EL PASO, TEXAS — Atlanta-based investment firm MDH Partners has acquired Loop 375 Industrial, a 554,960-square-foot property in El Paso. The 36.7-acre development is located at the northeast corner of Amesbury Avenue and Joe Battle Boulevard and consists of three buildings, two of which span 107,943 square feet. The third building totals 339,074 square feet. Loop 375 Industrial features clear heights of 32 to 36 feet, a total of 191 dock doors and parking for 230 cars. Bret Felberg and Jeff Morris of Colliers represented the undisclosed seller in the transaction. Georga Rowe led the acquisition for MDH Partners. Building 1 is fully leased, as is roughly 200,000 square feet in Building 3. CBRE leases the property.
Acquisitions
MIDLAND, TEXAS — Marcus & Millichap has brokered the sale of the 68-room Quality Inn Midland hotel in West Texas. The property offers amenities such as a hot breakfast bar and dining area, indoor pool, meeting room, business center, guest laundry facilities and a fitness center. Chris Gomes and Allan Miller of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured a Texas-based limited liability company as the buyer. Both parties requested anonymity.
MINNEAPOLIS — Minneapolis-based real estate capital markets firm Northmarq has merged with Morrison Street Capital, a 22-year-old investment management company headquartered in Lake Oswego, Ore. Upon deal closing, Morrison Street Capital will be renamed Northmarq Fund Management. The merger also coincides with the acquisition of NBS Real Estate Consulting, a boutique business affiliated with Morrison Street Capital that provides advisory services to real estate owners and lenders. NBS Real Estate Consulting, also based in Lake Oswego, will now operate as Northmarq Advisory Services. The Morrison Street Fund series currently includes three closed-end funds and one open-end investment vehicle, which will continue to be led by Founder, President and CEO Rance Gregory. The existing Morrison Street Capital team will remain based in Lake Oswego and now have the ability to launch new and expanded vehicles that access Northmarq’s network for capital relationships, deal flow, market underwriting and research. Founded in 2002, Morrison Street Capital’s history includes in excess of 180 investments and $750 million of fund capital invested in over 300 properties with combined transaction value, including mortgage debt, of nearly $5.4 billion. Morrison Street Fund investments are diversified throughout the country and include retail, multifamily, industrial, office, parking and hotel …
CLINTON, N.J. — Berkadia has brokered the sale of Halstead Place Apartments, a 35-unit apartment building in Clinton, about 55 miles west of New York City. Built in 2018, the property offers one-, two- and three-bedroom units with an average size of about 1,100 square feet, with 20 percent of the residences reserved as affordable housing. Amenities include a fitness center, storage lockers and outdoor grilling stations. The buyer was Acquivest Financial Group, and the seller was undisclosed. Nat Gambuzza, Zachary Pierce, Matthew Stefanski, Trevor Fiebel and Maura Spellman of Berkadia represented both parties in the transaction.
CHICAGO — SVN Chicago Commercial has brokered the $2.3 million sale of a 6,800-square-foot commercial building located at 5212 N. Clark St. in Chicago’s Andersonville neighborhood. Tim Rasmussen of SVN procured a local buyer who plans to convert the ground-floor commercial space into medical use. SVN also represented the undisclosed seller.
SEATTLE — Los Angeles-based BH Properties has purchased Pacific Place, a 2.1-acre upscale entertainment and shopping center in downtown Seattle, for an undisclosed price. Situated between Seattle Convention Center and Pike Place Market, the 335,000-square-foot Pacific Place offers five floors of retail space, including an 11-screen AMC Theatre and various restaurants. Developed in 1998, the regional indoor shopping mall underwent a renovation in 2019. Current tenants include Tiffany & Co., AMC Theaters, Din Tai Fung and Haidilao at the 45 percent-occupied asset. The property also offers a 1,164-stall, below-grade parking garage.
SEATTLE — Cushman & Wakefield has arranged the sale of Villa Luisa, a vintage mixed-use apartment and retail community in Seattle’s Ballard neighborhood. The asset traded for $4.5 million. The names of the seller and buyer were not released. Situated on the corner of NW 60th St. and 15th Ave. NW, Villa Luisa features 16 apartments and four ground-floor retail spaces. Originally built in 1927, the two-story building offers a mix of studios, one- and two-bedroom apartments and on-site parking. Current retail tenants are Nolita Italian bistro, The Wax Bar, a mini-mart and an art studio. Tim McKay, Dan Chhan, Matt Kemper, Jacob Odegard, Dylan Roeter and Byron Rosen of Cushman & Wakefield represented the seller in the deal.
COLORADO SPRINGS, COLO. — Quantum Commercial Group has arranged the sale of a 9,400-square-foot office space at 118, 120 and 122 E. Kiowa St. in Colorado Springs. Spaces Ltd. sold the asset to IV Goats LLC for $2.4 million. Andrew Oyler of Quantum Commercial Group handled the transaction.
CLARKSVILLE, TENN. — Matthews Real Estate Investment Services has negotiated the $31 million sale of Victory Place Townhomes, a 194-unit multifamily community located at 401 Victory Road in Clarksville, about 54 miles northwest of Nashville. New York-based private equity firm BridgeGaps purchased the asset in a 1031 exchange with the seller, Singletary Construction, which developed the property in 2021. Austin Tomaiko and Austin Graham of Matthews represented the seller in the transaction, which Matthews says was the biggest sale in Clarksville by both unit count and sales price in the past 12 months. Victory Place Townhomes features a pool, fitness center, leasing office and dog parks, as well as one-, two- and three-bedroom floor plans.
TSB Capital Secures Acquisition Financing for 764-Bed Student Housing Community Near University of Central Florida
by John Nelson
ORLANDO, FLA. — TSB Capital Advisors has secured acquisition financing for Nine at Central, a 764-bed student housing community located near the University of Central Florida campus in Orlando. QuadReal provided an undisclosed amount of financing to the borrower, L3 Campus. Delivered in 2023, Nine at Central offers a mix of one-, two-, four-, five- and six-bedroom units with bed-to-bath parity. Each unit features a 55-inch smart TV, private balcony, energy-efficient stainless steel appliances and Bluetooth-integrated washers and dryers. Shared amenities include a swimming pool, hammock garden, outdoor barbecues, a wet bar, poolside cabanas, game-day jumbotron, putting green, fitness center, yoga studio, study pods on each floor and a full arcade room.