WHEAT RIDGE, COLO. — Marcus & Millichap has arranged the sale of the 100-room Best Interstate Inn Wheat Ridge in Wheat Ridge. A private investor acquired the hotel for $5.5 million. The asset is located at 4735 Kipling St. The acquisition provides the buyer with a multifamily conversion opportunity. Christy McDougall of Marcus & Millichap represented both the buyer and seller, a limited liability company.
REDLANDS, CALIF. — GID has purchased a multi-tenant industrial warehouse in Redlands. The 95,500-square-foot, Class A building includes 12 docks with three drive-ins and 30-foot clear heights. It is fully leased to two tenants. This is GID’s second industrial acquisition in Southern California. The company recently acquired a three-building industrial park in the East San Gabriel Valley.
PHILADELPHIA — NexPoint, an investment firm based in metro Dallas, has acquired two life sciences buildings totaling 250,000 square feet in Philadelphia. The first building comprises research and development, manufacturing and warehouse space, and the second building features distribution packaging facilities with the potential for future expansion. NexPoint acquired the buildings, which sit on a combined 18 acres, in a sale-leaseback with Frontida Biopharm. The addresses were not disclosed.
PHOENIX — Institutional Property Advisors (IPA) has arranged the sale of and acquisition financing for 700 N. 4th St., a multifamily high-rise in downtown Phoenix. The 27-story property offers 234 luxury units in studio, one-, two- and three-bedroom configurations near the city’s Roosevelt Row Arts District. Units average around 643 square feet and include 9-foot, floor-to-ceiling windows; stackable washers and dryers; walk-in showers; and keyless smart lock entry. The community was built in 2021, according to Apartments.com. The community features an eighth-floor amenity deck, 27th-floor sky lounge and a rooftop deck. Shared amenities include a fitness center, resort-style swimming pool and spa, demonstration kitchen with bar seating, and collaborative and private work spaces. Steve Gebing, Cliff David and Peter Katz of IPA represented the undisclosed seller and procured the buyer, Weidner Apartment Homes, in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA’s capital markets team arranged acquisition financing on behalf of the buyer. The price was not disclosed. A number of multifamily developments are currently underway in Phoenix, underscoring demand for this type of property within the market. Recent projects include a 403-unit community in Phoenix’s midtown neighborhood; a 19-building multifamily project that is nearing …
RIDGELAND, S.C. — Friedman Real Estate has arranged the sale of a 98,000-square-foot industrial property located at 4427 Grays Highway in Ridgeland, approximately 32 miles north of Savannah, Ga. Marc Hames of Friedman represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed. The property comprises three buildings, including an 87,000-square-foot manufacturing facility, according to LoopNet Inc. The campus is situated on 27.1 acres within Cypress Ridge Industrial Park and offers access to I-95 via U.S. Highway 278.
HOUSTON — Locally based private equity firm Three Pillars Capital Group has acquired Chateaux Dijon, a 426-unit apartment community located at 5331 Beverlyhill St. in Houston’s Galleria district. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, business center, outdoor grilling and dining areas, package lockers and a pet park. Austin-based InvestRes, which acquired the asset in 2018, sold the property to Three Pillars Capital for an undisclosed price. Jordon Emmott and Abraham Garza of Global Real Estate Advisors brokered the deal.
LONGVIEW, TEXAS — Marcus & Millichap has arranged the sale of Wingate by Wyndham Longview North, a 67-room hotel located about 120 miles east of Dallas. The hotel offers an indoor pool, fitness center, business center and meeting rooms. Allan Miller, Chris Gomes and Skyler Cooper of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The trio, along with Marcus & Millichap’s Hussain Shaik, also procured the buyer. Both parties requested anonymity.
HOUSTON — Partners Real Estate has negotiated the sale of a 23,100-square-foot industrial facility that sits on a 1.3-acre site within the three-building Intercontinental Crossing Business Park in North Houston. According to LoopNet Inc., the building was completed in 2022 and features 28-foot clear heights. Clay Pritchett and Zane Carman of Partners represented the seller, TNRG Development, in the transaction. The name and representative of the buyer were not disclosed.
NEW YORK CITY — JLL has brokered the sale of a 75 percent interest in the Mandarin Oriental New York hotel. The monetary value of the stake was not disclosed, but multiple outlets that cover the hospitality industry reported that the percentage equated to roughly $98 million. The hotel, which opened in 2003 and totals 244 rooms, occupies floors 35 through 54 of Deutsche Bank Center at Columbus Circle. Amenities include a pool, spa, fitness center, meeting space and an onsite bar and lounge. Gilda Perez-Alvarado, Jeffrey Davis and Stephany Chen of JLL represented the undisclosed seller in the transaction. The buyer was Reliance Industries Ltd.
ONALASKA, WIS. — CORTA Development has acquired a building formerly occupied by Shopko in Onalaska, a city in western Wisconsin. The firm has begun a redevelopment of the property, which is part of East Towne Plaza. New retailers joining the center include TJ Maxx, HomeGoods, Sierra, Ulta Beauty and Five Below. CORTA expects to complete the project prior to the end of the year. Mid-America Real Estate-WI LLC brokered the sale of the Shopko building. Mid-America has also represented CORTA in the previous acquisitions of vacant Shopko stores in Fond du Lac, Sheboygan and West Bend over the past 18 months.
