SOUTH PLAINFIELD, N.J. — Lee & Associates has brokered the $36.5 million sale of a 200,000-square-foot industrial property located at 18-20 Harmrich Road in South Plainfield, about 40 miles south of Manhattan. The two-building property sits on 18 acres and features clear heights of 28 feet, multiple loading docks and additional outdoor storage space. Rick Marchisio, Crista Governara and Drew Maffey of Lee & Associates represented the undisclosed seller and the buyer, Boston-based investment firm Marcus Partners, in the off-market transaction.
PANAMA CITY BEACH, FLA. — The Radco Cos., an opportunistic real estate investment firm based in Atlanta, has purchased three hotels in Panama City Beach totaling 281 rooms. The properties include a Home2 Suites, adjacent Fairfield Inn & Suites and a Hampton Inn. All three hotels will be managed by LBA Hospitality. Hospitality Real Estate Counselors (HREC) served as brokers for the Home2 Suites and Fairfield Inn properties, with Hunter Hotel Advisors brokering the Hampton Inn deal. The sellers and sales price were not disclosed. The new ownership plans to make capital improvements to the three hotels. Radco launched a hotel investment division in early 2021 in response to disruptions to the hospitality industry caused by the COVID-19 pandemic.
PACKWOOD, WASH. — Crystal Investment Property (CIP) has arranged the sale of Packwood Lodge, a select-service hotel located at 13807 US-12 in Packwood. Terms of the transaction were not released. The 30-guest room Packwood Lodge includes extensive capital improvements, 21 updated guest rooms or suites and nine detached cabins. The property features a lobby with a breakfast area, office, laundry room, owner’s quarters and a hotel-adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini fridges, microwaves, coffee makers and high-speed wireless internet. The cabins, completed in 2019, feature kitchenettes, dining areas, jacuzzi tubs and outdoor decks. Joseph Kennedy of CIP, along with the CIP team, represented the buyer and seller in the transaction.
FAIRFIELD, CALIF. — Panattoni has completed the disposition of Green Valley Corporate Park, a three-building industrial campus in Fairfield. TA Realty acquired the asset for $90.5 million. Situated on 26.5 acres at 4550-4750 Business Center Drive, Green Valley Corporate Park offers 415,107 square feet of Class A industrial space. The buildings feature 32-foot to 36-foot clear heights, 51 dock doors, 10 grade-level doors and 392 parking spaces. At the time of sale, the newly completed property was 75 percent pre-leased to Southern Glazer and Landsberg Orora. Ryan Sitov and Mark Detmer of JLL Capital Markets represented the seller in the deal. Glen Dowling, Matt Bracco and Chris Neeb of JLL handled leasing for the asset.
ORLANDO, FLA. — Avanath Capital Management has purchased City View, a mixed-use development located at 595 Church St. in Orlando, for $62.5 million. The buyer purchased the asset using a combination of its commingled fund equity and debt financing from JPMorgan Chase and Fannie Mae. Marcus & Millichap’s Affordable Housing Advisors division brokered the sale. Nearly half of City View’s 266 apartments are designated affordable, with the property’s rent restrictions continuing until 2050. Avanath Capital has taken steps to preserve the current designations of 28 units at 50 percent of area median income (AMI), 79 units at 60 percent of AMI and 24 units at 120 percent of AMI. The property was 96.9 percent occupied at the time of sale. In addition to the apartments and resident amenities, City View houses 13 commercial tenants occupying nearly 25,000 square feet, including boutique retail, restaurant, deli and financial education/literacy users, as well as the Orlando Police Department. Avanath Capital plans to complete interior renovations of the market-rate units to bring finishes and rents in-line with those of market competitors. Additionally, the firm will upgrade City View’s common areas and retails spaces and replace the roof, HVAC and boiler.
HOOVER, ALA. — Marcus & Millichap has brokered the $44 million sale of The Hills at Hoover, a 320-unit apartment community in Hoover, a suburb of Birmingham. Josh Jacobs and Royce Emerson of Marcus & Millichap represented the seller, a family office based in New Jersey, and procured the buyer, a Florida-based multifamily owner/operator. Built in the early 1970s, The Hills at Hoover has recently undergone a significant remodel across several interior units, according to Jacobs. According to Apartments.com, the property features one-, two- and three-bedroom apartments, as well as a business center, clubhouse, fitness center, pool, playground, tennis court and a grilling/picnic areas.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of Advance A-1 Self Storage, a 411-unit facility in the West Texas city of Odessa. The property sits on 3.2 acres at 3151 E. Business Loop 20. Dave Knobler and Mixson Staffel of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a REIT, in the transaction. Both parties requested anonymity.
NEWARK, DEL. — Atlantic Realty Cos., a Virginia-based development, investment and brokerage firm, has sold a 145,400-square-foot shopping center located at 230 E. Main St. in Newark for $33.5 million. Built in 1955 and renovated in 2017, the center was 93 percent leased at the time of sale to a roster of 31 tenants, with grocer Newark Natural Foods and Main Street Movies 5 serving as the anchors. Other retailers and restaurants include PNC Bank, Wing Stop, Dollar Tree, Goodwill, T-Mobile and Tropical Smoothie Café. Gil Neuman of Neuman Commercial Group represented Atlantic Realty in the transaction. The buyer was not disclosed.
HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.
FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.