PLYMOUTH, MINN. — JLL Capital Markets has brokered the $82.3 million sale of Plymouth Ponds Business Park in Plymouth, about 15 miles west of downtown Minneapolis. The eight-building light industrial park sits on 60 acres at 17100 Media Road. The asset is located at the intersection of Highway 55 and County Road, providing convenient access to I-394 and I-494. Colin Ryan and David Berglund of JLL led the team that represented the buyer, Link Logistics, which was established by Blackstone in 2019. The seller was undisclosed.
EL SEGUNDO, CALIF. — Avison Young and Method Commercial have brokered the sale of a creative office property located at 2210-2218 E. Maple Ave. in El Segundo. Five Amigos, a partnership comprising the former owner-users and Australia-based investors, sold the asset to a Los Angeles-based private investor for $11.2 million. Tecolote Research and Goodlife Physical Medicine fully occupy the 15,743-square-foot building. Built in 2015, the property features two roll-up doors with private patios, two balconies with accordion sliding glass doors, abundant windows and skylights and ample parking. The building is part of the Evelon Campus, a 46.5-acre, 15-building development offering office, retail and hospitality space, as well as athletic fields. Neil Resnick of Avison Young and Martin McDermott of Method Commercial represented the seller, while the buyer was self-represented in the deal.
RANCHO CUCAMONGA, CALIF. — Progressive Real Estate Partners has arranged the sale of a single-tenant retail property located at 6644 Carnelian St. in Rancho Cucamonga. A Santa Barbara County, Calif.-based private investor sold the asset to a San Bernardino County, Calif.-based private investor for $3.3 million, or $763 per square foot. Greg Bedell of Progressive Real Estate Partners represented both parties in the transaction. Originally built as Pomona First Federal Bank in 1979, the 4,278-square-foot location was acquired by US Bank in 2008 and has operated continuously as a bank for the past 42 years.
FIFE, WASH. — Marcus & Millichap has arranged the sale of Sherwood Park, an apartment community located in Fife. A limited liability company sold the property to an undisclosed buyer for $9.5 million. Kellan Moll and Scott Morasch of Marcus & Millichap represented the seller in the transaction.
BASTROP, TEXAS — Redwood City, Calif.-based Ohana Real Estate Investors has purchased the 491-room Hyatt Regency Lost Pines Resort & Spa in Bastrop, an eastern suburb of Austin. The seller was an affiliate of Hyatt Hotels Corp. According to hotelbusiness.com, which tracks the hospitality industry, the sales price was $275 million. The 650-acre property features more than 36,000 square feet of indoor meeting space and 276,000 square feet of outdoor amenity space that includes a golf course, water park, amphitheater and an equestrian facility. In addition, the property adjoins the 1,100-acre McKinney Roughs Nature National Park. The deal follows Ohana’s acquisition of the 496-room La Cantera Resort & Spa in San Antonio.
PEMBROKE PINES, FLA. — Harbor Group International LLC has sold City Center on 7th, a Class A, 700-unit apartment community in Pembroke Pines, for $222.7 million. HGI purchased the suburban Miami property in 2017 for $158.5 million and upon acquisition invested an additional $2.65 million in interior maintenance and upgrades. The buyer was not disclosed. City Center on 7th is close to the Pembroke Lakes Mall and The Shops at Pembroke Gardens, an outdoor lifestyle center. The community is also near the Miramar Park of Commerce, an industrial and business park featuring more than 5.4 million square feet of commercial space and housing several employers to the area. Built in two phases in 2014 and 2015, the community amenities include a LEED Gold-certified clubhouse, beach-entry pool, fitness center, business center, demonstration kitchen, game room, private garages, storage units and 24-hour emergency maintenance. Harbor Group International LLC is a Norfolk, Va. private real estate and real estate investment and management firm.
MIAMI — Berkadia has arranged the $31 million sale of a 1.8-acre development site in Miami’s Bay Harbor Islands known as 1177 Kane Concourse. Located just west of Bal Harbour Shops, the site includes 300 feet of frontage on Kane Concourse and is permitted for a mixed-use residential, retail and office development. Jaret Turkell, Roberto Pesant, Scott Wadler, Omar Morales and Jose Mota of Berkadia’s Miami office represented the seller, Northwood Investors, in the transaction. David Martin is the developer’s CEO, and Terra is the buyer for the development site. Martin says the plans for 1177 Kane Concourse include a mixed-use development with a residential component, Class A office and retail space and food and beverage options at the street level. Bay Harbor Islands is a community situated roughly two miles north of Miami Beach, just above Indian Creek Island. The islands are accessible to Interstate 95 via N.E. 123rd Street.
CHICAGO — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into a definitive agreement to acquire Chicago-based Home Partners of America (HPA), valuing the company at $6 billion. HPA purchases, owns and operates single-family rental homes and provides a path to homeownership for individuals and families across the United States. HPA’s portfolio includes more than 17,000 homes across the country. BREIT intends to support the HPA management team as it explores opportunities to expand access to high-quality housing for lower-income households, including by formally launching its Choice Lease program. This program aims to provide a direct and tangible opportunity to help address housing affordability challenges for families, according to Blackstone. “The fundamental premise of the HPA platform is to provide residents with the opportunity to live in their chosen home with the option to purchase it,” says Jacob Werner, senior managing director with Blackstone Real Estate. “We intend to build on that goal and expand access to homes across the United States.” The transaction is expected to close in the third quarter. BREIT is externally managed by a subsidiary of Blackstone (NYSE: BX), which maintains approximately $196 billion in investor capital under management.
EVANSTON, ILL. — Marcus & Millichap has brokered the sale of Evanston Plaza in Evanston for $36.2 million. The 212,759-square-foot shopping center is located at 1910 Dempster St. Valli Fresh Market anchors the center and occupies 69,210 square feet. Renovated in 2015, the property was 97 percent leased at the time of sale. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the center on behalf of the seller, a private investor. The team also secured and represented the buyer, a limited liability company.
MAITLAND, FLA. — Fundrise has acquired Lake Shadow Apartments, a 300-unit, Class A multifamily property in metro Orlando. Bainbridge Cos. sold the community to Fundrise for $83.1 million. Located on a 16-acre site at 2200 Flagler Promenade Way in Maitland, the property will be renamed Luna at Lake Shadow. The 330,000-square-foot community features one-, two- and three-bedroom apartments. Regions Bank provided an undisclosed amount of acquisition financing to Fundrise, a Washington, D.C.-based real estate investment platform. Bainbridge Cos. LLC is a Wellington, Fla.-based owner, developer and manager of multifamily apartment communities in the Eastern United States and Texas.