Acquisitions

CBRE Negotiates Sale of 282-Unit Multifamily Property in Woodbury, Minnesota

by Kristin Harlow May 31, 2024

WOODBURY, MINN. — CBRE has negotiated the sale of The Barrington, a 282-unit multifamily property in the Minneapolis suburb of Woodbury. The sales price was undisclosed. The property is located at 7255 Guider Drive near I-494, Woodbury Village shopping center and Tamarack Nature Preserve, a 150-acre city park. Built from 1998-2001, the community features a range of one- and two-bedroom floor plans averaging 932 square feet. Amenities include two heated pools, two community rooms, a fitness center in each building, cybercafe and dog park. Keith Collins, Abe Appert, Ted Abramson and Danny Baker of CBRE represented the seller, Tilden Fundamental Barrington Apartments LLC. The buyer was Nuveen Global Investments LLC.

May 31, 2024

Acquisitions Illinois Industrial Midwest

Colliers Arranges Sale of 152,304 SF Logistics Facility in Streamwood, Illinois

by Kristin Harlow May 31, 2024

STREAMWOOD, ILL. — Colliers has arranged the sale of a 152,304-square-foot logistics facility located just west of O’Hare International Airport in Streamwood. The sales price was undisclosed. Built on a speculative basis in 2020 by The Missner Group, the property at 800 Phoenix Lake Ave. features a clear height of 32 feet. The facility is fully leased to Pelton Sheperd Industries and ACME Furniture. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the seller, an institutional real estate advisor. The asset sold to an Atlanta-based institutional investor.

May 31, 2024

Acquisitions Hospitality Midwest Ohio

JLL Brokers Sale of 145-Room Hampton Inn & Suites Hotel in Columbus, Ohio

by Kristin Harlow May 31, 2024

COLUMBUS, OHIO — JLL’s Hotels & Hospitality group has brokered the sale of the Hampton Inn & Suites Columbus Easton for an undisclosed price. The 145-room, select-service hotel is situated near I-270, opposite Easton Town Center. The property is located five miles from the Columbus International Airport and 10 miles from the convention center. Buyer and seller information was not released.

May 31, 2024

Acquisitions Iowa Midwest Multifamily

Marcus & Millichap Negotiates $3.2M Sale of Apartment Complex in Sioux City, Iowa

by Kristin Harlow May 31, 2024

SIOUX CITY, IOWA — Marcus & Millichap has negotiated the sale of Luma Heights Apartments in Sioux City for $3.2 million. The 91-unit apartment complex is located at 217 19th St. Colton Luchsinger of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies. The buyer plans to rebrand the property as Hill Top Flats and remodel the units.

May 31, 2024

Acquisitions Hawaii Hospitality Top Stories Western

Blackstone Real Estate Agrees to Sell Turtle Bay Resort in Kahuku, Hawaii for $725M

by Jeff Shaw May 31, 2024

KAHUKU, HAWAII — Blackstone Real Estate has agreed to sell Turtle Bay Resort, a 450-room hotel in Kahuku on Hawaii’s Oahu island, to Host Hotels & Resorts Inc. for $725 million. The deal included the hotel property, as well as a 49-acre parcel that is entitled for further development. Turtle Bay Resort is situated on 1,300 acres along the north shore of Oahu. The resort offers bungalows, suites, guest rooms and three- or four-bedroom villas. Rooms feature private bathrooms, complimentary Wi-Fi, air conditioning, coffee makers and refrigerators. Blackstone originally acquired Turtle Bay Resort in 2018 for $332 million and subsequently renovated the property. Capital improvements to the hotel included updates to the guestrooms, bungalows, lobby, pools, meeting space, spa, building systems, exterior, arrival experience and club lounge. The restaurants and retail space on the property also received renovations. Blackstone expects to complete the sale in the third quarter of this year. Simpson Thacher & Bartlett LLP is serving as Blackstone’s legal counsel. Eastdil Secured, Jones Lang LaSalle and Sumitomo Mitsui Banking Corp. are acting as Blackstone’s financial advisors. In a separate deal completed earlier this year, Blackstone sold 65 acres of land at Turtle Bay to Areté Collective. The land …

May 31, 2024

Acquisitions Georgia Industrial Southeast

Scannell Properties Sells New Distribution Center in Savannah for $50.8M

by John Nelson May 30, 2024

SAVANNAH, GA. — Scannell Properties has sold Rockingham Farms Building 10, a newly built, 413,230-square-foot bulk distribution center located at 101 Feldspar Drive in Savannah. DWS purchased the facility for $50.8 million. Britton Burdette, Dennis Mitchell, Matt Wirth and Jim Freeman of JLL represented Scannell Properties in the transaction. Situated within Rockingham Farms Logistics Park, the building is located approximately eight miles from the Port of Savannah’s Garden City Terminal. The Class A property was fully leased at the time of sale to two tenants and features 36-foot clear heights, two drive-in doors, 73 dock doors, a 185-foot truck court, 100 trailer spaces, 272 car parking spaces and rear-loading capabilities.

May 30, 2024

Bethesda-Senior-Living-Grand-Junction-CO

Acquisitions Colorado Multifamily Seniors Housing Western

Ziegler Brokers Sale of Bethesda Senior Living Community in Grand Junction, Colorado

by Amy Works May 30, 2024

GRAND JUNCTION, COLO. — Ziegler has acted as exclusive financial advisor to Bethesda Senior Living on the sale of an assisted living community located in Grand Junction, near the Utah border. Bethesda Senior Living is a faith-based, nonprofit operator of over 20 seniors housing communities spanning the Midwest and West regions. Cornerstone Management purchased the community in conjunction with a private real estate fund and took over operations. The price was not disclosed.

May 30, 2024

Acquisitions Industrial Texas

NAI Robert Lynn Brokers Sale of 105,763 SF Warehouse in Grand Prairie, Texas

by Taylor Williams May 30, 2024

GRAND PRAIRIE, TEXAS — NAI Robert Lynn has brokered the sale of a 105,763-square-foot warehouse in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property at 1010 E. Avenue J was built on 8.2 acres in 1968, renovated in 2004 and features 16-foot clear heights and six dock-high loading doors. Michael Stanzel of NAI Robert Lynn represented the seller in the transaction. The buyer was a locally based limited liability company.

May 30, 2024

Acquisitions Colorado Office Western

Marcus & Millichap Brokers Sale of 15,377 SF Office Property in Centennial, Colorado

by Amy Works May 30, 2024

CENTENNIAL, COLO. — Marcus & Millichap has arranged the $1.9 million sale of The Office at Yosemite, an office building in Centennial, just south of Denver. Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller, a limited liability company, in the deal. Located at 6886 S. Yosemite St., The Office at Yosemite features 15,377 square feet of office space. The property is near Fiddler’s Green Amphitheatre and the Arapahoe Entertainment District.

May 30, 2024

Acquisitions Industrial Midwest Minnesota

EQT Exeter Acquires 5 MSF Minneapolis Industrial Portfolio from Prologis

by Kristin Harlow May 30, 2024

MINNEAPOLIS — EQT Exeter has acquired 20 industrial properties in metro Minneapolis from Prologis for an undisclosed price. EQT Exeter Industrial Value Fund VI was utilized for the acquisition. EQT Exeter plans to acquire an additional four properties by the final closing date. The portfolio consists of more than 5 million square feet and features a mix of bulk, light industrial and last-mile facilities with an average building size of more than 200,000 square feet. The buildings are located across four logistics submarkets and offer proximity to I-494 and I-694. The properties are 90 percent leased by 54 tenants, of which 20 percent are existing tenants within EQT Exeter’s portfolio. The entire transaction is expected to close in the second quarter. Josh McArtor and Caitlin Clinton of Eastdil Secured arranged the transaction with assistance from Michael Caprile and Jusdon Welliver of CBRE.

May 30, 2024

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