STRATFORD, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $7.2 million sale of two adjacent development sites at 1255 and 1297 West Broad Street in Stratford, located in southern Connecticut’s Fairfield County. The lots are part of a 14-acre assemblage that is zoned and approved for the construction of a 231,000-square-foot industrial facility that will feature clear heights of 36 to 39 feet, two drive-in doors and 232 parking spaces. Boston-based GFI Partners purchased the land and is developing the facility. Jon Angel of Angel Commercial brokered the land deal, the seller in which was not disclosed. Construction is slated for a second-quarter 2024 completion.
MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.
COLORADO SPRINGS, COLO. — Chartwell Hospitality has sold the 119-room Home2 Suites by Hilton hotel in Colorado Springs for $29 million. The buyer was ARA US Hospitality Trust. The hotel is situated at the foothills of the Rocky Mountains near the Fort Carson military base and the Broadmoor Convention Center and Resort. The pet-friendly hotel features a 24-hour business center, meeting space, indoor heated pool and a combined fitness and laundry center.
RIALTO, CALIF. — CBRE has brokered the $6.8 million sale of Jackson Apartments, a 41-unit apartment community located at 205-242 W. Jackson St. in Rialto. Cray Carlson of CBRE represented both the buyer and seller in the transaction. Both parties requested anonymity. Built in 1971, Jackson Apartments is situated west of San Bernadino and near several employment centers, including distribution centers for Staples, Under Armour and Target, according to Apartments.com.
HOUSTON — Silver Star Properties, an entity formerly known as Hartman Short Term Income Properties XX Inc., has sold a 734,000-square-foot industrial property located at 2300 Quitman Road in Houston. The property consists of five buildings ranging in size from 84,467 to 199,151 square feet. Silver Star purchased the property, which was originally constructed in 1920, in 1998. Tenants at the property, which was fully leased at the time of sale, include Liberty Tire Recycling and Sunbelt Warehouse LLC. The buyer was an undisclosed national investment firm.
CHICAGO — Kiser Group has arranged the sale of a multifamily portfolio located in Chicago’s UIC Medical District for $15 million. The portfolio comprises 48 units, 32 of which are two-bedroom floor plans. The remainder are three-bedroom units. University Rentals UIC sold the portfolio to Bay Laurel Partners in an off-market deal. The transaction sets a new benchmark for the price per door for a value-add portfolio in the UIC Medical District, according to Will Cornish, an associate with Kiser.
CANAL WINCHESTER, OHIO — Marcus & Millichap has negotiated the $5.4 million sale of a 14,560-square-foot retail property occupied by Walgreens in Canal Winchester, a southeast suburb of Columbus. The building is located at 6266 Gender Road near other retailers such as Walmart, Dollar Tree and AutoZone. Jesse Limon of Marcus & Millichap represented the seller, a limited liability company, and the buyer, an all-cash REIT.
AUSTIN, TEXAS — Avia Equities, an investment firm with offices in Dallas and Los Angeles, has sold The Wayman, a 284-unit apartment community in North Austin. The Wayman offers one- and two-bedroom units as well as a pool, coffee bar and outdoor grilling and dining areas. Avia Equities invested in capital improvements during its hold of the property, including replacing roofs and windows, painting building exteriors, enhancing amenity spaces and rebranding the property. The buyer and sales price were not disclosed.
JACKSONVILLE AND DELRAY BEACH, FLA. — Redfearn Capital has purchased an industrial facility in Jacksonville and industrial outdoor storage (IOS) property in Delray Beach for a combined $18.9 million. The Jacksonville property is a 138,200-square-foot warehouse with 32 dock doors and 24-foot clear heights within Imeson Industrial Park. An entity doing business as 201 Busch Partners LLC sold the single-tenant facility, which was fully occupied by Wing Industries, for $14.4 million. The Delray Beach IOS property comprises a 13,790-square-foot facility and two acres of outdoor storage located at 1595 S.W. 4th Ave. APS Real Estate Inc. sold the asset, which is leased to Assurance Power Systems, for $4.5 million.
ELBERTA, ALA. — Argus Self Storage Advisors has brokered the $1.9 million sale of a self-storage facility located on a 16.1-acre site in Elberta. The facility comprises 98 climate-controlled units totaling 11,250 rentable square feet and 37 boat and RV parking spaces spanning 19,800 rentable square feet. Texas-based A-Affordable Boat & RV Storage purchased the property from undisclosed sellers. Stuart LaGroue Sr. and Bill Barnhill of Argus represented the sellers in the transaction.