HOUSTON — A joint venture between Dallas-based Apricus Realty Capital and Baltimore-based ABR Capital Partners has purchased an 11-acre IOS (industrial outdoor storage) property in Houston. The address was not disclosed. The joint venture acquired the rail-served property, which includes more than 100,000 square feet of existing facilities across multiple buildings, in a sale-leaseback with Box Gang Manufacturing, a locally based manufacturer of waste management products including dumpsters and trash bins. Nathan Mai and Carlton Anderson of Mohr Partners represented the joint venture in the transaction. C.W. Sheehan, Peyton Ackerman and Nate Henderson of JLL arranged acquisition financing for the deal.
VISTA, CALIF. — San Diego-based NewMark Merrill South, a subsidiary of NewMark Merrill Cos., has completed the disposition of Melrose Landing, a retail property at 2655-2665 Melrose Drive in Vista. The two single-tenant buildings, located at the corner of South Melrose Drive and Faraday Avenue, were preleased to Dutch Bros Coffee and Wendy’s prior to construction. Nouretsu Investments LLC acquired the Dutch Bros Coffee building for $2.7 million. Pat Luther of SRS Real Estate Partners represents the seller, while Jason Ehrenpreis of CBM1 represented the buyer in the deal. Tetrad Investments LLC purchased the Wendy’s property for $2.6 million. Kevin Barry of Irish Commercial represented the buyer, while NewMark Merrill South was self-represented in the transaction. NewMark Merrill’s acquisition, development, financing and leasing team for the project included John Hickman, Barret Bradley, Robert Mendoza and Sandra Kist.
LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of Inn the Clouds Hostel & Inn in Leadville. The asset traded for $1.5 million, or $108,286 per room. Located at 500 E. 7th St., the property offers 14 rooms. Dan Hawthorne of NorthPeak Commercial Advisors represented the undisclosed seller in the deal.
BROWNSTOWN TOWNSHIP, MICH. — Friedman Real Estate has brokered the $16.9 million sale of South Glen Apartments in Brownstown, a southern suburb of Detroit. The 159-unit multifamily property is located at 19400 S. Glen Blvd. The sales price represents $106,603 per unit. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed buyer and seller in the transaction.
LA GRANGE PARK, ILL. — Marcus & Millichap has arranged the $9 million sale of a retail property net leased to Jewel-Osco in La Grange Park, about 13 miles west of Chicago. The 46,637-square-foot building is located at 507 E. Woodlawn Ave. Jewel-Osco has operated at the property since it was built in 1964 and recently signed a 20-year lease extension through May 2044. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a life insurance company. The asset sold to a 1031 exchange investor and garnered one of the lowest cap rates for a full-service grocer in the Midwest in recent years, according to Mendoza.
EVANSVILLE, IND. — Huff, Niehaus & Associates Inc. has negotiated the sale of the Comfort Inn East Evansville hotel for an undisclosed price. The three-story, limited-service hotel features 111 rooms. Shriv Shakti Hospitality Inc. acquired the property for less than $50,000 per room from Priyansu Hotels LLC. Brandt Niehaus of Huff, Niehaus & Associates represented the seller.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the sale of the Growing Grounds garden center located at 1610 S. Main St. in Bloomington. Dale Naffziger sold the property to Chad Jones, owner of Pontiac, Ill.-based Jones Country Gardens and a long-time supplier of Growing Grounds. Mike Talkington of AXIS 360 brokered the sale. Growing Grounds is known for its selection of perennials, annuals, trees and shrubs as well as its expertise in landscaping solutions.
MIAMI — CBRE has arranged the sale of Sunshine State Industrial, a 211,471-square-foot, multi-tenant warehouse located at 1400 N.W. 159th St. in Miami. Corebridge Real Estate Investors purchased the property for $43.5 million. José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller, Boston-based Longpoint Partners, in the transaction. Originally built in 1969 on the city’s north side, the cross-dock warehouse features fluorescent and metal halide lighting, LED exterior lighting, 24-foot clear heights, 151 parking spaces, 49 loading positions and truck court depths of 95 feet to 150 feet, as well as a 335-foot building depth. The property is situated within the 5 million-square-foot Sunshine State Industrial Park, immediately adjacent to the Golden Glades Interchange project and the Miami and Fort Lauderdale airports.
DANVILLE, VA. — Legacy Realty Group Advisors has brokered the sale of Cain Creek Shopping Center, a 59,410-square-foot retail property located at 1461 S. Boston Road in Danville, a city near the Virginia-North Carolina border. Food Lion anchors the center. Additional tenants at the property feature a mix of stores, restaurants and businesses, including Family Dollar, Danville Dental, Fabulous Beauty Supply and Isabel’s Pizza Pasta & Subs. Jacob Baruch of Legacy Realty Group Advisors represented both the buyer and seller, an affiliate of Fayetteville, Ark.-based Core Equity Partners, in the off-market transaction. The sales price was not disclosed.
THE WOODLANDS, TEXAS — Edge Capital Markets has brokered the sale of Colonnade of The Woodlands, a 42,030-square-foot retail center located about 30 miles north of Houston. The center is home to tenants such as Gringo’s Mexican Kitchen, School of Rock, F-45 Training, Zoo Health Club and Bear Branch Animal Hospital. Micha van Marcke and Chace Henke of Edge represented the seller, a private limited partnership, in the transaction. John Fenoglio and Brock Hudson of CBRE arranged acquisition financing for the deal on behalf of the buyer, a limited liability company sponsored by The J. Beard Real Estate Co.