ESCONDIDO, CALIF. — Express Dry has acquired a 14,000-square-foot industrial building located at 1449 Simpson Way in Escondido for $4.4 million. The purchase was made under the entity Expressunits1449 LLC. The building will facilitate the company’s expansion plans in the Escondido submarket of North San Diego County. JLL’s Chris Baumgart represented the buyer. San Diego Commercial represented the seller, Marky Sparky Toys.
TALLAHASSEE, FLA. — Balfour Beatty has acquired The Quarters at Tallahassee, a 592-bed student housing community located one mile from the Florida State University campus in Tallahassee. The property, which offers 168 units in a mix of six floor plans, has been rebranded Oktiv by the new ownership. Shared amenities at the community include a business center, clubhouse, fitness center, resort-style swimming pool, hot tub, sauna, study rooms and a yoga studio with on-demand classes. Berkadia secured acquisition financing for the transaction through an affiliate of Walton Street Capital. The seller and terms of the transaction were not disclosed. The community will be managed by Balfour Beatty’s internal residential management division, Balfour Beatty Communities.
PHOENIX — CBRE has arranged the sale of Clarendon Park, a 138-unit multifamily community in Phoenix. WhiteHaven, a Phoenix-based private equity firm, purchased the property for $37 million. Matt Pesch, Austin Groen, Jeff Seaman and Bryson Fricke represented the undisclosed seller. Anthony Valenzuela of CBRE Phoenix Debt & Structure Finance arranged the deal’s financing. Clarendon Park offers one- and two-bedroom apartments. Community amenities include a recently renovated fitness center, remodeled clubhouse and leasing center, pool area, new package lockers and a dog park.
CARLSBAD, CALIF. — CBRE has brokered the $23.5 million sale of three restaurant properties in Carlsbad. Reg Kobzi, Michael Peterson, Joel Wilson, Philip Voorhees, Megan Lanni and Eric Shain of CBRE represented the seller, CPT/SC Title Holding Corp., in the disposition of the properties to separate buyers. Creekside Shops LLC purchased a 10,262-square-foot building leased to King’s Fish House at 5625 Paseo Del Norte for $10.3 million. An undisclosed buyer purchased a 7,166-square-foot P.F Chang’s located at 5621 Paseo Del Norte for $5.7 million. K Ishii Manhattan Ave LLC acquired a 10,470-square-foot B’s Restaurant property located at 5613 Paseo Del Norte for $7.5 million. Shaun Riley with Faris Lee Investments represented the buyer in the transaction.
FREMONT, CALIF. — Marcus & Millichap Capital Corp. has arranged a $4.6 million loan for the acquisition of a single-tenant retail property located in Fremont. Ron Balys of Marcus & Millichap arranged the 10-year financing on behalf of the undisclosed borrower. Red Lobster occupies the property.
SUMMERVILLE, S.C. — Atlanta-based Portman has purchased 40 acres along US Highway 78 in Summerville, a suburb of Charleston. Situated near I-26 and the Port of Charleston, the site will be home to Summerville Logistics Center, a two-building industrial development totaling 536,000 square feet. Lee Allen and Kevin Coats of JLL represented Portman with the acquisition of the Summerville land. Ryan Welch and Clarke Attaway with Lee & Associates represented the seller and will lead the leasing efforts for the Summerville Logistics Center on behalf of Portman. Once complete in February 2025, the center will feature two single-load facilities with a 210-foot shared truck court. In addition to Summerville Logistics Center, Portman is finishing the next phase of its Campus 4 at Camp Hall project, which is situated nine miles north. The next phase comprises a 1.1 million-square-foot facility that will deliver in September. Portman is also co-developing Magnolia, a 189-acre mixed-use, waterfront destination in Charleston, with Highland Resources.
ORANGE, CALIF. — CBRE arranged the $1.6 million sale of a four-unit multifamily community located at 224 S. Oak St. in Orange. The fourplex was built in 1957 on a 10,809-square-foot site. The property offers one- and two-bedroom units, as well as four garage parking spaces and four tandem spaces. Dan Blackwell, Sean Farag and Amanda Fielder represented the Orange County-based 1031 exchange seller.
SAVANNAH, GA. — J.P. Morgan Real Estate Income Trust Inc. has purchased a 136,240-square-foot infill industrial facility in Savannah. InLight Real Estate Partners, in a partnership with Black Salmon, sold the build-to-suit transload property to the REIT for $74.7 million. Britton Burdette, Patrick Nally, Dennis Mitchell, Matt Wirth, Mitchell Townsend and Jim Freeman of JLL represented InLight and procured the buyer in the transaction. Located at 4833 and 4835 Old Louisville Road, the 60-acre site features 134 dock doors, 884 trailer parking spaces and 69 automobile parking spaces. Situated south of the Savannah/Hilton Head International Airport and along U.S. Route 80, the facility is within a five-mile radius of I-95, I-16, the CSX and Norfolk Southern intermodals and both terminals of the Port of Savannah.
LEESBURG, FLA. — SRS Real Estate Partners has brokered the $7.5 million sale of Leesburg Marketplace, an 81,071-square-foot shopping center located at 1101 W. North Blvd. in Leesburg. Kyle Stonis and Pierce Mayson of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was a Florida-based entity doing business as JTT Eagles LLC. Situated on 9.4 acres about 40 miles northwest of Orlando, Leesburg Marketplace was 90 percent leased at the time of sale to tenants including Ollie’s Bargain Outlet and Dollar Tree.
CHICAGO — Kiser Group has brokered the sale of a four-building, 53-unit multifamily portfolio in Chicago for $4 million. Situated in the city’s Chicago Lawn neighborhood, the portfolio features seven one-bedroom units, 34 two-bedroom units, 10 three-bedroom residences, one four-bedroom apartment and one five-bedroom unit. All are fully occupied. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.
