Acquisitions

ABI Brokers Sale of Apartment Community in East Phoenix for $2.2M

by Jeff Shaw April 21, 2023

PHOENIX — ABI Multifamily has brokered the sale of an eight-unit apartment community in east Phoenix for $2.2 million. The complex is located at 3526 East Montecito Ave. in the Arcadia Lite District. The property recently underwent a full renovation, which included the addition of stainless steel appliances, white shaker cabinets, backsplashes, countertops and more. The exterior has been renovated with desert landscaping and the installation of private front patios and private backyards. The buyer is based out of California. The seller is local to Arizona. ABI Multifamily’s Mitchell Drake, Dallin Hammond and Carson Griesemer represented both the buyer and seller.

April 21, 2023

Acquisitions Multifamily Texas

JLL Brokers Sale of 270-Unit Caliza Apartments in Metro Austin

by Taylor Williams April 21, 2023

CEDAR PARK, TEXAS — JLL has brokered the sale of Caliza, a 270-unit apartment community located in the northern Austin suburb of Cedar Park. Built in 2020, Caliza offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, custom cabinetry and private yards. Amenities include a pool, fitness center, outdoor pavilion and a clubhouse with a catering kitchen. Ryan McBride and Robert Arzola of JLL represented the seller, Internacional Realty, an investment firm with offices in Austin and San Antonio, in the transaction. Austin-based Virtus Real Estate Capital acquired the asset for an undisclosed price.

April 21, 2023

Acquisitions Industrial Texas

Colliers Arranges Sale of 101,362 SF Industrial Property in Northwest Houston

by Taylor Williams April 21, 2023

HOUSTON — Colliers has arranged the sale of a 101,362-square-foot industrial property located at 6903 W. Sam Houston Parkway N. in northwest Houston. The property sits on 6.6 acres and features 24-foot clear heights and nine exterior dock doors. Zack Taylor of Colliers represented the buyer, Golee Group, in the transaction. Nick Peterson and John Ferruzzo of Transwestern represented the seller, Lone Star Electric. The sales price was not disclosed.

April 21, 2023

Acquisitions Development Illinois Industrial Midwest

Brennan Acquires 485,000 SF Office Building in Suburban Chicago, Plans Industrial Redevelopment

by Kristin Harlow April 21, 2023

ROLLING MEADOWS, ILL. — Brennan Investment Group has acquired a 485,000-square-foot office building located at 3800 Golf Road in the Chicago suburb of Rolling Meadows. Brennan plans to demolish the building and construct a new Class A industrial park to be named Rolling Meadows Commerce Center, or RMC². The development will consist of 600,000 square feet of industrial space and landscaped grounds. Target users will include manufacturers, distributors and data centers. The project is still in the early stages with no specific construction timeline, but Brennan expects to complete the project in the next few years.

April 21, 2023

Acquisitions Industrial Midwest Ohio

CBRE Brokers $12M Sale of Distribution Center in Suburban Dayton, Ohio

by Kristin Harlow April 21, 2023

CLAYTON, OHIO — CBRE has brokered the $12 million sale of a 200,356-square-foot distribution center in Clayton, a northwest suburb of Dayton. Situated on 20 acres at 1 Lau Parkway, the property is net leased to Michigan-based HVAC manufacturing company Hart & Cooley LLC. The company has occupied the facility since its completion in 1997. The property features 12 dock doors, four drive-in doors, clear heights ranging from 24 to 26 feet and trailer parking. Will Roberts, Steve Timmel, Phil Pelok and Brandon Ellis of CBRE represented the seller, Property Advisors Group. AIC Industrial was the buyer.

April 21, 2023

Acquisitions Loans Midwest Ohio Retail

Eastern Union Arranges $10.9M in Acquisition Financing for Two Shopping Centers in Metro Cleveland

by Kristin Harlow April 21, 2023

MENTOR, OHIO — Eastern Union has arranged $10.9 million in acquisition financing for two neighborhood shopping centers in the Cleveland suburb of Mentor. The properties include the 232,386-square-foot Erie Commons and the 80,480-square-foot Great Lakes Plaza. Marc Tropp of Eastern Union arranged the loan on behalf of the borrower, Baltimore-based America’s Realty LLC. First Bank provided the loan, which features a loan-to-value ratio of 75 percent. The overall purchase price was $14.6 million. With this acquisition, the holdings of America’s Realty in the state of Ohio amount to 18 retail centers totaling 3.4 million square feet.

April 21, 2023

Acquisitions Industrial New York Northeast Self-Storage

Marcus & Millichap Brokers Sale of 219-Unit Self-Storage Facility in Auburn, New York

by Taylor Williams April 21, 2023

AUBURN, N.Y. — Marcus & Millichap has brokered the sale of B&C Storage, a 229-unit self-storage facility in Auburn, about 30 miles west of Syracuse. The facility was originally built on 2.8 acres in 1980 and comprises 24,094 net rentable square feet of non-climate-controlled space. The sale included an adjacent parcel that spans a third of an acre. Luke Dawley, Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.

April 21, 2023

Acquisitions Connecticut Development Industrial Northeast

Angel Commercial Negotiates $7.2M Sale of Industrial Development Site in Stratford, Connecticut

by Taylor Williams April 21, 2023

STRATFORD, CONN. — Locally based brokerage firm Angel Commercial has negotiated the $7.2 million sale of two adjacent development sites at 1255 and 1297 West Broad Street in Stratford, located in southern Connecticut’s Fairfield County. The lots are part of a 14-acre assemblage that is zoned and approved for the construction of a 231,000-square-foot industrial facility that will feature clear heights of 36 to 39 feet, two drive-in doors and 232 parking spaces. Boston-based GFI Partners purchased the land and is developing the facility. Jon Angel of Angel Commercial brokered the land deal, the seller in which was not disclosed. Construction is slated for a second-quarter 2024 completion.

April 21, 2023

Acquisitions Development Florida Hospitality Mixed-Use Restaurant Retail Southeast

BH3 Management, Merrimac Ventures to Develop Mixed-Use Project on Miami’s Watson Island

by John Nelson April 20, 2023

MIAMI — South Florida-based developers BH3 Management and Merrimac Ventures have acquired development rights for a 10.7-acre site on Watson Island, an island within Miami city limits. The land is owned by the City of Miami and fronts Biscayne Bay midway between downtown Miami and Miami Beach. Alex Zylberglait of Marcus & Millichap brokered the transaction. A site plan is already approved, combining hotel, retail and residential uses alongside new public space and a waterfront promenade. While the plan will be modernized, BH3 Management and Merrimac Ventures intend to develop within the same footprint and density allowances that voters approved in 2019. Initial site work at the property, including utility and infrastructure improvements, will soon get underway following the transfer of an existing City of Miami lease to the co-developers.

April 20, 2023

Acquisitions Colorado Hospitality Western

Chartwell Hospitality Sells Home2 Suites Hotel in Colorado Springs for $29M

by John Nelson April 20, 2023

COLORADO SPRINGS, COLO. — Chartwell Hospitality has sold the 119-room Home2 Suites by Hilton hotel in Colorado Springs for $29 million. The buyer was ARA US Hospitality Trust. The hotel is situated at the foothills of the Rocky Mountains near the Fort Carson military base and the Broadmoor Convention Center and Resort. The pet-friendly hotel features a 24-hour business center, meeting space, indoor heated pool and a combined fitness and laundry center.

April 20, 2023

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