GOODYEAR, ARIZ. — American Gem Packaging Solutions has acquired a 50,594-square-foot industrial building located at 2760 S. La Luna in Goodyear, a western suburb of Phoenix. A1 Desert Investments sold the asset for $4.7 million. Jeffrey Garza Walker represented the buyer, while the seller was self-represented in the deal.
OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.
FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton
SAN ANTONIO — Austin-based investment firm Palladius Capital Management has purchased The Luxx, a 694-bed student housing community that serves students at the University of Texas at San Antonio (UTSA). Built in 2014, the property is located roughly a mile from campus and offers one-, two- and four-bedroom layouts across 220 units with bed-to-bath parity. Amenities include a pool, study spaces, volleyball court, fitness center, dog park and outdoor grills and dining stations. Palladius plans to implement a value-add program. The seller and sales price were not disclosed.
AUSTIN, TEXAS — Dallas-based investment firm S2 Capital has acquired Vineyard Hills, a 202-unit multifamily property in southwest Austin. The site spans 11 acres, and the property features one-, two- and three-bedroom floor plans. Amenities include a pool, spa, dog park and outdoor grilling and dining stations. Ryan McBride, Robert Arzola, Robert Wooten, Alex Fernandes and Nick Beardslee of JLL represented the seller, Bob Reeves, in the transaction. Mark Brandenburg, also with JLL, arranged an undisclosed amount of acquisition financing for the deal through Benefit Street Partners. S2 Capital acquired the property in conjunction with Belle Rive Club Apartments, a 104-unit complex in Jacksonville, Fla.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 5,677-square-foot retail building in the northern Houston suburb of Spring. The building is located along the I-45 corridor and is leased to breakfast eatery IHOP, which has 15 years remaining on its lease. John Paine of Marcus & Millichap represented the seller, metro Atlanta-based investment firm Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.
MORROW, GA. — ShopOne Centers REIT and Pantheon, along with an unnamed global institutional investor, have acquired Publix at Mt. Zion, a 79,031-square-foot retail center located in Morrow, roughly 15 miles south of Atlanta. Publix anchors the property, which was 98.9 percent leased at the time of sale. The grocer has operated at the property for more than 30 years. The joint venture owns three additional retail properties in the metro Atlanta area, including Sharon Greens in Cumming, Bethesda Walk in Lawrenceville and Kennesaw Walk in Kennesaw.
OWINGS MILLS, MD. — Marcus & Millichap has negotiated the $10.2 million sale of an 86-room Holiday Inn Express & Suites hotel in Owings Mills, a northwest suburb of Baltimore. Jack Davis, Gordon Allred, Joce Messinger, Karianne Cibello, Zachary Walsh and Andy Patel of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. Brian Hosey served as Marcus & Millichaps’ broker of record in Maryland for the deal. Built in 2018, the Holiday Inn Express is situated on a 5.7-acre site at 11509 Red Run Blvd. off I-795. The hotel features a fitness center, business center and meeting and banquet facilities.
NEW YORK CITY — Locally based brokerage firm Northgate Real Estate Group has arranged the $34.8 million bankruptcy sale of a hotel project in downtown Brooklyn that is roughly midway through construction. The 22-story building at 291 Livingston St., which is approved for 104 rooms, was sold via auction. Greg Corbin, Chaya Milworn and Felix Ades of Northgate handled the transaction on behalf of the undisclosed seller. The buyer was Midas Hospitality.
