CLAYTON, MO. — JVM Realty Corp. has acquired Ceylon Apartments, a 121-unit luxury apartment community in Clayton, a suburb of St. Louis. The purchase price was undisclosed. Built in 2017, the transit-oriented property features 13,421 square feet of ground-floor retail space. This is the first acquisition for JVM in the St. Louis area. JVM Management Inc. will manage the asset.
BALTIMORE — Sunstone Hotel Investors has sold Renaissance Baltimore Harborplace, a Marriott-affiliated, 622-room hotel in downtown Baltimore. The Buccini/Pollin Group acquired the asset for $80 million, or $129,000 per room. The hotel is situated along the Inner Harbor at 2020 E. Pratt St. The hotel features 30,000 square feet of flexible meeting and event space, three food and beverage outlets including a waterfront restaurant called Watertable, a 24-hour fitness center and a business center. This is the 17th Marriott-affiliated hotel in The Buccini/Pollen Group’s portfolio. Mark Elliott, Jay Morrow and Jeff Berkman of Hodges Ward Elliott (HWE) represented the seller in the transaction. Lawrence Britvan of HWE originated an acquisition loan on behalf of the buyer. Details of the financing were not disclosed.
PHOENIX — Los Angeles-based Cohen Asset Management has purchased an industrial property located in West Phoenix. Kansas City Life Insurance Co. sold the asset for $30.7 million. OnTrac, a logistics company, and LA Specialty Produce Co. occupy the 325,800-square-foot facility, which is located at 7400 W. Buckeye Road. Payson MacWilliam, Don MacWilliam and Chris Reese of Colliers International in Arizona handled the transaction.
OLYPHANT, PA. — Cinram, a Canadian producer of Blu-Ray and DVD discs, has sold its 1 million-square-foot manufacturing and distribution facility in Olyphant, a city in northeastern Pennsylvania. Cinram will lease the space back from the new, undisclosed owner. The single-tenant property is situated on 103 acres at 1400 E. Lackawanna Ave. The property was developed in 1980 and features 12- to 30-foot clear heights and 39 dock-high doors, according to LoopNet Inc. Cinram sold the facility as part of a portfolio deal that also included the disposition of the company’s 500,000-square-foot facility in Tuscaloosa, Ala.
ATLANTA — The Radco Cos. has sold Ashford 2788, a 297-unit multifamily community in Atlanta, for $49.5 million. The firm acquired the property in 2014 and renovated the community to include a new clubhouse, fitness center and dog park. Other communal amenities include a pool, grilling area, playground and a business center. The Atlanta-based company also renovated unit interiors and property exteriors. Ashford 2788 features two- and three-bedroom floor plans. The community is situated in Atlanta’s Upper Westside neighborhood at 2788 NW Defoors Ferry Road, eight miles northwest of downtown Atlanta. Robert Stickel, Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller in the transaction. Quintus Corp. acquired the property.
MILWAUKIE, ORE. — Alpine Food Distributing has purchased two distribution facilities, located at 9696 SE Omark Drive in Milwaukie. Oregon Transfer Co. sold the asset for $12.2 million. Steven Klein and Peter Stalick of Kidder Mathews represented Alpine in the transaction. The Oregon-based, family-owned food distribution company previously leased the properties, which offer a total of 220,000 square feet. The newly acquired complex is adjacent to a 280,000-square-foot facility that the buyer already owns.
BOSTON — BioMed Realty, an owner-operator of life sciences real estate, has entered into a partnership with Cresset Development and Boston-based Novaya Real Estate Ventures to acquire the XMBLY Campus at Assembly Square in the Somerville area of Boston. The campus spans 162,000 square feet of office and life sciences space and includes 7.5 acres for additional expansion. The new ownership plans to add lab, research and development and traditional office space. A timeline for construction has not yet been established.
WEST ALLIS, WIS. — Founders 3 Real Estate Services has brokered the sale of Lincoln Center II and III in West Allis for a combined $10.1 million. The multi-tenant office buildings total 120,997 square feet. They are located at 2514 S. 102nd St. and 10150 W. National Ave. in suburban Milwaukee. The properties are home to 24 tenants, including Cognex, Verizon Wireless and Eye Care Specialists. Andy Hess, Ned Purtell and Patti Stevens of Founders 3 represented the seller, Lincoln Center Office Property Group LLC, which is an affiliate of SARA Investment Real Estate. J. Ross & Associates represented the buyer and is part of the ownership group.
KENOSHA, WIS. — The Boulder Group has negotiated the $3.2 million sale of an 8,010-square-foot property net leased to Firestone in Kenosha in Southeast Wisconsin. The single-tenant building is located at 3190 Market Lane. There are 18 years remaining on Firestone’s lease. Randy Blankstein and Jimmy Goodman of Boulder represented the Midwest-based buyer, which completed a 1031 exchange. A Southwest-based real estate investor was the seller. Firestone handles all aspects of auto care.
SOUTH ELGIN, ILL. — Entre Commercial Realty has brokered the sale of a 23,108-square-foot industrial building in South Elgin, about 40 miles west of Chicago. The sales price was undisclosed. The property is located at 320-350 Industrial Drive. It is fully leased to an undisclosed tenant and features six drive-in doors, two docks, recently renovated office space and a new parking lot. Cory Kay and Mike DeSerto of Entre represented the buyer, a private investment group. Bruce Granger of NAI Hiffman represented undisclosed seller.
