SOUTH WINDSOR, CONN. — Colliers has brokered the $2.3 million sale of a two-building, 41,000-square-foot industrial property in South Windsor, located in Hartford County. The multi-tenant property sits on at 3.5 acres at 681 John Fitch Blvd. Christian Dietz and Bob Pagani of Colliers represented the undisclosed seller in the transaction. Dave Richard, also with Colliers, represented the buyer, an entity doing business as BHD CT Realty.
WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded a $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will use the loan to purchase 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.
LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 West 15th Place. Terms of the transaction were not released. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset.
NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.
NEW PORT RICHEY, FLA. — Franklin Street has arranged the sale of a 104,201-square-foot, single-tenant retail property located in New Port Richey, roughly 40 miles northwest of Tampa. Built in 1987 and situated within the Pasco Square shopping center, the building is fully occupied by retailer Bealls. Grant Equities LLC acquired the property for $7.2 million. Bryan Belk, John Tennant and Zack McNamara of Franklin Street represented the seller, an affiliate of Vanguard Associates Inc., in the transaction. McNamara previously negotiated a new, long-term lease with Bealls on behalf of the landlord, and Michael Conlon of Franklin Street Insurance Services secured the property, casualty and flood insurance policies on behalf of the buyer.
PANAMA CITY BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $1.5 million sale of a retail property in Panama City Beach triple-net leased to Green Dragon, a chain of retail cannabis dispensaries in Florida and Colorado. The 5,164-square-foot store is located at 917 Harrison Ave. and has a new 10-year lease in place. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based private investor, as well as the buyer, a private 1031 exchange buyer, in the transaction. Both parties requested anonymity. The sale of the Panama City Beach Green Dragon is the 17th transaction of a cannabis dispensary that SRS has brokered in the state of Florida, for a total of just under $50 million.
WEST HOLLYWOOD, CALIF. — iBorrow and Reuben Brothers, through a co-lending partnership, have funded an $86.7 million loan for the acquisition of a hotel asset in West Hollywood. The borrowers, Ian Schrager and Ed Scheetz, will purchase the 139-room property formerly known as the Standard Hotel. The buyers plan to renovate the asset and rebrand the hotel to the PUBLIC Hotel flag. The hotel is located at 8300 Sunset Blvd.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Mountain Park, an apartment community located in the Ahwatukee Foothills Village neighborhood of Phoenix. Sares Regis Multifamily Value-Add Fund III sold the asset to LaSalle Investment Management for an undisclosed price. Built in 1994 on 12.5 acres, Mountain Park features 240 apartments in a mix of one-, two- and three-bedroom layouts with open-concept floor plans, in-unit washers/dryers and a patio or balcony with additional outside storage. Select apartments have wood-burning fireplaces and private stairwell entrances. Community amenities include a clubhouse, fitness center, two pools, a spa and access to Mountain Park Ranch Homeowners Association’s recreational facilities. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal.
LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 W. 15th Place. Terms of the transaction were not released. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness studio, yoga studio, gardening plots, sky lounge, electric vehicle charging stations and a pet park.