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Acquisitions

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AcquisitionsHospitalityUtahWestern

Marcus & Millichap Brokers Sale of Two-Property Marriott Hotel Portfolio in Orem, Utah

by Amy Works

OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.

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AcquisitionsMultifamilySeniors HousingTexas

Blueprint Arranges Sale of 93-Unit Seniors Housing Complex in Dallas

by Taylor Williams

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.

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1215-W-Walnut-St-Compton-CA
AcquisitionsCaliforniaIndustrialWestern

BLP Acquires 57,671 SF Logistics Facility in Compton, California

by Amy Works

COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.

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AcquisitionsIndustrialNortheastPennsylvania

Prologis Acquires 449,500 SF Warehouse in Bath, Pennsylvania

by Taylor Williams

BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.

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AcquisitionsIndianaIndustrialMidwest

CBRE Brokers $24.5M Sale of Suburban Indianapolis Industrial Building

by Kristin Harlow

WHITESTOWN, IND. — CBRE has brokered the $24.5 million sale of Park 130 at Whitestown Building 2, a 356,900-square-foot industrial building in the Indianapolis suburb of Whitestown. The property at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is situated on nearly 22 acres within the larger Park 130 at Whitestown. The property features a clear height of 32 feet, 42 insulated dock doors and two drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE Investment Properties represented the private seller. A private, high-net-worth buyer purchased the asset at a cap rate of 5.6 percent.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Bridge Industrial Acquires 22-Acre Site in Suburban Chicago, Plans to Build 292,011 SF Spec Project

by Kristin Harlow

BOLINGBROOK, ILL. — Bridge Industrial has acquired a 22-acre site in Bolingbrook within the I-55 submarket. The developer plans to build Bridge Point I-55 Commerce Center, a two-building speculative industrial project totaling 292,011 square feet. Bridge acquired the site from Chicagoland-based Orange Crush LLC, which previously used the facility as an asphalt crushing and transloading facility. Construction is scheduled to begin in the second quarter with completion slated for mid-2025. Dan Leahy of NAI Hiffman represented Bridge in the sale and will serve as the leasing agent for the development.

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AcquisitionsCivicLee & AssociatesNew YorkNortheastRetail

Lee & Associates Negotiates $18.2M Sale of Historic Building in Manhattan

by Taylor Williams

NEW YORK CITY — Lee & Associates has negotiated the $18.2 million sale of the Clock Tower Building, a 20,000-square-foot historic bank hall located at 46 Lafayette St. in Manhattan’s Tribeca neighborhood. Peter Braus, Brad Schwarz and Cory Gahr of Lee & Associates represented the seller, locally based investment firm Elad Group, in the transaction. Anne-Brigitte Sirois from ART STATE LLC represented the buyer, Jack Shainman Gallery, which plans to new art exhibition venue at the property.

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AcquisitionsIndustrialTexas

Finial Group Arranges Sale of 190,714 SF Industrial Park in North Houston

by Taylor Williams

HOUSTON — Locally based brokerage firm Finial Group has arranged the sale of a 190,714-square-foot industrial park in North Houston. The master-planned development comprises nine buildings on a 15.1-acre site at 1531-15342 Vantage Parkway E. A family office sold the park to a private equity group for an undisclosed price, with both parties requesting anonymity. Keith Bilski, Dylan Schopper, Jack Gaffney, Chase Tucker and John Buckley of Finial Group brokered the deal.

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AcquisitionsConnecticutDevelopmentMultifamilyNortheast

Cushman & Wakefield Brokers $12M Sale of Multifamily Development Site in Norwalk

by Taylor Williams

NORWALK, CONN. — Cushman & Wakefield has brokered the $12 million sale of a 2.3-acre multifamily development site in the downtown area of the southern coastal Connecticut city of Norwalk. The buyer, RMS Cos., plans to develop a six-story, 204-unit building on the site at 370 West Ave., which formerly housed a YMCA. Al Mirin, Kate Schwartz, Matthew Torrance, Jim Fagan, Gerry Lees and Maureen O’Boyle of Cushman & Wakefield represented the seller, Norwalk Hospital, in the transaction.

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AcquisitionsMultifamilyNew JerseyNortheast

Gebroe-Hammer, Berkadia Negotiate Sale of 59-Unit Apartment Complex in Morristown, New Jersey

by Taylor Williams

MORRISTOWN, N.J. — Gebroe-Hammer Associates and Berkadia have negotiated the sale of The Metropolitan Lofts, a 59-unit apartment complex in the Northern New Jersey city of Morristown. Built in 2018, the property offers one- and two-bedroom units ranging from 679 to 1,203 square feet in size and amenities such as a fitness center with yoga and spin studios, golf simulator with lounge seating and outdoor grilling and dining stations. Gebroe-Hammer and Berkadia represented the seller, a partnership between Veris Residential and Woodmont Properties, in the transaction. The buyer was not disclosed.

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