MANCHESTER, N.H. — CBRE has negotiated the sale of a 108-room Holiday Inn Express & Suites hotel in Manchester, located in the southern part of the Granite State. The location at 1298 S. Porter St. puts the hotel, which opened in 2003, within four miles of Manchester-Boston regional airport. Amenities include an indoor pool, fitness center and meeting/event space. Dave McElroy and Scott Hutchinson of CBRE represented the seller, a local family, in the transaction. Manchester Hospitality purchased the asset for an undisclosed price.
BRADENTON, FLA. — Wolfson BTR, an affiliate of Wolfson Development Co., has sold a build-to-rent (BTR) residential community in the Tampa Bay city of Bradenton for $59 million. The buyer was not disclosed, but Manatee County Property Appraiser files identify the buyer as an affiliate of New York-based JP Morgan Asset Management. The Tampa Bay-area community, known as Cantabria Bradenton, spans 184 three- and four-bedroom homes on 36 acres. The property comprises 172 attached townhomes and 12 detached single-family homes, each with attached garages and private, fenced yards. Community amenities include a clubhouse, fitness center, pool, walking trails and picnic areas. Wolfson Development has a pipeline of nearly 2,000 units, including Cantabria Bradenton, with a total exit valuation of nearly $1 billion. The sale was done in partnership with Transcendent Investment Management and Dan Armistead.
JANE LEW, W.VA. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Crestview Manor Nursing Home, a 72-bed skilled nursing facility in Jane Lew, approximately 115 miles south of Pittsburgh. The property has been family-owned since 1987 and is the only skilled nursing facility in Lewis County. The seller was a private, out-of-state owner that owned Crestview Manor for over three decades. The buyer is a publicly traded REIT utilizing an existing operating partner relationship that has collectively rapidly grown its presence throughout West Virginia. Both parties requested anonymity, and the sales price was also not disclosed. Dave Balow and Patrick Burke handled the transaction for SLIB.
HOUSTON — Partners Real Estate has brokered the sale of a portfolio of five single-tenant industrial buildings totaling 69,125 square feet in Houston. Cary Latham and Hunter Stockard of Partners represented the seller, AMAG Holdings LLC, in the transaction. Blake Deer and Carson Deer represented the buyer, Capital Real Estate Investments, on an internal basis.
PITTSBURGH — Community Preservation Partners (CPP) has acquired Allegheny Commons, a 136-unit affordable housing complex in Pittsburgh’s North Shore neighborhood. The 20-building property was originally built in 1973. The majority (112) of the units are covered under a project-based Section 8 Housing Assistance Payments (HAP) contract. Additionally, the project includes units that are reserved for households earning up to 60 percent of the area median income. CPP plans to undertake $11.3 million in capital improvements to the property, including upgrades to unit interiors, common areas and building exteriors.
SOUTHFIELD, MICH. — Guardian Alarm has sold its 66,000-square-foot office headquarters in Southfield. The company has signed a new lease for 37,111 square feet at 26711 Northwestern Highway in Southfield. The new office will include a state-of-the-art alarm monitoring command center, updated training facilities and an expanded customer care center. The move also enables Guardian Alarm to consolidate its administrative offices, which are currently located in two separate buildings. The company expects to complete the move by late summer. Dan Verderbar of Friedman Real Estate represented Guardian Alarm in the sale and the new lease.
CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.
CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.
SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.
HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.