OCEAN TOWNSHIP, N.J. — Marcus & Millichap has brokered the $5.3 million sale of a 25,000-square-foot office building in the coastal New Jersey community of Ocean Township. Built in 1986, the two-story building was fully leased at the time of sale to law firm Ansell, Grimm, & Aaron PC, which has occupied the entirety of the property since 1996. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller in the transaction. Kevin Taub, also with Marcus & Millichap, procured the buyer. Both parties were limited liability companies.
VALPARAISO, IND. — Marcus & Millichap has brokered the $2.5 million sale of a 7,433-square-foot medical office building in Valparaiso, a city in Northwest Indiana. The newly constructed property, located at 4400 Calumet Ave., is leased to a dentist and an ophthalmology practice. Mitchell Kiven of Marcus & Millichap represented the seller, the property’s original developer. Kiven also procured the Indiana-based buyer. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.
LENOX, MASS. — The Wardman Group, a Baltimore-based boutique investment firm, has sold Seven Hills Inn, a 57-room hotel in Lenox, located in the Berkshires region of western Massachusetts. The property was built in phases between 1910 and 1950 and offers recently renovated guestrooms, a pool, outdoor lounge area and two onsite food-and-beverage establishments. Alan Suzuki, Matthew Enright, Emily Zhang and Brooks Murphy of JLL represented Wardman Group, which sold the property as part of a larger portfolio deal, in the transaction.
NEW YORK CITY AND CHICAGO — A partnership between New York City-based Arch Street Capital Advisors and Chicago-based Brennan Investment Group has sold a national portfolio of 11 industrial properties totaling approximately 2 million square feet. The sales price and buyer were not disclosed. The partnership acquired the portfolio in 2017 for $100 million and implemented a value-add program. The assets are primarily located throughout major markets in the Midwest and Southeast, including Chicago; Minneapolis; Jacksonville, Fla.; and Birmingham, Ala. Arch Street and Brennan launched their partnership in 2011. Since that time, the duo of investment firms has executed seven such ventures in which it acquires, operates and disposes of a portfolio of industrial assets. The partnership will continue to primarily target single-tenant, net-leased industrial assets and/or portfolios as the cornerstone of its investment strategy. “The success of this portfolio demonstrates the unique benefits of this strategy, which provides both residual upside and consistent yield,” says Christopher Collins, vice president of asset management at Arch Street. “We continue to remain bullish on warehouse, distribution and manufacturing assets in both the U.S. and Europe.” Arch Street is a full-service real estate investment and advisory firm that specializes in advising investors on …
DURHAM, N.C. — MEAG, in cooperation with CBRE Investment Management, has acquired Liberty Warehouse, a 247-unit residential community in downtown Durham, on behalf of Munich Re Group. Located at 530 Foster St., the property features 20,700 square feet of ground-floor retail space that was fully leased at the time of sale. Amenities at the community include a 24-hour fitness center, saltwater pool, tenant lounge and club room, pet run and pet spa, electric vehicle charging stations and 376 parking spaces. Charleston-based Greystar manages the property. The investment is part of a separate account mandate that MEAG recently signed with CBRE Investment Management to invest in the U.S. residential market. The seller and sales price were not disclosed.
PORT ST. LUCIE, FLA. — JLL Capital Markets has brokered the sale of a newly developed manufacturing and distribution facility located at 11675 S.W. Tom Mackie Blvd. in the South Florida city of Port St. Lucie. Bridge Net Lease, a subsidiary of Bridge Investment Group, acquired the 411,852-square-foot property, which is situated within Tradition Center for Commerce, a 1,247-acre master-planned development with office, retail, industrial, multifamily, recreational and entertainment space. Jason DeWitt, Luis Castillo, Brian Shanfeld, Cody Brais and Josh Katlin of JLL represented the undisclosed seller in the transaction. The sales price was not disclosed.
KATY, TEXAS — Virginia-based investment firm 37th Parallel Properties has acquired Grand Reserve, a 291-unit apartment community located in the western Houston suburb of Katy. The property offers one-, two- and three-bedroom units with an average size of 933 square feet. Amenities include a pool, fitness center, business center, clubhouse, coffee bar, package lockers and a dog park. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.
HOUSTON — Dallas-based REIT NexPoint Residential Trust Inc. (NYSE: NXRT) has sold Hollister Place, a 260-unit apartment community in northwest Houston that was built in 1997. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse, lounge and onsite laundry facilities. NexPoint acquired Hollister Place, which was 93 percent occupied at the time of sale, in 2017 and implemented a value-add program. The buyer was not disclosed.
CORPUS CHRISTI, TEXAS — Northmarq has arranged the sale of The Avertine Apartments, a 240-unit multifamily property in Corpus Christi. The property features one-, two- and three-bedroom units and amenities such as a pool, playground and onsite laundry facilities. Moses Siller, Zar Haro, Bryan VanCura, Phil Grafe, Brian Booth and Stephanie Hernandez of Northmarq represented the seller, 3CM Multifamily, in the transaction. The buyer and sales price were not disclosed.
CLEVELAND — Spark GHC, a private real estate joint venture focused on hospitality assets in the Midwest, has acquired the Hampton Inn by Hilton-Downtown Cleveland for an undisclosed price. The transaction marks the 11th acquisition for Spark GHC since 2018 and increases its assets under management to above $100 million. Spark GHC plans to significantly upgrade the 25-year-old hotel with a multi-million-dollar capital improvement plan. Spark GHC is a joint venture between Spark Hotels, a developer, acquirer and operator of Ohio-based hospitality assets, and Green Harvest Capital, an asset manager of Northeast Ohio-based multifamily assets.