CHARLESTOWN, MASS. — CBRE has negotiated the $74.5 million sale of The Town Industrial Portfolio, a collection of three industrial and self-storage buildings totaling 110,898 square feet in Charlestown. The buildings are situated on a combined 4.3 acres near Interstates 90 and 93 on the north side of Boston. The portfolio consists of a 21,586-square-foot industrial building, a CubeSmart-branded self-storage facility with 617 interior storage units and 28 exterior storage units and a fully leased flex/R&D facility. Scott Dragos, Chris Skeffington, Doug Jacoby, Tony Hayes, Tim Mulhall, Roy Sandeman and Dan Hines of CBRE represented the seller, Center Court, in the transaction. The buyer was The Related Cos.
PORTLAND, ORE. — Trion Properties has acquired The Russell Apartments, a multifamily property located at 2621 NE Seventh Ave. in Portland. An undisclosed seller sold the asset for $19.7 million. The six-story property features 68 apartments in 25 different floorplans with patio decks, modern finishes and full-size in-unit washers/dryers. Community amenities include a roof terrace with barbecues and a fire pit, fitness center, club lounge, pet washroom and secured bike storage. Rob Marton and Tyler Johnson of HFO Real represented Trion in the transaction. Continental Partners arranged the financing through Andrew Kwok of Capital One.
ATLANTA AND NASHVILLE, TENN. — GTIS Partners has sold a single-family rental (SFR) portfolio spanning 1,081 homes located in Atlanta and Nashville to an undisclosed buyer for approximately $300 million. GTIS first entered the SFR space in 2012. Since then, the New York-based firm has owned and/or managed over 4,700 SFR homes scattered across nine markets. Additionally, GTIS has seven build-to-rent projects under construction in Phoenix and South and Central Florida. The developments total 1,370 units and will cost about $340 million to bring on line.
LOUISVILLE, KY. — JLL Income Property Trust has acquired Louisville Airport Distribution Center, a newly constructed industrial property located in the Southside/Airport industrial submarket in Louisville. The facility totals approximately 284,000 square feet. The property is within five miles from distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and the Louisville Muhammad Ali International Airport. The Chicago-based REIT purchased the property for $32.1 million from an undisclosed buyer. This acquisition is JLL Income Property Trust’s second in Louisville after purchasing Louisville Distribution Center earlier this year. Louisville Airport Distribution Center is located close to several interstates, including Interstates 24, 64, 65, 71 and 75. The center is 2.5 miles from GE Appliance Park. Built in 2020, the center is fully leased to Haier US Appliance Solutions, which is an affiliate of local heavyweight GE Appliances, and Derby Industries. The leases carry a weighted average term of 5.1 years. The property includes modern features such as 36-foot clear heights, LED lighting and HVAC throughout.
KENNESAW, GA. — Preferred Apartment Communities Inc. (PAC) has purchased The Ellison, a 250-unit, newly built multifamily community in the northern Atlanta suburb of Kennesaw. The sales price and seller were not disclosed. Robert Stickel, Alex Brown and Ashlyn Warren of Cushman & Wakefield represented the undisclosed seller in the transaction. Built in 2021, The Ellison is located at 1650 N Roberts Road, about 3.5 miles from Kennesaw State University and 7.3 miles from Chattahoochee Technical College. Community amenities include a saltwater pool with sun decks, fire pit, fitness center, resident lounge with gaming tables and a coffee bar, bark park and paw spa, electric car charging stations and bike storage. The Ellison is currently 100 percent occupied. PAC is an Atlanta-based real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties.
LONGVIEW, TEXAS — Marcus & Millichap has brokered the sale of Longview Climate Storage, a 114-unit self-storage facility located about 100 miles east of Dallas. Dave Knobler, Brandon Karr, Danny Cunningham and Mixson Staffel of Marcus & Millichap represented the seller, a Houston-based private investor, in the disposition of the facility, which spans 11,108 net rentable square feet. The quartet also procured the buyer, a limited liability company.
ST. CLAIR SHORES, MICH. — Cohn Commercial Properties has brokered the sale of a former Kroger store in St. Clair Shores, about 13 miles northeast of Detroit. The 51,021-square-foot building is located at 22332 East 9 Mile Road. Harry Cohn of Cohn Commercial, along with CBRE, represented the seller, The Kroger Co. The buyer was St. Clair Retail Management LLC.
NEW YORK CITY — DiamondRock Hospitality Co. (NYSE: DRH), a Maryland-based REIT, has sold the 725-room Lexington Hotel in Midtown Manhattan for $185.3 million, or roughly $256,000 per room. The sales price represents a cap rate of 5.4 percent based on the hotel’s 2019 net operating income. The Lexington Hotel features multiple meeting and event spaces. DiamondRock intends to invest the net proceeds from the sale in resort and urban lifestyle hotels. The buyer was locally based hospitality owner-operator MCR.
DENVER — Berkadia has brokered the sale of 16 Penn, a mid-rise apartment community located in Denver. Denver-based The Burgwyn Co. sold the asset to an undisclosed entity for $39 million. Located at 1615 Pennsylvania St., 16 Penn features 99 apartments in a mix of one- and two-bedroom floor plans with in-unit washers/dryers and private balconies. Community amenities include a fitness studio, media room, community kitchen, courtyard with a fireplace and grills, and a library. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the transaction. Matt Schildwatcher of Berkadia Denver secured a $32 million, four-year, interest-only bridge loan for the buyer.
SHELBY AND HICKORY, N.C. — Berkshire Hathaway has arranged the sale of a self-storage portfolio in Shelby and Hickery. The sales price was not disclosed. Parker Sweet and Cameron Vale of Berkshire Hathaway represented the seller and secured the buyer, both privately owned companies. The properties total 1,570 units and 219,000 net rentable square feet.