GALENA, ILL. — CBRE Hotels has arranged the sale of the 72-room Ramada Galena Hotel and Day Spa, including a 4,000-square-foot banquet hall, in Galena to Galena Prime Hotels LLC for an undisclosed price. Galena Pines LLC was the seller. Brian Silberman, Stanley Wang and Scott Miller in the Chicago office of CBRE Hotels represented Galena Pines in the sale of the property. Ramada Galena Hotel and Day Spa is located at 11383 U.S. 20, two miles from historic downtown Galena and 12 miles from Dubuque, Iowa. The property, which offers bed-and-breakfast charm in northwestern Illinois, is situated on nearly 10 acres, including a catch-and-release fishing pond and gardens. The city of Galena attracts over 1 million visitors annually with a historic downtown shopping district, winter outdoor activities, museums, historic homes and buildings, wineries and more. The new owners have over 20 years of hospitality experience.
HOUSTON — Ashford Crossing LLC, an affiliate of Hartman Short Term Income Properties XX, has purchased the Ashford Crossing II office building in Houston. The property is a 158,451-square-foot, six-story office building located at Dairy Ashford Road and Whittington Drive on the southern edge of the energy corridor and the northern border of the Westchase submarket. Ashford Crossing II was built in 1983 and has been institutionally owned and managed since 2002. The property is 87 percent leased to a mix of tenants, including Rignet, a provider of communications, networks and collaborative applications for the oil and gas industry. H. Dan Miller and Marty Hogan of HFF represented the seller in the transaction. Dave Wheeler, Julian Kwok and Russell Turman of Hartman represented the buyer, Hartman Ashford Crossing LLC.
AUSTIN, TEXAS — Austin-based Roscoe Properties has added eight new communities, totaling 2,040 rentable units, to its multifamily portfolio. The communities are: Westgate, a 312-unit complex in Houston; Sierra Royal, a 108-unit complex in San Antonio; Mariposa, a 132-unit complex in San Antonio; Elevation on Post Road a 342-unit complex in San Antonio; The Rail a 390-unit complex in College Station; Bristol Square, a 336-unit complex in Austin; The Beverly, a 120-unit complex in Austin, and; The Current, a 300-unit complex in Austin. Founded in 2002 by Jason Berkowitz, Roscoe Properties is an operator of multifamily communities. In addition to its headquarters in Austin, Roscoe Properties operates regional offices in Houston and San Antonio and manages approximately 10,000 units.
NAPLES, FLA. — Inland Private Capital Corp. (IPCC) has sold the 146-unit Berkshire Reserve Townhomes located at 3536 Winifred Row Lane in Naples for $20.3 million. IPCC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. Constructed in 2000, Berkshire Reserve comprises three-bedroom, two and one-half bath townhome apartments. Each unit contains 1,300 square feet of livable space and energy-efficient appliances, private patios, washers and dryers and a gourmet kitchen. The 189,800-square-foot property is located in the northern portion of the Naples-Marco Island metropolitan area, and is approximately five miles northeast of the Naples central business district. The multifamily residential complex includes 37 two-story apartment buildings and a clubhouse building with a swimming pool, barbeque area and children’s playground.
FREDERICK, MD. — Washington Property Co. (WPC) has acquired Ballenger Creek Plaza, a 75,527-square-foot shopping center located at 5830 Ballenger Creek Pike in Frederick, for $9.5 million. The property is fully leased to 13 tenants, including Wolf Furniture, Dollar General and Anytime Fitness. Andy Stape, Mat Adler and Vito Lupo of KLNB represented the seller, New York City-based Cohen Equities, in the transaction. WPC has tapped Paragon Commercial Property Management, the property management division of KLNB, to handle property management responsibilities.
BELMONT, N.C. — Avison Young has brokered the sale of a 124,213-square-foot distribution center located at 2100 The Oaks Parkway in Belmont, a suburb of Charlotte. GCP Capital Group purchased the facility from an unnamed institutional fund advisor for an undisclosed price. The property is fully leased to Industrial Distribution Group Inc. for use by its IDG USA division, which specializes in the distribution of maintenance, repair and operations supplies to industrial customers. Erik Foster, Mike Wilson and Chris Skibinski of Avison Young represented the seller in the transaction.
BUENA PARK, CALIF. — An unnamed buyer has purchased the 88-unit Cypress Village apartments in Buena Park for $20.9 million. The community is located at 6343 Lincoln Ave. It was built in 1962. Community amenities include a swimming pool, clubhouse, fitness center, laundry facilities, a barbecue area and storage facilities. The asset is located on an expansive lot, with an option to redevelop the land. Stewart I. Weston, Alexander Garcia, Christopher Zorbas, David Sperling and John Montakab of Institutional Property Advisors represented the seller, NNC Apartment Ventures LLC.
DUNCANVILLE, TEXAS — Transwestern has arranged the sale of Wimberly Park Apartments, a 440-unit property in Duncanville, to a local buyer. Taylor Snoddy Philip Wiegand and James Roberts of Transwestern represented the unnamed seller. The buyer was self-represented and plans significant renovations on the property. The Class B asset is located on 21 acres and has floor plans of 869 square feet with a washer and dryer connection in every unit. Property amenities include a clubhouse, fitness center, business center, three swimming pools and a playground. Wimberly Park was 93 percent occupied at the time of sale.
WESTLAKE, TEXAS — Echo Locum Tenens Inc. has leased 34,188 square feet of office space in Solana at 7 Village Circle in Westlake. Josh White and Neal Puckett of CBRE represented Echo Locum Tenens Inc. Chris Taylor, Rodney Helm, Trey Smith and Layne Mayfield with DTZ represented the landlord, Equity Office Properties, an affiliate of The Blackstone Group.
DALLAS — Henry S. Miller Cos. has negotiated the sale of a 49 percent ownership interest in two of its largest North Dallas shopping centers to a private family trust. The two properties are Market at Pepper Square, a 281,153-square-foot shopping center anchored by Stein Mart, Hobby Lobby and Trader Joe’s located at the southeast corner of Preston Road and Beltline Road; and Central Forest Shopping Center, a 94,879-square-foot shopping center anchored by Office Depot located at North Central Expressway and Forest Lane. Jim Brownlow of HSM Equities arranged the sale. Robert DuBois of Henry S. Miller negotiated the terms of the transaction on behalf of the seller.