GAINESVILLE, GA. — CBRE has arranged the purchase of 56.8 acres of land in Gainesville, roughly 55 miles northeast of Atlanta, on behalf of the buyer, Logistics Property Co. The Gainesville and Hall County Development Authority sold the property to the developer for an undisclosed price. Logistics Properrty will develop a two-building, 585,900-square-foot industrial park at the site that will be called Gainesville 85 Business Center. Upon completion, the development will feature 32-foot clear heights, 128 trailer spaces and 422 auto parking spaces. Todd Barton, Mark Hawks, Joanna Blaesing and Matt Higgins of CBRE’s Industrial Properties Group in Atlanta represented the buyer in the land transaction and will handle leasing of the project.
GLEN BURNIE, MD. — Locally based St. John Properties has acquired Aviation Business Park, a three-building commercial portfolio comprising 120,000 square feet in Glen Burnie, approximately 10 miles south of Baltimore. St. John acquired the properties — located at 6956, 6958 and 6960 Aviation Blvd. — from Miami-based Adler Real Estate Partners for $13.3 million. The buildings were roughly 63 percent leased at the time of sale. St. John plans to invest $1.5 million to reposition one of the properties to flex/R&D space. Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield represented the seller in the transaction. St. John was self-represented. This marks the second significant acquisition for the company in recent months, following the purchase in November of Triangle Business Park, a 95 percent occupied, four-building portfolio in metro Baltimore comprising 74,000 square feet.
GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.
NORTH LAS VEGAS, NEV. — San Diego-based MG Properties has acquired Tribeca North Apartment Homes in North Las Vegas from The Bascom Group for $81 million. Tribeca North features 312 apartments with available garages and resort-style amenities in a low-density community design. Spencer Ballif, Adam Schmitt and Jannie Mongkolsakulkit of CBRE represented the seller. Bryan Frazier and Blake Hockenbury of Walker & Dunlop secured a Fannie Mae loan for the property.
PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.
CHICAGO — Standard Communities led a public-private partnership that acquired two affordable seniors housing properties in metro Chicago. Standard plans to make $46 million in renovations. According to Crain’s Chicago Business, Standard paid $110 million for the communities, but the total cost of the deal adds up to $192 million including the renovations, fees, reserves and other expenses. The transaction extends and preserves the affordability of the communities for 30 years. The properties include the 145-unit Commonwealth Apartments at 2757 N. Pine Grove Ave. in Chicago’s Lincoln Park neighborhood as well as the 321-unit Greenleaf Apartments at 502 Kildeer Drive in Bolingbrook. Planned renovations include updated kitchens and bathrooms, new energy-efficient appliances, flooring and communal spaces at each property. New amenities will include walking parks, pickleball courts, fitness centers, business rooms and meeting rooms. Greenleaf Apartments will receive solar panels on the roofs. Standard is financing the energy improvements in partnership with Commonwealth Edison’s Multifamily Energy Savings Program. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development, utilizing the Low-Income Housing Tax Credit program and long-term Housing Assistance Payments contracts.
MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.
HOUSTON — A joint venture between two Houston-based investment firms, LandPark Advisors and Sunset Capital, has acquired a portfolio of eight self-storage facilities totaling approximately 1,440 units. The facilities span 237,735 net rentable square feet and are scattered across several markets in East Texas, including Wylie, Hallsville, Flint, Longview and Carthage. The new ownership plans to implement a value-add program and has tapped Right Move Storage LLC to lead that initiative and manage the portfolio. Brandon Karr of Marcus & Millichap represented the seller, a private investment group based in East Texas, in the transaction, and procured the joint venture as the buyer. The sales price was not disclosed.
HOUSTON — Berkadia has negotiated the sale of Cypress Parc, a 200-unit apartment complex in North Houston. The property offers two- and three-bedroom units that range in size from 926 to 1,420 square feet. Residences features walk-in closets, washer and dryer connections and private balconies/patios. Amenities include a pool, fitness center, business center, clubhouse, volleyball court and outdoor grilling and dining areas. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Utah-based investment firm Lionel Partners, in the transaction. Cutt Ableson of Berkadia arranged acquisition financing on behalf of the buyer, Trinnium Equity Group, which is also based in Utah.