CHANNELVIEW, TEXAS — Marcus & Millichap has brokered the sale of the 40-room Palace Inn Channelview hotel on the eastern outskirts of Houston. Rajan Patel, Chris Gomes, Allan Miller and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a private investor. Both parties requested anonymity.
LAKELAND, FLA. — Marcus & Millichap has brokered the $4.5 million sale of a single-tenant retail property located at 5010 Florida Ave. S in Lakeland. CVS/pharmacy occupies the building, which comprises 12,738 square feet. Ronnie Issenberg and Ricardo Esteves of Marcus & Millichap represented the buyer, a Florida-based private investor, in the transaction. The seller was not disclosed.
URBANDALE, IOWA — MLG Capital has acquired Walnut Lake, a 180-unit multifamily property in the western Des Moines suburb of Urbandale. The purchase price was undisclosed. Completed in 2016, the community is located at 4454 NW 142nd St. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Walnut Lake marks MLG’s 10th acquisition in metro Des Moines and brings the owner’s total number of units in Iowa to 1,096. Brett Hood of Northmarq originated a $16.1 million Freddie Mac loan for the acquisition. The five-year loan features a fixed interest rate just below 6 percent.
HUNTINGTON BEACH, CALIF. — Advanced Real Estate has acquired Beachpoint, an apartment building in the Orange County city of Huntington Beach, for an undisclosed price. Situated on Beach Boulevard, the property features a 68-unit apartment building and a 12,000 square feet of multi-tenant office space. Advanced Real Estate plans to update the asset with new paint, signage, an amenities overhaul and drive-entry enhancements. The units will receive new flooring, fixtures, a contemporary paint scheme and the addition of washers and dryers. Gary Tolfa of Triqor’s Newport Beach office brokered the off-market transaction. Farmers & Merchants Bank provided the loan for the acquisition.
HAMILTON, OHIO — Miami University of Ohio has purchased a 408,194-square-foot office building in Hamilton, about 20 miles north of Cincinnati, for $11.2 million. The property is located at 101-103 Knightsbridge Drive. Vora Technology Park LLC was the seller.
SAN CLEMENTE, CALIF. — CBRE has brokered the sales of two six-unit multifamily properties in the Orange County city of San Clemente. Individual private investors acquired the assets for a combined sale price of $5.5 million. Dan Blackwell, Mike O’Neill and Amanda Fielder of CBRE represented both the buyers and seller in the two transactions. In the first deal, a San Clemente-based private buyer acquired a six-unit, 3,535-square-foot multifamily building, located on a 14,500-square-foot lot at 306 Cazador Lane. A San Diego County-based seller sold the property for $2.8 million, or $470,000 per unit. Built in 1951, the residential building comprises one-bedroom units, five garage spaces and two open parking spaces. In the second transaction, the same seller sold a six-unit, two-story multifamily building, located on an 8,004-square-foot lot at 239 Avenida Pelayo. A Newport Beach-based private buyer purchased the asset for $2.7 million, or $454,167 per unit. Constructed in 1965, the 6,211-square-foot building features six two-bedroom units, residential storage lockers, laundry facilities and six carport spaces.
PHOENIX — ABI Multifamily has arranged the $2.6 million sale of 1011 Apartments, a multifamily community in Phoenix. The undisclosed buyer and seller are both based in Arizona. Carson Griesemer, Mitchell Drake and Dallin Hammond of ABI Multifamily represented the seller and buyer in the deal. Located at 6623, 6627 and 6631 South 10th St. and 6624 and 6632 South 11th St., 1011 Apartments features 20 two-bedroom/one-bath units each totaling 621 square feet. All units underwent interior upgrades, including new flooring, countertops, window coverings, paint, bathrooms and cabinets. Exterior upgrades include new roofing and air conditioning systems.
SAN DIEGO — Marcus & Millichap has arranged the sale of Fifth & Penn, a mixed-use property in San Diego. Tom Fine of TJF 5th Ave LLC sold the asset to Daniel Heimler of DAH Penn LLC for $1.6 million. Located at 441-43 Pennsylvania Ave., the 2,867-square-foot property offers ground-floor restaurant space and an apartment and creative office space on the second floor. The buyer plans to occupy the apartment, while the restaurant and office tenants will remain at the building. Ross Sanchez and Nick Totah of The Totah Group in Marcus & Millichap represented the seller and procured the buyer in the deal.
SHEBOYGAN FALLS, WIS. — NAI Pfefferle has brokered the sale of a 50,000-square-foot manufacturing building located at 520 Forest Ave. in Sheboygan Falls, a city in eastern Wisconsin. The sales price was undisclosed, but the asking price was $3.9 million. John Roberts of NAI Pfefferle brokered the sale. Buyer and seller information was not provided.
ATLANTA — JLL Capital Markets has brokered the sale of Regency Center, a 264,339-square-foot industrial park located along Jimmy Carter Boulevard in Atlanta. Situated on 20.4 acres, the property comprises eight buildings and features 36 suites, rear-load configurations, 16- to 20-foot clear heights, 67 dock-high doors and 12 grade-level doors. Richland Capital Holdings acquired the property for an undisclosed price. Matt Wirth, Jim Freeman, Dennis Mitchell and Britton Burdette of JLL represented the undisclosed seller in the transaction.