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Acquisitions

Courtyard-by-Marriott-Wayne-Fairfield
AcquisitionsHospitalityNew JerseyNortheast

JLL Brokers Sale of 122-Room, Marriott-Branded Hotel in Northern New Jersey

by Taylor Williams

FAIRFIELD, N.J. — JLL has brokered the sale of the 122-room Courtyard by Marriott Wayne Fairfield hotel in Northern New Jersey. Built in 2018, the four-story hotel features 73 standard king rooms, 36 standard two-queen rooms, seven extended two-queen rooms, four king suites and two queen suites. Amenities include an indoor pool, fitness center, onsite restaurant and 1,587 square feet of meeting and event space. Phil White of JLL represented the seller, RiverLink Hotels, in the deal. Jillian Mariutti, also with JLL, arranged acquisition financing through M&T Bank on behalf of the buyer, Concord Hospitality.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Arranges $10.7M Sale of Northern New Jersey Apartment Complex

by Taylor Williams

ORANGE, N.J. — Berkadia has arranged the $10.7 million sale of Lincoln Manor Apartments, a 68-unit apartment complex in the Northern New Jersey community of Orange. According to Apartments.com, the building exclusively offers one-bedroom units with an average size of 1,000 square feet. Nat Gambuzza and Tim Blashford of Berkadia represented the seller, Layna Investments LLC, in the transaction and procured the buyer, FM Equities LLC.

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8600-S-Valley-Hwy-Englewood-CO
AcquisitionsColoradoDevelopmentMultifamilyWestern

Garrett Cos. Acquires 12.6-Acre Parcel in Englewood, Colorado for Multifamily Development

by Amy Works

ENGLEWOOD, COLO. — Colorado-based The Garrett Cos. has acquired a 12.6-acre development site at 8600 S. Valley Highway in Englewood, from Grace Chapel for an undisclosed price. The buyer is developing Garrett Park Meadow, a 317-unit apartment property on the site. Currently under construction, the community will feature a clubhouse with full amenities and six four-story residential buildings with a mix of one-, two- and three-bedroom units. Eric Roth, Martin Roth and Chris Cowan of CBRE represented the seller in the deal.

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Ninety-Nine-Ave-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Phoenix Commercial Advisors Brokers Sale of Sprouts Farmers Market-Anchored Retail Center in Phoenix

by Amy Works

PHOENIX — Phoenix Commercial Advisors has arranged the sale of Ninety Nine Ave, a grocery-anchored retail property in Phoenix. A private buyer acquired the asset from the developer for $30.7 million, or $650 per square foot, in an all-cash transaction. Situated on 5.2 acres on the northeast corner of 99th Avenue and McDowell Road, the property offers 47,201 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Sprouts Farmers Market, CAVA, Hand & Stone and Mountain Mike’s Pizza. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.

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3141-Alameda-St-Medford-OR.jpg
AcquisitionsMultifamilyOregonWestern

Fourth Avenue Capital Buys Ridgewood Apartments in Medford, Oregon for $22.1M

by Amy Works

MEDFORD, ORE. — Fourth Avenue Capital has acquired Ridgewood Apartments, a multifamily property located at 3141 Alameda St. in Medford, from Investors Capital Group for $22.1 million. Situated on 3.9 acres, the community features 96 two- and three-bedroom apartments spread across 13 residential buildings with a clubhouse, fitness center, an outdoor pool and private garages, as well as a standalone leasing office. The property was built in two phases between 2002 and 2004. Josh McDonald and Joe Nydahl of CBRE represented the seller and buyer in the transaction.

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AcquisitionsArizonaIndustrialWestern

SBA Management Purchases 47,531 SF Industrial Building in Tucson for $3.8M

by Amy Works

TUCSON, ARIZ. — SBA Management LLC has acquired an industrial property located at 1401 and 1501 S. Pantano Road in Tucson from East Coast Tucson Development LLC for $3.8 million. Airtronics will occupy the 47,531-square-foot facility. Robert Glaser and Stephen Cohen of Cushman & Wakefield | PICOR represented the seller in the deal.

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2800-Skyline-Mesquite
AcquisitionsIndustrialTexas

JLL Brokers Sale of 756,668 SF Distribution Center in Mesquite, Texas

by Taylor Williams

MESQUITE, TEXAS — JLL has brokered the sale of a 756,668-square-foot distribution center in Mesquite, an eastern suburb of Dallas. The site at 2800 Skyline Drive spans 40.4 acres. The building was completed earlier this year and features 40-foot clear heights, 96 loading doors with 29 dock levelers, 185-foot truck court depths and 124 trailer parking stalls. Jody Thornton, Trent Agnew, Tom Weber, Pauli Kerr, Ben Pollack and Michael Jankovich of JLL represented the seller, a joint venture that includes Capstar Real Estate Advisors, in the transaction. The buyer was W. P. Carey. The facility was fully leased at the time of sale to Canadian Solar.

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Residence Inn by Marriott Baltimore White Marsh
AcquisitionsHospitalityMarylandSoutheast

HWE Arranges Sale of 131-Room Residence Inn Hotel in Baltimore

by Abby Cox

BALTIMORE — Hodges Ward Elliott (HWE) has arranged the sale of the Residence Inn by Marriott Baltimore White Marsh, a 131-room hotel property located within the White Marsh Town Center master-planned community in Baltimore. The hotel spans four floors and features a mix of amenities including a fitness center, outdoor swimming pool, sports court, meeting room and complimentary breakfast. Clint Hodges and Nate Ries of HWE represented the seller, an affiliate of American Hotel Income Properties REIT LP, in the transaction. The buyer and purchase price were not disclosed.

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Quarry-Place-at-Tuckahoe
AcquisitionsMultifamilyNew YorkNortheast

JLL Brokers $63M Sale of Apartment Complex in Tuckahoe, New York

by Taylor Williams

TUCKAHOE, N.Y. — JLL has brokered the $63 million sale of Quarry Place at Tuckahoe, a 108-unit apartment complex located north of New York City in Westchester County. Built in 2016, the property features 61 one-bedroom apartments and 47 two-bedroom units with an average size of 977 square feet. Amenities include a fitness center with a yoga room and spin studio, clubroom with computer stations and a garden terrace with fire pit. Jose Cruz, Steve Simonelli and Austin Pierce of JLL represented the seller, Veris Residential, in the transaction. The buyer was Hines.

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AcquisitionsMixed-UseNew YorkNortheast

Ariel Property Advisors Arranges $7M Sale of Mixed-Use Development Site in Brooklyn

by Taylor Williams

NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $7 million sale of a mixed-use development site in the East New York area of Brooklyn. The site at 749 Van Sinderen Ave. currently houses multiple single-story warehouses and can support 103,500 square feet of buildable product. Sean Kelly, Stephen Vorvolakos and Gabriel Elyaszadeh of Ariel represented the seller in the transaction. Josh Malekan of Venture Capital Partners represented the buyer. Both parties requested anonymity.

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