MCKEESPORT, PA. — Phoenix Investors, a Milwaukee-based investment firm, has purchased a 600,000-square-foot industrial property in McKeesport, located southeast of Pittsburgh in Allegheny County. The property, which was built in 1963 and subsequently renovated in 2005 and 2018, is located on a 36-acre site approximately 35 miles southeast of Pittsburgh International Airport with proximity to Interstates 70 and 76. Ned Shekels of Pennsylvania Commercial Real Estate Inc. brokered the deal, the seller in which was not disclosed. Phoenix Investors expects to immediately commence upgrades to the facility to accommodate new tenant occupancy and market the available space for lease.
KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …
VICTORVILLE, CALIF. — H.I.G. Realty Partners has purchased Southern California Logistics Center (SCLC), a seven-property industrial portfolio in Victorville. Terms of the off-market transaction were not released. Situated on the former George Air Force Base, SCLC features 3.4 million square feet of industrial space. The fully leased property provides mission-critical logistics support to tenants in the consumer products, manufacturing, food and beverage, and aviation sectors.
JUPITER, FLA. — A joint venture between JB Capital Management and Royce Properties has acquired Fresh Market Village, a shopping center in Jupiter, for $25.5 million. Justin Smith of Atlantic Retail represented the seller, an entity doing business as Adar Jupiter LLC, in the transaction. The Fresh Market Village is a 55,046-square-foot center that was 97 percent leased at the time of sale to tenants including The Fresh Market, 2 Vinez Restaurant & Wine Bar, Starbucks Coffee, Casa Mia and Gretchen Scott Designs. Located at 311 E. Indiantown Road, the center is about 2.6 miles from Jupiter Beach, approximately 16.3 miles from West Palm Beach and about 20.7 miles from Palm Beach International Airport.
GULF SHORES, ALA. — Franklin Street has arranged the sale of Pelican Place at Craft Farms, a 220,372-square-foot shopping center in Gulf Shores. Bryan Belk and John Tennant of Franklin Street’s Atlanta-based Retail Investment Sales Team represented the seller, an affiliate of RCG Ventures, in the transaction. Atlanta-based Octave Holdings purchased the property for $16 million. Pelican Place at Craft Farms was 82.9 percent leased at the time of sale to tenants such as CMX Cinemas movie theater, Books-A-Million, Bed Bath & Beyond and Dollar Tree. The property is shadow-anchored by Target and Publix. Located at 3800 Gulf Shores Parkway, Pelican Place at Craft Farms is situated approximately 1.6 miles from the Jack Edwards National Airport. The property is also situated at the entrance of Craft Farms, a 150-acre master-planned community that features a golf course.
FRANKLIN, LA. — Marcus & Millichap has arranged the sale of a 14,820-square-foot net-leased retail property located at 2030 Main St. in Franklin. The property, which is net-leased to Walgreens, sold for $4.9 million. Brennan Clegg, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company, in the transaction. David Cutler, Joshua Johnson and Kirk Trammell of Marcus & Millichap represented the buyer, also a limited liability company. Chris Shaheen of Marcus & Millichap assisted in closing this transaction. The Walgreens property is situated 46.6 miles from Lafayette, about 1.3 miles from Franklin Foundation Hospital and within walking distance to a Walmart. Walgreens has 12.5 years left on its lease.
PARK CITY, KAN. — Sealy & Co. has acquired a 1.3 million-square-foot industrial portfolio in Park City, a suburb just north of Wichita. The purchase price was undisclosed. The portfolio consists of four fully occupied distribution centers along North Air Capitol and North Hayes drives. All four of the Class A buildings have been constructed within the last six years. Whitney Kerr of Cushman & Wakefield represented the seller, Murdock Properties LLC. Sealy’s Jason Gandy and Davis Gibbs led the acquisition on behalf of Sealy.
NEWCASTLE, OKLA. — Marcus & Millichap has brokered the sale of Riverside Boat & RV Storage, a 492-unit facility in Newcastle, a southern suburb of Oklahoma City. The property spans 161,316 net rentable square feet of space. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private owner who developed the facility, and procured the buyer in the transaction. Both parties requested anonymity.
MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Delano, an apartment property located along Gilbert Road in Mesa. S2 Capital sold the asset to Western Wealth Capital for $64 million, or $241,509 per unit. Cliff David and Steve Gebing of IPA represented the seller and procured the buyer in the deal. Built in 1980 on 20 acres, Delano features 265 apartments, a fitness center, swimming pool, dog park and an outdoor Wi-Fi lounge with landscaping, seating and bistro lighting. Units feature stackable washers/dryers, wood-style vinyl flooring and private patios.
OKLAHOMA CITY — Marcus & Millichap has brokered the sale of Apublix Self Storage, a 563-unit facility in Oklahoma City. The property encompasses 83,960 net rentable square feet of climate- and non-climate-controlled space. Bryan Quaschnick, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.