SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.
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HOUSTON — Atlanta-based investment firm MDH Partners has acquired a 603,389-square-foot industrial facility in Houston. Completed in 2023, the facility is situated within the 36.9-acre, 3.3 million-square-foot South Belt Central Business Park on the city’s south side. Building features include 36-foot clear heights, an ESFR sprinkler system and parking for 442 cars and 196 trailers. Trent Agnew, Charles Strauss and Tom Weber with JLL represented the undisclosed seller in the transaction. Georga Rowe represented MDH Partners on an internal basis.
WYOMISSING, PA. — Progress Realty Partners, a New Jersey-based private equity firm, has acquired Park Place Center, a 143,000-square-foot industrial flex property in Wyomissing, located about 60 miles northwest of Philadelphia. The site spans 11 acres, and the complex consists of 10 buildings ranging in size from 2,985 to 55,080 square feet. Affiliate firm Progress Capital arranged an acquisition loan for the deal that carried a 75 percent loan-to-value ratio and one year of interest-only payments. Alan Cafiero and Mark Gjonbalaj of Marcus & Millichap represented the undisclosed seller in the transaction.
GALVESTON, TEXAS — JLL has negotiated the sale of The Plaza at Galveston Island, a 151,905-square-foot shopping center located southeast of Houston. Built in 1970, the property was 84.5 percent leased at the time of sale to tenants such as Dollar Tree, Ross Dress for Less, Five Below, Beall’s Outlet, UPS, AT&T and Whataburger. Ryan West and John Indelli of JLL represented the seller, Harold A. Clark & Co., in the transaction. The sales price was not disclosed.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has sold a 49.9 percent interest in 245 Park Avenue, a 1.8 million-square-foot office building in Midtown Manhattan, for $2 billion. The buyer was Tokyo-based Mori Trust Co. SL Green purchased its stake in the property, which is located between 46th and 47th streets, in September 2022 with the intent to reposition the asset with a partner. The company retained Kohn Pedersen Fox Associates to redesign the building to upgrade the façade, lobby, retail storefronts, amenity spaces and various infrastructural systems.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $39.3 million sale of a portfolio of nine affordable housing properties totaling 309 units in New York City. Two of the properties are located in the Morrisania neighborhood of The Bronx, and the remainder are in Harlem. The portfolio also includes four commercial spaces. Victor Sozio, Shimon Shkury and Michael Tortorici of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer and property addresses were also not disclosed.
DALLAS — Avison Young has brokered the $20 million sale of a multifamily development site located at 3515 Brown St. in Uptown Dallas. The 1.6-acre site currently houses a 26-unit condominium complex. Mike Kennedy and Paul Harmon of Avison Young represented the seller, the Wimbledon Place Homeowners Association, in the transaction. The buyer, Chicago-based developer Fifield Cos., plans to demolish the existing building and construct a 24-story apartment tower on the site. A construction timeline was not disclosed.
ISLIP, N.Y. — New York City-based Eagle Cliff Real Estate Partners has purchased an eight-acre industrial development site located at 4955 Veterans Memorial Highway in the Long Island community of Islip. Eagle Cliff plans to construct a 108,023-square-foot building that will be known as Holbrook Logistics Center and that will clear height of 36 feet, two drive-in doors and 108 parking spaces. Delivery is slated for the third quarter of 2024. Jordan Avanzato, Marc Duval, Nicholas Stefans, Jason Lundy, Jose Cruz and Mark Belenky of JLL brokered the land deal. The seller was an undisclosed local developer. First Citizens Bank provided $19.5 million in construction financing for the deal.
HOUSTON — JLL has arranged the sale of Vue on MacGregor, a 347-bed student housing community that serves students at the University of Houston. Built in 2014, the community is located about a half mile from campus. Vue on MacGregor offers a mix of fully furnished one-, two-, three-, four- and five-bedroom units that were 96 percent occupied at the time of sale. Amenities include dedicated study rooms, a pool, two fitness centers, business center and a dog park. Teddy Leatherman, Scott Clifton, Kevin Kazlow and Danielle Ric of JLL represented the seller, Trimont, and procured the buyer, Axonic Properties, in the deal.
COVINGTON, PA. — Atlanta-based investment and development firm Portman has sold Covington Logistics Center, a 501,600-square-foot industrial property in northeast Pennsylvania. The facility sits on 36 acres, features a clear height of 40 feet and was fully leased at the time of sale to third-party logistics firm All-Ways Pacific. Gerry Blinebury of Cushman & Wakefield represented Portman in the transaction. Houston-based real estate giant Hines purchased the property for an undisclosed price.