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Acquisitions

2325-W-Cypress-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Buys 35,007 SF Industrial Building in Phoenix for $4.4M

by Amy Works

PHOENIX — Stos Partners has acquired an industrial complex located at 2325 W. Cypress St. in Phoenix for $4.4 million, or $127 per square foot. Stos plans to immediately implement a capital improvement program for the 35,007-square-foot property. Situated on 1.4 acres, the building features 20- to 22-foot clear heights, four dock-high doors, two drive-in ground-level doors, a fully fenced and secured yard, and 1,500 square feet of office space. Sam Jones of Colliers represented the buyer in the deal, while James Cohn and Stirling Pascal of Stream Realty Partners represented the seller. Jones and Rob Martensen of Colliers will oversee leasing for the industrial complex.

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425-S-Main-St-Coolidge-AZ
AcquisitionsArizonaIndustrialWestern

NAI Horizon Brokers Sale of 14,000 SF Warehouse in Coolidge, Arizona

by Amy Works

COOLIDGE, ARIZ. — NAI Horizon has arranged the purchase of an industrial building located at 425 S. Main St. in Coolidge. Mesa, Ariz.-based Superstition Frame and Drywall acquired the asset from Tempe, Ariz.-based Spillman Koplin for $1 million. Built in 1988, the single-tenant, 14,000-square-foot warehouse features a 5,000-square-foot yard, 16-foot clear heights and one grade-level door. Jeffrey Garz Walker of NAI Horizon represented the buyer in the deal.

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Shopoff_Desert-Hot-Springs-Calif
AcquisitionsCaliforniaDevelopmentIndustrialTop StoriesWestern

Shopoff Realty Acquires 55 Acres in Southern California’s Inland Empire East, Plans 1.1 MSF Industrial Development 

by Hayden Spiess

DESERT HOT SPRINGS, CALIF. — Shopoff Realty Investments has acquired a 55-acre property in Desert Hot Springs, a city in the Inland Empire East region of Southern California, with plans to develop an industrial project at the site.  Upon completion, the development will comprise 1.1 million square feet of distribution and warehouse space. The property, which is situated with proximity to the site of an Amazon warehouse and with direct access to I-10, will feature 167 docks, 498 trailer stalls and a clear height of 42 feet.  “This Desert Hot Springs project represents a rare opportunity to acquire a property that is already entitled and ready for development, in an area with significant demand from e-commerce companies for logistics and warehouse space,” says William Shopoff, president and CEO of the firm. “With neighbors such as Amazon and FedEx, this location has the potential to provide a great investment for many years to come and will offer third-party logistics companies significant drayage savings compared to projects in Arizona and Las Vegas.” Construction on the project is scheduled to begin in the third quarter of this year, with an anticipated timeline of 12 months.  Ian DeVries and Christ DeVries of Colliers, along …

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Anna-Self-Storage
AcquisitionsIndustrialLoansSelf-StorageTexas

HPI Real Estate Buys 840-Unit Self-Storage Facility in Anna, Texas

by Taylor Williams

ANNA, TEXAS — Texas-based investment firm HPI Real Estate has purchased an 840-unit self-storage facility in Anna, about 45 miles north of Dallas. Anna Self Storage was completed in 2023 and totals 103,000 net rentable square feet of climate-controlled space. Casey Wenzel, John Bauman and Luke Rogers of JLL arranged a five-year, floating-rate acquisition loan through Security National Bank on behalf of HPI Real Estate. Anna Self Storage was approximately 30 percent occupied at the time of the loan closing. Life Storage operates the property.

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AcquisitionsDevelopmentRetailTexas

Lowe’s Home Improvement to Open 94,000 SF Store in Magnolia, Texas

by Taylor Williams

MAGNOLIA, TEXAS — Lowe’s Home Improvement will open a 94,000-square-foot store in the northwestern Houston suburb of Magnolia. The North Carolina-based retailer acquired 10 acres at the corner of FM 1488 and Spur 149 for the store, which will be part of a larger 60-acre retail development known as Magnolia Village. Gulf Coast Commercial is the master developer of Magnolia Village. Construction of the store is scheduled to begin later this year and to be complete in 2025. Parkside Capital sold the land to Lowe’s for an undisclosed price.

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AcquisitionsDevelopmentMultifamilySeniors HousingTexas

Sherman & Roylance Brokers Sale of Seniors Housing Development Site in Austin

by Taylor Williams

AUSTIN, TEXAS — Sherman & Roylance has brokered the sale of an eight-acre seniors housing development site in Austin. The City of Austin had previously approved the site for the development of a two-story, 98-unit assisted living and memory care facility, but the project faced construction delays and ultimately ended up in foreclosure in September 2023. The lender, Woodforest Bank, sold the partially completed project to Novak Brothers, which may convert the project into a general multifamily development.

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AcquisitionsIndustrialNew JerseyNew YorkNortheastSelf-Storage

Prime Group Acquires Two Self-Storage Portfolios Totaling 1 MSF in New York, New Jersey

by Taylor Williams

SARATOGA SPRINGS, N.Y. — Prime Group, an investment firm based in Saratoga Springs, N.Y., has acquired two self-storage portfolios totaling roughly 1 million net rentable square feet in New York and New Jersey. The number of units and exact locations were not disclosed. The first portfolio consists of 14 properties totaling roughly 800,000 net rentable square feet that are located in New York’s Hudson Valley region. The second portfolio comprises five properties totaling 245,000 net rentable square in Northern New Jersey. Prime Group acquired both sets of properties in conjunction with a third portfolio that totals 680,000 net rentable square feet across 11 properties that are scattered across the country. The new ownership will operate the facilities under its Prime Storage brand. The seller and sales price were also not disclosed.

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AcquisitionsFloridaIndustrialSoutheast

Tishman Speyer Acquires Industrial Park in South Florida for $100.2M

by John Nelson

POMPANO BEACH, FLA. — Tishman Speyer has acquired Rock Lake Business Center, a 35-acre industrial park located at 3150-3250 N.W. 33rd St. in Pompano Beach, about 15 miles north of Fort Lauderdale. The investor purchased the South Florida property from IDI Logistics for $100.2 million. Built in 2020 fronting the Florida Turnpike, Rock Lake comprises two warehouses spanning a combined 256,000 square feet that were fully leased at the time of sale. The facilities feature 32-foot clear heights, 185-foot shared truck courts, 84 dock-high and drive-in doors and 690 car and van parking spots. The acquired site includes land that can support the future development of two rear-load buildings spanning 243,000 square feet.

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AcquisitionsGeorgiaHospitalitySoutheast

Whitestone, Shaner Purchase 275-Room Le Meridien Atlanta Perimeter Hotel

by John Nelson

DUNWOODY, GA. — A partnership between Whitestone Cos. and Shaner Hotels has purchased Le Meridien Atlanta Perimeter, a 275-room hotel in Atlanta’s Central Perimeter submarket. An affiliate of Starwood sold the hotel for an undisclosed price, according to multiple media outlets. Tim Osborne and Spencer Davidson of Hunter Hotel Advisors represented both parties in the all-cash transaction. Located in Dunwoody, Le Meridien is situated near Perimeter Mall and several prominent employers including State Farm and IHG. The hotel features a fitness center, outdoor swimming pool with cabanas, nearly 10,000 square feet of meeting space and shuttle service to local attractions, as well as signature restaurant Portico Global Cuisine. The hotel acquisition represents the fifth property that Whitestone and Shaner Hotels have jointly purchased.

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AcquisitionsFloridaMultifamilySoutheast

Atlas, Andover Sell 252-Unit Huntington Place Apartments in Sarasota, Florida

by John Nelson

SARASOTA, FLA. — Atlas Real Estate Partners and Andover Real Estate Partners have sold Huntington Place Apartments, a 252-unit multifamily community located at 3201 Huntington Place Drive in Sarasota. Bridge Investment Group purchased the property from Atlas and Andover, which have owned the community for 11 years, for an undisclosed price. The buyer assumed a Fannie Mae loan originated by Berkadia. Jason Stanton and Matt Mitchell of Berkadia represented the sellers in the transaction. Prior to the sale, Atlas and Andover completed a comprehensive overhaul of Huntington Place, including the renovation of nearly all units, upgrades to the clubhouse, exterior enhancements such as façade improvements and new roofs and the addition of modern amenities like a dog park, fitness center and outdoor lounge area. The property was 95 percent occupied at the time of sale.

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