HAMMOND, IND. — Marcus & Millichap has arranged the sale of the Alpha Storage facility in Hammond for an undisclosed price. The multi-story self-storage property, located at 252 Wildwood Road, spans 68,277 rentable square feet and features 595 units along with parking for recreational vehicles and boats. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, a Chicago-based limited liability company.
FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.
HOUSTON — A partnership between two locally based developers, Griffin Partners and Pinto Realty Partners, has sold Pinto 23, a 282,190-square-foot industrial facility in North Houston. The partnership completed the cross-dock property, which is located within a larger 5.3 million-square-foot development, in October 2022. Building features include 36-foot clear heights, 76 dock doors, 112 trailer parking spaces that can be expanded by 44 additional spaces and 4,604 square feet of office space. Hines purchased the asset for an undisclosed amount and has tapped CBRE to oversee leasing efforts. Trent Agnew of JLL brokered the deal.
LAS VEGAS — Los Angeles-based Banyan Residential has acquired its first property in the Las Vegas market with the purchase of Banyan Brighton, a build-to-rent townhome community currently under construction, for $61 million. Additional terms of the transaction were not released. Upon completion, Banyan Brighton will feature 133 two- and three-bedroom townhomes ranging from 1,396 to 1,479 square feet. Each residence will feature an attached two-car garage, first-class finishes and private outdoor living space. The property is located within the 1,000-acre Skye Canyon master-planned community, which offers a 10,000-square-foot indoor fitness facility, modern clubhouse, five-acre sports field, full-service coffee shop, outdoor lap pool and five parks, including green spaces, picnic areas, tennis courts and dog parks. Cushman & Wakefield is actively leasing the townhomes as they are completed. Final units are slated for delivery in third-quarter 2023.
TEMPE, ARIZ. — Rise48 Equity has purchased La Serena, an apartment property located on seven acres in Tempe, from a private seller for an undisclosed price. Built in 1988 by Mark-Taylor, La Serena features 160 apartments spread across 20 residential buildings. The community features courtyards, a swimming pool and spa, fitness center, shaded barbecue grilling stations and covered parking. Apartments offer full-size washers/dryers, walk-in closets with mirrored doors and private patios or balconies with exterior storage space. Select two-bedroom units have fireplaces. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, and Darrell Moffitt and Paul Bay of Marcus & Millichap represented the seller and procured the buyer in the deal.
PHOENIX — A private investor has acquired Georgia, a 52-unit apartment community in Phoenix, from a private investor for $8.5 million. Paul Bay and Darrell Moffitt of Marcus & Millichap’s Phoenix office represented the seller and procured the buyer in the deal. Located at 2534-2548 W. Georgia Ave., Georgia features 26 one-bedroom and 26 two-bedroom residences.
WEST LONG BRANCH, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $63 million sale of Consumer Centre, a 293,087-square-foot shopping center located in West Long Branch. Paramount Realty Services acquired the center, which was built in 1993, from Site Centers Inc. Brad Nathanson of IPA brokered the deal. At the time of sale, Consumer Centre was 96 percent leased to tenants including The Home Depot, Dick’s Sporting Goods, Buy Buy Baby, Ulta Beauty, DSW, PetSmart and Five Below.
WEST HARTFORD, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has purchased Bishops Corner, a 259,104-square-foot retail center located in West Hartford, roughly five miles outside of the state capital. Tenants at the center, which is anchored by a 59,000-square-foot Target, include Marshalls, HomeGoods, The Paper Store, Mattress Firm, Orangetheory Fitness, AT&T, Bank of America, TD Bank, Noodles & Co., GNC, Subway and Massage Envy. Paul Penman of Newmark represented the undisclosed seller in the transaction.
BRIDGEWATER, N.J. — New Jersey-based investment and development firm Treetop has acquired a 112,000-square-foot office building and two adjacent land sites in the Northern New Jersey community of Bridgewater for $27 million. The sites span a combined 27 acres. Elli Klapper, Charles Berger, Jeremy Wernick, Mark Silverman and Donald Sperling of CBRE represented the seller, Bridgemark Hospitality, in the transaction. Treetop plans to implement a value-add program at the existing building.
NEW YORK CITY — JLL has arranged the $825 million sale of three Upper East Side multifamily properties totaling 858 units. The properties include 29,275 square feet of commercial space and are part of a larger, five-property portfolio. Solow Building Co. sold the assets to GO Partners, a partnership between Black Spruce Management and Orbach Affordable Housing. Local developer RXR, along with Macquarie Capital Principal Finance and the Qatar Investment Authority, contributed a $261 million preferred equity investment to the deal. Sheldon H. Solow, a New York City real estate developer and investor, originally developed the portfolio. The properties included in the sale are the 234-unit One Sutton Place, located at 420 E. 61st St.; the 209-unit Two Sutton Place, located at 1113 York Ave., which includes 2,000 square feet of commercial space; and One East River Place, located at 525 E. 72nd St. and includes 27,275 square feet of commercial space. The average unit size at the properties is 989 square feet. Additionally, the portfolio offers some of the few black glass facade residential buildings within Manhattan. The 408-unit property 685 1st Ave. was the first asset to close within the larger portfolio, with JLL representing the seller. An …