Acquisitions

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

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 432-Unit Self-Storage Facility in Amarillo

by Taylor Williams July 11, 2024

AMARILLO, TEXAS — Marcus & Millichap has brokered the sale of Advantage Storage, a 432-unit self-storage facility in Amarillo. Built in 2019, the facility totals 84,475 net rentable square feet across 226 climate-controlled units, 181 non-climate units, 13 enclosed parking spaces and 12 warehouse units. Gabriel Coe, Nathan Coe, Brett Hatcher and Garret Nelson of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was an out-of-state REIT that also requested anonymity.

July 11, 2024

Acquisitions Multifamily Seniors Housing Texas

Berkadia Arranges Sale of 112-Unit Seniors Housing Property in New Braunfels, Texas

by Taylor Williams July 11, 2024

NEW BRAUNFELS, TEXAS — Berkadia has arranged the sale of The Blake at New Braunfels, a 112-unit seniors housing property located on the northeastern outskirts of San Antonio. Built in 2021, the property features 71 assisted living units and 41 memory care units. Cody Tremper, Mike Garbers, Dave Fasano and Ross Sanders of Berkadia represented the seller, Mississippi-based LifeCare Properties, in the transaction. Arizona-based Inspired Healthcare Capital purchased The Blake for an undisclosed price.

July 11, 2024

Acquisitions North Carolina Southeast Student Housing

CBRE Negotiates Sale of 894-Bed Student Housing Community Near Appalachian State University

by John Nelson July 11, 2024

BOONE, N.C. — CBRE has negotiated the sale of The Cottages of Boone, an 894-bed student housing community located near the Appalachian State University campus in Boone. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE’s national student housing team, in partnership with Kevin Kempf of the company’s Southeast multifamily group, represented the seller, Mapletree Global Student Accommodation Private Trust, in the transaction. Timberline Real Estate Ventures and a real estate fund managed by Ares Management acquired the property for an undisclosed price. The cottage-style community offers shared amenities including a fitness center, yoga studio, dry sauna, steam room, clubhouse, arcade games and sports tables, a bar, library, computer lounge, private conference room, swimming pool, hot tub, fire pit, grilling station and an outdoor fireplace.

July 11, 2024

Acquisitions Multifamily North Carolina Southeast

Cushman & Wakefield, Greystone Arrange Sale of 247-Unit W Flats Apartments in East Charlotte

by John Nelson July 11, 2024

CHARLOTTE, N.C. — A joint venture between Cushman & Wakefield and Greystone has arranged the sale of W Flats, a 247-unit apartment community located at 7200 Wallace Road in east Charlotte. Rise48 Equity LLC purchased the property from LIV Acquisitions for an undisclosed price. Paul Marley, John Phoenix, Alex McDermott and Gavin Conlon of Cushman & Wakefield represented the seller in the transaction. Donny Rosenberg and Daniel Kaweblum of Greystone originated a three-year, acquisition loan featuring two one-year extension options on behalf of the buyer. According to Apartments.com, W Flats features studio, one- and two-bedroom apartments ranging in size from 523 to 1,079 square feet. Amenities include a pool with a sundeck, fitness center, business center, laundry facilities, tenant lounge, onsite maintenance and package services.

July 11, 2024

Acquisitions Industrial Southeast Virginia

S.L. Nusbaum Brokers $34.9M Sale of Industrial Facility in Norfolk, Virginia

by John Nelson July 11, 2024

NORFOLK, VA. — S.L. Nusbaum Realty Co. has brokered the $34.9 million sale of an industrial facility located at 3321 Princess Anne Road in Norfolk. Industrial Realty Group acquired the 298,126-square-foot warehouse from an entity doing business as 3321 Princess Anne LLC. Stephanie Sanker of S.L. Nusbaum represented the seller in the transaction. LION Power and Beckett Corp. currently occupy a combined 104,334 square feet at the facility, with the remaining space available for lease. Constructed in 2022, the building comprises two sections. Section A features 113,450 square feet with 36-foot clear heights, multiple dock doors with expansion potential, new racking, office space and restrooms. Section B totals 80,321 square feet with dock-level loading, 21- to 24-foot clear heights and 38- by 36-foot column spacing.

July 11, 2024

Acquisitions Multifamily New Jersey Northeast

JLL Negotiates Sale of 226-Unit Multifamily Property in Hackensack, New Jersey

by Taylor Williams July 11, 2024

HACKENSACK, N.J. — JLL has negotiated the sale of Avalon Hackensack at Riverside, a 226-unit multifamily property in Hackensack. Avalon Hackensack at Riverside was built in 2013 and offers studio, one-, two- and three-bedroom apartments. Select units feature balconies, patios, dens and loft-style layouts. Amenities include a pool with a grilling area, resident clubhouse, fitness center, tenant lounge and a dog run. Jose Cruz, Michael Oliver, Steve Simonelli, Elizabeth DeVesty and Austin Pierce of JLL represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.

July 11, 2024

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