Acquisitions

Braintree Group Buys Three Hotels in Utah, Nevada

by Amy Works August 2, 2023

LEHI, UTAH, AND HENDERSON, NEV. — Boise, Idaho-based Braintree Group has acquired three hotel properties adding a total of 330 rooms to its hospitality portfolio. Resolute Road Hospitality, a national third-party management company, will manage all three assets. The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point in Lehi and the Hilton Garden Inn Las Vegas/Henderson in Henderson. Opened in 2014, the four-story, 97-room Courtyard by Marriott Lehi at Thanksgiving Point features an indoor swimming pool, hot tub, fitness center, business center and bistro. The four-story, 94-room SpringHill Suites by Marriott Thanksgiving Point, which opened in 2008, offers a complimentary breakfast, indoor pool, hot tub, fitness center, business center, meeting rooms, guest laundry and an outdoor barbecue area. Renovated in 2020, the three-story, 139-key Hilton Garden Inn Las Vegas/Henderson features an outdoor pool, business center, fitness center, meeting rooms and the Garden Grille & Bar.

August 2, 2023

Acquisitions Healthcare Office Utah Western

JLL Brokers Sale of 60,000 SF Mountain Point Medical Center in Lehi, Utah

by Amy Works August 2, 2023

LEHI, UTAH — JLL Capital Markets has arranged the sale of Mountain Point Medical Center, a Class A medical office building in Lehi. An affiliate of The Inland Real Estate Group of Cos. sold the asset to an affiliate of Heitman LLC for an undisclosed price. The three-story, 60,000-square-foot outpatient medical building is fully leased to Centura Health through its recent acquisition of Steward Health Care’s ownership interest in its Utah healthcare operations. Tenants include a variety of medical specialities, such as orthopedics, general surgery, radiology, women’s health and ENT. Mindy Berman, Matt DiCesare and Vasili Davos of JLL Medical Properties Group, along with Phil Brierley and Cole Macadaeg of JLL’s Salt Lake City office, represented the seller and procured the buyer.

August 2, 2023

Acquisitions California Multifamily Western

CBRE Arranges $6.3M Sale of Multifamily Community in Fontana, California

by Amy Works August 2, 2023

FONTANA, CALIF. — CBRE has brokered the sale of an apartment property located at 8919 Mango Ave. in Fontana. A local private investor acquired the asset from an undisclosed private seller for $6.3 million. Built in 1973, the community features 25 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 787 square feet. Units offer high-speed internet access, air conditioning, heating and kitchen appliances. Onsite amenities include laundry, carport and surface parking, a secure entry gate and landscaping. Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and seller in the deal.

August 2, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Houston

by Taylor Williams August 1, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Holliday Boat & RV Storage, a 292-unit facility that is situated on a two-parcel, 5.2-acre site in Houston. The property, which was constructed in phases between 1990 and 1994, consists of 243 non-climate-controlled units and 49 outdoor parking spaces for a total of 73,993 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.

August 1, 2023

Acquisitions Industrial Texas

STRIVE Arranges Sale of 50,769 SF Industrial Building in Irving

by Taylor Williams August 1, 2023

IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 50,769-square-foot industrial building located at 1440 Corporate Drive in Irving’s Las Colinas district. At the time of sale, the building was fully leased to JVCKenwood, a Japanese multinational electronics company. Parker Tims and Jennifer Pierson of STRIVE represented the seller, a Pennsylvania-based investor, in the transaction. The buyer and sales price were not disclosed.

August 1, 2023

Acquisitions Industrial Massachusetts Northeast

Marcus Partners Sells 1 MSF Industrial Portfolio in Metro Boston for $167M

by Taylor Williams August 1, 2023

BOSTON — Locally based investment firm Marcus Partners has sold a portfolio of six industrial buildings that total roughly 1 million square feet and are located throughout the greater Boston area. The sales price was $167 million. Three of the buildings are located in Franklin, and the other three are located in Sutton, Peabody and Avon. Chris Skeffington, Scott Dragos and Roy Sandeman of CBRE represented Marcus Partners in the transaction and procured the undisclosed buyer.

August 1, 2023

Acquisitions Company News Georgia Multifamily Southeast

The RMR Group Acquires Carroll Multifamily Platform for $80M

by John Nelson August 1, 2023

NEWTON, MASS. AND ATLANTA — The RMR Group, an alternative asset management company based in Newton, has purchased the multifamily platform of Carroll, a multifamily investment firm based in Atlanta. RMR has acquired 100 percent of the equity interests of MPC Holdings (Carroll) in an $80 million, all-cash transaction. Founded in 2004, Carroll provides asset and property management services to 81 multifamily properties comprising more than 28,000 units that are primarily located across the Sun Belt. Carroll had approximately 700 employees as of first-quarter 2023. The acquisition will add $7 billion in assets under management (AUM) to RMR, which had $37.3 billion in AUM as of first-quarter 2023. Carroll will retain existing general partner co-investments and promote fees derived from those investments. The Carroll acquisition will give RMR a foothold in the multifamily sector for the first time and will include the company’s property management division, Arium Living. RMR acquires properties for four publicly traded REITs: Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and Industrial Logistics Properties Trust.

August 1, 2023

Acquisitions Maryland Multifamily Southeast

Excelsa Properties Purchases Concord Park at Russett Apartments in Metro Baltimore for $105.5M

by John Nelson August 1, 2023

LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent. The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.

August 1, 2023

Acquisitions Maryland Retail Southeast

Finmarc Management Sells Largo Town Center in Metro D.C. for $70M

by John Nelson August 1, 2023

UPPER MARLBORO, MD. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot power retail center in the Washington, D.C., suburb of Upper Marlboro, for $70 million. The Bethesda, Md.-based investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. During its nearly four-year ownership period of Largo Town Center, Finmarc initiated capital improvements and executed multiple leases, including Burlington, Foot Locker and Urban Air Adventure, the latter of which is expected to open this fall. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree.

August 1, 2023

Acquisitions Florida Industrial Southeast

Cushman & Wakefield Brokers $59.6M Sale of Bang Energy’s Former Warehouse, Adjacent Land in South Florida

by John Nelson August 1, 2023

PEMBROKE PINES, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of Bang Energy’s former warehouse and distribution center in Pembroke Pines, as well as an adjacent 23.2-acre parcel. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, Greg Miller and Mike Ciadella of Cushman & Wakefield represented the seller, entities doing business as Sheridan Real Estate Investment A LLC and Sheridan Real Estate Investment C LLC, in the transaction. Located at 20311 Sheridan St., the property includes a 224,560-square-foot building that once doubled as a manufacturing facility for Bang Energy’s energy drinks and the company’s corporate accounting office. The buyer, a new entity led by Summit Real Estate Group’s Arrowrock US Industrial Fund IV, is planning to overhaul the facility and is actively marketing the building for lease. The adjacent land, 13 acres of which are developable, is zoned for industrial ground-up development. Construction of an approximately 280,000-square-foot building on the property is anticipated to commence in the first quarter of 2024, with delivery slated for fourth-quarter 2024.

August 1, 2023

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