Acquisitions

SRS Brokers $14M Sale of Office Flex Property in Springfield, Virginia Leased to Cox Communications

by John Nelson August 2, 2023

SPRINGFIELD, VA. — SRS Real Estate Partners has brokered the $14 million sale of a single-tenant flex office property in Springfield that is leased to Cox Communications. Located at 7741 Southern Drive, the 61,700-square-foot building was delivered in 1993 and has been occupied by Cox and its predecessor ever since. The property features offices, a laboratory, warehouse and auto repair space, as well as five loading bays and 414 surface parking spaces. Andrew Fallon and Philip Wellde Jr. of SRS represented the seller, Vienna, Va.-based WTG Properties Inc., in the transaction. The buyer, an entity doing business as CIA-7741 Southern Drive LLC, is a private real estate investment group based in Northern Virginia.

August 2, 2023

Acquisitions Affordable Housing Multifamily Southeast Tennessee

Capstone Negotiates Sale of Wallace Studios Affordable Housing Community in Nashville

by John Nelson August 2, 2023

NASHVILLE, TENN. — Capstone Cos. has negotiated the sale of The Wallace Studios, a 131-unit affordable housing community located at 97 Wallace Road in Nashville. Built in 1974 as an Americas Best Value motel, the property is situated at the intersection of I-24 and Harding Place. The Wallace Studios is the fourth motel conversion property for the buyer, AGB Real Estate, who partnered with SL Cap and RBSR LLC on the acquisition. Austin Heithcock, Adam Klenk, Jordan Arand, Josh White and Blake Wiser of Capstone brokered the transaction. The seller and sales price were not disclosed.

August 2, 2023

Acquisitions Industrial Maine Northeast

RAM Cos. Acquires 64,000 SF Industrial Property in Portland, Maine

by Taylor Williams August 2, 2023

PORTLAND, MAINE — Locally based investment firm The Ram Cos. has acquired a 64,000-square-foot industrial property in Portland, located in the southeastern part of Maine. The complex comprises three buildings with clear heights of 18 feet that were fully leased to nine tenants at the time of sale. RAM Cos. plans to upgrade the signage, landscaping and parking lots and rebrand the property as Portland Commerce Center. The seller and sales price were not disclosed.

August 2, 2023

Acquisitions Northeast Office Rhode Island

Marcus & Millichap Brokers $4.8M Sale of Retail Property in Cranston, Rhode Island

by Taylor Williams August 2, 2023

CRANSTON, R.I. — Marcus & Millichap has brokered the $4.8 million sale of Park Avenue Plaza, a 24,750-square-foot retail property in Cranston. Built on 2.3 acres in 2006, the property was fully occupied at the time of sale, with all tenants operating on triple-net leases. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller, a locally based limited partnership, in the transaction. Maria DeAngeli, also with Marcus & Millichap, procured the buyer, a Massachusetts-based investor.

August 2, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.4M Sale of Grease Monkey-Occupied Property in Mundelein, Illinois

by Kristin Harlow August 2, 2023

MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.

August 2, 2023

Acquisitions Hospitality Nevada Utah Western

Braintree Group Buys Three Hotels in Utah, Nevada

by Amy Works August 2, 2023

LEHI, UTAH, AND HENDERSON, NEV. — Boise, Idaho-based Braintree Group has acquired three hotel properties adding a total of 330 rooms to its hospitality portfolio. Resolute Road Hospitality, a national third-party management company, will manage all three assets. The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point in Lehi and the Hilton Garden Inn Las Vegas/Henderson in Henderson. Opened in 2014, the four-story, 97-room Courtyard by Marriott Lehi at Thanksgiving Point features an indoor swimming pool, hot tub, fitness center, business center and bistro. The four-story, 94-room SpringHill Suites by Marriott Thanksgiving Point, which opened in 2008, offers a complimentary breakfast, indoor pool, hot tub, fitness center, business center, meeting rooms, guest laundry and an outdoor barbecue area. Renovated in 2020, the three-story, 139-key Hilton Garden Inn Las Vegas/Henderson features an outdoor pool, business center, fitness center, meeting rooms and the Garden Grille & Bar.

August 2, 2023

Acquisitions Healthcare Office Utah Western

JLL Brokers Sale of 60,000 SF Mountain Point Medical Center in Lehi, Utah

by Amy Works August 2, 2023

LEHI, UTAH — JLL Capital Markets has arranged the sale of Mountain Point Medical Center, a Class A medical office building in Lehi. An affiliate of The Inland Real Estate Group of Cos. sold the asset to an affiliate of Heitman LLC for an undisclosed price. The three-story, 60,000-square-foot outpatient medical building is fully leased to Centura Health through its recent acquisition of Steward Health Care’s ownership interest in its Utah healthcare operations. Tenants include a variety of medical specialities, such as orthopedics, general surgery, radiology, women’s health and ENT. Mindy Berman, Matt DiCesare and Vasili Davos of JLL Medical Properties Group, along with Phil Brierley and Cole Macadaeg of JLL’s Salt Lake City office, represented the seller and procured the buyer.

August 2, 2023

Acquisitions California Multifamily Western

CBRE Arranges $6.3M Sale of Multifamily Community in Fontana, California

by Amy Works August 2, 2023

FONTANA, CALIF. — CBRE has brokered the sale of an apartment property located at 8919 Mango Ave. in Fontana. A local private investor acquired the asset from an undisclosed private seller for $6.3 million. Built in 1973, the community features 25 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 787 square feet. Units offer high-speed internet access, air conditioning, heating and kitchen appliances. Onsite amenities include laundry, carport and surface parking, a secure entry gate and landscaping. Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and seller in the deal.

August 2, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 292-Unit Self-Storage Facility in Houston

by Taylor Williams August 1, 2023

HOUSTON — Marcus & Millichap has brokered the sale of Holliday Boat & RV Storage, a 292-unit facility that is situated on a two-parcel, 5.2-acre site in Houston. The property, which was constructed in phases between 1990 and 1994, consists of 243 non-climate-controlled units and 49 outdoor parking spaces for a total of 73,993 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction and procured the buyer, a Texas-based limited liability company. Both parties requested anonymity.

August 1, 2023

Acquisitions Industrial Texas

STRIVE Arranges Sale of 50,769 SF Industrial Building in Irving

by Taylor Williams August 1, 2023

IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of a 50,769-square-foot industrial building located at 1440 Corporate Drive in Irving’s Las Colinas district. At the time of sale, the building was fully leased to JVCKenwood, a Japanese multinational electronics company. Parker Tims and Jennifer Pierson of STRIVE represented the seller, a Pennsylvania-based investor, in the transaction. The buyer and sales price were not disclosed.

August 1, 2023

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