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CBRE Negotiates Sale of 656-Unit Apartment Community on Long Island

by Taylor Williams November 16, 2020

HAUPPAUGE, N.Y. — CBRE has negotiated the sale of Devonshire Hills, a 656-unit apartment community located in the Long Island city of Hauppauge. The community was developed as two separate properties in phases between 1966 and 1969 and combined in 2001. Units feature studio, one-, two- and three-bedroom floor plans, and amenities include two pools, tennis courts and two playgrounds. David Gavin and Eric Apfel of CBRE represented the seller, Bainbridge Cos., in the transaction. The duo also procured the buyer, Renaissance Management, a family office based in metro New York.

November 16, 2020

Acquisitions Office Texas

Lexington Realty Sells Stake in Metro Houston Office Building Leased to Dow Chemical for $192M

by Taylor Williams November 13, 2020

LAKE JACKSON, TEXAS — Lexington Realty Trust (NYSE: LXP) has sold its interest in an office building in Lake Jackson, a city located south of Houston, for $192 million. Built in 2016, the 664,100-square-foot building is situated on a 34.1-acre site and was fully leased to Dow Chemical, which also operates a nearby manufacturing plant, at the time of sale. The buyer was not disclosed. In announcing this news, Lexington also disclosed the purchase of a 201,784-square-foot warehouse and distribution center in Phoenix that is fully leased to an unspecified e-commerce firm.

November 13, 2020

Acquisitions Georgia Multifamily North Carolina Southeast

JEM Holdings Sells Six Multifamily Properties in North Carolina, Georgia for $116.4M

by Alex Tostado November 13, 2020

NEW YORK CITY — JEM Holdings has sold four multifamily properties in North Carolina and two in Georgia for a combined $116.4 million. In North Carolina, Friedlam Partners acquired the 192-unit 59Twenty @ Monroe and the 196-unit Two20 @ Branchview in Charlotte, as well as the 176-unit Enclave @ Crabtree in Raleigh. Concordia Partners bought the 400-unit Marquis Gardens in Durham, N.C.; and the 232-unit Windsor Arms in Savannah, Ga. Sandhurst Apartment Management LLC purchased the 182-unit Woodhill in Augusta, Ga. Watson Bryant, Paul Marley and Taylor Bird of Cushman & Wakefield represented the New York City-based seller in the transactions.

November 13, 2020

Acquisitions Massachusetts Multifamily Northeast

Waterton Acquires 503-Unit Apartment Community in Metro Boston

by Taylor Williams November 13, 2020

RANDOLPH, MASS. — Chicago-based investment firm Waterton has acquired Rosemont Square at 2 Chestnut West, a 503-unit apartment community located in the southern Boston suburb of Randolph. The property comprises 20 three- and four-story buildings that were constructed in phases between 1982 and 2012. Units feature one and two-bedroom floor plans. Amenities include a pool, outdoor grilling stations and multiple playgrounds. The transaction, the seller in which was not disclosed, marks Waterton’s first multifamily acquisition in the greater Boston market. Waterton will also implement a value-add program to select unit interiors, common area and amenity spaces and pieces of landscaping.

November 13, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of Six-Property Multifamily Portfolio in Detroit for $9M

by Kristin Harlow November 13, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of the Whitmore Apartments Portfolio in Detroit for $9 million. The multifamily portfolio comprises six properties and 223 units in the Palmer Park district. The assets were built between 1928 and 1953. Nick Kirby and Cary Belovicz of Greystone Bel represented the seller, a family that had owned the portfolio since the 1960s. The duo also procured the undisclosed buyer.

November 13, 2020

Acquisitions Indiana Industrial Midwest

Sealy & Co. Acquires Westfield Business Centre Near Indianapolis

by Kristin Harlow November 13, 2020

WESTFIELD, IND. — Sealy & Co. has acquired Westfield Business Centre in Westfield, north of Indianapolis. The purchase price was undisclosed. The distribution center spans 133,160 square feet and is located on Oak Ridge Road. The Peterson Co. built the property in 2018. It is fully leased to distribution and manufacturing tenants, with Aptiv occupying 40 percent. Other tenants include Grinds LLC, ETI Fab and 3rd Dimension Industrial Printing. Alex Cantu and Alex Davenport of Colliers International brokered the sale on behalf of the seller, Oak Ridge LLC, which is an affiliate of Carmel-based Jackson Development LLC.

November 13, 2020

Acquisitions California Hospitality Multifamily Western

Skya Ventures, Gelt Sell Marina Dunes RV Resort in Northern California for $28.5M

by Amy Works November 13, 2020

MARINA, CALIF. — A joint venture between Skya Ventures and Gelt has completed the sale of Marina Dunes RV Resort located at 3330 Dunes Drive in Marina. An undisclosed, publicly traded REIT acquired the asset for $28.5 million in an off-market transaction. Situated on 5.6 acres, the property features 96 sites, as well as upscale camping options with fully furnished tents, private yards and fully equipped campsites. The property features privately fenced patios with landscaping, off-street parking, upgraded utility pedestals and bollard streetlights, as well as individual telephone, cable, Wi-Fi and propane tanks at each site. Common area amenities include a clubhouse with game room, billiards, flat-screen television, fire pit, horseshoes and volleyball. Additionally, the property features a retail store and check-in office with an assortment of convenience store items and other merchandise. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal.

November 13, 2020

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 350-Unit Self-Storage Facility in Houston

by Taylor Williams November 12, 2020

HOUSTON — Marcus & Millichap has brokered the sale of West Bellfort Self Storage, a 350-unit facility in southwest Houston. The property was built on 4.3 acres in 2008 and features 42,925 net rentable square feet of non-climate-controlled space. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Houston-based limited liability company, in the transaction. A Dallas-based limited liability company purchased the asset for an undisclosed price.

November 12, 2020

Acquisitions Illinois Midwest Retail

First National Realty Partners Acquires Lemont Village Square Shopping Center in Lemont, Illinois

by Kristin Harlow November 12, 2020

LEMONT, ILL. — First National Realty Partners has acquired Lemont Village Square, a 59,939-square-foot shopping center in Lemont, located about 27 miles southwest of Chicago. The purchase price and seller were undisclosed. The Aldi-anchored property sits at the corner of 127th and State streets. It is 96 percent leased. Other tenants include Starbucks, The Learning Experience, Jimmy Johns, AT&T and Verizon Wireless.

November 12, 2020

Acquisitions Industrial New Jersey Northeast

Bridge Development Sells 2.2 MSF Industrial Complex in Phillipsburg, New Jersey

by Taylor Williams November 12, 2020

PHILLIPSBURG, N.J. — Bridge Development Partners has sold Phase I of Bridge Point 78, an industrial complex in Phillipsburg that consists of approximately 2.2 million square feet across four buildings. Phase I was completed in 2019 and is part of a larger, 3.8 million-square-foot development. Bridge Development secured Japanese clothing manufacturer and retailer UNIQLO as an anchor tenant in October 2019. Beverage distributor Mark Anthony Brands also signed a lease for 419,460 square feet in April of this year. PGIM Real Estate purchased the property for an undisclosed price. Brian Fiumara of CBRE brokered the deal.

November 12, 2020

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