SPRINGFIELD, N.J. — The KRE Group and Avenue Realty Capital have acquired Summit Hill, a 228-unit rental community in Springfield, for $70 million. Summit Hill, located at 100 Stone Hill Road, is a garden-style apartment community near routes 78 and 24 in western Union County.
THIBODAUX, LA. — Vitorino Group, a Texas-based investment sales firm, has brokered the sale of Acadia Shopping Center, a 4,949-square-foot strip center located at 612 N. Canal Blvd in Thibodaux, about 60 miles southwest of New Orleans. Anchored by WalMart and Lowe’s, the property was 100 percent occupied at the time of sale. Jason Vitorino of Vitorino Group represented the seller, a Washington-based private investor. Other terms of sale were not released.
NEW YORK CITY — LargaVista Cos. has purchased 30-10 41st Ave. in Long Island City for an undisclosed price. The property is a 65,000-square-foot office building adjacent to Sunnyside Yards at the intersection of Northern Boulevard and 41st Avenue. LargaVista also owns the adjacent building at 29-42 Northern Blvd. and is considering a creative office conversion and expansion, though exact plans are not yet complete. TriState Capital Bank provided financing for the transaction.
NEW YORK CITY — TerraCRG has arranged the $2.2 million sale of 205 Wyckoff Ave., a mixed-use building located between Harman Street and Greene Avenue in the Bushwick neighborhood of Brooklyn. TerraCRG’s Matt Cosentino, Eric Satanovsky and Fred Bijou handled the transaction. The three-story brick building includes five residential units and a retail space located near the DeKalb Avenue L train and the Myrtle-Wyckoff M&L trains. The buyer and seller were not disclosed.
NEW YORK CITY — ARM Real Estate group has negotiated the sale of 31-52 Steinway St. in the Astoria neighborhood of Queens for $1.8 million. The two-story, 1,944-square-foot retail building was delivered vacant at closing and the new owner has put the asset up for lease. The property, built in 1930, sits between Broadway and 31st Avenue, two blocks away from the M and R subway stops. Anand Melwani and Alexandre Goulet of ARM Real Estate Group represented both parties in this transaction...
SOUTH BEND, IND. — RD Management LLC has sold a former Sears Essentials building located at 4640 S. Michigan St. in South Bend. A national retailer purchased the 112,900-square-foot property for an undisclosed price. The vacant building sits on 16 acres near U.S. Highway 31. A Ford dealership and Aldi supermarket are adjacent to the property, and Erskine Commons and Erskine Plaza centers are nearby. RD Management sold the asset as part of the company’s strategy to reposition its portfolio..
DAVENPORT, IOWA — Binswanger has arranged the sale of a nearly 160-acre land site in Davenport for an undisclosed price. Sterilite Corp. purchased the land from the Greater Davenport Redevelopment Corp. Sterilite, a manufacturer of plastic storage containers, plans to build a new manufacturing and distribution center on the site. The center, slated to open in early 2018, will employ approximately 500 employees. As part of the transaction, the Scott County Board of Supervisors and the City of..
SAN JOSE, CALIF. — DivcoWest has acquired 2 West Santa Clara, an 83,896-square-foot historic office building in downtown San Jose, for an undisclosed sum. The building is situated at the corner of West Santa Clara and North First streets. The property was built in 1910 and expanded in 1927 with the addition of a nine-story annex. The asset has been extensively renovated within the past few years. DivcoWest plans to carry out a full rehabilitation to provide smaller tenants with the..
Ellis Partners, Intercontinental Real Estate Corp. Purchase Oakland Land Parcel for Office Tower Project
OAKLAND, CALIF. — A joint venture between Ellis Partners and Intercontinental Real Estate Corp. has purchased a vacant parcel in downtown Oakland known as 1100 Broadway. The acquisition includes the dilapidated, historic Key System building, which contains 34,000 square feet across seven floors. The JV plans to restore the vacant building and integrate it into a new Class A office tower to be built on the site. The Key System building was constructed in 1911 as the headquarters of the..
KATY, TEXAS — Marcus & Millichap has closed the sale of Longhorn Self Storage, a 334-unit self-storage facility located at 22223 Kingsland Blvd. in the Houston submarket of Katy. Dave Knobler of Marcus & Millichap represented the seller, an undisclosed limited liability company, and procured the buyer, a Houston-based limited liability company.