MARTINSVILLE, VA. — An affiliate of Phoenix Investors has purchased an 813,000-square-foot industrial building located at 1 Walker Road in Martinsville, a city in southern Virginia. Resurgence Properties sold the property for an undisclosed price. The facility previously served as a textile plant for Bassett-Walker before shuttering in 2002. Situated on 53 acres, the property is located 10 miles from the Virginia-North Carolina border and less than 12 miles from Blue Ridge Regional Airport. The facility features six dock doors and four grade-level drive-in doors, as well as 200 parking spaces. Grant Bates of Newmark is handling the leasing assignment for 1 Walker Road, which has more than 700,000 square feet of availability at the time of sale.
CARMEL, IND. — Colliers has brokered the sale of The Green on Meridian, a two-building medical office portfolio totaling 58,158 square feet in the Indianapolis suburb of Carmel. The sales price was undisclosed. The three-story buildings are 25 percent occupied by 10 tenants. Alex Cantu, Alex Davenport and Bryce Wetzel of Colliers represented the seller, NAYA Investment & Management, an independent real estate firm specializing in the acquisition and management of office and residential properties across Indiana and Florida. A private investor was the buyer.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has negotiated the sale of a 23,790-square-foot industrial building in the Chicago suburb of Elk Grove Village. The sales price was undisclosed. The property at 160 Scott St. was originally marketed for lease but received multiple offers from potential buyers. Candace Scurto of Brown represented the seller, a private investor. Mason Hezner of Brown represented the buyer, GP Glass Co., which has two other locations in Elk Grove Village. The company is a custom shower glass and door installation business.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has agreed to acquire 25 active adult properties from Affinity Living Communities for $969 million. The off-market transaction is part of a long-term strategic partnership between the two companies, with plans for future development activity together. The portfolio encompasses nearly 3,900 units predominately located in the Pacific Northwest. Welltower says the acquisition will enable the company to strategically scale the geographic reach of its active adult portfolio into markets with a five-year projected population growth in the 55-plus demographic that is more than 2.5 times higher than the U.S. average. Post-closing, Affinity will continue to manage the portfolio subject to a terminable management contract. Welltower plans to fund the acquisition using cash on hand and the assumption of $523 million of below-market-rate debt with an average interest rate of 3.8 percent and a nine-year weighted average maturity. The purchase price of approximately $249,000 per unit represents a significant discount to replacement cost, according to Welltower. The average property age is eight years. The transaction is expected to close in tranches over the next several months with timing dependent on property-level loan assumption approvals. The deal will expand Welltower’s in-place and under-development active adult …
HICKSVILLE, N.Y. — JLL has arranged the sale of Broadway Commons, a 730,000-square-foot retail power center in the Long Island community of Hicksville. The center was 97 percent leased at the time of sale to tenants such as Round 1 Bowling & Amusement, Showcase 12 Cinema, H&M, Old Navy, Blink Fitness, Buffalo Wild Wings, On the Border, Hook & Reel, Panera Bread and Blaze Pizza. Jose Cruz, Kevin O’Hearn, J.B. Bruno and David Monahan of JLL represented the undisclosed seller in the transaction and procured the buyer, a partnership between KABR Group, BTF Capital and AJM BRE Ventures.
BRANCHBURG, N.J. — Locally based developer Walters has completed the lease-up of Cornerstone at Branchburg, a 150-unit, income-restricted multifamily property in Northern New Jersey. The development consists of two three-story buildings on an 11.7-acre site that are now fully occupied. Residences come in one- and two-bedroom floor plans and range in size from 700 to 900 square feet. Amenities include a fitness center, game room and outdoor grilling and dining areas. Construction began in May 2021, and leasing launched last spring.
ACTON, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Brookside Shops, a 75,529-square-foot shopping center in Acton, a western suburb of Boston. Grocer Trader Joe’s anchors the center, which was built on 10 acres in 2002. Other tenants include Staples, X-Golf and Talbots. Jim Koury led the IPA team that represented the undisclosed seller in the transaction and procured the buyer, Crosspoint Acquisitions.
HOUSTON — Dallas-based brokerage firm Disney Investment Group (DIG) has arranged the sale of Presidio Square, a 189,338-square-foot shopping center in West Houston. An 82,466-square-foot H-E-B grocery store anchors the center. Other tenants include Family Thrift, AT&T, Subway, State Farm, Little Caesars, IHOP and Chase Bank. David Disney and Adam Crockett of DIG represented the seller, an affiliate of North American Development Group, in the transaction. The duo also procured the buyer, Houston-based Wu Properties. The sales price was not disclosed.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of a self-storage development site that is located about 6.5 miles south of downtown Austin. The site spans 3.5 acres and can support the development of a facility with up to 73,263 net rentable square feet of space across 786 units. Brian Kelly, Brett Hatcher, Gabriel Coe and Nathan Coe of Marcus & Millichap represented the seller, an undisclosed limited liability company, in the transaction. The buyer was also not disclosed. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
HUNTSVILLE, ALA. — Ironside Realty has acquired a 7,500-square-foot industrial property located at 376 Dan Tibbs Road N.W. in Huntsville. The property was fully leased to United Rentals at the time of sale. A local broker represented the undisclosed seller in the transaction, and Jimmy Goodman of Chicago-based The Boulder Group represented Ironside. The sales price was not disclosed.