ROCHESTER, MINN. — Marcus & Millichap has brokered the sale of The Quarters at Rochester for $7.2 million. The 63-unit apartment building is located at 826 21st Ave. SE near the Rochester Community and Technology College in Rochester. The property was constructed in 1986 and renovated in 2015. Chris Collins, David Wallace, Evan Miller and Matthew Shide of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
BAYONNE, N.J. — JLL has negotiated the $49.6 million sale of 19 East, a 138-unit apartment community in the Northern New Jersey community of Bayonne. Built in 2018, the property offers studio, one- and two-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, game room and multiple business centers and terraces. Jose Cruz, Michael Oliver, J.B. Bruno, Steve Simonelli, Kevin O’Hearn and Austin Pierce of JLL represented the seller, a partnership between Ingerman Group and Verde Capital, in the transaction. Steven Klein, Matthew Pizzolato, Gerard Quinn and Jimmy Cochran of JLL arranged $35 million in fixed-rate acquisition financing through Kearny Bank on behalf of the borrower, locally based private equity firm KABR Group.
MOONACHIE, N.J. — Faropoint, a locally based investment firm, has acquired a 62,000-square-foot industrial property in the Northern New Jersey community of Moonachie for $17.7 million. David Schechtman, David Benharouch and Ikey Betesh of Meridian Capital Group brokered the sale, the seller in which was not disclosed. The deal follows Faropoint’s $132.5 million acquisition of a portfolio of 10 industrial buildings in Northern New Jersey from Kushner Cos.
NEW YORK CITY — Locally based brokerage firm B6 Real Estate Advisors has arranged the $12.3 million sale of a 15,550-square-foot office building located at 8 E. 41st St. in Midtown Manhattan. The eight-story building includes 1,550 square feet of retail space. Christopher Cavorti of The Corcoran Group represented the buyer, Piyush Golia, in the transaction. Brock Emmetsberger, Zachary Redding and Marshall Dickson of B6 Real Estate Advisors, along with Nancy Cibrano of The Wings Group, represented the seller, Meir Levy.
GREENVILLE, S.C. — Miami-based 13th Floor Investments has acquired 168 acres in Greenville with plans to build the first phase of On The Trail, a mixed-use project. The sales price for the land was not disclosed. In partnership with Miami-based developers Dean Warhaft and Warren Zinn, the team plans to redevelop the abandoned 250 acres surrounding Greenville’s historic Union Bleachery mill, which fronts the Swamp Rabbit Trail, a 22-mile, multi-use recreational greenway. Originally built in the 1990s, The Union Bleachery mill formerly was used as a commerce center but has sat vacant since a fire shut down its operations in 2003. 13th Floor Investments, which now owns a majority ownership stake in the development project, will take over the management, construction and implementation of Warhaft and Zinn’s strategic vision for the site. Warhaft is a licensed professional land surveyor with experience as a real estate development lawyer and manager of all aspects of construction projects. Zinn is an attorney with experience acquiring, developing and managing commercial properties. On The Trail will be built in multiple phases, featuring a variety of residential, commercial, office, retail and hospitality uses. Construction of the project’s first phase is slated to begin later this year …
DALLAS — Los Angeles-based investment firm ShainRealty Capital has purchased LBJ Station, a 249-unit apartment community in the Northwood Heights area of Dallas, for $51 million. The property was built in 2017. Units average 767 square feet and feature one- and two-bedroom floor plans. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, coffee bar, clubhouse, two dog parks and a package handling system. Chris Deuillet of CBRE brokered the sale. Alpha Barnes Real Estate sold the property, and Rialto Capital provided $42 million in acquisition financing. ShainRealty Capital plans to invest $1.8 million in renovations and rebrand the property as Infinity on the Point.
AUSTIN, TEXAS — Los Angeles-based REIT Kilroy Realty Corp. (NYSE: KRC) has acquired a 2.9-acre site near The Domain in North Austin that is zoned for the development of a 493,000-square-foot office building. The sales price was $40 million. The seller was not disclosed. Entitlements have been fully secured, and construction could commence as soon as this summer, with delivery occurring in 2024.
LOS ANGELES — Hollywood Holdings, a Los Angeles-based private family office, has purchased The Gershwin Lofts Retail @ Hollywood, an urban retail center in Los Angeles. An undisclosed seller sold the property for $30.4 million. Located at 5501-5521 Hollywood Blvd. and 1719-1723 N. Western Ave., the two-building property features 42,916 square feet of retail space. One building was remodeled in 2015 and the other was built in 2015. At the time of sale, Marshalls, Petco and Farmer Boys fully occupied the property. Patrick Wade and Alex Kozakov of CBRE represented the seller in the deal.
SPRING, TEXAS — Thompson Thrift Residential, a subsidiary of Indianapolis-based investment firm Thompson Thrift, has sold Magnolia, a 336-unit apartment community located in the northern Houston suburb of Spring. The property was built on 15.5 acres in 2018 and features one-, two- and three-bedroom units with glass countertops, stainless steel appliances, and full-size washers and dryers. Amenities include a pool, fitness center, bark park, game room, coffee bar and an outdoor kitchen. A private investment firm purchased the asset for an undisclosed price.
MESA, ARIZ. — Bird Dog Industrial has completed the disposition of Power 202 Business Park, a multi-building project at 4617, 4631 and 4645 S. Power Road in Mesa. GID Industrial acquired the asset for an undisclosed price. Constructed in 2021, the 330,496-square-foot, Class A light industrial park was fully preleased prior to completion. Situated on more than 19 acres, the three-building property features 24-foot to 32-foot clear heights, grade-level and dock-high loading doors, ESFR sprinklers, concrete truck court aprons, ample parking and functional divisibility with a variety of bay sizes. Additionally, the property provides quick access to a full diamond interchange at the Loop 202 Freeway. Will Strong, Greer Oliver, Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller in the deal. Ken McQueen and Chris McClurg of Lee & Associates provided market advisory for the transaction.