GARLAND, TEXAS — Lee & Associates has brokered the sale of a 27,161-square-foot industrial building in the northeastern Dallas suburb of Garland. According to LoopNet Inc., the building at 2025 Wall St. was constructed on 1.4 acres in 2004 and features 18-foot clear heights. Taylor Stell and Brett Lewis of Lee & Associates represented the undisclosed seller in the transaction. The buyer was also not disclosed.
RICHMOND, VA. — Berkadia has brokered the sale of Belmont Hills, a 651-unit multifamily community located at 4037 Lamplighter Drive in Richmond. A joint venture led by locally based Levco Management acquired the property for an undisclosed price. Carter Wood, Drew White and Cole Carns of Berkadia represented the seller, Virginia-based Weinstein Properties, in the transaction. The property features apartments in one-, two- and three-bedroom floorplans. Amenities include a swimming pool, dog park, fitness center, clubhouse and a business center. Patrick McGlohn, Brian Gould, Miles Drinkwalter and Hunter Wood of Berkadia also secured Freddie Mac financing and sourced limited partner equity from an undisclosed party on behalf of the buyer.
VIRGINIA BEACH, VA. — Ease Capital has provided $32 million in financing for the acquisition and renovation of Dove Landing Apartments, a 318-unit multifamily community located in Virginia Beach. Community Investment Group (CIG) is the borrower. Barclay Lynch of Ease Capital originated and structured the three-year, full-term interest-only, non-recourse debt. Patrick McGlohn and Brian Gould of Berkadia secured the financing on behalf of CIG. Situated on 16.7 acres about six miles from Norfolk International Airport, Dove Landing Apartments comprises 240,880 square feet across 12 buildings. CIG plans to implement a $3.2 million capital improvement program at the property, with renovations to 155 units and upgrades throughout the community. Planned improvements include repairs to parking lots and building exteriors, as well as upgrades to landscaping and common areas including the pool area and playgrounds. Prior to the purchase, 71 units at the property were renovated. The seller and sales price were not disclosed.
NEW YORK CITY — Bridge Industrial has acquired a 128,148-square-foot property located at 58-95 Maurice Ave. in the Maspeth area of Queens. The newly renovated building was originally constructed on 2.8 acres in 1998 and features a clear height of 20 feet, 10 drive-in doors and three loading docks. Tyler Peck of JLL represented the seller, Turnbridge Equities, in the transaction. Bridge Industrial was self-represented. The property was fully leased to three tenants at the time of sale.
LANGHORNE, PA. — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the Residence Inn Philadelphia Langhorne, a 100-room hotel located on the northeastern outskirts of Philadelphia. The hotel offers an indoor pool, fitness center and meeting and event space. Spencer Davidson and David Perrin of Hunter Hotel Advisors represented the seller, MCR Hotels, in the transaction. The buyer was Maryland-based Baywood Hotels.
NATICK, MASS. — Empire Management has purchased a 25,000-square-foot industrial building in the western Boston suburb of Natick for $6.4 million. According to LoopNet Inc., the building at 197 W. Central St. was originally constructed on three acres in 1955. Bernard Gibbons of regional brokerage firm ABG Commercial Realty represented Empire Management in the transaction. The seller was not disclosed.
BRIDGEPORT, CONN. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of two apartment buildings totaling 38 units in the southern coastal Connecticut city of Bridgeport. Beers Apartments has 18 units, and Wayne Studios has 20 units. Brad Balletto, Rich Edwards, Bob Paterno and Jeff Wright of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
EAGAN, MINN. — Ryan Cos. US Inc. has entered into a purchase and sale agreement with Thomson Reuters for 179 acres of the company’s 263-acre campus in Eagan, a suburb of Minneapolis. Financial terms of the transaction were not disclosed. The campus includes a 1.1 million-square-foot office building, three data centers totaling 333,912 square feet and 90 acres of undeveloped land. Ryan will work with the City of Eagan, Thomson Reuters and other area stakeholders to explore redevelopment options for the site. The Minneapolis-St. Paul office of Thomson Reuters will remain in Eagan, but will relocate to its new site, The Landing, in the coming months. The company’s print manufacturing facility was not for sale and will continue operating at its current location. The project marks the third major redevelopment that Ryan has undertaken in the past year. All three are in Minnesota. Canada-based Thomson Reuters is a global content and technology company.
CHICAGO — Berkadia Institutional Solutions has brokered the sale of Mondial River West, a 141-unit luxury apartment tower in Chicago’s River West neighborhood. Barings sold the property for $42 million, down from the $57.5 million that it paid for the asset a decade ago, according to Crain’s Chicago Business. The newspaper reports that Illinois-based Exposition Capital was the buyer. Pete Evans and Richard Evans of Berkadia represented the seller. Located at 910 W. Huron St., the 15-story building was constructed in 2009. Units average 1,088 square feet. The property is situated near Bally’s $1.7 billion casino project.
ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.
