REDFORD, MICH. — DealPoint Merrill has acquired a 95,000-square-foot industrial facility in Redford, a western suburb of Detroit. The purchase price and seller were undisclosed. DealPoint Merrill plans a $9 million renovation that is expected to commence this quarter. David Frank and Sterling McGregor of DealPoint Merrill negotiated the transaction and handled the due diligence for the sale, respectively. Jason Limbert and Tyler Bendicksen of DealPoint Merrill completed the acquisition and underwriting, while Dave Rumsey of DealPoint Merrill’s capital markets division assisted with the equity-backed securities. Anthony Pellegrino III of P.A. Commercial represented the seller.
DALLAS, HURST AND ARLINGTON, TEXAS — Marcus & Millichap has brokered the sales of three multifamily properties totaling 377 units in the Dallas area. The properties sold for a combined $36.6 million. Park Place totals 120 units and is located in the northern-central metroplex city of Hurst, while Twenty Oaks comprises 86 units and is located in nearby Arlington. The Francisco, which is situated about five miles from downtown Dallas, totals 171 units. Al Silva and Ford Braly of Marcus & Millichap represented the sellers and buyers, all of which requested anonymity, in all three transactions.
RALEIGH, N.C. — CBRE|Raleigh has negotiated the $56.5 million sale of Edwards Mill Townhomes and Apartments, a 220-unit multifamily community located at 4428 Mill Village Road in northwest Raleigh. Howard Jenkins, Kevin Kempf, William Yowell and Drew Harney of CBRE’s Southeast Multifamily Investment Sales team represented the seller, California-based RK Properties, in the transaction. K.O. Kennedy and Scott Brady of CBRE’s Debt & Structured Finance division secured acquisition financing for the undisclosed buyer. Built in 1984, Edwards Mill is situated within walking distance to Crabtree Valley Mall and features an onsite 20-mile fitness trail, a 5,000-square-foot fenced dog park, car care center, fitness center, swimming pool with a sundeck, cyber café, full basketball court and a lighted tennis court.
DAYTONA BEACH, FLA. — Urban Story Ventures has sold a former Macy’s department store at Volusia Mall in Daytona Beach for $10 million. The Chattanooga, Tenn.-based investor purchased the 10-acre property in spring 2020. The buyer, a joint venture between Legacy Partners and capital partner Griffin Capital Co. LLC, plans to develop a 350-unit apartment community at the site. The community, dubbed Legacy Daytona, will be situated across the street from Daytona Beach International Airport and Daytona International Speedway. Designed by Zyscovich Architects, the property will feature a top floor sky lounge, outdoor living room, heated saltwater pool, reflection courtyard, fitness center, yoga and spin studio, a dog park and a pet spa. The store will be demolished in the coming months to make way for Legacy Daytona. Legacy Partners and Griffin Capital plan to move in first tenants by summer 2024, with full completion set for summer 2025. Urban Story Ventures is currently involved in the adaptive reuse of another former Macy’s store it sold in Vero Beach, Fla.
DAYTONA BEACH, FLA. — Marcus & Millichap has brokered the $12.8 million sale of Boardwalk Inn and Suites, a 101-room hotel located at 301 S. Atlantic Ave. in Daytona Beach. Ahmed Kabani, Lucas Mondino and Kian McLean of Marcus & Millichap’s Kabani Hotel Group represented the seller, South Atlantic Hospitality Group, in the transaction. Kabani says the hotel fetched more than 10 offers during the marketing process. Catherine O’Brien of Marcus & Millichap’s Encino, Calif., office assisted the Kabani Hotel Group on the list side. The buyer was an entity doing business as HLOM LLC. Built in 1988, the oceanfront hotel features a fitness facility, outdoor pool, hot tub and direct beach access.
LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.
LAKE MARY, FLA. — Legacy Realty Group Advisors has negotiated the $46 million sale of Griffin Farm at Midtown, a 125,000-square-foot, grocery-anchored shopping center in Lake Mary, a suburb of Orlando. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy Realty represented both the buyer and seller in the transaction. Both parties requested anonymity, but Orlando Business Journal reports the seller was Unicorp. Griffin Farm at Midtown is anchored by Winn-Dixie and also houses a 24-Hour Fitness location. The shopping center is part of a new mixed-use development that also features 263 luxury apartments and 138 David Weekly Homes.
WOODBRIDGE, VA. — CBRE National Senior Housing’s investment properties team has arranged the sale of HarborChase of Prince William Commons, a Class A seniors housing community in Woodbridge, a suburb of Washington D.C. Built in 2018, HarborChase of Prince William Commons is a three-story building with 127 units of assisted living, transitional memory care and memory care units. John Sweeny, Aron Will, Garrett Sacco and Scott Bray of CBRE represented the sellers, Silverstone Senior Living and Lionstone Investments. Although the price was not disclosed, CBRE National Senior Housing’s debt and structured finance team consisting of Aron Will, Tim Root, and Michael Cregan arranged acquisition financing on behalf of the buyer, Artemis Real Estate Partners. CBRE secured a five-year, $31.3 million, fixed-rate loan from a regional bank with 24 months of interest-only payments. The Arbor Co. will operate the community following the acquisition.
MUKILTEO, WASH. — Sienna Technologies has acquired an industrial property located in the Harbour Pointe neighborhood of Mukilteo, approximately 25 miles north of Seattle. UMC Inc., a medical contractor, sold the asset for $8.2 million. Zach Vall-Spinosa and Ryan Foster of Kidder Mathews represented the buyer in the deal. Located at 11611 49th Place W., the property features 36,000 square feet of standalone industrial flex space on two acres. Based in Woodinville, Sienna Technologies manufactures aluminum nitride ceramics, including some used for electric propulsion in space exploration appliances.