CLEVELAND — MCR has purchased the 240-room Hilton Garden Inn hotel in downtown Cleveland for an undisclosed price. Located at 1100 Carnegie Ave., the property is a short drive from the home where the 1983 movie A Christmas Story was filmed. Starring Peter Billingsley, a young boy named Ralphie attempts to get a Red Ryder BB gun from Santa. The Hilton Garden Inn features Harvey’s Sports Lounge and The Garden Grille, as well as a convenience store, fitness center, indoor pool, business center and 11,000 square feet of meeting space. New York City-based Hotel 1100 Carnegie LP sold the hotel for $28.2 million, according to Crain’s Cleveland Business.
Hartman Income REIT Acquires Three Office Buildings Totaling 222,043 SF in Houston’s Energy Corridor
HOUSTON — Subsidiaries of Hartman Income REIT have acquired three office buildings totaling 222,043 square feet in Houston’s Energy Corridor area. Timberway II is a 130,828-square-foot building that was 64.2 percent occupied at the time of sale; One Park Ten Place is a 34,089-square-foot asset that was 34.6 percent occupied at the time of sale; and Two Park Ten Place is a 57,125-square-foot property that was 89.1 percent occupied at the time of sale. All three properties were built between 1979 and 1983 and have subsequently been renovated. The seller(s) was not disclosed.
DENVER AND WESTMINSTER, COLO. — Legacy Partners has completed the sales of two apartment communities located in Denver and Westminster. In the first transaction, Avanath Affordable Housing IV LLC acquired Fox Crossing Apartments, a 220-unit affordable housing community in Denver. Built in 1997, the property features one-, two- and three-bedroom floor plans with an average unit size of 941 square feet. Community amenities include a basketball court, business center, outdoor picnic area, outdoor swimming pool and community garden. Legacy will remain the property management firm of record. The property operates under the Section 42 Low Income Housing Tax Credit program. Dan Woodward, David Potard and Matt Barnett of CBRE’s Denver office, along with Spencer Hurst, Tim Flint and Taylor Froland of CBRE Affordable Housing in Seattle, represented the seller in the deal. In the second transaction, The Praedium Group purchased Legacy on the Promenade, a 300-unit apartment community that was delivered in fall 2018. Located in Westminster, the community features 24 three-story townhomes and 12 live-work residences. David Martin and Pam Koster of JLL brokered the sale.
HESPERIA, CALIF. — Avison Young has brokered the sale of Lemon Street Industrial Center, a multi-tenant industrial business park located at 17229 Lemon St. in Hesperia. Arcadia, Calif.-based Positive Investments sold the property to Los Angeles-based Gofermor LLC for $8.9 million. Built in 1986 on 11 acres, the six-building property totally 102,400 square feet of industrial space, which 17 tenants fully occupy. The asset features 20-foot clear heights, 200 parking spaces, 23 percent office build-out space and prominent monument signage. The business park is located within the High Desert submarket of the Inland Empire. Al Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the seller in the transaction.
MAMMOTH LAKES, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented the seller, while Blake Tagmyer of Cushman & Wakefield’s San Diego office represented the buyer in the deal.
WASHINGTON COURT HOUSE, OHIO — Marcus & Millichap has brokered the $2.5 million sale of a 10,125-square-foot property net leased to CVS Pharmacy in Washington Court House, located between Columbus and Cincinnati. The building is located at 1795 Columbus Ave. CVS recently extended its lease for 15 years. Dan Yozwiak and Nathan Coe of Marcus & Millichap secured the buyer, a partnership completing a 1031 tax-deferred exchange. Doug Brooks of Marcus & Millichap Capital Corp. arranged long-term, fixed-rate acquisition financing.
NEW JERSEY AND MASSACHUSETTS — Harrison Street, a Chicago-based alternative asset investment firm, has acquired a portfolio of 11 seniors housing properties managed by Brightview Senior Living located throughout New Jersey, Massachusetts and Maryland. The portfolio totals 1,322 units. The New Jersey properties include Brightview Greentree in Marlton, Brightview Mount Laurel in Mount Laurel and Brightview Woodbury Lake in Deptford. The Massachusetts properties include Brightview Concord River in Billerica and Brightview North Andover in North Andover. The seller and sales price were undisclosed.
POMONA AND RANCHO DOMINGUEZ, CALIF. — Rexford Industrial Realty has purchased two industrial properties for $99.7 million in Southern California. The investments were funded using cash on hand. The names of the sellers were not released. The company acquired Pomona Distribution Center, located at 1601 W. Mission Blvd. in Pomona, for $87.8 million, or $117 per square foot. Situated on 32.2 acres, the 751,528-square-foot property is fully leased to two tenants. Upon expiration of the existing leases, Rexford plans to increase rents and complete value-add functional and cosmetic upgrades. Rexford also purchased a single-tenant industrial asset, located at 2757 E. Del Amo Blvd. in Rancho Dominguez, for $11.9 million, or $207 per square foot. Situated on 3.5 acres with excess land for trailer parking and storage, the fully occupied building features 57,300 square feet of industrial space. Upon expiration of an in-place lease, the buyer plans to implement a value-add repositioning program to drive cash flow and value growth.
AURORA, COLO. — Newmark Knight Frank (NKF) Colorado has arranged the sale of Majestic Commercenter, an industrial property in Aurora. Delco Properties-Colorado acquired the building from Majestic Lisbon Buildings LLC for $5.9 million. Located at 3350 N. Lisbon St., the building features 46,612 square feet of industrial space. Chris Nordling of Newmark Knight Frank represented the buyer in the transaction.
EDINA, MINN. — City Center Realty Partners (CCRP), in a joint venture with Contrarian Capital Management, has purchased a three-building office complex in Edina. Seller Regis Corp. will lease back a portion of the 180,000-square-foot campus through part of 2020. The 11-acre property is located on Metro Boulevard. Marc Nanne and Steve Buss of JLL represented CCRP in the transaction. CCRP plans to renovate two of the buildings. The 105,000-square-foot, nine-floor 7201 Metro Boulevard building will be leased back to Regis through May 2020 and thereafter renovated for multi-tenant occupancy. Regis is also leasing back a portion of 7151 Metro Boulevard through March 2020. That three-story building will also undergo a renovation. The third building, 7101 Metro Boulevard, is 85 percent occupied by PCL Construction.