ELK GROVE VILLAGE, ILL. — ML Realty Partners has acquired a 74,072-square-foot industrial property in Elk Grove Village. The purchase price was not disclosed. The building, 100 percent leased to a single tenant, is located at 2601 Lively Blvd. near Chicago O’Hare International Airport. Phil Reiff Jr. and Phil Reiff Sr. of Paine/Wetzel represented the undisclosed seller in the transaction.
NAPLES, FLA. — Continental Realty Corp. has sold Aventine at Naples, a 350-unit apartment community located at 9300 Marino Circle in Naples, for $67 million. The Baltimore-based real estate company originally purchased the asset in 2013 for $44.3 million, and executed interior and amenity upgrades. ARA Newmark’s Hampton Beebe represented Continental Realty in the sale to Miami-based Advenir Inc. The property features an outdoor kitchen and grilling area, swimming pool, fitness studio, clubhouse and a 24-hour package pick-up room.
WEST PALM BEACH, FLA. — Velocis, in a joint venture with CREC, has acquired One Clearlake Centre, a Class A, 218,461-square-foot office building in West Palm Beach. The sales price was not disclosed, but The Real Deal reports AEW Capital Management sold the asset for $42.3 million. Christian Lee and José Antonio Lobón of CBRE represented the seller in the transaction, and Amy Julian of CBRE represented Velocis and CREC in financing the asset. Constructed in 1986, the 18-story tower is connected to a five-story, 662-space parking garage and is LEED Silver-certified. The joint venture plans to renovate the property, focusing on upgrading the lobby, corridors and bathrooms. A tenant lounge, conference center and multiple spec suites will also be created.
BOCA RATON, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $38.9 million sale of 301 Yamato, a 206,946-square-foot, four-story office building in Boca Raton. Douglas Mandel, Todd Everett and Jason Carros of IPA represented the undisclosed seller in the transaction. Mandel and Everett also procured the undisclosed buyer. Eric Fixler of IPA Capital Markets secured $29.5 million in debt on behalf of the buyer. Constructed in 1987, 301 Yamato features an atrium with glass curtain walls, indoor and outdoor water elements and an air-conditioned bridge that connects to a five-story parking garage.
CARRBORO, N.C. — ARA Newmark has brokered the sale of Autumn Woods, a 236-unit apartment community in Carrboro, roughly five miles from the University of North Carolina Chapel Hill. Dean Smith and Sean Wood of ARA Newmark represented the seller, Dayton, Ohio-based The Connor Group. Manhattan- and Dallas-based The Milestone Group acquired the property for an undisclosed price. Constructed in 1997, Autumn Woods includes a mix of one-, two- and three-bedroom floor plans and a features a pool, cabana, fitness center, playground, business center and a car care center. The property was 94 percent occupied at the time of sale.
HOUSTON — HFF has negotiated the sale of Bammel Business Park, a five-building industrial property totaling 246,450 square feet in Houston. The Class A property, which is situated on 14.1 acres at 410-4822 N. Sam Houston Parkway West, features 24-foot clear heights, dock-high loading doors and 12.6 percent office finish. Rusty Tamlyn and Trent Agnew of HFF represented the seller, FR/Cal Bammel, in the transaction. Philadelphia-based Exeter Property group purchased the asset for an undisclosed price.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of Solaris Ranch, an 80-unit apartment complex located at 9417 Michael Drive in Fort Worth. Al Silva and Mark McCoy of Marcus & Millichap represented the seller, a California-based investment firm, in the transaction. Silva, McCoy and Ford Braly, also of Marcus & Millichap procured the buyer, an out-of-state partnership.
HOUSTON — HH&S Hospitality LLC has purchased Candlewood Suites Houston Medical Center, an 80-room hotel located at 10025 Main St. in Houston. The Houston-based lodging investment firm will spend an unspecified amount in renovations to the hotel’s common areas and rooms. Friendwood, Texas-based Pika Hotel Group sold the property to HH&S for an undisclosed price.
PLANO, TEXAS — EDGE Realty Capital Markets has brokered the sale of a 12,205-square-foot, two-tenant retail property located at the intersection of Dallas North Tollway and West Park Boulevard in Plano. The property is leased to Mattress Firm and Elite Care ER. Stroud Arthur of EDGE represented the seller, G Whis/Park Place LLC, in the transaction.
BOSTON — Bell Partners has purchased Olmsted Place, an apartment community, located at 161 S. Huntington Ave. in the Jamaica Plain neighborhood of Boston, for an undisclosed price. Bell has renamed the 196-unit property Bell Olmsted Park, and Bell Partners will manage the community. Opened in late 2015, the property features a variety of studio, one-, two- and three-bedroom layouts, two elevated courtyards and surface and garage parking. The residences feature hardwood floors, granite countertops, stainless steel appliances and in-unit laundry facilities. On-site amenities include a resident lounge with bar and audio-visual equipment, a state-of-the-art fitness center, a heated pool and outdoor terraces. The name of the seller was not released.
