IRVING, TEXAS — A joint venture between Ridgeline Capital Partners and Harrison Street has acquired a 70,000-square-foot medical office building located at 6121 N. State Highway 161 in Irving. The property was built on 4.1 acres in 2019 and was 82 percent leased to five tenants at the time of sale. The undisclosed seller represented itself in the transaction.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.
CHICAGO — Weber-Stephen Products LLC has entered into a sale-leaseback for its 622,000-square-foot manufacturing facility near the Chicago O’Hare International Airport. W.P. Carey Inc. purchased the building for $40 million. Weber-Stephen, a manufacturer of barbecue grills, occupies the facility on a 15-year lease. The property serves as the tenant’s primary North American manufacturing facility. Since 2014, Weber-Stephen has made capital improvements totaling over $28 million at the site.
SAN DIEGO — Padma Laxmi has purchased an 85,824-square-foot industrial facility located at 10054 Old Grove Road in San Diego’s Scripps Ranch community. CapRock Partners sold the asset for an undisclosed price. Constructed in the early 1980s, the property underwent an extensive renovation in 2018 to bring the property to Class A status. The plan included high-quality finishes throughout, a new roof, a redesigned office area, new drought tolerant landscaping and an updated entry way. Situated on 5.5 acres, the property features a secured yard area, heavy power and an above-average clear height. At the time of sale, the facility was fully leased. Bryce Aberg, Jeff Cole, Jeff Chiate, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Investment Advisory Group in Southern California represented the seller in the transaction. Brant Aberg, also of Cushman & Wakefield, provided leasing advisory services for the property.
CAMBRIDGE, MASS. — Xenia Hotels & Resorts Inc. (NYSE: XHR), a Florida-based REIT, has sold the 221-room Residence Inn by Marriott Boston Cambridge hotel for $107.5 million, or approximately $486,000 per key. The property is located near Harvard University and Kendall Square. The undisclosed buyer acquired the asset at a capitalization rate of 7.8 percent. Xenia will use the $46 million in net proceeds from the sale to repay outstanding debt and for other general corporate purposes.
MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.
LEXINGTON, KY. — NAI Isaac has brokered the sale of a 29,240-square-foot office building formerly leased to American National University in Lexington. Quality Logistics LLC, a third-party logistics company specializing in shipping of fresh, frozen and dried goods, acquired the property for an undisclosed price. The buyer also expects to move into the space by early 2021. The office building is situated at 2376 Sir Barton Way, six miles east of downtown Lexington. Bruce Isaac, Al Isaac and Paul Ray Smith of NAI Isaac, along with Matt Smyth of Colliers International, represented the seller, Corolla Management Corp., in the transaction. David Allen of areaLex Real Estate represented the buyer.
NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.
WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 301-unit CubeSmart self-storage facility in the central Massachusetts city of Worcester. The property features 19,776 square feet of net rentable climate-controlled space. Nathan Coe, Brett Hatcher, Gabriel Coe and Joseph French Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company.
BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Pine Brook Apartments, a multifamily property located at 5000 Belle Terrace in Bakersfield. A Northern California-based private capital investor acquired the asset for $22 million. Mark Bonas of TMG represented the seller, a long-time owner based in Southern California. Built in 1971 on a 9.2-acre site, Pine Brook Apartments features 240 apartments, two swimming pools and spas, a fitness center, garages, covered parking, a leasing center, community clubhouse, outdoor barbecue stations and laundry facilities.