GREAT BARRINGTON, MASS. — Regional brokerage firm Chozick Realty has negotiated the $7.9 million sale of Beechtree Commons, a 66-unit apartment complex in Great Barrington, located near the Massachusetts-New York border. The property was built on 4.5 acres in 1972 and houses one- and two-bedroom units. Tom Boyle of Chozick represented the seller, a family office, in the transaction, and procured the buyer, a regional owner-operator. Both parties requested anonymity.
BRASELTON, GA. AND MEMPHIS, TENN. — CBRE has arranged the sale of a two-property industrial portfolio in Braselton and Memphis totaling more than 1.6 million square feet. The facilities include a 613,440-square-foot cross-dock warehouse in Braselton, a city on the northeast outskirts of the metro Atlanta area, and a 1 million-square-foot cross-dock warehouse in Memphis. The Braselton facility was built in 2016 and is fully leased to a large e-commerce company, and the Memphis property was built in 2021 and is fully occupied by Medtronic. Frank Fallon, Trey Barry, José Lobon, Royce Rose, George Fallon, Ryan Bain, Zach Graham and Bentley Smith of CBRE represented the seller, JW Mitchell Co., in the transaction. The buyer and sales price were not disclosed. Additionally, Brian Linnihan, Mike Ryan, Richard Henry and Taylor Crowder of CBRE’s debt and structured finance team in Atlanta arranged a $69.9 million acquisition loan through Wells Fargo on behalf of the buyer.
TALLAHASSEE, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $24 million sale of Westend Square, a 152,335-square-foot shopping center in Tallahassee. Douglas Mandel of IPA represented the seller, Steven Leoni, and procured the buyer, New York-based Milbrook Properties, in the deal. Mandel says the shopping center has upside potential as the property’s current rental rates are 25 percent below market rates. Situated within a mile from Florida State University’s campus, Westend Square was 98 percent leased at the time of sale to tenants including Five Below, Planet Fitness, Pet Supermarket, Aaron’s Rent To Own, Little Caesars Pizza, the U.S. Post Office and Citi Trends. Aldi shadow-anchors the center, which was renovated in 2022.
CHARLOTTE, N.C. — Avison Young has negotiated the sale of a 123,140-square-foot industrial facility located at 6000 Old Concord Road in Charlotte. Chris Skibinski, Henry Lobb, Abby Rights and Jewell Gentry of Avison Young represented the buyer, Stonelake Capital Partners, in the transaction. Will Jenkins, Marc Hedrick and Jack Harvey also represented Stonelake on an internal basis. Scott Hensley of Piedmont Properties represented the seller. The sales price was not disclosed. The property was built in 1984, according to LoopNet Inc.
PARKVILLE, MD. — Colliers Mortgage has arranged a $10.4 million HUD-insured loan for the refinancing of The Cottages of Perry Hall, a 64-unit seniors housing community in Parkville. Situated on 3.2 acres about seven miles northeast of Baltimore, the property features four cottages that provide assisted living and memory care living arrangements. Services and amenities at The Cottages of Perry Hall include 24-hour care, full-service dining, housekeeping, community and activities rooms, beauty salon, fully landscaped courtyards and secure outdoor space. Christopher Fenton and Catherine Eby of the Lenox, Mass., office of Colliers Mortgage, in partnership with Health Financing Consultants, arranged the financing on behalf of Charter Senior Living. The loan carries a 35-year term and amortization schedule.
CARSON AND CARLSBAD, CALIF. — Westport Properties has acquired a self-storage portfolio comprising two StorQuest Self Storage-managed assets in Carson and Carlsbad. Terms of the transaction were not released. Built in 2006 on 4.5 acres, the Carson property is located at 17106 Avalon Blvd. The Carlsbad property is located at 2500 Campbell Place and was built in 2008 on 3.4 acres. The portfolio totals 270,841 rentable square feet and 2,284 self-storage units. At the time of sale, the portfolio was 90 percent leased. Greg Wells, Kevin Cuff, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self Storage Advisory Group represented the undisclosed seller in the transaction.
CALABASAS, CALIF. — Gemdale USA has completed the disposition of 4500 Park Granada, a three-story Class A office building in Calabasas, to a joint venture between Cross Ocean Partners and Palisade Group for an undisclosed price. Situated on 20 acres, the 222,667-square-foot property offers courtyards, landscaped gardens and executive parking. Originally developed as a corporate headquarters facility for Lockheed Martin and later serving as the headquarters for Countrywide, the asset operated as a single-tenant campus for nearly 20 years. Recently, the building underwent an extensive renovation to improve efficiency and sustainability, as well as conversion to a multi-tenant office building. At the time of sale, 4500 Park Granada was fully leased to seven tenants across diverse industries, including consumer goods (44 percent), insurance (30 percent), hospitality (14 percent), coworking (8 percent) and financial services (3 percent). Kevin Shannon, Ken White, Rob Hannan, Michael Moll, Laura Stumm and Alex Beaton of Newmark represented the seller in the deal. Jonathan Firestone, Blake Thompson and Henry Cassiday of Newmark Global Debt & Structured Finance offered market financing guidance during the sale.
PLANO, TEXAS — Comunidad Partners, an investment firm that specializes in affordable and workforce housing, has acquired the 302-unit Lakeshore at Preston Apartments in Plano. A lake lies at the epicenter of the garden-style property, which offers one- and two-bedroom units that are reserved for households earning 80 to 100 percent of the area median income. Other amenities include a pool, lounging areas, pickleball court and beach volleyball courts. CBRE represented Comunidad Partners and the seller, Chicago-based Waterton, in the transaction.
KANSAS CITY, MO. — MLG Capital has acquired Summit Crossing, a 336-unit multifamily property in Kansas City. The purchase price and seller were undisclosed. The garden-style townhome and apartment community was built in 2019. Amenities include two heated pools, a clubhouse, fitness center, business center and pickleball courts. Summit Crossing marks MLG’s fourth acquisition in metro Kansas City and brings its total number of units owned in the market to 1,249.
INDIANAPOLIS — CBRE has negotiated the sale-leaseback of an industrial portfolio in Indianapolis for $12.7 million. Located on nearly 15 acres at 1220, 1254 and 1310 S. West St., the portfolio comprises three buildings and a truck and trailer lot. The seller, Sodrel Truck Lines Inc., will lease back all of the properties for at least one year. The property at 1310 S. West St. is home to a truck terminal building totaling 25,856 square feet that features 70 dock-height doors and four drive-in doors as well as five driver rest suites, a driver lounge, exercise facility and service garage. The two buildings at 1254 S. West St. feature one truck maintenance building (19,180 square feet) and a truck wash and fueling building (4,358 square feet). The last parcel includes a 6.1-acre paved and fenced truck and trailer lot. The site houses more than 180 trailers. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Bryan Johnson, JD Graves and Sarah Greer of CBRE represented the seller. A private high-net-worth investor was the buyer.