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Acquisitions

AcquisitionsHospitalityMarylandSoutheast

Marcus & Millichap Negotiates $10.2M Sale of Holiday Inn Express Hotel in Metro Baltimore

by John Nelson

OWINGS MILLS, MD. — Marcus & Millichap has negotiated the $10.2 million sale of an 86-room Holiday Inn Express & Suites hotel in Owings Mills, a northwest suburb of Baltimore. Jack Davis, Gordon Allred, Joce Messinger, Karianne Cibello, Zachary Walsh and Andy Patel of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Brian Hosey served as Marcus & Millichaps’ broker of record in Maryland for the deal. Built in 2018, the Holiday Inn Express is situated on a 5.7-acre site at 11509 Red Run Blvd. off I-795. The hotel features a fitness center, business center and meeting and banquet facilities.

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AcquisitionsHospitalityNew YorkNortheast

Northgate Real Estate Arranges $34.8M Bankruptcy Sale of Downtown Brooklyn Hotel Project

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Northgate Real Estate Group has arranged the $34.8 million bankruptcy sale of a hotel project in downtown Brooklyn that is roughly midway through construction. The 22-story building at 291 Livingston St., which is approved for 104 rooms, was sold via auction. Greg Corbin, Chaya Milworn and Felix Ades of Northgate handled the transaction on behalf of the undisclosed seller. The buyer was Midas Hospitality.

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AcquisitionsMassachusettsNortheastOfficeRetail

Newmark Brokers Sale of Three Office, Retail Buildings Totaling 40,860 SF in Wellesley, Massachusetts

by Taylor Williams

WELLESLEY, MASS. — Newmark has brokered the sale of three office and retail buildings totaling 40,860 square feet in Wellesley, a western suburb of Boston. Retail owner-operator EDENS sold the buildings at 34-50 Central St., which were 73 percent leased at the time of sale, to locally based developer Taymil Partners for an undisclosed price. Robert Griffin, Jonathan Martin and Paul Penman of Newmark brokered the deal. David Douvadjian Sr., Timonthy O’Donnell and David Douvadjian Jr. of Newmark arranged acquisition financing.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $6.5M Sale of Retail Building in Lakehurst, New Jersey

by Taylor Williams

LAKEHURST, N.J. — Marcus & Millichap has brokered the $6.5 million sale of a retail building in Lakehurst, about 60 miles east of Philadelphia, that is net leased to convenience store Wawa. The building at 604 Pine St. was completed in 2023 and totals 5,000 square feet, according to LoopNet Inc. Derrick Dougherty, Scott Woodard, Mark Krantz and Nick Geaneotes of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Le-Chateau-Apts-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $27M Sale of La Chateau Apartments in Anaheim, California

by Amy Works

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of La Chateau Apartments, a multifamily community in Anaheim. The asset traded for $27.4 million, or $361,184 per unit. Tyler Leeson, Matt Kipp and Nicholas Kazemi of Marcus & Millichap represented the undisclosed seller, while Drew Holden of Marcus & Millichap represented the undisclosed buyer in the deal. Built in 1964, Le Chateau offers 76 apartments in single-floor and townhome unit styles, all with two bedrooms. Each unit features a private patio and carport with an overhead storage bin. Community amenities include four on-site laundry facilities, a clubhouse and gated garage.

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AcquisitionsMidwestMinnesotaOffice

Net Lease Office Properties Sells Two Assets in Minnesota for $60.7M

by Kristin Harlow

EAGAN, MINN. — Net Lease Office Properties (NLOP) has sold two office assets in the Minneapolis suburb of Eagan for gross proceeds totaling $60.7 million. The properties, which are leased to Blue Cross Blue Shield Inc., are located at 1800 and 3400 Yankee Doodle Road and total 347,472 square feet. Net proceeds after closing costs were used to repay approximately $48 million of JPMorgan’s senior secured mortgage and approximately $8 million on its mezzanine loan. Following the sale, NLOP owns 47 office properties, three of which are leased to Blue Cross Blue Shield.

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AcquisitionsMidwestMultifamilyNorth Dakota

Gindi Equities Acquires 243-Unit Multifamily Community in Fargo, North Dakota

by Kristin Harlow

FARGO, N.D. — Gindi Equities has acquired Osgood Townsite Apartments, a 243-unit multifamily community built in 2004 in Fargo. Property Resources Group sold the asset for an undisclosed price. The acquisition marks Gindi’s entry into the Fargo market. Gindi plans to invest in a renovation program to modernize and enhance the Class B property. Planned improvements include redesigned kitchens and bathrooms and upgraded building exteriors and grounds. Gindi will also implement sustainable elements and energy savings fixtures to increase efficiency and reduce utility costs. Property Resources Group will continue to manage and service the asset. With this acquisition, Gindi’s multifamily portfolio is valued at over $250 million and includes 2,000 units across the country.

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AcquisitionsHealthcareMidwestMissouri

SVN Chicago Commercial Arranges $3.8M Sale of Medical Office Building in St. Peters, Missouri

by Kristin Harlow

ST. PETERS, MO. — SVN Chicago Commercial has arranged the $3.8 million sale of the Mercy Health medical office building in St. Peters, a northwest suburb of St. Louis. The 17,296-square-foot property is located at 107 Piper Hill Drive. Mercy Health occupies the building on a net-lease basis and recently executed a lease extension with substantial improvements to the site. Tim Franz of SVN represented the undisclosed seller. The asset sold to a West Coast-based REIT.

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2201-E-Willow-St-Signal-Hill-CA
AcquisitionsCaliforniaRetailWestern

Tova Capital Acquires 18,600 SF East Willow Village Retail Center in Signal Hill, California

by Amy Works

SIGNAL HILL, CALIF. — Tova Capital has purchased East Willow Village, an inline shop and pad space in Signal Hill, for $6.7 million in an off-market transaction. Signal Hill is approximately 20 miles south of Los Angeles. Located at 2201 E. Willow St., East Willow Village features 18,600 square feet of retail space. Turner’s Outdoorsman anchors the center on a 5,600-square-foot pad. Additional tenants include food, health, wellness and community-serving retail users. Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell of Ally Commercial Real Estate represented Tova Capital in the deal. The seller was not disclosed.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Brokers Sale of 57,040 SF Self-Storage Property in Beach Park, Illinois

by Kristin Harlow

BEACH PARK, ILL. — Marcus & Millichap has brokered the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property in Beach Park, a city in northeast Illinois. The sales price was undisclosed. Completed in 2021, the asset features 197 non-climate-controlled units and 250 climate-controlled units within three single-story buildings. Sean Delaney of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Extra Space Storage. The property will be rebranded as Storage Express.

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