ANDERSON, IND. — UMH Properties Inc. (NYSE: UMH) has acquired two manufactured housing communities in Anderson, about 40 miles northeast of Indianapolis, for $20.5 million. All totaled, the properties feature 669 developed home sites on approximately 231 acres. The average occupancy rate is 91 percent. UMH is a public traded REIT that owns and operates 114 manufactured home communities with approximately 20,600 developed home sites.
HOUSTON — Dallas-based Westmount Realty Capital LLC has sold Beverly Palms, a 362-unit multifamily community in the Galleria area of Houston. Westmount acquired the Class B property in late 2012 and undertook a $1 million renovation project to upgrade the community’s common areas and unit interiors. Floor plans include one-, two- and three-bedroom units and amenities include two pools, a new playground, business center, fitness center and an on-site convenience store. The buyer was not disclosed.
BUFFALO GROVE, ILL. — Exeter Property Group has acquired a two-building industrial portfolio in Buffalo Grove, a suburb of Chicago. The properties, spanning a combined 180,766 square feet, are located in Covington Corporate Center. One of the buildings, 951 Commerce Court, is a 95,810-square-foot property fully leased to Veritas Document Solutions. The other is an 84,956-square-foot building fully leased to five tenants, including Sears, Midwest Sealing Products and Perfect Power. Robin Stolberg, Kurt Sarbaugh and Sam Berry of HFF represented the undisclosed seller.
INDIANAPOLIS — Lee & Associates has negotiated the sale of a 20,786-square-foot industrial warehouse in Indianapolis for an undisclosed price. The property is located at 5402 Massachusetts Ave. Stan Elser of Lee & Associates represented the buyer, Gardner Associates LLC. Jeff Baumgardner of Century 21 Sheetz represented the seller, Parke Properties LLC.
DENVER — Pinnacle Real Estate Advisors has arranged the sale of The Hanford House, a multifamily property located at 809 Dexter St. in Denver. RGD Properties sold the property to an undisclosed buyer for $7.4 million, or $330 per square foot. The building features 22,431 square feet. Kevin Calame of Pinnacle Real Estate represented the seller in the in the transaction.
BOTHELL, WASH. — Colliers International has brokered the sale of The Romero Professional Building, a medical office property located at 19110 Bothell Way NE in Bothell, a northeastern suburb of Seattle. LAIT Bothell LLC sold the property to Bothell RE Venture LLC for $3 million, or $307.88 per square foot. Built in 1987, the property features 9,744 square feet. Current tenants are Bothell Endodontics, Bothell Physical Therapy, Eastwind Acupuncture Clinic and Formo Enterprises. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller, while Derek Heed and Gregg Riva, also of Colliers, represented the buyer in the off-market transaction.
OAK RIDGE, TENN. — Marcus & Millichap has brokered the $4 million sale of Victory Centre, a 38,000-square-foot office property located at 575 Oak Ridge Turnpike in Oak Ridge, roughly 25 miles west of Knoxville. Justin Fenn and Dan Yozwiak of Marcus & Millichap arranged the transaction on behalf of the seller, a partnership, and procured the buyer, a limited liability company. The two-story building was constructed in 2003. At the time of sale, the property was 95 percent leased to eight medical office, legal and consulting firm tenants.
IRVINE, CALIF. — Newport Beach, Calif.-based Irvine Co. has purchased 58 Discovery, a mixed-use building located within Irvine Spectrum in Irvine, for an undisclosed price. Built in 2000, the property features 60 percent office space and 40 percent R&D/warehouse space. Thales Avionics, a long-term Irvine Co. customer, occupies the 127,000-square-foot building. Jeff Cole, Ed Hernandez and Nico Napolitano of Cushman & Wakefield represented the undisclosed seller.
LAS VEGAS — Sun Commercial Real Estate has brokered the sale of a single-tenant, absolute triple-net leased portfolio in Las Vegas. An undisclosed REIT sold the portfolio to an undisclosed buyer for $8.3 million, or $120 per square foot. The portfolio includes a 38,784-square-foot office building located at 2975 S. Rainbow Blvd. and eight residential rehabilitation facilities totaling 30,389 square feet. Cathy Jones, Jessica Cegavske, Roy Fitz, Paul Miachika and Taylor Vasquez of Sun Commercial Real Estate’s Investment Sale Group represented the seller and procured the buyer in the transaction.
BELLEVUE, WASH. — Colliers International has arranged the sale of Olympic Medical Center, an office property located at 1310 116th Ave. NE in Bellevue, a western suburb of Seattle. Healthcare Realty acquired the property from BH Properties I LLC for $7.7 million. Radiology Consultants of Washington, Center for Diagnostic Imaging, Overlake Arthritis, Lab Corp and Acute Pain Therapies occupy the 15,274-square-foot property, which was built in 1978. Pat Mutzel and Jeff Jeremiah of Colliers represented the seller in the deal.