LOS ANGELES — Gelt Ventures LLC has sold an eight-property self-storage portfolio in Tennessee and Mississippi totaling 3,999 units. The facilities are mostly situated in the metro Memphis market, with five assets in Memphis, two in Olive Branch, Miss., and one in Nesbit, Miss. Canadian-based investor Minimal Storage Properties purchased the 487,000-square-foot portfolio for an undisclosed price. Gelt Ventures originally acquired the portfolio in June 2020 for $41 million. The single-story properties were built between 1972 and 2006 and feature commercial office space, manager’s apartments and a mix of drive-up, indoor and climate-controlled units averaging 141 square feet in size. During its ownership period, Los Angeles-based Gelt Ventures carried out capital improvements on the self-storage assets, improved the tenant mix and implemented a revenue management strategy.
SOUTHAVEN, MISS. AND BUFORD, GA. — JLL has negotiated the $25 million sale of a hotel portfolio in the Memphis suburb of Southaven, as well as the $11 million sale of a hotel in Buford. The properties included the Courtyard Memphis Southaven (85 rooms), the Residence Inn Southaven (78 rooms) and the Fairfield Inn & Suites Buford (94 rooms). C.J. Kelly and Bobby Norwood of JLL represented the buyer, Woodvale Opportunity Fund I, in the transaction. The seller was Chartwell Hospitality.
SPRING HILL, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17 million sale of Seven Hills Plaza, an 87,286-square-foot retail center located roughly 50 miles north of Tampa in Spring Hill. Planet Fitness and Walgreens anchor the center, which was fully occupied at the time of sale. Additional tenants include Altitude Trampoline Park, AFC Urgent Care, Rehability, Okinawa Ramen Restaurant, GNC and Nails So Happy. Kirk Olson and Drew Kristol of IPA represented the seller, Baltimore-based Continental Realty Corp. (CRC), and procured the buyer, Bezrat H. Corp., in the transaction.
AUSTELL, GA. — Lee & Associates has arranged a 103,776-square-foot industrial lease at 7815 Third Flag Parkway in Austell, a suburb in Atlanta’s I-20 West submarket. Earnest Machine Products, an industrial fastener distributor based in Cleveland, signed the lease with the landlord, Link Logistics, an industrial real estate owner founded by Blackstone in 2019. Mike Sutter and Rick Tumlin of Lee & Associates’ Atlanta office negotiated the lease deal.
ANN ARBOR, MICH. — LV Collective has partnered with Harrison Street to build Rambler Ann Arbor, a 1,009-bed luxury student housing development across the street from the University of Michigan campus in Ann Arbor. The 484,587-square-foot project will feature 273 units across a variety of floor plans ranging from studios to six-bedroom residences. The ground floor of Rambler Ann Arbor will include a lobby with an integrated café named Daydreamer. The study mezzanine will offer spaces for coworking and private study rooms. Residents will also enjoy outdoor terraces, a clubroom and gameday lounge, rooftop pool, hot tub, fitness facility, yoga studio, flex studio, red light sauna and resident lounge. Site work began in October, and completion is slated for fall 2027. The project is pursuing LEED Gold certification and will also include a payment of $7.2 million to the city’s affordable housing fund. Kennedy Wilson and Forum Investment Group provided construction financing. “With the University of Michigan’s rising enrollment and Ann Arbor’s status as a premier college town, creating high-quality living spaces that match this growth and enhance students’ overall experience is essential,” says Thomas Whitesell, head of the debt investment group at Kennedy Wilson. The development team includes Turner …
SAN ANTONIO — Dallas-based developer Carbon Cos. has completed Greyson Luxury Living, a 291-unit multifamily project in San Antonio. The property is located at 1734 N. Loop 1604 W on the city’s north side. Units come in one-, two- and three-bedroom floor plans and are furnished with stainless steel appliances, quartz countertops, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center and a dog wash station. Rents start at roughly $1,300 per month for a studio apartment.
HUGHES SPRINGS, TEXAS — Marcus & Millichap has brokered the sale of a 260-unit self-storage facility in Hughes Springs, about 140 miles east of Dallas. The facility was built in 2019 and totals 54,100 net rentable square feet, including 20 RV/boat storage spaces. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a local developer, in the transaction and procured the buyer, a Dallas-based investment company. Both parties requested anonymity.
AUSTIN, TEXAS — Buffalo, N.Y.-based developer Reger Holdings has welcomed three new tenants to East Village, a 425-acre mixed-use development in northeast Austin. Fitness International, the parent company of LA Fitness, will open a 34,000-square-foot gym under its Club Studio brand, and entertainment concept 810 Billiards & Bowling has committed to a 30,000-square-foot space. Both openings are about 12 to 24 months away. Lastly, Swish Dental will open a 3,513-square-foot clinic at East Village within the next 30 days.
MCKINNEY, TEXAS — Austin-based investment firm Harbor Capital has purchased a 51,710-square-foot industrial building in McKinney, a northern suburb of Dallas. The three-tenant facility at 190 Industrial Blvd. features 24-foot clear heights, grade-level doors, multiple 20-ton bridge cranes and heavy power capabilities. Harbor Capital is partnering with TIG Real Estate Services Inc. to manage the property. The seller and sales price were not disclosed.
FAIRVIEW, TEXAS — Revolving Kitchen has opened a 30,000-square-foot food hall at 146 Town Place in Fairview, a northern suburb of Dallas. The food hall will feature 34 fully equipped commercial kitchen spaces ranging in size from 260 to 1,100 square feet. Operators that have already committed to Revolving Kitchen Fairview include Brooklyn Bagels, Chanko Nutrition and Emmy J’s Pizza. Lincoln Property Co. owns the building.