FRAMINGHAM, MASS. — A joint venture between global private equity firm Taurus Investment Holdings and Kayne Anderson Real Estate has acquired Halstead Framingham, a 1,020-unit multifamily development located on the western outskirts of Boston. Halstead Framingham, which was originally built in 1976, was 98 percent occupied at the time of sale. The community’s amenity package consists of a fitness center with simulation surfing options, resident lounge with shared workspaces, a pool, pickleball court and multiple grilling areas. The joint venture plans to implement a capital improvement program focused on sustainability and rebrand the property as The Green on 9 & 90. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Boston-based DSF Group, in the transaction.
LYNDHURST, OHIO — Marcus & Millichap has arranged the $5.6 million sale of a Tesla dealership and service center in Lyndhurst, an eastern suburb of Cleveland. The 23,428-square-foot, net-leased property is located at 5180 Mayfield Road. Opened in 2014, the location is one of four Tesla dealerships in the state of Ohio. There are eight years remaining on the initial 10-year lease. Dominic Sulo and Andrew Antoniou of Marcus & Millichap represented the buyer, a Florida-based limited liability company. Seller information was not provided.
EAU CLAIRE, WIS. — Greywolf Partners Inc. has acquired Metro Crossing in Eau Claire, located in western Wisconsin. The purchase price was undisclosed. The 84-unit apartment property at 2851 Hendrickson Drive rises four stories. Greywolf Partners will also manage the community, which features amenities such as a fitness center, business center and underground parking. Ralph DePasquale and Jack Maloney of Berkadia represented the seller, Rooney Properties LLC.
WESTWOOD, MASS. — A partnership between two New York City-based investment firms, Outshine Properties and Jadian Capital, has acquired a 164,695-square-foot office building in the southern Boston suburb of Westwood with plans to convert the property to a life sciences facility. The sales price was $32 million. The four-story building is currently 73 percent leased to seven tenants. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the seller, L&B Realty Advisors, in the transaction. William Sleeper, also with Newmark, arranged acquisition financing for the deal through J.P. Morgan. The new ownership expects to deliver 140,000 square feet of prebuilt lab space in the second quarter of 2023.
DELANCO, N.J. — NAI Mertz has brokered the sale of a 140,000-square-foot industrial building in Delanco, located outside of Philadelphia in Southern New Jersey. The building is currently leased to furniture maker Stylex Seating. Jonathan Klear, Roy Kardon, Jeff Licht, Jared Licht and Fred Meyer of NAI Mertz represented the undisclosed seller in the transaction. The team also represented the buyer, New Jersey-based investment firm Faropoint. The sales price was not disclosed.
MESA, ARIZ. — Dallas-based Stillwater Capital Investments has purchased a 16.6-acre multifamily development site in Mesa from Lamar Cos. and Utah-based GFI-Mesa Investments for $11.1 million. The company plans to develop a Class A apartment community on the site. Located at 1445 S. Power Road and 1455 S. Clearview Ave., the development will feature 373 apartments. The site currently houses vacant retail structures that will be demolished prior to construction of the new community. The project team includes Omniplan, Brennan Ray of Burch & Crach, Ali Fakih of SEG and Andy Baron of ABLA. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the buyer in the deal.
HENDERSON, NEV. — Dreamwork Management has acquired Crossroads at Sunset, a 13.9-acre multi-tenant retail center at the corner of Sunset Road and Stephanie Street in Henderson. SS Capital sold the asset for $28.7 million. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the transaction.
YAKIMA, WASH. — Marcus & Millichap has arranged the sale/leaseback of Franz Bakery, a net-leased property in Yakima. A Seattle-based limited liability company acquired the distribution facility for $3.2 million. Clayton Brown, Peter Nisbet and Ruthanne Romero of the Brown Retail Group team of Marcus & Millichap’s Seattle office represented the seller, a limited liability company, while Brown also represented the buyer in the transaction. Located at 31 N. 4th Ave., the 47,983-square-foot property is used as a Franz Bakery distribution center.
BEL AIR, MD. — A joint venture affiliated with Rappaport has purchased Festival at Bel Air, a 433,720-square-foot shopping center in the Harford County community of Bel Air. The seller and sales price were not disclosed. The shopping center was 94 percent occupied at the time of sale by 60 retailers, including anchor Klein’s ShopRite. Klein’s ShopRite has been at the center since its opening in 1990. Other tenants at the property include Kohl’s, Burlington, Marshalls, Petco and The Tile Shop.
DURHAM, N.C. — Asia Capital Real Estate (ACRE) has acquired Aven Apartments, a 144-unit multifamily property in Durham. Magma Equities sold the property for an undisclosed price. Aven Apartments offers one- and two-bedroom floorplans. Community amenities include a newly upgraded clubhouse and fitness center, swimming pool with sundeck, walking and bike trails, dog park, playground and onsite management with 24-hour maintenance. ACRE plans to launch a $3 million capital improvements and investment strategy at the property. In-unit renovations will include stainless steel appliances, new cabinets and hardware, tile backsplash, granite countertops in both kitchens and bathrooms and in-unit washers and dryers. Exterior improvements will include new siding, shutters, doors, pavement, lighting and other miscellaneous aesthetic additions. ACRE plans to also repurpose existing tennis courts into a courtyard area featuring grills, fire pit and a playground.