GALVESTON AND BAYTOWN, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of a portfolio of two self-storage facilities totaling 790 units in Galveston and Baytown. The facilities, which are together known as the Watson & Taylor Portfolio, total 104,830 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the Texas-based seller in the transaction. The team also procured the buyer, New York-based owner-operator Andover Properties, which is perhaps best known for its Storage King USA brand.
MESQUITE, TEXAS — Lee & Associates has brokered the sale of a 14-acre industrial development site located at 19205 Lyndon B. Johnson Freeway in Mesquite, an eastern suburb of Dallas. Alex Wilson, Nathan Denton and Reid Bassinger of Lee & Associates represented the buyer, Houston-based developer Lovett Industrial, in the transaction. The seller and sales price were not disclosed. Specific plans for the site were also not disclosed.
NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $11.1 million sale of a 38,310-square-foot industrial property in North Bergen, located across the Hudson River from Manhattan. Built on 2.8 acres in 2004, the property features a clear height of 26 feet, 21 drive-in doors and 50 parking spaces. Mark Gjonbalaj, Alan Cafiero and Giacomo Fiorenza represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
LAS VEGAS — San Diego-based owner-operator Davlyn Investments has closed on the $67 million purchase of Spectrum, a 252-unit apartment community in the Curve neighborhood of Las Vegas. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the undisclosed seller. Mitch Clarfield and Meghan Varga of Newmark arranged acquisition financing. Spectrum was built in 2010 and offers one- and two-bedroom floor plans. Davlyn Investments has rebranded the property as The Michael B Townhomes and Flats.
NEWARK, N.J. — Locally based investment firm The STRO Cos. has acquired a two-building, 45,500-square-foot industrial property located at 202-231 Vanderpool St. in Newark. The site spans 1.6 acres, and the buildings feature clear heights of 14 and 18 feet, as well as a combined 12 drive-in doors and seven loading docks. The seller and sales price were not disclosed. The new ownership plans to implement a capital improvement program.
SAN JOSE, CALIF. — CBRE has arranged the $15.4 million sale of Ranchero Palms, a 61-unit apartment community in San Jose. Keith Manson, Zachary Greenwood and Mac Watson represented both the buyer and seller. Ranchero Palms features one- and two-bedroom floor plans, and was recently renovated with a new entryway, railings, stairways and main electrical service. According to Apartments.com, the property was built in 1969 and offers community amenities such as a pool, a sundeck, on-site laundry facilities and dry-cleaning services.
GLEN ELLYN, ILL. — Senior Living Investment Brokerage (SLIB), a Glen Ellyn-based broker, has arranged the sales of two seniors housing communities in the Rocky Mountains states. The facilities total 130 units and were built in 1996 and 1999. The properties are 32,897 and 32,904 square feet, and are situated on approximately 1.81 and 4.03 acres of land. The buyer is a large, regional owner-operator based out of California with over 30 communities nationwide. The new owner will invest money in capital improvements and continuing the strong operational performance. The seller and price were not disclosed. Jason Punzel, Vince Viverito, Brad Goodsell and Matthew Alley of SLIB handled the transaction.
LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.
BARTLETT, ILL. — Entre Commercial Realty has brokered the sale of a 3.7-acre industrial site for a build-to-suit project in Brewster Creek Business Park in the Chicago suburb of Bartlett. The corporate headquarters facility will be home to a printing and packaging company relocating from Kane County. Mike DeSerto, Cory Kay and Mike Berkowitz of Entre represented the developer, Triumph Construction. JLL represented the buyer. The deal marks the fourth build-to-suit transaction that Entre has completed in Brewster Creek Business Park on behalf of Triumph.
FORT LAUDERDALE, FLA. — PEBB Capital and Intalex Capital, in partnership with CDS International Holdings Inc., have acquired 110 East, an office building located in downtown Fort Lauderdale. The 24-story property comprises 343,500 square feet of office space. Christian Lee, Andrew Chilgren, Marcos Minaya and Sean Kelley of CBRE brokered the transaction on behalf of both the buyers and the seller, Stockbridge. The sales price was not disclosed, but multiple media outlets have reported that 110 East traded for $43 million. Travis Herring and Katherine Ridgway of Cushman & Wakefield are working with PEBB and Intalex to oversee leasing of the building, and the partnership has secured 76,000 square feet of new tenancy, with 125,000 square feet of new leases currently in negotiation. Plans for the property include multimillion-dollar renovations to common areas. Greenwall Capital Management advised CDS in the transaction, and Kapp Morrison LLP provided legal representation.