MASON CITY, IOWA — Marcus & Millichap has arranged the sale of the Quality Inn & Suites in Mason City in northern Iowa for an undisclosed price. The 60-room hotel is located at 410 5th St SW. Jake Erickson of Marcus & Millichap brokered the transaction with assistance from Barry A’Hearn. Neither the buyer nor the seller were disclosed.
SPRING, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has arranged the sale of AAA Spring Storage, a 673-unit self-storage facility located in the northern Houston metro of Spring. Built in 2005, the property totals 79,778 net rentable square feet and includes 77 rentable outdoor parking spaces and 14 climate lockers. Dave Knobler and Charles LeClaire of The LeClaire Group represented the undisclosed seller in the transaction. The buyer was also not released.
WASHINGTON, D.C. — HFF has brokered the $415 million sale of Washington Harbour, a 562,105-square-foot mixed-use project located along the Potomac River in Washington, D.C.’s Georgetown submarket. Stephen Conley, Jim Meisel, Andrew Weir, Matt Nicholson and Dave Baker of HFF represented the seller, Principal Real Estate Investors (PREI), on behalf of a consortium of South Korean-based investors. Simone Investment and Hana Alternative Asset Management acted as the managing members of the consortium. Eyal Ofer’s Global Holdings Group, an international alliance of real estate asset management and investment advisory companies, purchased the asset. Designed by Arthur Cotton Moore, Washington Harbour comprises two freestanding, Class A towers. The property underwent a $50 million renovation in 2013 that delivered new retail and street-level experiences, including a fountain with programmable light and water shows in the spring and summer that transforms into a 12,000-square-foot ice skating rink in the fall and winter months. The project was 98 percent leased at the time of sale to 31 tenants including Foley & Lardner, Kelley Drye & Warren, advertising firm GMMB Inc., and retail tenants such as Fiola Mare, Farmers Fishers Bakers, Bangkok Joe’s, Sequoia, Tony & Joe’s Seafood Place and Nick’s Riverside Grill.
LOS ANGELES — The Bascom Group has acquired Island Apartments, a multifamily property located at 8222 Rosemead Blvd. in Southeast Los Angeles. An undisclosed seller sold the asset for $12.5 million, or about $160,000 per unit. Constructed in 1957, the property features 78 apartment units. The buyer plans to renovate the complex to modernize the look and feel of the unit interiors. Mike Krantz of Brentwood Realty Partners brokered the transaction. Erich Pryor of Talonvest arranged $9.6 million in debt financing through California Bank & Trust for the buyer.
DALLAS AND PLANO, TEXAS — Chicago-based Waterton has acquired four multifamily assets totaling 1,634 units in Dallas and Plano. The properties include the 535-unit Gramercy on the Park in Dallas; the 417-unit Mockingbird Flats in Dallas; the 380-unit Creekside at Legacy in Plano; and the 302-unit Lakeshore at Preston in Plano. The properties, which were built between 1992 and 2012, were acquired in a portfolio sale from a partnership controlled by CBRE Global Investors for undisclosed prices. The portfolio also included multifamily assets in North Carolina, Arizona and Virginia.
PIQUA, OHIO — Industrial Property Brokers has arranged the sale of a 24,000-square-foot manufacturing and warehouse facility in Piqua in western Ohio. The price was not disclosed. The property is located at 9700 Looney Road. Innovated Technologies LLC, an equipment manufacturing and automation systems maker, purchased the building with plans to relocate from Sydney, Ohio, after tenant improvements are completed. Clear heights at the property range from 13 to 18 feet. Other features include four drive-in doors, two docks and 1,400 square feet of office space. Tim Echemann of Industrial Property Brokers arranged the transaction. Unity National Bank was the seller.
HOBOKEN, N.J. — Spirit Bascom Ventures has acquired Columbus Park Apartments, a 37-unit multifamily community in Hoboken for $17.6 million. Located at 1024 Clinton St., the eight-story property is a former warehouse that was converted to multifamily use in the 1990s. The community also includes a 37-space parking structure. Stephen Simonelli of HFF and James Giaccio and Kevin Helsinki of Chelsea Realty represented the undisclosed seller in the transaction. HFF arranged acquisition financing through CIT Group. Spirit Bascom Ventures is a partnership between The Bascom Group LLC and Spirit Investment Partners LLC. The buyer plans to reposition the asset as a boutique institutional-quality property.
HOLLYWOOD, FLA. — Cushman & Wakefield has arranged the $11.5 million sale of Hollywood Medical Office Building, a 57,815-square-foot facility located on the Memorial Regional Hospital South campus in Hollywood. Scott O’Donnell, Greg Miller, Dominic Montazemi, Miguel Alcivar, Jason Hochman and Donna Kom of Cushman & Wakefield arranged the transaction on behalf of the seller, Miami-based SF Partners. A private real estate investor acquired the asset. The five-story building was constructed in 1975 and was 84 percent leased at the time of sale to tenants such as Oncology Associates of South Florida, Pinnacle Healthcare System, Reyes & Reyes MD, Internal Medicine Specialty and HealthCare Support Administrators.
LACEY, WASH. — HFF has secured an undisclosed amount of financing for The MARQ on Martin, a multifamily community located at 8545 Litt Drive SE in Lacey. Security Properties, the borrower, used the loan to acquire the property, which was completed earlier this year. Charles Halladay, Scott Gilson and Robert Bova of HFF arranged a 10-year, fixed-rate loan with five years of interest-only payments through Freddie Mac for the borrower. HFF will service the securitized loan. The MARQ on Martin features 248 units in a mix of studio, one- and two-bedroom layouts offering stainless steel appliances, in-unit washers/dryers, and walk-in closets. Community amenities include a swimming pool, spa, sundeck and lounging area, courtyard with fire pit and ping pong table, an outdoor grilling and dining area, a 24-hour fitness center, and a clubhouse with fireplace, billiards and entertainment kitchen.
HIALEAH, FLA. — HFF has arranged the sale of three industrial buildings totaling approximately 1 million square feet within Hialeah’s Countyline Corporate Park. Luis Castillo, Adam Herrin, Manny de Zárraga, Rusty Tamlyn, Coleman Benedict and Tracey Goo of HFF arranged the transaction on behalf of the seller and developer, Flagler Global Logistics, a wholly owned subsidiary of Florida East Coast Industries LLC. Duke Realty Corp. acquired the assets for $180 million, according to local media reports. At full build-out, Countyline Corporate Park will include 8 million square feet of space on approximately 500 acres. The three buildings were fully leased at the time of sale to KLX Aerospace, CGI Windows & Doors and Hyde Shipping, among others.
