Acquisitions

Norris & Stevens Brokers $1.6M Sale of Self-Storage Facility in Portland, Oregon

by Amy Works July 15, 2024

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.

July 15, 2024

Acquisitions Industrial Maryland Southeast

Cushman & Wakefield Brokers $14.5M Sale of 8520 Pepco Place Industrial Property Near DC

by John Nelson July 12, 2024

MARLBORO, MD. — Cushman & Wakefield has brokered the $14.5 million sale of 8520 Pepco Place, an industrial warehouse located in Marlboro, approximately 15 miles southeast of Washington, D.C. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the seller, TSI Corp., in the transaction. EQT Exeter was the buyer. TSI Corp. developed the facility in 2011. Totaling 75,000 square feet, the property features 25- to 26-foot clear heights, 120 parking spaces, five drive-in doors, two dock doors and a 125-foot building depth. The warehouse was fully leased to Harris Co., a national mechanical contractor, at the time of sale.

July 12, 2024

Acquisitions Multifamily Texas

Cortland Acquires 288-Unit Multifamily Property in Houston

by Taylor Williams July 12, 2024

HOUSTON — Atlanta-based multifamily investment and development firm Cortland has acquired a 288-unit property in Houston’s River Oaks neighborhood. Villas River Oaks offers one- and two-bedroom units that range in size from 625 to 1,200 square feet. Amenities include a pool, clubhouse, fitness center, lounge, community garden and outdoor grilling and dining stations. The seller was international investment firm Heitman. The sales price was not disclosed. The new ownership will implement a value-add program and rebrand the property as Cortland River Oaks.

July 12, 2024

Acquisitions Industrial Texas

Partners Capital Sells 52,781 SF Industrial Flex Property in Southwest Houston

by Taylor Williams July 12, 2024

HOUSTON — Partners Capital, the investment arm of Partners Real Estate, has sold a two-building, 52,781-square-foot industrial flex property in southwest Houston. The property at 10849-10899 Kinghurst Drive was built on 4.5 acres in 1981 and was fully leased at the time of sale. Jason Scholtz and Jason Tangen with Colliers represented Partners Capital in the transaction. The buyer and sales price were not disclosed.

July 12, 2024

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 163,654 SF Distribution Center in Suburban Indianapolis

by Kristin Harlow July 12, 2024

WHITESTOWN, IND. — Colliers has brokered the sale of Building 450, a 163,654-square-foot distribution center in the northwest Indianapolis suburb of Whitestown. The sales price was undisclosed. Located at 4921 E. 450 South and built in 2022, the Class A property is situated on more than 16 acres along I-65. Novo Logistics, a third-party logistics firm, fully occupies the facility on a six-year triple net lease. Building 450 features a clear height of 32 feet, 16 dock positions and ample auto and trailer parking. Alex Cantu and Alex Davenport of Colliers represented the seller, Citimark Management Co. Transwestern Investment Group was the buyer.

July 12, 2024

Acquisitions Indiana Midwest Restaurant Retail

Faris Lee Investments Arranges $2.4M Sale of Hardee’s-Occupied Restaurant Property in Bloomington, Indiana

by Kristin Harlow July 12, 2024

BLOOMINGTON, IND. — Faris Lee Investments has arranged the sale of a Hardee’s-occupied restaurant property in Bloomington for $2.4 million. The sales price represents a cap rate of 5.95 percent. The deal included a long-term triple net lease with Hardee’s, a subsidiary of CKE Restaurant Holdings Inc. Nick Miller of Faris Lee represented the buyer, a California-based 1031 exchange investor. The transaction closed simultaneously with a Longhorn Steakhouse-occupied property in Marietta, Ga.

July 12, 2024

Acquisitions California Industrial Western

Overton Moore Properties Buys 104,500 SF Industrial Asset in San Bernardino, California

by Amy Works July 12, 2024

SAN BERNARDINO, CALIF. — Overton Moore Properties has acquired 19949 Kendall Drive, a Class A industrial building in the Inland Empire city of San Bernardino. Bixby Land Co. and a global investment manager sold the asset for an undisclosed price. Built in 2008 on five acres, the 104,500-square-foot property was fully leased to a single tenant at the time of sale. The asset features 30-foot clear heights, 15 dock-high doors, four grade-level doors, an ESFR sprinkler system and a fully secured, 140-foot truck court with multiple points of access. Mark Detmer, Patrick Nally, Ryan Sitov, Evan Moran, Kevin Mackenzie, Brian Torp, Mike McCrary, Patrick Wood, Ruben Goodsell and Jeff Bellitti of JLL represented the sellers and procured the buyer in the transaction.

July 12, 2024

Acquisitions Arizona Hospitality Loans Western

JLL Hotels & Hospitality Negotiates Sale of Home2 Suites by Hilton North Scottsdale Hotel in Arizona

by Amy Works July 12, 2024

SCOTTSDALE, ARIZ. — JLL Hotels & Hospitality has arranged the sale and financing of Home2 Suites by Hilton North Scottsdale located at 20001 N. Scottsdale Road in Scottsdale. Terms of the transaction were not released. Built in December 2022, the hotel features 130 guest rooms, a fitness center, outdoor pool, complimentary high-speed Wi-Fi, business center, electric vehicle charging, pet-friendly accommodations and 500 square feet of flexible meeting space. The guest rooms offer separate living and sleeping areas, functional living space, in-room flat-screen TVs and high-speed internet access. Ketan Patel and Melvin Chu of JLL’s investment sales and advisory team represented the seller, while Adrienne Andrews spearheaded the JLL debt advisory team that procured acquisition financing for the buyer from a regional credit union.

July 12, 2024

Acquisitions Mixed-Use New York Northeast

Rosewood Realty Arranges $36M Sale of Mixed-Use Building in Midtown Manhattan

by Taylor Williams July 12, 2024

NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $36 million sale of a 112,000-square-foot mixed-use building located at 65 W. 55th St. in Midtown Manhattan. The sales price translates to a cap rate of 5.2 percent. The 13-story, elevator-served building was originally constructed in 1962 and consists of 70 apartments, 20 office suites and three retail spaces. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented both the seller, Sachs Cos., and the buyer, private investor John Choi, in the transaction.

July 12, 2024

Acquisitions Healthcare New Jersey Northeast

Marcus & Millichap Brokers $13.5M Sale of Northern New Jersey Medical Office Building

by Taylor Williams July 12, 2024

LIVINGSTON, N.J. — Marcus & Millichap has brokered the $13.5 million sale of a 34,599-square-foot medical office building located in the Northern New Jersey community of Livingston. The three-story building at 315 E. Northfield Road is home to several medical practices across a variety of specialty fields. Alan Cafiero, Brian Kaplan, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller, a New Jersey-based partnership, in the transaction. Cafiero and Joe Koicim, also with Marcus & Millichap, procured the buyer, a New York-based limited liability company.

July 12, 2024

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