SUMTER COUNTY, FLA. — Avison Young has brokered the $40 million sale of Monarch Ranch, a 3,400-acre industrial development site in Central Florida’s Sumter County. University Park, Fla.-based Benderson Development purchased the land in partnership with The Villages, a census-designated place (CDP) situated at the north end of Sumter County and Marion County. The site is located near the convergence of I-75 and the Florida Turnpike within an hour’s drive of both Orlando and Tampa. Situated between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place, according to Avison Young. Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale of Monarch Ranch on behalf of the undisclosed seller as appointed by the court.
HOUSTON — Stream Realty Partners has acquired two industrial development sites totaling 40.7 acres in Houston. The first parcel spans 24.4 acres and is located at the intersection of Kirby Drive and North Spectrum Boulevard on the city’s south side. The second site totals 16.3 acres and is located near the intersection of I-45 and State Highway 99 on the city’s north side. Stream plans to develop speculative facilities on both sites, with construction kicking off later this year. Justin Robinson, Tyler Wellborn, Craig McKenna and Kyle Fletcher of Stream sourced and negotiated the acquisition of the first site. Grant Wisenbaker of Stream handled the purchase of the second site in conjunction with Robinson, Wellborn and McKenna.
PEACHTREE CITY, GA. — Nuveen Real Estate has acquired Peachtree Crossing, an 80,748-square-foot shopping center located in Peachtree City, roughly 30 miles outside Atlanta. Harbour Real Estate Partners sold the property for an undisclosed price. Brad Buchanan, Jim Hamilton and Andrew Michols of JLL represented the seller in the transaction. Built in 1978 and renovated in 2011, the center was fully leased at the time of sale to tenants including The Fresh Market, Peachtree City Eye Center, Bintelli Golf Carts, Heirloom Market, Mina’s Hallmark, Hollywood Feed, Campanile’s Home Inside & Out, Georgia Shrimp Co. and W. Daly Salon. Situated at 100 N. Peachtree Parkway, the center is located approximately 15 miles south of Hartsfield-Jackson Atlanta International Airport.
AUSTIN, TEXAS — California-based private equity firm The Bascom Group has acquired Texan 26, a 204-bed student housing property near the University of Texas at Austin. The 53-unit complex was built in 2014 on a lot that is adjacent to campus. Tyler Marshall and Richard Waterhouse of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. Bascom Group was self-represented. Ben Roelke and Ian Walker of Newmark arranged acquisition financing through Bridge Investment Group for the off-market deal.
MIDLAND, TEXAS — Colliers has brokered the sale of an 82,675-square-foot industrial building in the West Texas city of Midland. The site at 5500 N. County Road spans 40 acres, and the building, which was constructed in 2007 and renovated in 2013, features 32-foot clear heights, 19 overhead doors and 8,600 square feet of office space. Todd Moore and Connor Duffy of Colliers represented the undisclosed seller in the transaction. The buyer was also not disclosed. The building was fully leased at the time of sale to steel fabricator NG Resources Corp.
SAN ANTONIO — Marcus & Millichap has arranged the sale of the 66-room Holiday Inn Express & Suites San Antonio South. The hotel was built on a 1.9-acre site on the city’s south side in 2008 and offers a pool, fitness center and a business center. Allan Miller of Marcus & Millichap represented the seller, a limited liability company, in the transaction and procured a private investor as the buyer. Both parties requested anonymity. Chris Gomes of Marcus & Millichap was also listed on the deal as a supporting broker.
ORANGE, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $13.8 million sale of Wedgewood House, an 80-unit apartment complex located in the Northern New Jersey community of Orange. The garden-style, recently renovated complex was built on 1.8 acres in 1968 and houses studio, one- and two-bedroom units. Joni Sweetwood of Kislak represented the seller in the transaction. Daniel Lanni of Kislak represented the undisclosed buyer. Both parties requested anonymity.
CINCINNATI — Brennan Investment Group has acquired a 263,000-square-foot industrial building located at 10045 International Blvd. in Cincinnati. The purchase price was undisclosed. The property was acquired from Intelligrated under a consolidation plan to dispose of the building by the end of 2023. The property is situated on a 17.5-acre site in the World Park industrial park in Cincinnati’s northwest submarket. Upon closing, Brennan secured a new lease for the building with Trew, a provider of automated material handling solutions. Trew will use the facility for manufacturing and distribution of material handling equipment throughout the United States and Canada. Constructed in 1986, the property was expanded and renovated in 2000. The building features 390 auto parking stalls, a 130-foot-deep truck court with trailer parking stalls, a clear height of 25 feet, three five-ton cranes and an outdoor storage area. Byline Bank’s Commercial Real Estate Group provided a $10.4 million loan for the acquisition.
MIAMI — Gencom has retaken the majority ownership of Ritz-Carlton Key Biscayne, a 291-room hotel located at 455 Grand Bay Drive in Miami’s barrier island of Key Biscayne. The locally based company developed the 17-acre resort in 2000 and later sold the majority stake to a privately held REIT in a three-property portfolio deal valued at $750 million. Ritz-Carlton Key Biscayne includes several swimming pools; 1,000 feet of beach frontage; six restaurants, bars and cafes; 37,000 square feet of meeting space; health and wellness amenities including a fitness center, tennis center and spa; and 188 condo-hotel units, which were not part of the acquisition. Citigroup and affiliates of KSL Capital Partners LLC provided financing for Gencom’s purchase, the terms of which were not disclosed. Gencom is planning a $100 million overhaul of the 13-story hotel that is slated to start in 2025. The renovation will include major upgrades to the guestrooms, food-and-beverage offerings, public spaces and guest amenities.
SARASOTA, FLA. — Colliers has arranged the $30.5 million sale of Glengary Shoppes, a 95,489-square-foot shopping center located along South Tamiami Trail in Sarasota. University Park, Fla.-based Benderson Development purchased the property from Jacksonville-based REIT Regency Centers. Brad Peterson and Whitaker Leonhardt of Colliers represented the seller in the transaction. Built in 1995, Glengary Shoppes was 97 percent leased at the time of sale to tenants such as Best Buy and Barnes & Noble. Regions Bank and IHOP occupy outparcels at the shopping center.