represented the seller, ExchangeRight, in the transaction. The buyer was a partnership between MyPlace Self-Storage and Nuveen Real Estate.

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LOUISVILLE, KY. — JLL Capital Markets has arranged the $55.8 million sale of a two-building, 390,000-square-foot industrial portfolio situated within the Blankenbaker Station Business Park in eastern Louisville. Ed Halaburt, Ross Bratcher, John Huguenard, Sean Devaney, Kurt Sarbaugh and Will McCormack of JLL represented the sellers, Washington Capital Management and Roebling Development, in the transaction. EQT Real Estate was the buyer. The first building serves as Packsize International’s Innovation Center, which spans 240,000 square feet and features specialized manufacturing capabilities, including two production lines supported by 3.3-ton cranes and office space. The second building, which totals 150,000 square feet, houses a same-day delivery facility for Packsize — one of roughly 50 locations across North America. The facility features full air conditioning, seven box-in-box coolers to support grocery operations and robotics systems for automated sortation and fulfillment processes. Both buildings have 32-foot clear heights, fully circulating truck courts, ample trailer parking and rear-loading configurations.

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BOWIE, MD. — CBRE has negotiated the sale of Bowie Town Center, a 293,099-square-foot lifestyle center in Prince George County, bordering the eastern portion of Washington, D.C. A partnership between Nile Equity Group and Community Real Estate Co. purchased the property for an undisclosed price. Ryan Sciullo, Chris Munley, Colin Behr, Casey Smith and R.J. Mirabile of CBRE’s National Retail Partners Mid-Atlantic team represented the undisclosed seller in the transaction. Bowie Town Center was 86 percent leased at the time of sale to tenants including Bath & Body Works, Barnes & Noble, LA Fitness, Foot Locker, Famous Footwear, Lane Bryant, Macy’s, Pandora and Starbuck’s Coffee, among others.

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TAMPA, FLA. — CP Capital has sold NOVEL Independence Park, a 277-unit apartment community situated within Independence Park, a 44-acre mixed-use project in Tampa’s Westshore Business District. The buyer and sales price were not disclosed. Completed in 2024, the apartment complex consists of three five-story buildings that offer studio to three-bedroom floorplans. Amenities include a fitness center, resort-style saltwater swimming pool, sky deck, pickleball court, coworking space and a dog park. NOVEL Independence Park was developed as a joint venture between CP Capital and Charlotte-based Crescent Communities. Additionally, CP Capital has eight properties in active lease-up in Southeast markets such as Atlanta, Charleston, Nashville, Orlando and Washington, D.C.

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HOUSTON — Lee & Associates has brokered the sale of an 80,164-square-foot manufacturing building in North Houston. According to LoopNet Inc., the building at 1121 Buschong St. was built on 6.4 acres in 2001. The building includes 14,250 square feet of office space. Justin Tunnell and Richard Glass of Lee & Associates represented the seller, Schlumberger Technology Corp., in the deal. The buyer and sales price were not disclosed.

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Avant-Fashion-Center-Chandler-AZ

CHANDLER, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale and financing of Avant at Fashion Center, an apartment community in Chandler. Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged the financing. Built in 2017 on more than 11 acres, Avant at Fashion Center features 335 apartments with nine- and 10-foot ceilings, breakfast bars or kitchen islands and full-size washers/dryers. Select floorpans have wine refrigerators and wireless sound systems. Community amenities include a swimming pool and spa surrounded by a glass enclosure and a courtyard with grilling stations, café seating, hammocks and a game area.

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