BIG SPRING, TEXAS — Marcus & Millichap has brokered the sale of AAA Mini Storage, a 365-unit self-storage facility in Big Spring, located outside of Midland in West Texas. The property is situated on 6.2 acres and spans 73,116 square feet. Sean Delaney, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a Chicago-based private investor, in the transaction. The buyer was a fund manager that owns self-storage properties in 12 states.
FLORHAM PARK, N.J. — Cushman & Wakefield has brokered the sale of a 168,144-square-foot office building located at 325 Columbia Turnpike in Florham Park, about 30 miles west of New York City. The three-story building is situated on 15 acres and offers amenities such as a recently renovated cafeteria and onsite tenant storage units. The property was 85 percent leased at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Seth Zudiema represented the seller, Mack-Cali, in the transaction. The team also procured the buyer, Connecticut-based investment firm The Birch Group.
ALPHARETTA, GA. — Crescent Real Estate LLC has acquired The Hotel at Avalon, a 330-room property within Avalon in Alpharetta. The hotel, which is part of the Marriott Autograph Collection brand, opened in 2018 and features a 65,000-square-foot conference center, 44,000 square feet of multi-function space, a fitness center, pool, full-service Starbucks and a South City Kitchen restaurant. The Fort Worth, Texas-based buyer has retained HEI Hotels & Resorts to manage the property. Bill Hodges, Mark Elliott, Todd Ratliff, Pete Dannemiller, Nate Ries, Coby Campbell and Nic Howe of Hodges Ward Elliott represented the seller, a partnership between Stormont Hospitality Group, North American Properties and Long Wharf Capital, in the transaction. The sales price was not disclosed. Avalon is a $1 billion mixed-use development spanning 86 acres. Developed in phases by North American Properties, Avalon features 500,000 square feet of retail space, more than 20 restaurants, 600,000 square feet of office space and more than 600 residential units. The Hotel at Avalon is the only hotel on the property. Avalon’s tenant base includes Whole Foods Market, Tesla, Apple, Microsoft, Sundance, Arhaus, The Container Store, lululemon athletica, Peloton, Pottery Barn, a 12-screen Regal theater, West Elm and Williams Sonoma, among others.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Sungate Apartments, a 66-unit community in San Antonio. The property was built in 1972 and features one-bedroom units and amenities such as a pool and an outdoor grilling area. Chris Siemasko of TMG represented the locally based seller in the transaction, and Bryce Smith of TMG procured the buyer. Both parties requested anonymity.
FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight states.
CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
CAMDEN, S.C. — Marcus & Millichap has negotiated the $3.5 million sale of Aspen Dental Strip Center, an 8,400-square-foot retail property in Camden. The strip retail center was leased to Aspen Dental, Jersey Mike’s, T-Mobile and a nail salon at the time of sale. Zach Taylor and Don McMinn of Marcus & Millichap’s Taylor McMinn Retail Group represented the seller, BM Camden Associates LLC, in the transaction. W Properties LLC, a privately held 1031 exchange investor, acquired the property. The sale represents the final piece of the River Oaks Shopping Center dispositions, which also included the sale of a property ground-leased to Chick-fil-A and the sale of a 146,000-square-foot shopping center anchored by Hobby Lobby and Marshalls. The three segments sold to separate investors for $16.1 million. “This project was a perfect example of how implementing a parcellated disposition strategy will often net sellers significant additional proceeds versus a single shopping center sale inclusive of all outparcels and anchors,” says Taylor. “This approach has become the industry standard over the past six months for our clients, both private and institutional.”
MICHIGAN, MINNESOTA, ILLINOIS AND IOWA — Saudi Arabia-based Arbah Capital and Chicago-based Brennan Investment Group have acquired a five-property industrial portfolio across four Midwest states. JLL Capital Markets arranged the joint venture partnership between the two companies as well as $22.9 million in debt financing for the acquisition. The portfolio spans more than 557,000 square feet and includes light industrial and flex space in Michigan, Minnesota, Illinois and Iowa. The properties include: 5460 Executive Parkway in Grand Rapids, Mich.; 1865 Industrial Drive in Grand Haven, Mich.; 7550 49th Ave. in New Hope, Minn.; 4050 Ryan Road in Gurnee, Ill.; and 1100 E. LeClaire Road in Eldridge, Iowa. Four of the five properties are single-tenant assets. The portfolio is 97.5 percent leased to tenants in the automotive, manufacturing and telecommunications industries. Claudio Sgobba, Christopher Carroll, David Berglund, Matthew Schoenfeldt and Doug Childers of JLL arranged the partnership and financing. Wintrust Bank provided the five-year, floating-rate loan. The seller was undisclosed.
LEWIS CENTER, OHIO — Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, has purchased The Mirada in the Columbus suburb of Lewis Center for an undisclosed price. The 256-unit apartment community, built in 2018, spans 224,635 square feet on nine acres. It features studios, one-, two- and three-bedroom floor plans and was 95 percent leased at the time of acquisition. Amenities include a pool, grilling area, sand volleyball court, clubroom, game area and fitness center. The seller was undisclosed.