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.
FORT WAYNE, IND. — Bradley Co. has arranged two leases totaling more than 15,000 square feet in Fort Wayne. In the first transaction, Mike Dahm represented the landlord, Industrial Road Enterprises, as well as the tenant, HD Supply Waterworks, in the lease renewal of 13,480 square feet of industrial space located at 5120 Industrial Road. In the second transaction, Dahm and Kelly Castle represented the tenant, RPM Pizza Midwest LLC, in the lease of 2,130 square feet of retail space located at 301 W. Jefferson Blvd. Bradley Co. has served the Northern Indiana and West Michigan commercial real estate market since 1978.
NORTH CHARLESTON, S.C. — Hotel Development Partners and funds managed by Ares Management LP have purchased three select-service hotels in North Charleston totaling 248 rooms. The properties include the Residence Inn by Marriott Charleston North/Ashley Phosphate, the Fairfield Inn & Suites by Marriott Charleston North/Ashley Phosphate and an unnamed Choice Hotels-branded hotel. Including this transaction, HDP and Ares Management have purchased 10 hotels together, with the other seven hotels located in the metro Atlanta area. HDP is an Atlanta-based joint venture between Hotel Equities and IRE Capital. Hotel Equities has assumed management of the three hotels.
BALTIMORE — DTZ has brokered the $7.4 million sale of a 61,655-square-foot office building located at 300 W. Pratt St. in Baltimore’s central business district (CBD). Baltimore-based Valstone Partners purchased the property from Guggenheim Real Estate LLC. The office building was 55 percent leased at the time of sale. Jonathan Carpenter, Nicole Keelty and Graham Savage of DTZ’s Baltimore capital markets team represented the seller in the transaction.
HUNTINGTON BEACH, CALIF. — KCI Warner has acquired a 45,597-square-foot office building in Huntington Beach for $7.5 million. The building is located at 4552 Warner Ave. Rob Rader of Wind Water Investment Co. represented KCI. David Romero of Lee & Associates – Newport Beach represented the seller, Twomey/Ezzell/Balfour.
PORTSMOUTH, N.H. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Beechstone Luxury Apartments in Portsmouth. TGM Associates sold the 428-unit apartment community to Forest Properties for an undisclosed price. The buyer plans to launch a value-add strategy of interior unit renovations at the property. Built in three phases between 1973 and 1986, the property consists of 71 two-and-a-half story buildings situated on 54 acres. The property offers six two- and three-bedroom floor plans, ranging from 800 to 1,600 square feet, and totaling 430,142 square feet of rentable area. Richard Robinson, Jennifer Athas and Philip Lamere of IPA Boston represented the seller in the transaction.
SOMERSET, N.J. — Colliers International has arranged 147,000 square feet of new long-term leases at two warehouses in Somerset. Owned by Cabot Properties, the single-tenant properties are located at 95 Clyde Road and 645 Howard Ave. Iberia Foods Corp. leased 82,000 square feet at 95 Clyde Road. The food and beverage supplier relocated its Brooklyn Bottling Group to the property from Carteret, N.J. The facility features eight tailgate loading doors and 24-foor ceiling heights. Additionally, Event Solutions International leased 65,000 square feet of space at 645 Howard Ave. The vehicle management services company is relocating and expanding its New York/New Jersey regional warehouse to the property, which features 8,000 square feet of office space and four tailgate loading doors. Both warehouses also include one drive-in door, new roofs, motion sensor lights, 100-care parking lots and access to Route 287 and the New Jersey Turnpike. Michael Markey and Jonathan Tesser of Colliers represented Cabot Properties in both transactions.
DALLAS — CBRE Capital Markets has arranged the sale of Brandywine Apartments, a 100-unit, value-add multifamily community in Dallas. 4710 Lake LLC purchased the complex from Brandywine Investments LLC. Chris Deuillet of CBRE’s Dallas office represented the seller. The property is located at 4710 Lake Ave., east of Parkland Hospital and the Dallas Medical District, and is 95 percent occupied. Current growth at Parkland Hospital and in Uptown Dallas is driving demand for upper end and workforce-level housing in the area. Planned improvements could support increased rental rates and property value. The average rental rate at Brandywine is approximately 23 percent less than the average rental rate in the immediate area.
NEW YORK CITY — Ariel Properties Advisors has brokered the sale of two multifamily properties in Northern Manhattan totaling $9.4 million. In the first transaction, a 14,010-square-foot walk-up property, located at 532 West 152nd St., sold for $6.7 million, or $335,000 per unit. The building features one one-bedroom unit, eight two-bedroom units and 11 three-bedroom units. In the second deal, a 9,345-square-foot multifamily property, located at 273 West 140th St., sold for $2.7 million, or $270,000 per unit. The property features six one-bedroom units and four two-bedroom apartments. Victor Sozio, Michael Tortorici, Josh Berkowitz, Matthew Gillis and Samuel Atlas of Ariel Properties represented the sellers and buyers in both transactions. The names of the sellers and buyers were not released.
NEW YORK CITY — Akelius US LLC has acquired a six-building residential portfolio in Brooklyn for an undisclosed price. With properties in Crown Heights, Flatbush and Prospect Lefferts, the portfolio consists of 378 apartments. This is the sixth acquisition by the Swedish real estate company, Akelius, in the United States. The company now owns two properties in Manhattan and nine in Brooklyn.