IRVING, TEXAS — Fort Worth-based investment firm PHP Capital Partners has acquired Freeport 7, a 56,076-square-foot industrial building in Irving. According to LoopNet Inc., the freestanding building at 9150 N. Royal Lane was built in 1985 and renovated in 2012 and features 18-foot clear heights in addition to 17 dock-high loading doors. At the time of sale, Freeport 7 was fully leased to Inspire Event Solutions, a wholly owned subsidiary of asset manager Ashford Inc. The seller was not disclosed.
Acquisitions
FORESTVILLE, MD. — Marcus & Millichap has brokered the $7.4 million sale of Penn Forest Shopping Center, a 37,425-square-foot retail center located in Forestville, about 14 miles east of Washington, D.C. Tenants at the property include Dollar General and CSL Plasma. Dean Zang, David Crotts and Jeffrey Pensak of Marcus & Millichap represented the seller, an affiliate of Woodmont Properties, in the transaction. Eastern Union and an undisclosed bank lender provided acquisition financing to the buyer.
HOUSTON — Locally based brokerage firm Oxford Partners has arranged the sale of an 8,100-square-foot industrial building in North Houston. According to LoopNet Inc., the building at 21315 Inverness Forest Blvd. was constructed in 2014 and features 28-foot clear heights. Julia Ly and Matt Rogers of Oxford Partners represented the buyer, Pillar Investment Group, in the transaction. Mike Taetz of Colliers represented the undisclosed seller.
MILTON, PA. — The Prestige Group Realty Advisors has brokered the sale of Rockwell Center, a 220-bed former assisted living community in Milton, a borough in Central Pennsylvania. In the early 1980s, a local real estate entrepreneur purchased a former Milton high school and repositioned the property for seniors housing usage. The founder’s family made the decision to close the facility in June 2023. The buyer was a local real estate entrepreneur who plans to reopen the facility.
MERIDIAN, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds and was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding its footprint in the state. The price was not disclosed. Vince Viverito, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB handled the transaction. “There’s been a trend over the past few years with newer investors/operators wanting to enter the seniors housing industry, but for various reasons there can be barriers to entry,” says Viverito. “We strategically focused on a confidential auction process that allowed us to reach the fully qualified investment market and seek out a buyer excited about a turnaround project like Copper Springs.”
PHOENIX — Marcus & Millichap has arranged the purchase of an office and industrial property in Phoenix. Matt Hamblin acquired the asset for $1.9 million. Doug Fielding Jr. of Marcus & Millichap procured the buyer in the deal. Located at 4535 E. Broadway Road within Cotton Business Center, the facility offers 6,039 square feet of fully air-conditioned space, 16-foot clear heights, a 14-foot drive-up roll-up door, a lobby, various office sizes, a bullpen area, a server room, a break area, two ADA restrooms and skylights for natural light. Smart Pest Solutions occupies the space in an 80 percent office and 20 percent warehouse layout.
MADISON, WIS. — Apple Hospitality REIT Inc. has acquired the 262-room Embassy Suites by Hilton Madison Downtown hotel for $79.5 million. The seller was undisclosed. The newly built property is located at 231 S. Pinckney St. near Monona Terrace Community and Convention Center as well as the Wisconsin State Capitol. Apple’s portfolio includes 224 hotels with 30,066 guest rooms throughout 37 states and Washington, D.C.
JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.
SPARTANBURG, S.C. — Reedy River Retail at SVN Blackstream has brokered the sale of Westgate Mall, a 431,306-square-foot retail property located in Spartanburg. Namdar Realty acquired the mall for roughly $15 million. Belk, Dillard’s, JCPenney and Costco anchor the property, which is situated on 52 acres. Dustin Tenney and Daniel Holloway of Reedy River Retail arranged the transaction.
JACKSONVILLE, FLA. — JLL Capital Markets has negotiated the sale of two industrial buildings totaling 423,056 square feet in Jacksonville. Bixby Land Cos. sold the properties, Crossroads Distribution Center Buildings 100 and 200, for an undisclosed price. The buildings were fully leased at the time of sale. Luis Castillo, Cody Brais, Britton Burdette, Luke Pope and Taylor Osborne of JLL represented the seller in the transaction. The buyer was not disclosed.