PITTSBURGH — New York City-based Golden East Investors has purchased the former Heinz manufacturing campus in Pittsburgh with plans to redevelop the property. The acquisition includes seven industrial buildings totaling approximately 985,000 square feet that are situated on a 20-acre site along the Allegheny River. Phase I of the redevelopment will center on repositioning two warehouses and cold storage facilities totaling roughly 300,000 square feet to be able to accommodate advanced manufacturing, research and development, life sciences and robotics users. Completion of that initiative is slated for the third quarter of next year. Phase II will feature a renovation of a 375,000-square-foot building into a life sciences facility with an accompanying parking garage that can support up to 500 vehicles. The third and final phase will involve converting the sites that house the other four buildings into a mixed-use development with multifamily, retail and office and/or life sciences uses. CBRE brokered the sale of the campus.
ORLANDO, FLA. — Plaza Advisors has arranged the sale of Oakhill Village, a 103,427-square-foot shopping center located at the intersection of Hiawassee and Old Winter Garden roads in Orlando. An offshore investor doing business as Escape 22 Oakhill LLC purchased the center from an entity doing business as Oakhill Village Associates Ltd. for an undisclosed price. Built in 1989, Oakhill Village is situated on 11.4 acres about 10 miles northwest of Orlando International Airport. The property was 99 percent leased at the time of sale to tenants such as anchor DG Market + pOpshelf.
PORTLAND, ORE. — Clarion Partners has sold Marine Drive Distribution Center, a four-building industrial facility located at 6308-6310 and 6204-6210 N. Marine Drive and 7409-7433 and 7507-7517 N. Leadbetter Road in Portland’s Rivergate submarket. LBA Logistics acquired the asset for an undisclosed price. Totaling 590,770 square feet, Marine Drive Distribution Center features one single-tenant and three multi-tenant institutionally managed distribution warehouses. The buildings feature ESFR sprinklers, 24-foot to 26-foot clear heights, and 114 dock-high, 12 grade-level and 28 rail-served doors, as well as ample parking. At the time of sale, the buildings were fully triple net leased to seven tenants. Mark Detmer, Buzz Ellis and Ryan Sitov of JLL Capital Markets represented the seller. Tyler Sheils of JLL Leasing team is handling leasing of the property.
TACOMA, WASH. — 6th & Alder Partners LLC has completed the disposition of Sixth & Alder, an apartment building in Tacoma, to an undisclosed buyer for $46.2 million. Austin Kelley and Ben Norbe of Kidder Mathews represented the buyer in the off-market transaction. Located at 3118 6th Ave., Sixth & Alder features 111 apartments and 75,240 square feet of retail space. Community amenities includes an on-site dog washing station, electric vehicle charging, fitness center and rooftop putting green.
SAVANNAH, GA. — Trion Properties, a multifamily investor based in West Hollywood, Calif., has purchased two apartment communities in Savannah’s Southside submarket for $57.7 million. The 297-unit portfolio includes Osprey on the Bluffs and Heron on the Bluffs, which are situated one mile apart. Taylor Bird, Nelson Abels, Laura Aylor and Harrison Cheeley of Cushman & Wakefield brokered the transaction. Acquisition financing included debt arranged by Continental Partners through Capital One and preferred equity provided by Walker & Dunlop. The assets were 97 percent occupied at the time of sale and were both constructed in 1986. The previous ownership invested nearly $4.8 million in renovations across both properties, according to Trion. The company plans to invest in landscaping, parking lot renovations, pool deck redesigning, signage upgrades, new barbecue areas and a dog park.
BIRMINGHAM, ALA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sales of Inverness Corners and Inverness Plaza, two shopping centers in Birmingham totaling 311,000 square feet. Zach Taylor of IPA represented the Atlanta-based seller, Branch Properties, which sold the assets for a combined $48.4 million. First National Realty Partners acquired Inverness Corners, which is anchored by Kohl’s and Winn-Dixie, and Halpern Enterprises purchased Inverness Plaza, which is anchored by PGA Tour Superstore and Planet Fitness. “The Inverness properties are located on the busiest corridor in Birmingham with the strongest demographics in the state of Alabama,” says Taylor. “The quality of the underlying real estate combined with successful tenancy led to aggressive pricing in spite of the current volatility in the market.”
LOUISVILLE, KY. — Huff, Niehaus & Associates, Inc. has brokered the sale of the Comfort Suites Airport Louisville hotel in Louisville. The 81-room hotel is located at 6535 Paramount Park Drive, about 4.5 miles south of Louisville Muhammad Ali International Airport. Brandt Niehaus of Huff, Niehaus & Associates brokered the transaction. According to the property website, the hotel features an indoor heated pool, fitness center, laundry services, free airport transportation and a full buffet breakfast for guests. The undisclosed buyer has several Choice hotels in its portfolio and plans to use a third-party management company to operate the Comfort Suites Airport Louisville. The seller and sales price were not disclosed.
ABILENE, AMARILLO AND TYLER, TEXAS — Grandbridge Real Estate Capital has brokered the sale of three seniors housing properties totaling 664 units in Texas. The properties include Wesley Court in Abilene, The Craig in Amarillo and Meadow Lake in Tyler. The facilities offer a full continuum of services, including independent living, assisted living, memory care and skilled nursing. The properties were 90 percent occupied at the time of sale. Lifespace Communities acquired the properties from RSF Partners, Evergreen Senior Living Properties and ER Senior Management. The sales price was not disclosed. David Kliewer, Jay Jordan and David Rothschild of Grandbridge brokered the deal.
CHICAGO AND WILMETTE, ILL. — Westport Properties has acquired two self-storage facilities in Chicagoland for an undisclosed price. The first property, located at 1516 N. Orleans Ave. in Chicago, totals 885 units and features wine storage, climate-controlled units, electronic gated access and 24-hour surveillance. The second asset, a 378-unit facility located at 3510 Wilmette Ave. in Wilmette, features RV and boat parking, climate-controlled units, electronic gated access and 24-hour surveillance. Westport will rebrand the properties under the US Storage Centers brand. The facilities mark Westport’s first two properties in Illinois. MJ Partners Self Storage Group represented the undisclosed seller.
CHICAGO AND WILMETTE, ILL. — Westport Properties has acquired two self-storage facilities in Chicagoland for an undisclosed price. The first property, located at 1516 N. Orleans Ave. in Chicago, totals 885 units and features wine storage, climate-controlled units, electronic gated access and 24-hour surveillance. The second asset, a 378-unit facility located at 3510 Wilmette Ave. in Wilmette, features RV and boat parking, climate-controlled units, electronic gated access and 24-hour surveillance. Westport will rebrand the properties under the US Storage Centers brand. The facilities mark Westport’s first two properties in Illinois. MJ Partners Self Storage Group represented the undisclosed seller.