MAGNOLIA, TEXAS — Local brokerage firm SVN | J. Beard Real Estate — Greater Houston has negotiated the sale of a two-story, 5,000-square-foot office building in Magnolia, about 45 miles northwest of Houston. Diana Gaines of SVN | J. Beard represented the seller, Rangel Properties LLC, in the transaction. Jackson Cain, also with SVN | J. Beard, represented the buyer, an entity doing business as AKA 3 Real Estate Holdings LLC. The new ownership plans to use the building as an extension of an urgent care clinic.
DOYLESTOWN, PA. — Presbyterian Senior Living (PSL) has acquired Pine Run Life Plan Community, a 532-unit continuing care retirement community in Doylestown, located approximately 25 miles north of Philadelphia. The facility offers independent living, memory care and skilled nursing services. Doylestown Hospital sold the property for an undisclosed price, and PSL is partnering with Doylestown Health to operate the community. Additional terms of sale were not disclosed.
MONROE TOWNSHIP, N.J. — CBRE has brokered the $53.7 million sale of a 203,000-square-foot industrial property in Monroe Township, located outside of Trenton in Central New Jersey. The site at 34 Engelhard Drive spans 12 acres, and the building was originally constructed in 1980. Brian Fiumara of CBRE represented the seller, New York-based Clarion Partners, in the transaction. Fiumara also procured the buyer, GLP Capital Partners.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $4.9 million sale of a multifamily development site in the Mott Haven area of The Bronx that can support 77,750 buildable square feet. The site at 431-439 Concord Ave. comprises two contiguous lots in a Qualified Opportunity Zone that were recently rezoned to support affordable housing usage. Daniel Mahfar, Victor Sozio and Jason Gold of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
MINNEAPOLIS — Weidner has acquired The Nic on Fifth, a 253-unit apartment tower in Minneapolis. The property is located at 465 Nicollet Mall near the Nicollet Mall Station and provides direct access to the Minneapolis Skyway System. The 26-story building features amenities such as a community gourmet kitchen, pool, Zen garden, outdoor kitchen, spa, indoor pickleball court, yoga studio, fitness center and 25,404 square feet of commercial space. Abe Appert, Keith Collins and Ted Abramson of CBRE represented the seller, AEW Capital Management. The sales price was undisclosed.
PLACENTIA, CALIF. — Gelt Venture Partners (GVP) has acquired Union Place, a multifamily property located at 1500 Cherry St. in the Orange County city of Placentia, for $63.1 million. Mike Murphy and Rachel Parsons of Berkadia represented the buyer and undisclosed seller in the deal. Built in 2012, the three-story building offers 125 two- and three-bedroom apartments averaging 1,238 square feet. Apartments, which are in original condition, feature granite countertops, stainless steel appliances, wood-style flooring, laundry rooms with washers/dryers, nine-foot ceilings, walk-in closets, private balconies or patios, and garages for each unit, as well as ample surface parking. Community amenities include a pool, fitness center, barbecue areas, a playground and controlled entry access. GVP plans to add kitchen islands, new custom cabinetry, vinyl plank flooring, tile backsplashes, quartz countertops, undermount sinks, modernized hardware and recessed lighting. Planned common-area improvements include painting and enhancements to the pool and fitness center, among other cosmetic renovations.
MILWAUKEE — CBRE has brokered the $28.7 million sale of 100 East, a 435,000-square-foot office building in Milwaukee. An entity doing business as 100 East PropCo LLC purchased the property from Michael Polsky, the court-appointed receiver for Hertz Milwaukee 100 East Wisconsin LLC. Patrick Gallagher, Matson Holbrook, Bill Bonifas and Matt Cariello of CBRE represented the seller. The new ownership intends to convert 100 East into a multifamily property. The 35-story building is located at 100 E. Wisconsin Ave. and was originally built in 1989. It was 46.5 percent occupied at the time it was marketed for sale.
DENVER — CBRE has arranged the sale of Delaware Street Townhomes, a multifamily building located at 2566-2598 S. Delaware St. and 351-375 W. Vassar Ave. in Denver’s South Broadway neighborhood. Hill Street Realty acquired the asset for $10.4 million from Pando Holdings. Built in 2022, Delaware Street Townhomes features 22 three-bedroom floor plans averaging 1,272 square feet and high-end finishes. At the time of sale, the townhomes were fully leased. Erik Toll, Justin Hunt, Andy Hellman, Brad Schlafer and Jessica Graham of CBRE’s Colorado multifamily investment properties team represented the seller in the deal.
CHICAGO — Chicago-based real estate investor and operator Waterton has launched its new Outbound Hotels brand, a collection of hotels for travelers seeking outdoor-inspired experiences in boutique settings. The vision for Outbound Hotels began with Waterton’s acquisition of The Virginian Lodge in Jackson Hole, Wyo. Waterton acquired the property in partnership with Wyoming-based Orion Cos. and has since rebranded it as The Virginian Lodge, an Outbound Hotel. The Outbound portfolio, operated by Springboard Hospitality, was expanded in 2021 with the acquisition of Outbound Mammoth (formerly the Sierra Nevada Resort) in Mammoth, Calif., and Towne and Country Stowe in Stowe, Vt., in March 2023. Most recently, Waterton partnered with Argosy Real Estate Partners to for a redevelopment project on a 17-acre Qualified Opportunity Zone site in Oakhurst, Calif., just south of the main gate to Yosemite National Park. The property will be developed as Outbound Yosemite Resort, a 135-key hotel consisting of 108 vacation rental cabins and 14 hotel rooms located above a 12,500-square-foot clubhouse in addition to a 13-key boutique hotel currently on the site.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of an absolute triple-net ground lease of a single-tenant building located at 39355 Washington St. in the Coachella Valley city of Palm Desert. A Los Angeles-based private investor sold the building to a Riverside County-based private investor for $2.9 million. Bank of America occupies the 3,515-square-foot freestanding building, which features a drive-thru. Bill Asher and Jeff Lefko of Hanley Investment represented seller, while Tyler Rollema of The Klabin Co. in Torrance represented the buyer in the deal.