SAN ANTONIO — StorageMart, a Missouri-based owner-operator, has purchased a former Life Storage facility in San Antonio that spans 99,833 net rentable square feet across 877 units. The new ownership plans to implement a value-add program that will include the installation of an upgraded security system. StorageMart, which currently operates four self-storage facilities in the San Antonio area, will also turn management of the property over to its in-house team. The seller and sales price were not disclosed.
TARRYTOWN, N.Y. — A partnership between New York-based Taconic Capital Advisors and Connecticut-based HEI Hotels & Resorts has acquired the 444-room Westchester Marriott hotel in Tarrytown, a northern suburb of New York City. The sales price was $40 million. The property houses two food and beverage concepts, a gift shop, fitness center, spa, laundry facilities and 26,700 square feet of meeting and event space. The new ownership will invest $30 million in renovations to the property, with HEI Hotels assuming management responsibilities. Ares Commercial Real Estate Corp. is financing the capital improvement program.
FORSYTH, ILL. — Marcus & Millichap has brokered the $4.8 million sale of Forsyth Center in Forsyth, about 45 miles east of Springfield, the state capital. The 30,087-square-foot retail center is located at 1460 Koester Road. The property is home to PetSmart and Dollar Tree, both of which have been tenants since the center was constructed in 2006. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local developer. Buyer information was not provided.
TEMPE, ARIZ. — Berkadia has arranged the sale of The Rev, a garden-style apartment property in Tempe. Washington-based Securities Properties sold the asset to Western Wealth Capital for an undisclosed price. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia Phoenix represented the seller in the transaction. Andy Hill of Berkadia Austin secured $35.7 million in acquisition financing on behalf of the buyer. Benefit Street provided the bridge loan, which features future funding to facilitate completion of upgrades to the property. Located at 3409 S. Rural Road, The Rev features 172 apartments in a mix of studio, one- and two-bedroom layouts. Community amenities include an oversized swimming pool, heated spa, standalone leasing center, resident lounge, business center, fitness center, locker room and large courtyards.
HOUSTON — Metro Dallas-based investment firm ClearWorth Capital has purchased Park at Woodmoor, a 220-unit apartment community in The Woodlands, located about 30 miles north of Houston. Built in 1999, Park at Woodmoor offers one- and two-bedroom units and amenities such as a pool and a clubhouse. The new ownership plans to implement a value-add program and to turn management of the property over to its affiliate, ClearWorth Residential. Chip Nash and Bob Heard of Colliers represented the undisclosed seller in the transaction.
ATLANTA — Atlanta Property Group has acquired three distribution facilities in the metro areas of Atlanta, Nashville and Charlotte totaling 545,000 square feet. The sellers and sales price were not disclosed. The three properties include Oates Crossing in Mooresville, N.C.; 5470 Oakbrook Parkway in Norcross, Ga.; and 109 Kirby Drive in Portland, Tenn. Oates Crossing is a 240,000-square-foot industrial park that is fully leased to a diverse tenant base. The site also includes a fully zoned, 8.3-acre parcel that can support an additional 60,000-square-foot industrial building, which Atlanta Property Group plans to build soon. The property is situated along Interstate 77, about 29.7 miles north of Charlotte. The next property, 5470 Oakbrook Parkway, is an 85,000-square-foot shallow-bay industrial building. The facility is situated close to Interstate 85 and is about 21 miles north of downtown Atlanta. The property was 88 percent leased at the time of sale. Built in 1990, 109 Kirby Drive is a 220,000-square-foot, single-tenant warehouse that features 17 dock doors. The fully leased property is situated about 39.7 miles from Nashville and has immediate access to Interstate 65.
NORTH BERGEN, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired a 210,000-square-foot warehouse in North Bergen, located across the Hudson River from Manhattan. The building, which sits on 7.3 acres and features a clear height of 22 feet and 20 loading docks, was fully leased at the time of sale. Bill Connors of The William Connors Agency brokered the deal, the seller in which was undisclosed. Sitex Group plans to implement a value-add program.
ATLANTA — Berkadia has brokered the sale of an office asset in downtown Atlanta that will be redeveloped into a hotel property called Origin Hotel Atlanta. Kyle Stevenson and John Testerman of Berkadia completed the sale on behalf of the seller, Atlanta-based Access Point Financial. The Thrash Group purchased the property for $16 million. Built in the 1950s, the six-story office building is being redeveloped into a 124-room hotel that will offer standard king-bed rooms, two queen-bed rooms and handicap-accessible rooms and suites. After the completed renovation, the hotel will feature a restaurant, bar and meeting and event space. The construction timeline was not disclosed. Located at 166 Pryor St., the property is situated 10.8 miles from Hartsfield-Jackson Atlanta International Airport, less than a half-mile from Georgia State University and 2.6 miles from Midtown Atlanta.
MARINA DEL REY, CALIF. — CBRE has brokered the sale of an office building located at 5005 McConnell Ave. in Marina del Rey. Montana Avenue Capital Partners sold the asset to a joint venture between Los Angeles-based HATCHspaces, Denver-based NexCore Group and Nuveen Real Estate. Terms of the transaction were not released. The 56,300-square-foot property underwent a full renovation since Montana Avenue Capital Partners acquired it in 2018. Armata Pharmaceuticals, a biotechnology company on pathogen-specific bacteriophage therapeutics for antibiotic-resistant and difficult-to-treat bacterial infections, leased the entire property starting in 2021. Mike Longo, Todd Tydlaska, Sean Sullivan, Greg Grant, Jeff Pion, Michelle Esquivel and Andrew Riley of CBRE represented the seller in the deal.
CORALVILLE, IOWA — Artisan Capital Group and MJW Investments have purchased Latitude at River Landing in Coralville, which is located just north of Iowa City. The purchase price was undisclosed. The buyers plan to rebrand the 663-bed student housing property as The Banks-Student Living. Completed in 2019, the community features an outdoor pool, fitness center, lounge, game room, basketball court, study rooms and campus shuttle service. Located near the University of Iowa, the property is situated within Iowa River Landing, a master-planned development featuring retail, restaurant, entertainment and hospitality space. JLL arranged debt financing through Pacific Life.