UNIONDALE, N.Y. — California-based brokerage group JRW Realty has negotiated the $24.5 million sale of a 61,916-square-foot retail property in the Long Island community of Uniondale. Grocer ShopRite occupies the property, which is also adjacent to a Walmart Supercenter. Aaron Bush of JRW Realty represented the undisclosed, institutional buyer in the transaction. Prodigy Real Estate Group represented the seller, New Jersey-based First National Realty Partners.
MANCHESTER, N.H. — Metro Boston-based RK Centers has acquired a 74,935-square-foot retail property in Manchester, located in the southern part of the Granite State, for $13.8 million. The property at 777 S. Willow St. sits on 11.8 acres and houses tenants such as Burlington and Michaels. Justin Smith of Atlantic Capital Partners represented the seller, an entity doing business as South Willow EDF LLC, in the transaction.
HACKETTSTOWN, N.J. — A partnership between Kayne Anderson Real Estate and Remedy Medical Properties has purchased Patriot Plaza, a 65,658-square-foot medical office building in the Northern New Jersey community of Hackettstown. Brannan Knott, J.B. Bruno and Craig Parcells of JLL represented the undisclosed seller in the transaction. The property, which also houses conventional retail space, was 95 percent leased at the time of sale.
HUNTSVILLE, TEXAS — Stafford Barrett has brokered the sale of Encore at Sam Houston, a 528-bed student housing property located near Sam Houston State University in Huntsville. The garden-style property offers four-bedroom units with bed-to-bath parity across 12 buildings. Shared amenities include a resort-style pool, 24-hour fitness center, private study lounges, a pet park and basketball and volleyball courts. Jeyton McNair and Greg Jasper of Stafford Barrett represented the undisclosed seller in the disposition.
HOUSTON — A joint venture between Austin-based RPM Living Investments and New York-based DRA Advisors has acquired San Paloma, a 372-unit apartment community in Houston’s Energy Corridor area. Developed by Sueba USA in 2006, San Paloma features one- and two-bedroom units with an average size of 1,050 square feet. The amenity package comprises a pool, fitness center, heated spa, playground, dog park, business center and outdoor lounge spaces. A partnership between Blackstone and Livcor sold the property for an undisclosed price. Amerant Bank provided acquisition financing for the deal.
HOUSTON — Berkadia has arranged the sale of Timberwalk, a 300-unit apartment community in northwest Houston. Built in 1983, Timberwalk offers one-, two- and three-bedroom units ranging in size from 501 to 1,088 square feet and amenities such as two pools, a fitness center, playground, outdoor grilling and dining areas and onsite laundry facilities. Chris Young, Joey Rippel, Kyle Whitney, Jeffrey Skipworth, Chris Curry and Todd Marix of Berkadia represented the seller, Dallas-based Performance Properties, in the transaction. Johnny King of Berkadia secured acquisition financing on behalf of the buyer, New York City-based Lone Star Capital.
PHOENIX — Ogden Capital Partners has completed the disposition of Paradise Palms, a value-add apartment property located in Phoenix’s Biltmore/Uptown submarket. An undisclosed buyer acquired the asset for $36.5 million. Chris Canter, Brett Polachek and Brad Goff of Newmark represented the seller in the deal. Constructed in 1959, Paradise Palms features 130 garden-style apartments in a mix of one-, two- and three-bedroom layouts. Community amenities include onsite maintenance and property management, two resort-style pools, a pet play area, storage space, grills and a picnic area. Ralph Haver designed the property, which is located at 1517 E. Colter St.
MINNEAPOLIS — Westmount Realty Capital has acquired the West Tech Industrial Portfolio in metro Minneapolis for an undisclosed price. The portfolio’s five buildings total 316,752 square feet and are located within the Twin Cities Medical Alley and Golden Triangle. The Plymouth buildings total 126,936 square feet and were constructed in 2001. The Eden Woods buildings were constructed in 1985 in Eden Prairie. Lastly, the Cedar building is a flex industrial facility spanning 65,484 square feet. The portfolio is 90 percent leased to 13 tenants across multiple industries such as aeronautics, defense, life sciences and technology. Westmount plans to make upgrades to the roofs and HVAC systems.
SRS Real Estate Partners Brokers Sales of Three Retail Outparcels at Palmdale Marketplace for $10.2M
PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sales of three retail outparcels to Palmdale Marketplace, a power center located at 39340 10th St. W. in Palmdale, for a combined total of $10.2 million. There are three remaining properties for sale as part of the break-up strategy. Matthew Mousavi and Patrick Luther of SRS’ National Net Lease Group represented the seller, a Texas-based owner and operator of retail properties, and the buyers. The three transactions include: – A 5,958-square-foot retail property, which was built in 2001. Jamba Juice, Baskin-Robbins and Harbour Sushi occupy the building. A private investor acquired the asset in an all-cash transaction. – The same buyer acquired a 4,875-square-foot building, occupied by Five Guys Burgers and Fries and Café Rio, for $3.4 million. Built in 2001, the property is situated on 1.2 acres. – IHOP corporate, as owner/user, acquired a 4,022-square-foot, single-tenant property for $2.5 million. IHOP occupies the property, which was built in 2002.
CHICAGO — Dayton Street Partners (DSP) has sold two industrial facilities in Chicago to Brookfield Properties for an undisclosed price. The first property, located at 2501 W. Fulton St., spans 42,000 square feet. Constructed in 1956, the building features a clear height of 16 feet, two internal docks, one overhead door and parking for 50 cars. DSP acquired the asset in 2019 and renovated the parking lot, painted the warehouse and installed LED lighting. Shortly after, DSP leased the building to Vienna Beef Ltd. The second property, located at 1827 W. Hubbard St., spans 33,000 square feet and features a clear height of 14 feet, two loading docks, one drive-in doors and parking for 34 cars. Built in 1960, the facility is currently vacant. DSP acquired the property in 2020 and updated the façade and parking lot.