MARLBOROUGH, MASS. — CBRE/New England has brokered the sale of Bell Wheeler Hill, a 274-unit apartment community located in Marlborough. CBRE Strategic Partners U.S. Value 7 fund, sponsored by CBRE Global Investors, acquired the property from an affiliate of Bell Partners Inc. for an undisclosed price. The community features a mix of one- and two-bedroom apartments, with an average size of 1,015 square feet. On-site amenities include a great room, media room, business center, gym, outdoor pool with sundeck, tot lot, carports, garages and gas grills. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
HOUSTON — NAI Partners represented S/C Management 87 Ltd. in the sale of 67.5 acres of industrial land located on Mesa Drive between Little York Road and Tidwell Road in Houston. John Ferruzzo and Chris Kugle of NAI Partners represented the seller during the negotiations with the buyer, Jaikrishna Patel.
IRVING, TEXAS — Marcus & Millichap has arranged the sale of Red Roof Inn Dallas DFW Airport North, a 156-room hospitality property located in Irving. Steve Swenholt, Jake Gaddy, Chris Gomes and Allan Miller of Marcus & Millichap’s Austin, Dallas and San Antonio offices, respectively, marketed the property on behalf of the seller, an individual/personal trust. Gomes and Miller secured and represented the buyer, a limited liability company. Red Roof Inn Dallas DFW Airport North is located at 8150 Esters Blvd., less than one mile east of the Dallas/Fort Worth International Airport. Built in 1985, the hotel offers amenities such as shuttle service, a conference room, coin-operated laundry facility and elevators.
ARLINGTON, TEXAS — CheckerProp Acquisitions purchased an 81,400-square-foot industrial property from Tamarack Associates LLC located at 700 106th St. in Arlington. Luke Davis and Matthew Dornak with Stream Realty Partners represented the seller in the transaction. Eric Crutchfield with Stream represented the buyer.
SIOUX CITY, IOWA — United Commercial has arranged the sale of two industrial buildings in Sioux City for $14 million. NorAm Holdings LLC acquired the two assets from ILP I LLC. The buildings are located at 2401 and 2501 Expedition Court. The facility at 2401 Expedition Court was built in 1998 and offers 213,086 square feet of warehouse and distribution space and 5,314 square feet of professional office space. The building sits on 11 acres and features parking for 22 cars, 24-foot clear heights, 14 dock doors and one drive-in door. The property at 2501 Expedition Court was built in 2001 and offers 200,700 square feet of warehouse and distribution space and 25,606 square feet of professional office space. This asset is situated on 12 acres and has parking for 66 cars, 24-foor clear heights, 18 dock doors and one drive-in door. XPO Logistics occupies both buildings. Beau Braunger of United Commercial represented the buyer and seller in the transaction.
CHICAGO — Marcus & Millichap has brokered the sale of a mixed-use loft building in the River North neighborhood of Chicago for $9.5 million. The four-story building is anchored by Kinzie Chophouse Restaurant on the ground level, and the three top levels are utilized as offices. Baum Revision and Kaufman Jacobs purchased the building, satisfying a 1031 exchange trade requirement, from an undisclosed private investor. The 26,000-square-foot property, which is located at the northwest corner of Kinzie and Wells streets, is currently 95 percent occupied. Stephen Lieberman of Marcus & Millichap represented the seller in the transaction.
PLANO, TEXAS — Transwestern has brokered the sale of Plano Parkway Business Center in Plano to a buyer represented by SVN/Trinity Advisors. The property, located at 2701 W. Plano Parkway, was built in 1998 and consists of 113,299 square feet of office space. Transwestern’s Steve Simon, Steve Rowland, Henry Knapek and Justin Miller represented the seller, Transwestern Investment Management/State Farm. Steve Fithian of SVN/Trinity Advisors represented the buyer.
WAYLAND, MICH. — NAI Wisinski of West Michigan has arranged a 2,500-square-foot office lease in Wayland, approximately 20 miles south of Grand Rapids. Salingue Agency Inc. will rent the space from Puhalski Family Farmers Insurance LLC. The formerly vacant space, located at 201 Clark St., will be renovated prior to Salingue Agency taking occupancy. Salingue Agency will relocate its insurance office from Hastings to the building in Wayland. Jason Makowski and Rod Alderink of NAI Wisinski of West Michigan represented the landlord in the transaction. Makowski also represented the tenant.
NEWPORT BEACH, CALIF. — Manouch and Mark Moshayedi have purchased three parcels of land in Newport Beach for $71.7 million. The parcels are located at 2101, 2201 and 2200 West Coast Highway. Two of the parcels are situated along the waterfront, while one is inland. The land contains existing retail buildings that are fully leased. The seller, Ardell Investment Company, will lease back four buildings, along with several boat slips. The buyers participated in a 1031 exchange under the name Chino Hills LLC. John Martin and David Romero of Lee & Associates Newport Beach represented the LLC. The seller represented itself in this transaction.
SAN FRANCISCO — Kennedy Wilson and its equity partners have sold a 159-unit multifamily property in the San Francisco Bay Area to an unnamed buyer for $55 million. Kennedy Wilson acquired the property in 2013. It then undertook a value-add asset management program and grew the property’s net operating income by 20 percent prior to the sale. The company and its partners have sold six multifamily properties totaling 1,997 units throughout the Western U.S. since Sept. 30, 2015. The gross proceeds from these sales total $479 million.