DEPTFORD, N.J. — SRS Real Estate Partners has negotiated the $17 million sale of a 60,750-square-foot retail property in the Southern New Jersey community of Deptford that is fully leased to Best Buy on a triple-net basis. The electronics retailer has occupied the six-acre site for more than 25 years. Andrew Fallon and Rick Fernandez of SRS represented the seller, a Chicago-based private investment firm, in the transaction. The buyer was Michigan-based REIT Agree Realty Corp. (NYSE: ADC).
POUGHKEEPSIE, N.Y. — Marcus & Millichap has brokered the $10.4 million sale of 40 Cannon, a multifamily building located about 85 miles north of Manhattan in Poughkeepsie. According to LoopNet Inc., the property, which includes retail space, was originally built as a hotel in 1957. Joseph French Jr., Kodi Traver and Matthew Gault of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. Steven Rock of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer. The property was fully leased at the time of sale.
CHICAGO — Interra Realty has brokered the sale of Astoria Tower in Chicago’s South Loop for $82.5 million. The luxury apartment tower rises 30 stories with 248 units. Built in 2009, Astoria Tower features one-, two- and three-bedroom floor plans. Amenities include a fitness center, indoor pool, sauna, spa treatment room, billiards room, movie room, business center and two rooftop decks. The seller, Miami-based Crescent Heights, converted the property from condominiums into apartment units in phases completed in 2010 and 2019. Brad Feldman of Interra represented the buyer, Chicago-based 3L Real Estate, which plans to add additional amenities and offerings to increase rents.
GLENDALE HEIGHTS, ILL. — Inno-Tech has purchased a 30,990-square-foot industrial building in the Chicago suburb of Glendale Heights for its new corporate headquarters. The property is located at 1879 Internationale Blvd. Inno-Tech, a custom sheet metal and 3D printing group, purchased the asset for $3.5 million. David Conroy of Cawley Chicago represented the buyer. JLL represented the seller, Global Furniture, which relocated to a larger space in Warrenville.
LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction. Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla. Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units. Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property. Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.
SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.
MESA, ARIZ. — Taylor Street Advisors has arranged the sale of The Horne Portfolio, an apartment complex in Mesa. A local private capital owner sold the asset to a local syndicator and professional investor for $5.6 million, or $200,000 per unit. Located at 111-113 N. Horne St., the portfolio features 28 two-bedroom/one-bathroom apartments, individually metered for electric with individual HVAC units., in single-story, garden-style buildings. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller in the deal.
DENVER — Blue West Capital has brokered the sale of Park Hill Shops, a three-tenant retail property located in Denver. A Colorado-based real estate investment company sold the asset to a local 1031 exchange investor for $3.4 million. Robert Edwards and Tom Ethington of Blue West Capital represented the seller in the deal. Located at 2245 Kearney St., the 9,160-square-foot building was originally built in the 1950s as a movie theater.
HOUSTON — Tampa-based multifamily investment firm American Landmark has acquired H6, a 293-unit apartment community in Houston’s Energy Corridor area. Built in 2016, the property offers one- and two-bedroom units ranging in size from 475 to 1,444 square feet. Apartments feature stainless steel appliances, European cabinetry, granite countertops, washers and dryers and private balconies. Amenities include a pool, fitness center, game room, business center and a Zen garden. The seller was not disclosed. American Landmark has subsequently rebranded the community as Neo at Ten.
PASADENA, TEXAS — NAI Partners has negotiated a 295,134-square-foot industrial lease at Bayport South Business Park, which is located near Port Houston in Pasadena. According to propertyshark.com, the development was built on 41.5 acres in 2020 and totals 642,994 square feet. Chris Haro of NAI Partners represented the tenant, freight transit company Frederick Trucking, in the lease negotiations. Richard Quarles, March Nicholas and Jarret Venghaus of JLL represented the undisclosed landlord.