YORKVILLE, ILL. — Slone Commercial LLC has negotiated the sales of three parcels of land totaling 329.6 acres in Yorkville, a far west suburb of Chicago. The transactions, totaling more than $10.1 million, included some of the last large parcels of land available for industrial development in the I-55 submarket. In the largest transaction, Joyce Slone of Slone Commercial represented NGH Farms LLC in its sale of 229 acres at Eldamain and Faxon roads to EPC Holdings 993 LLC. Cushman & Wakefield assisted Slone with the $6.4 million deal. Sam Durkin and Sean Reynolds of JLL represented the buyer. EPC Holdings also acquired 52 acres at Corneils and Eldamain roads form Five H LLC. Slone represented the seller in the $2 million transaction. Along with the Eldamain and Faxon parcel, this property will become part of the Lincoln Prairie industrial development, a 228-acre site that is BNSF-certified and will have direct access to the railway. Lastly, Slone represented Five H LLC in its sale of the 48.6-acre Lot 6 along Corneils Road to SOO Green for $1.7 million. SOO Green will install high-voltage direct current transmission cable underground along existing railroad corridors. This green form of energy will power users …
NORTH AURORA, ILL. — Core Industrial Realty has brokered the sale of a 174,000-square-foot, newly constructed industrial building in North Aurora for an undisclosed price. Nick Krejci and Noel Liston of Core represented the buyer, Perla USA, which will utilize the building for its U.S. headquarters for production and distribution of its antipasti product line. Developed by Transwestern and completed in 2022, the facility features a clear height of 36 feet, 20 exterior loading docks and two drive-in doors. The seller was undisclosed.
ALLENTOWN, PA. — Northmarq has arranged the sale of Red Maple Acres, a 202-site manufactured housing property in the Lehigh Valley city of Allentown. Red Maple Acres was built in 1960 and was 98 percent occupied at the time of sale. Ari Azarbarzin and Anthony Pino of Northmarq represented the seller, an entity doing business as Red Maple Acres LLC, in the transaction. The buyer and sales price were not disclosed.
ANNAPOLIS, MD. — Annapolis, Md.-based investment firm Realterm has acquired three industrial outdoor storage sites totaling 24.8 acres in the Northeast. The sites are located in the metro areas of Boston, Providence and Philadelphia and are all utilized as truck terminals, with a combined capacity to support 163 such vehicles. Realterm acquired the sites from logistics giant Yellow Corp. as part of its Chapter 11 bankruptcy proceedings. The sales price(s) was not disclosed.
PHOENIX — Cushman & Wakefield has brokered the $38 million sale of Koll Cotton Center, a light industrial property located at 4050 E. Cotton Center Blvd. in Phoenix. The property comprises 228,605 square feet across seven buildings on 17.8 acres. California-based G.W. Williams Co. acquired the development, which was 98 percent leased at the time of sale, from TerraCap Management. Kirk Kuller, Will Strong, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield arranged the sale in collaboration with Tracy Cartledge and Robert Buckley, also of Cushman & Wakefield. The seller orginally acquired the property in 2021 and implemented upgrades including new roofs and exterior improvements.
BUENA PARK, CALIF. — Priya Living has sold Cypress Village Apartments, a multifamily community in the Orange County city of Buena Park, for $34.4 million. Northmarq represented the seller in the transaction. Nate Prouty, Briana Harney DeHaan, Andrew Deaver and Soraya Rios of Northmarq arranged $19.7 million in acquisition financing for the undisclosed buyer. Built in 1963 and renovated in 2023, the property features 88 two-bedroom apartments. Amenities at the community, which was 95.5 percent occupied at the time of sale, include a swimming pool, courtyard, BBQ area and clubhouse. The seller was not disclosed.
EVERETT, WASH. — Matthews Real Estate Investment Services has arranged the $5.9 million sale of a single-tenant property in Everett, approximately 25 miles north of Seattle. 7-Eleven occupies the building, which is situated at 7500 Hardeson Road, on a net-lease basis. Brandon Sontz, Nick Hahn and Chad Kurz of Matthews brokered the transaction. A local developer sold the property to an undisclosed buyer.
LONG BEACH, CALIF. — CBRE has arranged the $2.7 million sale of a multifamily community located at 2203 E. Bermuda St. in Long Beach. Built in 1985, the apartment building totals 8,364 square feet across eight units. Dan Blackwell, Trey Mitchell and Jack O’Connor of CBRE represented the California-based, all-cash buyer in the transaction. The seller is also based in California. This marks the first sale of the property since its construction.
LOS ANGELES — In 2023, particularly in the second half of the year, a combination of forces slowed property sales to a crawl in the seniors housing sector. Amy Sitzman, executive managing director of seniors housing and care at Blueprint Healthcare Real Estate Advisors, laid out the laundry list of challenges. “The bid-ask spread conversation really has everything to do with what’s gone on in the market the past year and a half,” she said. “It has been trying for everybody dealing with interest rate hikes, inflation, operations, staffing challenges, expenses going out of control, the minimal lack of stabilized assets out on the market. We’re just trying to get our head around the value of assets today.” Sitzman made her comments as moderator of a panel titled “Investment Outlook: When Will the Bid-Ask Gap Narrow and Transactions Resume in Earnest?” at France Media’s InterFace Seniors Housing West conference, held Feb. 1 at the Omni Los Angeles. Speakers at the session included Michelle Kelly, senior vice president of investments, NHI; Darrin Smith, executive vice president of Investments, Sabra Health Care REIT; Bryan Schachter, chief investment officer, Watermark Retirement Communities; and Clint Malin, co-president and chief investment officer, LTC Properties. While …
MYRTLE BEACH, S.C. — Hybridge Capital Management has purchased The Yachtsman Resort, a 159-room hotel located at 1304 N. Ocean Blvd. in Myrtle Beach. The Los Angeles-based investor acquired the hotel, which was built in 1982, out of bankruptcy in an off-market transaction. Bhavesh Patel of Hodges Ward Elliott represented the seller, Maryland-based Lemonjuice Solutions, in the transaction. The sales price was not disclosed. Max Mellman and Drew Rands of Max Benjamin Partners Inc., along with Justin Ghaderi of CBRE, secured an undisclosed amount of acquisition financing for the deal. Hybridge Capital, which now owns 569 hotel/resort rooms in Myrtle Beach, plans to implement a capital improvement program to restore The Yachtsman. Details about the renovation were not disclosed.