LONGMONT, COLO. — Essex Financial Group has arranged $13.8 million in financing for the purchase of Front Range Business Park, a two-building industrial/flex complex located in the Boulder County city of Longmont. Essex worked on behalf of the buyer, Ivy Realty, to source the seven-year, fixed-rate loan with a regional bank. The financing includes an interest-only component with prepayment flexibility to match the buyer’s business plan. The seller was not disclosed. Front Range Business Park is 100 percent leased to the State of Colorado’s Front Range Community College (FRCC) on a long-term lease. Built in 1988, the property was originally designed for small-bay industrial/flex use and includes nine dock-high loading doors between the two buildings. The property was converted for the school in 2003, where FRCC has been the sole tenant for the past 19 years. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team secured the financing.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit apartment complex in Fort Worth. Located on the city’s northeast side, Rio Vista offers one- and two-bedroom units and amenities such as two pools, a playground, dog park and a soccer field. Al Silva and Ford Braly of Marcus & Millichap represented the seller, Florida-based Greenwater Investments, in the transaction. The duo also procured the buyer, an undisclosed, California-based investor that plans to make capital improvements to the property.
ABINGTON, KINGSTON AND ORLEANS, MASS. — Boston-based Atlantic Capital Partners, a division of Atlantic Retail, has arranged the $84.2 million sale of three shopping centers located on the southern outskirts of the state capital. The properties in Abington, Kingston and Orleans are all anchored by grocers and were collectively 97 percent leased at the time of sale. Justin Smith, Chris Peterson, Sam Koonce, Cole Van Gelder and Ben Starr of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
FAIRFIELD, CONN. — New Jersey-based developer Accurate has acquired a mixed-use development site located adjacent to the Metro North train station in the southern coastal community of Fairfield. The 24-acre site, which has been branded The Crossings at Metro Station, is fully approved for 357 multifamily units, a 118-room hotel, 70,000 square feet of office space and 40,000 square feet of retail space. Louis Zuckerman, Patrick Colwell and Jeffrey Dunne of CBRE represented the seller of the site, Blackrock Realty LLC, in the land transaction while also procuring Accurate as the buyer. Construction could begin as early as the end of July or the beginning of August.
EAST RUTHERFORD, N.J. — Denver-based EverWest Real Estate Investors has purchased a 117,000-square-foot warehouse in the Northern New Jersey community of East Rutherford for $37.1 million. Building features include a clear height of 26 feet, 10 dock-high doors, one drive-in door and 16,000 square feet of office space. The seller, cleaning and sanitizing products provider Diamond Chemical, will continue to lease the space as the building’s sole occupant.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Copper Creek, a 274-unit apartment community located on the east side of Fort Worth. The property was built in 1986 and comprises 17 buildings, as well as a pool, soccer field, playground and onsite laundry facilities. An undisclosed, California-based private investment firm sold Copper Creek to California-based Tides Equities. Al Silva and Ford Braly of Marcus & Millichap brokered the deal.
ARDEN, N.C. — Capital Square has acquired Retreat at Arden Farms, a 312-unit apartment community located at 539 Long Shoals Road in the Asheville suburb of Arden. The Richmond-based firm purchased the property for an undisclosed price through CS1031 Retreat at Arden Farms Apartments DST, a Delaware statutory trust investment offering that seeks to raise $68 million in equity. The seller was not disclosed. Situated on 28 acres in the Blue Ridge Mountains off I-26, Retreat at Arden Farms offers one-, two- and three-bedroom units averaging 957 square feet with tile backsplashes, stainless steel appliances, nine-foot ceilings, walk-in closets and balconies or patios. Amenities include a clubhouse with a lounge, cyber café with a coffee station, resort-style saltwater pool, 24/7 fitness center, wellness studio, poolside grilling area, dog park, electric car charging stations and private garages and storage units.
CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.
PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.
NEW YORK CITY — CBRE Investment Management has acquired a 400,000-square-foot warehouse located at 640 Columbia St. in Brooklyn’s Red Hook neighborhood. Developed on a speculative basis by DH Property Holdings, the multi-level facility sits on four acres and was leased to an undisclosed global user at the time of sale. DH Property Holdings sold the property in partnership with Goldman Sachs Asset Management. The sales price was not disclosed.