RIVERHEAD, N.Y. — Chicago-based Bradford Allen Hospitality has acquired two hotels totaling 245 rooms in the Long Island community of Riverhead. The 131-suite Residence Inn by Marriott was built in 2017 and is located at 2012 Old Country Road, and the 114-key Hilton Garden Inn was constructed in 2008 at 2038 Old Country Road. Both hotels offer pools and fitness centers. The undisclosed seller in the off-market deals was the original developer of both hotels. Bradford Allen will retain New Castle Hotels & Resorts to manage the properties.
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FORT WORTH, TEXAS — Lee & Associates has brokered the sale of a 587,287-square-foot industrial property located at 5901 E. Rosedale St. in Fort Worth. The property consists of 31 buildings that were constructed between 1967 and 1974 and feature clear heights of 16 to 20 feet. The buildings vary in size but had less than 10 percent office finishes in each of them. Colton Rhodes of Lee & Associates represented the buyer, Boston-based investment firm Longpoint Realty Partners, in the transaction. The seller was an entity doing business as Rosedale Industrial Park LLC.
NEW YORK CITY — A partnership between locally based developer Slate Property Group and RiseBoro Community Partnership has purchased the 350-room JFK Hilton Hotel in Queens with plans to convert the property into a 318-unit affordable housing complex. The partnership purchased the hotel, which was originally built in 1987 and is located about half a mile from JFK International Airport, for $64 million. The new complex will be known as Baisley Pond Park Residences and will house studio, one- and two-bedroom units and amenities such as a fitness center, computer lounge and multiple common rooms. Monthly rents will range from $784 for a studio to $1,493 for a two-bedroom apartment. As part of the conversion, the development team will replace all major building and mechanical systems, including new all-electric heating and cooling systems to reduce emissions. Aufgang Architects is designing the project, which has a total price tag of about $167 million and is expected to take about 21 months to complete.
MANCHESTER, PA. — JLL has arranged the $110.2 million sale of a 1 million-square-foot warehouse located at 84 Zions View Road in the Central Pennsylvania community of Manchester. Built on 102 acres in 2019, the cross-dock distribution facility features a clear height of 36 feet, three drive-in doors, 88 dock doors, 126 trailer stalls and 455 parking spaces. John Plower, John Huguenard, Ryan Cottone, Zach Maguire, Jordan Schwartz, Jeff Lockard and Maria Ratzlaff of JLL brokered the deal. The buyer and seller were not disclosed. The building was fully leased at the time of sale.
CLEAR LAKE, TEXAS — Colliers has brokered the sale of Clear Lake Apartments, a 244-unit multifamily complex located on the southeastern outskirts of Houston. Built in 1979, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Chip Nash, Bob Heard and Jaleel Adatia of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
DERBY, CONN. — CBRE has brokered the $33 million sale of Hilltop Commons, a 198,910-square-foot shopping center in Derby, located west of New Haven. Big Y, CVS, Dollar Tree and American Freight anchor the newly redeveloped property. Other tenants include Verizon, AT&T, McDonald’s, Wendy’s and Sherwin-Williams. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, a partnership between DLC and Hutensky Capital Partners, in the transaction. Kempner Properties and Lee & Associates NYC acquired the property in partnership via a 1031 exchange.
KYLE, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of Highway 21 Storage, a 240-unit facility located roughly 25 miles south of downtown Austin in Kyle. The facility was built in 2021 and 2022 and totals 68,775 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the private, Texas-based seller in the transaction. The team also procured the buyer, New York-based Andover Properties, which will operate the facility under its Storage King USA brand.
NEW YORK CITY — Marcus & Millichap has brokered the $48 million sale of Fannwood Estates, a 312-unit apartment complex in Queens. The six-story, rent-stabilized building occupies a full city block within the borough’s Rego Park neighborhood. Shaun Riney, Seth Glasser, Joe Koicim, Louis Zarif and Sean Fopeano of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
NEW YORK CITY — Dallas-based JSC Realty & Investment Services has purchased a multifamily development site in Brooklyn’s Boerum Hill neighborhood with plans to construct a 154-unit project. The 113,000-square-foot site at 540 Atlantic Ave. currently houses a five-story office building that was originally constructed in 1924 and will be demolished. Stephen Palmese, Brendan Maddigan, Michael Mazzara, Ethan Stanton and Winfield Clifford of JLL represented the seller, locally based firm DMA Associates, in the land sale. A construction timeline for the project was not disclosed.
SAN ANTONIO — JLL has brokered the sale of a 174,821-square-foot warehouse and light manufacturing facility in San Antonio. The front-load facility at 4958 Stout Drive is located on the city’s northeast side and features 22-foot clear heights, 12 dock-high doors, two drive-in ramps and 270 parking spaces. Trent Agnew, Josh Villarreal and Greer Shetler of JLL represented the seller, Ledo Capital Group, in the transaction and procured the buyer, Prattco Creekway Industrial. The building was fully leased to tenants at the time of sale.