TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of Smart Self Storage, an 281-unit facility in Texas City, about 45 miles southeast of Houston. The facility was built in and totals 29,549 net rentable square feet across 204 climate-controlled and 77 non-climate-controlled units. Dave Knobler, Jon Danklefs, Ray Kang and Brad Weigel of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The team also procured the buyer, a publicly traded REIT. Both parties requested anonymity.
SAN ANTONIO — South Carolina-based investment firm Blaze Capital Partners has acquired Sage Stone Oak, a 150-unit active adult community in San Antonio. The property was built in 2020 on a 7.5-acre site on the city’s north side. Units come in one- and two-bedroom floor plans and range in size from 829 to 1,172 square feet. Residences feature granite countertops, individual washers and dryers and private balconies/patios. Amenities include a pool, clubhouse, fitness center, library, media and game room and two dog parks. The seller and sales price were not disclosed.
MANSFIELD, TEXAS — Rethink Healthcare Real Estate, a New York-based investment firm, has purchased a 36,101-square-foot emergency hospital located in the southern Fort Worth suburb of Mansfield. Emerus operates the facility, which opened about seven years ago. Rethink acquired the property in a joint venture with global investment management firm Heitman. An affiliate of First Citizens Bank provided acquisition financing for the deal, which was arranged by BlackBirch Capital.
KINGWOOD, TEXAS — SVN | J. Beard Real Estate has arranged the sale of a 25,669-square-foot office building located at 1710 W. Lake Houston Parkway in Kingwood, about 30 miles north of Houston. The two-story building was originally constructed in 2007. Jeff Beard of SVN | J. Beard Real Estate represented the seller, Woodforest National Bank, in the deal. Bonnie Pfrenger, also with SVN | J. Beard, represented the buyer, an entity doing business as Fire King Holdings LLC.
HARTSVILLE, S.C. — Marcus & Millichap has brokered the $5 million sale of a 14,450-square-foot store at 901 S. 5th St. in Hartsville that is net-leased to Walgreens. The drug store chain has a little less than 11 years left on the lease, as well as 50 one-year extension options. A buyer based on the East Coast purchased the store in an all-cash deal from the seller, a limited liability company. Both parties requested anonymity. Bruce Cowley and Lisa Sickinger of Marcus & Millichap represented the seller in the transaction. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in the deal.
BOSTON — New York City-based real estate giant Tishman Speyer has acquired The Eddy, a 259-unit apartment complex in East Boston, for $135 million. The 17-story, waterfront property was originally built in 2016 and offers studio, one- and two-bedroom units. Amenities include an outdoor deck with a pool, lounge with a chef’s kitchen and pool table, rooftop terrace and a fitness center. Walker & Dunlop represented the seller, Green Cities Cos., in the transaction. The deal marks Tishman Speyer’s first multifamily acquisition in Boston.
BRANCHBURG, N.J. — Cushman & Wakefield has brokered the $23.7 million sale of a 151,000-square-foot industrial building in the Northern New Jersey community of Branchburg. The facility houses the North American headquarters of eyewear designer and distributor Marcolin USA. Gary Gabriel, Kyle Schmidt, Andrew Schwartz, Jordan Sobel, Ryan Larkin and Andre Balthazard of Cushman & Wakefield represented the seller, an entity doing business as Viva Branchburg LLC, in the transaction. The team also procured the buyer, locally based investment firm Faropoint.
LOS ANGELES — CBRE has brokered the sale of LC by CLG, an apartment property located in the Larchmont Village neighborhood of Los Angeles. California Landmark Group sold the asset to a private partnership formed by Harrison Yale Hurst and Richard Rosin of H&R Investments for $46.5 million. Dean Zander and Stewart Weston of CBRE represented the seller in the transaction. Located adjacent to Paramount Studios, LC by CLG features 84 apartments, a rooftop deck with a pool, barbecues, firepits, seating areas and views of the Hollywood Hills. Residences offer large floor plans and windows, in-unit washers/dryers, central air conditioning, stainless steel appliances and exposed ceilings.
THORNTON, COLO. — Denver-based Avanti Residential has partnered with Texas-based Trinity Investments in the $45 million purchase and recapitalization of Sunset Peak Apartment Homes in Thornton. The partnership plans to invest an additional $5.3 million in apartment interiors, new amenities and exterior improvements. Located at 475 Russell Blvd., Sunset Peak Apartment Homes features 184 residences in a mix of two- and three-bedroom townhomes on a 12-acre site. Community amenities include a swimming pool and splash pad, grilling station and dog park. The planned renovations include a new fitness center and upgrades to the pool and playground areas. Approximately $3 million of the renovation budget will be invested in apartment interiors, where Avanti will modernize 147 units ($16,433 per unit) with new lighting fixtures and cabinet fronts, new appliances, luxury vinyl tile flooring and other enhancements. The company will also resurface the parking areas and install new roofs on three buildings.
CHERRY VALLEY, CALIF. — Shopoff Realty Investments and Artemis Real Estate Partners have completed the disposition of the I-10 Logistics Center to a Brookfield Asset Management real estate fund. Situated in the Inland Empire East, the newly completed 1.8 million-square-foot logistics center is located at 36500 Cherry Valley Blvd. in Cherry Valley. Spanning 115 acres, I-10 Logistics Center (also known as Cherry Valley Logistics Center) includes two high-cube logistics/warehouse buildings that have been designed for LEED Silver certification. Building I features 814,822 square feet and Building II features 1 million square feet of space. The buildings offer 40-foot clear heights, 665 employee parking spots, 585 trailer parking spots and 296 dock-high doors. Brookfield Properties leased the building to a global e-commerce retailer with plans to employ nearly 1,000 employees at the logistics center. Barbara Perrier, Eloy Covarrubias, Joe Werdein and Darla Longo of CBRE represented Shopoff Realty Investments and Brookfield Properties in the transaction. The price was not disclosed.