ROGERS, MINN. — NAI Legacy and NAI Sioux Falls have arranged the $2.4 million sale of a 40,656-square-foot industrial building in Rogers, a northwest suburb of Minneapolis. The multi-tenant property is located at 21040 Commerce Blvd. and sits on three acres. Michael Houge of NAI Legacy and Troy Fawcett of NAI Sioux Falls brokered the transaction. Buyer and seller information was not provided. The existing tenants are now governed by a master lease.
PHOENIX — Avanti Residential, in partnership with FCP, has purchased Omnia on Thomas, a multifamily community in Phoenix, for $65 million. The name of the seller was not released. Located at 1645 E. Thomas Road, Omnia on Thomas features 382 apartments in a mix of studio, one- and two-bedroom layouts, four swimming pools, a fitness center and five electric vehicle charging stations. The partnership plans to spend approximately $12,000 per unit on capital improvements.
LONG BEACH, CALIF. — Kidder Mathews has arranged the sale of Union 5 Apartments in Long Beach. The asset traded for $13.7 million. The names of the seller and buyer were not released. Darin Beebower and Mark Ventre of Kidder Mathews handled the transaction. Located at 1821-27 E. 5th St., the 25,056-square-foot property features 34 apartments. Built in 1960, Union 5 was renovated in 2018.
CHICAGO — Chicago-based Hyatt Hotel Corp. (NYSE: H) has agreed to acquire Dream Hotel Group’s lifestyle hotel brand and management platform, including the Dream Hotels, The Chatwal Hotels and Unscripted Hotels brands. Upon closing, Hyatt will pay a base purchase price of $125 million, plus up to an additional $175 million over the next six years as new developments open. The acquisition includes a portfolio of 12 managed or franchised lifestyle hotels, with another 24 signed long-term management agreements for hotels expected to open in the future. The acquisition will add more than 1,700 rooms to Hyatt’s lifestyle portfolio and increase Hyatt’s room count in New York City by more than 30 percent. Hyatt says that Dream Hotel Group properties are known for their vibrant dining and nightlife experiences, including restaurants, entertainment venues and exclusive night clubs. The acquisition will extend Hyatt’s footprint in markets such as Nashville, Tenn.; Los Angeles; Miami; Durham, N.C.; several locations in New York City; and one in the Catskill Mountains of Upstate New York. Signed contracts include additional destinations such as Las Vegas, the island of Saint Lucia in the Caribbean and Doha, Qatar. The transaction is expected to close in the coming months, …
LEWISVILLE, TEXAS — CBRE has negotiated the sale of Bison Grove Business Park, a 900,000-square-foot industrial complex located in the northern Dallas suburb of Lewisville. The development consists of four buildings on a 62-acre site that were 78 percent leased at the time of sale. Building features include 32-foot clear heights and ESFR sprinkler systems. The buyer, Chicago-based investment and development firm CenterPoint Properties, also plans to add speculative office space. Randy Baird led the transaction for CBRE. The seller was not disclosed.
DALLAS — California-based investment firm Vertical Ventures has acquired the DFW Financial Services Office Portfolio, a duo of buildings totaling 233,110 square feet in Dallas. The buildings are located at 4950 Amon Carter Blvd. and 14800 Trinity Blvd. in the CentrePort submarket. Mike Hardage, Brooks Creech and Angela Heidman of Transwestern brokered the deal. The seller was not disclosed.
NEW YORK CITY — Legacy Realty Group Advisors LLC has arranged the sale of a portfolio comprising 37 Dollar General-occupied stores located in the Southeast. An undisclosed net-lease REIT acquired the properties from a privately held real estate developer for $53 million. Jacob Baruch and Daniel Baruch of Legacy Realty represented both parties in the transaction. Legacy Realty is a commercial real estate advisory firm based out of New York that specializes in off-market transactions across the United States.
MICHIGAN, NEBRASKA AND GEORGIA — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired three industrial properties in three states for an undisclosed price. Applegate Greenfiber, a manufacturer of insulation products for commercial and residential use, occupies the properties. The first building spans 30,000 square feet and is located at 1000 Highview Drive in Webberville, Mich. The second totals 104,930 square feet at 3421 Old Highway 8 in Norfolk, Neb. Lastly, the portfolio includes a 110,000-square-foot property at 1241 Meadowbrook Drive in Eastanollee, Ga. Earlier this year, Industrial Opportunity Partners, a Chicago-based industrial investment firm, acquired both Applegate Holdings LLC and the assets of Greenfiber Holdings LLC to form Applegate Greenfiber Holdings LLC, which is based in Charlotte, N.C. Daniel Macks of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Fort Worth, Texas.
LUBBOCK, TEXAS — Fort Worth-based investment firm MAG Capital Partners has purchased a quartet of industrial buildings totaling 66,680 square feet in Lubbock in a sale-leaseback. The undisclosed seller had concurrently purchased the operations of the occupant, Lubbock Electric Co., which will remain onsite. Scott Briggs and David Read of Northmarq brokered the deal.
CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an apartment and retail building located at 1909 W. Division St. in Chicago’s Wicker Park for $1.9 million. The property is comprised of three apartment units and one retail space, which is home to Independence, a local men’s shop specializing in American-made clothing and accessories. Clayton Maxfield of Quantum represented the seller, a local investor. The property sold to a local investor. The sales price of $478,000 per unit marks a record price per unit in the Wicker Park neighborhood, according to Quantum.
