CLEVELAND — An affiliate of Phoenix Investors has reached a definitive agreement to acquire Nela Park in Cleveland for an undisclosed price. Nela Park is home to GE Lighting, a Savant company. The acquisition will add more than 1 million square feet of industrial space to Phoenix’s portfolio. Built in 1913, Nela Park is considered the first industrial park in the world, according to Phoenix. The 138-acre property consists of industrial space, office space, a cafeteria, fitness center and outdoor recreation facilities. Savant acquired GE Lighting in July 2020. GE Lighting plans to maintain partial tenancy at Nela Park after Phoenix’s acquisition.
MIAMI — Brickell Station Partners has sold a retail property in Miami to Gazit Horizons for $20.1 million. Hector Antunez and Juan Andres Nava from Metro 1 represented Brickell Station Partners, and Fabian Graff of Metro 1 represented Gazit Horizons. The building, located in downtown Miami’s Brickell neighborhood, is currently home to Toasted Bagelry & Deli, Talkin’ Tacos, CBD American Shaman and Stanzione 87 pizzeria. Located at 83-97 Southwest Eighth St. along The Underline linear park, the building is situated close to Brickell City Centre and Metromover and Metrorail stops.
MELISSA, TEXAS — Marcus & Millichap has brokered the sale of a 459-unit self-storage facility in Melissa, located north of Dallas in Collin County. The Class A property consists of 293 climate-controlled units and 166 non-climate-controlled units across 56,525 net rentable square feet of space. Brett Hatcher, Gabriel Coe and Brian Kelly of Marcus & Millichap represented the buyer and seller, both of which requested anonymity, in the transaction. Tim Speck of Marcus & Millichap assisted in closing the deal as the broker of record.
ORANGE, CALIF. — LPC West, the West Coast arm of Lincoln Property Co., has partnered with TriGate Capital to purchase The Square on Main, a multi-building office campus located at the intersection of Main Street and La Veta Avenue in Orange. Totaling 420,000 square feet, the five-building asset was 96.5 percent occupied by 13 tenants, including the Orange County Transportation Authority and Western Dental, both tenants of more than 25 years. The 7.2-acre campus includes two 12-story buildings, one six-story building and two one-story buildings, as well as a large parking structure. Additionally, the site offers full transit accessibility, with access to the 22 and 57 freeways and numerous airports within 40 miles. LPC West plans to implement a variety of sustainability upgrades and overall operational enhancements throughout the property to help boost efficiency and limit its environmental footprint.
GLENDALE, ARIZ. — SB Real Estate Partners has purchased Cantamar Apartments, a garden-style multifamily community located at 16630 N. 43rd Ave. Glendale, for $58.1 million. The buyer will rebrand the 180-unit asset as Portola On Bell. Built in 1988, the community offers one-, two- and three-bedroom floor plans averaging 1,086 square feet, with washers/dryers, nine-foot ceilings and balconies. Community amenities include a swimming pool, fitness center and resident clubhouse with a business center. SB Real Estate is planning a $4 million capital improvement program to enhance the property’s curb appeal, common area amenities and unit interiors.
SCOTTSDALE, ARIZ. — Avison Young has brokered the sale of Hyatt Place/Hyatt House, a dual-flagged select-service and extended-stay hotel in Scottsdale. A joint venture between Gardner Batt and private investors sold the asset to a joint venture between KKR and Riller Capital for $54.5 million. Located at 18513 N. Scottsdale Road, the property features 229 guest rooms, an onsite restaurant, bar area, breakfast area, business center, meeting space, fitness center, heated outdoor pool and hotel-wide Wi-Fi. The nine-story property opened in March 2021. Jay Maddox, Keith Thompson, Andrew Broad and David Genovese of Avison Young represented the seller in the transaction.
ST. PETE BEACH, FLA. — A joint venture between The LCP Group LP and Safanad have acquired Postcard Inn on the Beach, a 196-room resort in St. Pete Beach, for $83 million. The seller was not disclosed. CBRE arranged a $72.3 million loan for the purchase. Built in 1957, Postcard Inn features a lobby café, full-service restaurant, pool and 3,880 square feet of combined indoor and outdoor terrace meeting space that can accommodate up to 200 guests. Located on 9.6 acres, the beachfront property offers over 300 feet of frontage along the Gulf of Mexico. The joint venture plans to modernize the guestrooms and improve the food and beverage offerings. Crescent Hotels & Resorts will manage the asset under the Latitudes Collection umbrella.
WARWICK, R.I. — Massachusetts-based investment firm Capital Group Properties has purchased Warwick Center, a 160,000-square-foot retail center in Rhode Island. The property sits on 15 acres at the intersection of Interstates 95 and 295 and houses tenants such as Barnes & Noble, Designer Shoe Warehouse, Edge Fitness, Ulta Beauty, Carrabba’s Italian Restaurant and Walpole Outdoors. Capital Group Properties purchased the asset from institutional investment firm Nuveen Real Estate for $12.3 million and plans to upgrade the landscaping, parking areas, signage, lighting and building façade. Nat Heald, Bill Moylan, Chris Angelone and Zach Nitsche of JLL represented the undisclosed seller in the transaction.
LITTLE ROCK, ARK. — MCR, a hotel owner-operator with offices in New York City and Dallas, has bought Homewood Suites by Hilton Little Rock Downtown, a 116-room extended stay property in Little Rock’s downtown district. The seller and sales price were not disclosed. Homewood Suites by Hilton Little Rock Downtown is a six-story hotel that offers studio, one- and two-bedroom suites. Room features include a fully equipped kitchen, refrigerator, microwave, dishwasher and twin burner stove. Hotel amenities include a pool, basketball court, complimentary breakfast, free Wi-Fi, 24-hour business center, a grab-and-go market with snacks and beverages, lobby lounge, covered parking, laundry facilities and 1,058 square feet of event space. Located at 400 River Market Ave., the property is situated 1.2 miles from downtown Little Rock and 5.9 miles from the University of Arkansas. The property is also 7.7 miles from the North Little Rock Municipal Airport.
FREMONT, IND. — Marcus & Millichap has arranged the $4.9 million sale-leaseback of a 129,920-square-foot industrial building in Fremont, a city in northeast Indiana that is a few miles south of the Michigan state line. Koester Metals Inc. (KMI) occupies the property, which is located at 301 W. Water St. and was built in 1975. Nikalos Beery, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented KMI in the transaction. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap secured and represented the buyer, a limited liability company.