DALLAS — Bolour Associates, an investment firm based in Southern California, has sold a 7,190-square-foot medical office building located at 12222 Coit Road in North Dallas. David Zoller and Corbin Tanenbaum of Weitzman represented Bolour in the transaction as well as in its original acquisition of the property in 2022. Justin Utay of NAI Robert Lynn represented the undisclosed buyer.
BOSTON — Harbor Group International (HGI), a privately owned international real estate investment and management firm, has sold a 1,722-unit multifamily portfolio comprising six properties in metro Boston. A fund managed by Bridge Multifamily Fund Manager LLC, an affiliate of Bridge Investment Group Holdings Inc. (NYSE: BRDG), was the buyer. While the sales price was undisclosed, HGI purchased the portfolio in 2019 for $384 million. At that time, the firm instituted a $13.6 million capital improvement program to renovate interior units, upgrade amenities, address deferred maintenance and enhance overall curb appeal. The properties include Commons at Haynes Farm in Shrewsbury, Middlesex Crossing in Billerica, Meadows at Marlborough and Heights at Marlborough in Marlborough, Stone Ends in Stoughton and Village at Marshfield in Marshfield. The portfolio is surrounded by large employment hubs and situated in close proximity to major highways and Metro Boston Transit Authority train stations, according to HGI. “The Boston portfolio sale further exemplifies HGI’s ability to identify strategic opportunities to divest high-quality stabilized assets amid varying market conditions,” says Richard Litton, president of HGI. “The properties are well-positioned in their respective submarkets, as the in-place rents have been significantly below the rents of similar renovated Class A properties. …
BIRMINGHAM, ALA. — Ackerman & Co. has acquired a 307,200-square-foot distribution center located on a 45.6-acre site at 1532 Midfield Industrial Blvd. in Birmingham. Completed in 2005, the property was fully leased at the time of sale to discount retail giant Dollar General. The facility features 28-foot ceilings and a Norfolk-Southern rail line that feeds directly into the building, as well as 17 dock-high doors, one drive-in door, 11-inch thick floors and solar panels on the roof. The acquisition includes a 23-acre parcel that can accommodate an expansion, build-to-suit opportunities or outside/trailer storage. This is the first acquisition in Alabama for Atlanta-based Ackerman & Co. Philip Yost of CBRE represented the seller, Joe Piper Inc., in the transaction. The sales price was not disclosed.
AUSTIN, TEXAS — Locally based brokerage firm Muskin | Elam Group has arranged the sale of Cielo at Burnet, a 48-unit apartment complex in North Austin. Daniel Elam and Lyles Carter of Muskin | Elam Group represented the undisclosed, Georgia-based seller in the transaction. The buyer, which also requested anonymity, plans to implement a value-add program and rebrand the property as Colony Creek Apartments. Cameron Hart and John Romano of Berkadia originated acquisition financing for the deal.
KANSAS CITY, MO. — Marcus & Millichap has arranged the sale of Creekwood Park Duplex Townhomes in Kansas City for an undisclosed price. The 58-unit multifamily property is located at 5808 NE 42nd St. About 30 percent of the units have been renovated, and the property was 97 percent occupied at the time of sale. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, an individual trust. The duo also secured and represented the buyer, a limited liability company.
GREENDALE, WIS. — Founders 3 Real Estate Services has brokered the $1.1 million sale of a 13,000-square-foot industrial building in Greendale, a southwest suburb of Milwaukee. The property is located at 6600 S. Industrial Loop. Paul McBride and Patti Stevens of Founders 3 represented the seller, B&H Holdings. Massimo Property Investments was the buyer.
NEW ROCHELLE, N.Y. — JLL has brokered the $22.7 million sale of The Printhouse, a 71-unit multifamily property located north of New York City in New Rochelle. Built in 2019, the property houses studio, one- and two-bedroom apartments as well as 2,700 square feet of commercial space. Amenities include a fitness center, business center, dog park and a rooftop terrace with a bar. New Jersey-based investment firm Invel Capital acquired the asset from an undisclosed seller. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Marion Jones of JLL brokered the deal.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $2.9 million sale of a six-unit apartment building located at 65 Woodhull St. in Brooklyn. The building includes two retail units. Sean Kelly, Nicole Daniggelis and Stephen Vorvolakos of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
BEAVERTON, ORE. — STAG Industrial has purchased Beaverton Industrial Center, a multi-tenant industrial/distribution project in Beaverton. BKM Capital Partners sold the asset for $20.6 million. Situated on 6.4 acres, the 121,426-square-foot property consists of two freestanding distribution buildings located at 5805 and 5807 SW 107th Ave. Originally constructed in the 1960s, the asset was extensively upgraded in 2021. At the time of sale, Beaverton Industrial Center was fully leased. Bryce Aberg, Jeff Chiate, Jeff Cole, Rick Ellison, Mike Adey, Zach Harman and Brad Brandenburg of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California represented the seller. Greg Nesting, Aaron Watt and Keegan Clay of Cushman & Wakefield provided local market advisory.
KAILUA-KONA, HAWAII — SRS Real Estate Partners has arranged the sale of the leasehold interest of a two-story, multi-tenant retail and office building in Kailua-Kona. A private partnership sold the asset to a Hawaii-based private investor for $7.5 million. Built in 1997 on 1.5 acres, the 30,503-square-foot is located at 75-1000 Henry St. At the time of sale, the property was 98 percent occupied by Planet Fitness, Anderson Wealth Planning, Fidelity National Title and ProService Hawaii. Nicholas Paulic, A.J. Cordero, Matthew Mousavi and Patrick Luther of SRS represented the seller in the deal.