BOSTON — Locally based investment firm Marcus Partners has sold a portfolio of six industrial buildings that total roughly 1 million square feet and are located throughout the greater Boston area. The sales price was $167 million. Three of the buildings are located in Franklin, and the other three are located in Sutton, Peabody and Avon. Chris Skeffington, Scott Dragos and Roy Sandeman of CBRE represented Marcus Partners in the transaction and procured the undisclosed buyer.
NEWTON, MASS. AND ATLANTA — The RMR Group, an alternative asset management company based in Newton, has purchased the multifamily platform of Carroll, a multifamily investment firm based in Atlanta. RMR has acquired 100 percent of the equity interests of MPC Holdings (Carroll) in an $80 million, all-cash transaction. Founded in 2004, Carroll provides asset and property management services to 81 multifamily properties comprising more than 28,000 units that are primarily located across the Sun Belt. Carroll had approximately 700 employees as of first-quarter 2023. The acquisition will add $7 billion in assets under management (AUM) to RMR, which had $37.3 billion in AUM as of first-quarter 2023. Carroll will retain existing general partner co-investments and promote fees derived from those investments. The Carroll acquisition will give RMR a foothold in the multifamily sector for the first time and will include the company’s property management division, Arium Living. RMR acquires properties for four publicly traded REITs: Service Properties Trust, Diversified Healthcare Trust, Office Properties Income Trust and Industrial Logistics Properties Trust.
LAUREL, MD. — Excelsa Properties has acquired Concord Park at Russett, a 335-unit multifamily property located at 7903 Orion Circle in Laurel, a suburb of Baltimore. The undisclosed seller sold the value-add property to Excelsa US Real Estate II LP and an Excelsa co-investment vehicle for $105.5 million. The buyer assumed an in-place, interest-only loan on the property that was underwritten with a fixed 3.4 percent interest rate and has six years of term left. Excelsa supplemented the loan with a fixed-rate, interest-only loan with a similar maturity date that has a weighted average interest rate of 3.7 percent. The company also plans to make $4.4 million in capital improvements to Concord Park at Russett, including a new roof, HVAC systems, new signage, parking garage repairs, new kitchen appliances and hardwood flooring, among other improvements. Existing community amenities include a resort-style swimming pool, clubhouse with a fireplace, business center, theater room, fitness center, yoga and HIIT training studio, library and a business lounge.
UPPER MARLBORO, MD. — Finmarc Management Inc. has sold Largo Town Center, a 280,000-square-foot power retail center in the Washington, D.C., suburb of Upper Marlboro, for $70 million. The Bethesda, Md.-based investment firm purchased the shopping center in 2019 when it was 80 percent occupied. John Donnelly of John C. Donnelly Inc. and Arthur Benjamin and Alex Alperstein of AdvisoRE LLC represented the buyer, an investment group led by Bethesda-based KPI Commercial LLC, in the transaction. Joseph Hoffman of Kelley Drye Warren provided legal services to Finmarc. During its nearly four-year ownership period of Largo Town Center, Finmarc initiated capital improvements and executed multiple leases, including Burlington, Foot Locker and Urban Air Adventure, the latter of which is expected to open this fall. Other notable tenants are anchors Marshalls and Shoppers Food Warehouse, as well as Advanced Auto and Dollar Tree.
PEMBROKE PINES, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of Bang Energy’s former warehouse and distribution center in Pembroke Pines, as well as an adjacent 23.2-acre parcel. Mike Davis, Dominic Montazemi, Rick Brugge, Rick Colon, Greg Miller and Mike Ciadella of Cushman & Wakefield represented the seller, entities doing business as Sheridan Real Estate Investment A LLC and Sheridan Real Estate Investment C LLC, in the transaction. Located at 20311 Sheridan St., the property includes a 224,560-square-foot building that once doubled as a manufacturing facility for Bang Energy’s energy drinks and the company’s corporate accounting office. The buyer, a new entity led by Summit Real Estate Group’s Arrowrock US Industrial Fund IV, is planning to overhaul the facility and is actively marketing the building for lease. The adjacent land, 13 acres of which are developable, is zoned for industrial ground-up development. Construction of an approximately 280,000-square-foot building on the property is anticipated to commence in the first quarter of 2024, with delivery slated for fourth-quarter 2024.
KENOSHA, WIS. — MLG Capital has purchased Market Square, a 330-unit apartment community in Kenosha. The purchase price and seller were undisclosed. Located at 3100 Market Lane, the property was built in 2017 and 2019. The acquisition marks MLG’s first in Kenosha and brings the firm’s total number of units owned in Wisconsin to more than 3,300. This is the 64th property acquired as part of MLG’s Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners.
GARFIELD HEIGHTS, OHIO — Ziegler has negotiated the sale of The Village at Marymount, a 246-unit senior living and skilled nursing retirement community in Garfield Heights, a suburb of Cleveland. The sales price was undisclosed. Built in 1952, the property is a faith-based, nonprofit continuing care retirement community established by the Sisters of St. Joseph of the Third Order of St. Francis. Ziegler represented the undisclosed seller. The buyer, a privately held owner and operator based in Lakewood, N.J., assumed approximately $16 million of HUD debt as part of the transaction.
ZEELAND, MICH. — Marcus & Millichap has brokered the sale of Access Mini Storage, a self-storage facility totaling 96,715 rentable square feet in Zeeland, a city in western Michigan. The property at 3440 88th Ave. features 496 non-climate-controlled units and 38 outdoor parking spaces. Sean Delaney of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
PHOENIX — Phoenix Commercial Advisors has arranged the sale of Plaza 32, a community shopping center located on 15.9 acres at the southeast corner of 32nd Street and Bell Road in Phoenix. An undisclosed buyer in a 1031 exchange acquired the asset for $31.3 million, or $181 per square foot. Esporta Fitness, Starbucks Coffee, Domino’s, Dollar Tree, UPS, Denny’s, Subway, Jimmy John’s, Harbor Freight Tools and Banner Urgent Care are tenants the eight-building, 173,303-square-foot property. The asset was 81 percent leased at the time of sale. Steven Underwood and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller in the deal.
TOLLESON, ARIZ. — Westcore has completed the disposition of an industrial property located at 8590 W. Jefferson St. in Tolleson, approximately 10 miles west of Phoenix. Texas-based Stonelake Capital Partners acquired the asset for $8.3 million. Situated on 4.4 acres, the building features 37,587 square feet of industrial space. At the time of sale, the property was fully leased to a Utah-based wholesale plumbing, waterworks, irrigation and industrial piping distributer. Phil Haenel, Foster Bundy and Will Strong of Cushman & Wakefield represented the seller in the deal. Mike Haenel and Andy Markham, also of Cushman & Wakefield, provided leasing advisory.