BRECKENRIDGE, COLO. — Mission Hill Hospitality has purchased the Residence Inn by Marriott in Breckenridge. Terms of the transaction were not released. Opened in 2016, Residences Inn Breckenridge features 129 guest rooms, a fitness center, full breakfast, cocktail hour and lounge, year-round outdoor pool and spa, barbeque grills, a 24-house front desk, ski storage and 1,700 square feet of event space.
Acquisitions
LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
Terreno Realty Buys $14.8M Office Property in Santa Ana, California, Plans Industrial Conversion
by Amy Works
SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.
CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.
NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.
BOSTON — Cushman & Wakefield has brokered the $20 million sale of a 16-unit apartment building located at 37-43 Temple Place in Boston. The five-story building, which was most recently renovated in 2008, houses two-, three- and four-bedroom units and 4,950 square feet of retail space that is fully leased. Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan of Cushman & Wakefield represented the seller, 3MJ Realty LLC, in the transaction. The buyer was SC Alpha Inc.
CHICAGO — Plymouth Industrial REIT Inc. (NYSE: PLYM) has sold a 306,552-square-foot industrial building located at 6510 W. 73rd St. in Chicago for $19.9 million. The buyer was an undisclosed owner-user. Plymouth’s net proceeds after the payoff of a $5.8 million mortgage secured by the property and other adjustments are $13.9 million. The company intends to use the proceeds to pay down outstanding borrowings on its credit facility and fund its development program.
Cushman & Wakefield Negotiates Sale of 16-Story Office Tower in Coral Gables, Florida
by John Nelson
CORAL GABLES, FLA. — Cushman & Wakefield has negotiated the sale of 355 Alhambra, a 222,757-square-foot office tower located along Alhambra Circle in Coral Gables, a suburb of Miami. Princeton International Properties Corp. purchased the 16-story property from PGIM Real Estate for an undisclosed price. Mike Davis, Dominic Montazemi, Miguel Alcivar, Rick Brugge, Rick Colon, Ryan Holtzman, Brian Gale, Jordan Spitzberg, Chloe Strada and Ryan Jenkins of Cushman & Wakefield represented the seller in the transaction. Built in 2001, 355 Alhambra comprises nine stories of offices, seven stories of structured parking and commercial space on the ground level.
WESTMONT, ILL. — Marcus & Millichap has brokered the $6.3 million sale of a Fresenius-occupied medical office property in Westmont, a western suburb of Chicago. Located at 700 Pasquinelli Drive, the building serves as a vascular repair center operated by Makris MD Vascular Center, a subsidiary of Fresenius Medical Care. Fresenius recently extended its lease for 10 years. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company.
LAFAYETTE, IND. — Argus Self Storage Advisors has arranged the sale of a CubeSmart Self Storage facility in Lafayette for $6.2 million. Located at 3480 Concord Road, the property features 315 units and totals 41,960 square feet. The sale included expansion land, enabling an additional 45,000 square feet. Rob Schick of Argus represented the undisclosed seller. The asset was 81 percent leased at the time of sale.