NEW YORK CITY — Locally based investment firm AmTrust RE has acquired a 260,000-square-foot office building located at 360 Lexington Ave. in Midtown Manhattan for $65.5 million. Constructed in 1959, the 24-story building has received significant renovations in the past few years, including a new lobby and upgraded elevators and common areas. AmTrust plans to implement further capital improvements by adding several new amenities, including conference rooms and lounges. Adam Spies, Adam Doneger, Joshua King and Marcella Fasulo of Newmark represented both AmTrust RE and the undisclosed seller in the transaction.
PHOENIX — U-Haul International, a Phoenix-based moving and self-storage company, has acquired 20 E Thomas, a 25-story office tower at 20 E. Thomas Road in Phoenix’s Midtown submarket, from an entity controlled by Bank of America for $23.7 million. The 548,938-square-foot asset is part of a 10.5-acre mixed-use development containing 1.5 million square feet of office space, 30,500 square feet of retail space, a 242-room Embassy Suites hotel and an 11-story parking garage immediately adjacent to 20 E. Thomas Road. The sale also included 49 E Thomas, a 1.1-acre excess land parcel for additional parking. U-Haul intends to occupy most of the building, in what will be a real estate expansion for the company. U-Haul plans to consolidate its team members from other nearby buildings it currently owns. The company will continue to lease approximately 16 percent of space at the building to existing tenants. Eric Wichterman, Chris Toci and Mike Coover of Cushman & Wakefield represented a Bank of America entity in the sale after foreclosing on the property in summer 2024, several months after leases covering more than two-thirds of the building expired. Cushman & Wakefield’s Jerry Roberts and Pat Boyle also provided leasing advisory services. Ryan Eustice of …
LOS ANGELES — Berkadia has arranged the sale of Marquee, a garden-style multifamily community in the North Hollywood neighborhood of Los Angeles. Post Investment Group and Walker & Dunlop Investment Partners acquired the asset for $44 million in an off-market transaction from an undisclosed seller. Located at 12300 Sherman Way, Marquee offers 236 apartments, a swimming pool with sundeck, large on-site leasing center with leasing offices, a 24-hour fitness center and landscaped fountains and walkways. Built in 1965 and subject to Los Angeles City Rent Control, the community offers 194 studios, 36 one-bedroom units and six two-bedroom units. Adrienne Barr and Nancy Badzey of Berkadia Los Angeles led the transaction. Tim Leonhard and Jeremy Kanter of Berkadia secured $32.9 million in acquisition financing on behalf of the buyer.
DENVER — Tom Saurey, manager of Centerpoint Holdings LLC and founder and CEO of Tuff Shed, has purchased Centerpoint I and II, two office buildings located at 3900 E. Mexico Ave. and 1777 S. Harrison St. in Denver, from TerraCap Management LLC for $23 million. At the time of sale, the properties were 70 percent leased. Totaling 373,916 square feet, Centerpoint I and II offer a renovated, modern lobby and tenant lounge, a new conference facility and new full-service deli/café. The property has also undergone updates to the elevators and mechanical systems. The new ownership plans to complete some amenities and fitness upgrades. Tuff Shed recently renewed its 29,087-square-foot, long-term lease in the building at 1777 S. Harrison St., which includes a large indoor showroom and sales center on the first level, as well as two floors of office space. Tributary Real Estate brokered the sale, and Dunton Commercial will manage the property for the new owner.
CHELMSFORD, MASS. — Newmark has arranged the sale and financing of 2 Executive Drive, a 113,800-square-foot life sciences building located in the northwestern Boston suburb of Chelmsford. Robert Griffin, Edward Maher, Matthew Pullen, James Tribble, Samantha Hallowell, Joseph Alvarado and Casey Valente of Newmark represented the seller, Foxfield, in the transaction. David Douvadjian Sr., Timothy O’Donnell, David Douvadjian Jr. and Conor Reenstierna, also with Newmark, arranged an undisclosed amount of acquisition financing for the buyer, Rhino Capital, through Bank Newport.
BOSTON — Marcus & Millichap has brokered the $4.6 million sale of a six-unit apartment building in the Brighton area of Boston. The newly renovated building at14 Mt. Hood Road was originally constructed in 1910 and offers a mix of one-, two-, three- and four-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
COLUMBIA, MO.— CBRE has arranged the sale of The Den, a 552-bed student housing community located near the University of Missouri campus in Columbia. A joint venture between The Michaels Organization and Capital Solutions Inc. purchased the property from Hamilton Point Investments for an undisclosed price. Jaclyn Fitts, William Vonderfecht and Casey Schaefer with CBRE National Student Housing represented the seller in partnership with Matt Bukhshtaber of CBRE’s St. Louis office. The Den offers two- and four-bedroom units with bed-to-bath parity. Shared amenities include a swimming pool and sundeck, fitness center, clubhouse, community lounge, game room, tanning booth, dog park, conference rooms, basketball courts, fire pits and an outdoor kitchen and grilling station.
AURORA AND GURNEE, ILL. — The Laramar Group has sold two multifamily properties in metro Chicago totaling 414 units. The sales prices and buyers were undisclosed. Laramar completed comprehensive renovation programs on each property, including a condo deconversion of one. Covey at Fox Valley in Aurora is a 216-unit asset adjacent to Rush Copley Medical Center. Laramar completed an extensive renovation program to improve the common areas and exterior, along with unit upgrades. The property includes an expanded fitness center, a dog park and an exterior seating and grilling area. Laramar also installed professional management and leasing staff to oversee the property. Luna Park Apartments is a three-building, 198-unit development in Gurnee that Laramar purchased in 2019 as a condo deconversion project. Laramar’s property repositioning plan included significant interior and exterior renovations, including adding an expansive barbecue and outdoor amenity area, updating the fitness center and improving the garage and mechanical systems. Laramar also completed common area improvements and unit renovations.
WESTFIELD, IND. — Marcus & Millichap has brokered the $5.8 million sale of Creekside Centre, a 15,168-square-foot retail strip center in Westfield, a northern suburb of Indianapolis. Riverview Health anchors the property, which was built in 2001. Additional tenants include Titus Orthodontics, Bumble Kids and Domino’s. Julia Evinger of Marcus & Millichap represented the buyer, a long-time client from the area that completed a 1031 exchange.
NEW YORK CITY — Indus Realty Trust, an industrial owner-operator based in New York, has purchased the majority interest in a logistics portfolio in the Carolinas from Charlotte-based Childress Klein. The 4.3 million-square-foot logistics portfolio spans 21 properties. The transaction amount was not shared, but the Indus Realty Trust investment puts the value of the portfolio at $575 million. Childress Klein will retain a minority stake and continue to operate and lease the properties. Eastdil Secured represented Childress Klein in arranging the transaction. The Carolinas portfolio was 94 percent occupied at the time of the recapitalization. Sixteen of the porftolio’s buildings are located in the metro Charlotte region and five buildings are in the greater Charleston market. The portfolio features a mix of last-mile and bulk facilities that average 205,000 square feet in size and 13 years in age.