VALLEY COTTAGE, N.Y. — Maryland-based investment firm Realterm has acquired an industrial outdoor storage facility in Valley Cottage, located just across the New York-New Jersey border. The 37,560-square-foot facility was built on a 5.4-acre site in 2009 and consists of a seven-bay, drive-thru maintenance facility, a concrete storage yard and office spaces. Realterm plans to implement a value-add program. The seller was not disclosed.
SAN DIEGO — The Dinerstein Cos. has completed the disposition of Millennium PQ, a multifamily property located in San Diego’s Rancho Penasquitos neighborhood, to GID Real Estate Investments for $167 million, or $504,532 per unit. Millennium PQ features 331 apartments with high-end finishes and resort-style amenities in a low-density, garden-style setting. Hunter Combs led the Walker & Dunlop investment sales team that represented the seller and buyer in the transaction.
VISTA, CALIF. — Gelt Venture Partners has purchased Rancho Hills Apartments in Vista, approximately 40 miles north of San Diego. An undisclosed party sold the asset for $53.5 million. The 148-unit apartment community is located at 856 Heatherwood Lane. Built in 1986, the garden-style property features 10 two-story buildings on 7.3 acres. The community includes a mix of 56 one-bedroom units and 92 two-bedroom units with floor plans ranging from 553 square feet to 909 square feet. Recently upgraded apartments include washers/dryers, quartz countertops, stainless steel appliances and private balconies/patios. On-site amenities include a clubhouse, fitness center, pool, spa and a gas barbecue area. Rachel Parsons, Derrek Ostrzyzek and Mike Murphy of CBRE represented the buyer and seller in the deal.
GLENDALE, ARIZ. — EQT Exeter, a real estate division of EQT, has purchased Falcon Park 303 – Phase II, a 326,018-square-foot, Class A industrial building on more than 21 acres in Glendale. US Capital Development (USCD) and an institutional investor sold the asset for $50 million. A single tenant occupies the freestanding building, which was completed on a speculative basis in 2023. Totaling 925,504 square feet, Falcon Park 303 – Phase I and II are located at 15132 and 15152 W. Camelback Road, respectively. Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the sellers in the disposition. Cushman & Wakefield’s Mike Haenel, Andy Markham, Phil Haenel and Foster Bundy provided market leasing advisory in the sale, as well as brokered the full-building lease with the existing tenant in fourth-quarter 2023. In 2023, the Cushman & Wakefield team brokered the sale of Falcon Park – Phase I to Cohen Asset Management for $81.7 million, while the Cushman & Wakefield equity debt structured finance team arranged the financing for the buyer.
WEST SACRAMENTO, CALIF. — Brennan Investment Group has acquired a three-building manufacturing facility in West Sacramento and simultaneously leased the property back to the seller, Manna Beverages & Ventures. Totaling 213,000 square feet, the assets are located at 2150 and 2286 Stone Blvd. and 1691 Cebrian St. Manna is a leading beverage manufacturer specializing in co-packing, co-manufacturing and distribution of juices, teas and carbonated beverages. Terms of the transaction were not released.
LIVONIA, MICH. — Penske Automotive Group Inc. has acquired the Bill Brown Ford dealership in Livonia within southeast Michigan. The asset is the world’s largest Ford dealership by sales volume, according to Crain’s Detroit Business. Penske estimates the acquisition will add $550 million in annualized revenue. As part of the acquisition, Penske will acquire more than 200,000 square feet of existing facilities across 29 acres, including a main dealership premises, a pre-owned facility, fleet maintenance center and collision center. Year to date in 2024, Penske has completed acquisitions representing nearly $2 billion in estimated annualized revenue.
AUSTIN, TEXAS AND ORLANDO, FLA. — Darden Restaurants (NYSE: DRI) has agreed to acquire Chuy’s Holdings (NASDAQ: CHUY) for $605 million in an all-cash transaction. The Tex-Mex restaurant chain — which owns and operates 101 full-service restaurants across 15 states — will join Darden’s existing restaurant portfolio, which includes Olive Garden, LongHorn Steakhouse and Ruth’s Chris Steak House, among others. Under terms of the merger agreement, Orlando-based Darden will acquire all outstanding shares of Chuy’s at $37.50 per share. The purchase price represents a 40 percent premium to the Austin-based company’s 60-day volume weighted price. Chuy’s board of directors unanimously approved the merger agreement, which includes a 30-day “go-shop” period that will allow the company to solicit alternative proposals from interested parties. The transaction is expected to close during the second quarter of 2025, subject to a number of closing conditions, including approval by a majority of Chuy’s stockholders. Darden acquired Ruth’s Chris in summer 2023 for $715 million. The company’s portfolio of restaurant brands also includes Yard House, Cheddar’s Scratch Kitchen, The Capital Grille, Seasons 52, Eddie V’s and Bahama Breeze. Darden’s stock price closed at $147.35 per share on Thursday, July 17, down from $163.31 one year ago. …
CLUTE, TEXAS — Marcus & Millichap has brokered the sale of Vanderbilt Apartments, a 288-unit multifamily community located south of Houston in Clute. The property was built in 1978 and offers one-, two- and three-bedroom units. Amenities include a pool, dog park, playground and outdoor grilling and dining stations. Nico Bianchi and Kent Myers of Marcus & Millichap represented the seller, an entity doing business as Gupta Vanderbilt Place LLC, in the transaction. The duo also procured the buyer, a locally based limited liability company.
JERSEY CITY, N.J. — CBRE has arranged the $221.5 million sale of Lenox and Quinn Apartments, two adjacent buildings totaling 408 units in Jersey City’s Paulus Hook neighborhood. Built in 2017, Lenox consists of 255 units and includes a 257-space automated parking garage. Quinn was constructed in 2018 and totals 153 units. According to Apartments.com, both properties offer studio, one-, two- and three-bedroom floor plans. Both properties also house various Class A amenities. Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer and Daniel Blumenkrantz of CBRE represented the seller, institutional investors advised by J.P. Morgan Asset Management, in the transaction. The team also procured the buyer, Hines Interests.
NEW YORK CITY — Marcus & Millichap has brokered the $29 million sale of a portfolio of three multifamily buildings totaling 59 units in Manhattan’s East Village neighborhood. The buildings at 129 Second Ave. and 36 Saint Marks Place all rise six stories and house 10 retail spaces between them. Joe Koicim, Logan Markley, Zan Colin and Matt Berger of Marcus & Millichap represented the seller, Jonis Realty, in the transaction and procured the buyer, Ryco Capital. Both parties are locally based.