ROCKFORD, ILL. — Quantum Real Estate Advisors Inc. has arranged the sale of Rockford Commons, an 89,000-square-foot shopping center in Rockford, for an undisclosed price. Ross Dress for Less and Best Buy anchor the property, which was fully leased at the time of sale. Chad Firsel of Quantum represented the seller, Chicago-based Core Acquisitions LLC. Daniel Waszak of Quantum represented the buyer, a Dallas-based REIT. The sale also included an outparcel for future development.
DURHAM, N.C. — An affiliate of Raleigh-based Blue Heron Asset Management has sold Foster on the Park, a 164-unit mixed-use property in the Central Park district of downtown Durham, for $78.3 million or $477,000 per unit. Allan Lynch, Jeff Glenn and Andrea Howard of Northmarq represented Blue Heron Asset Management in the sale. San Francisco-based Stockbridge was the buyer. Built in 2020, Foster on the Park offers studio, one- and two-bedroom floorplans. Unit features include plank wood flooring, stainless steel appliances, Nest thermostats and in-unit washers and dryers. Community amenities include a fitness center, resident library, yoga room, lounge and a saltwater pool and lounge. The property also features 2,141 square feet of ground-floor retail space leased to local liquor shop, The Glass Jug. The property was 93 percent occupied at the time of sale. Located at 545 Foster St., Foster on the Park is close to the Historic Durham Athletic Park and Durham Central Park, as well as Google’s new offices at Durham Innovation District. The property is also situated close to retailers and restaurants such as the King’s Sandwich Shop, Durham Distillery, Beer Durham and The Dankery. Additionally, the property is situated 2.3 miles from Duke University.
LANSING, MICH. — Ready Capital has closed a $7.7 million loan for the acquisition, renovation and stabilization of a two-property multifamily portfolio in Lansing. The portfolio totals 262 garden-style units. The undisclosed borrower plans to implement a capital improvement program to renovate unit interiors and address deferred maintenance. The nonrecourse loan features a three-year term, floating rate and interest-only payments.
HENDERSON, NEV., AND MILLWOOD, WASH. — Faris Lee Investments has brokered the sales of two single-tenant grocery stores, totaling 106,254 square feet in Henderson and Millwood. The properties sold for a combined consideration of $22.4 million. Jeff Conover and Scott DeYoung of Faris Lee Investments represented the undisclosed buyers and seller, a Southern California-based family private office, in the deal. Located in Henderson, the 58,254-square-foot property is an absolute triple-net lease to Albertsons with 14 years remaining on its lease. The second property, located in Millwood, is a 48,000-square-foot, freestanding Safeway, with 18 years remaining on its lease.
ALHAMBRA, CALIF. — Manhattan Beach-based Calbay Development has purchased the fee interest in a freestanding retail building along Valley Boulevard in Alhambra. Terms of the transaction were not released. Situated on 1.5 acres, Office Depot formerly occupied the 26,000-square-foot asset. The property also offers 98 parking stalls and prominent visibility and signage on Valley Boulevard. Calbay acquired the property as a value-add opportunity and is in late-stage negotiations with a national retailer to lease the entire space. Bill Asher and Jeff Lefko of Hanley Investment Group brokered the transaction.
JUSTICE, ILL. — Cawley Chicago has brokered the sale of a 45,000-square-foot medical office building in Justice, a southern suburb of Chicago. The sales price was undisclosed. Willow Springs Surgery Center anchors the two-story facility, which is located at 9050 W. 81st St. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, First Step Holdings, and will retain the leasing assignment moving forward. A private local investor was the buyer.
DALLAS — A joint venture between Dallas-based investment firm ATCAP Partners and global asset manager Brookfield has acquired a national portfolio of 51 industrial properties totaling approximately 3.5 million square feet. The exact locations of the properties were not disclosed, but the portfolio includes infill building in markets such as Dallas, Houston, Austin, Denver and Oklahoma City. The seller and sales price were also undisclosed. The portfolio was 94 percent leased at the time of sale. Eastdil Secured represented ATCAP in the deal.
DALLAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Broadstone Knox District, a 333-unit apartment community in the Knox-Henderson area of Dallas. Built on 5.5 acres in 2021, the property features one- and two-bedroom units with an average size of 886 square feet. Amenities include a pool, fitness center, dog park, business lounge, demonstration kitchen, golf simulator, outdoor gaming area and a rooftop lounge. Michael Ware, Drew Kile, Joey Tumminello, Taylor Hill, Jeffrey Kindorf and Will Balthrope of IPA represented the seller, a partnership between Arizona-based Alliance Residential Co. and Goldman Sachs Asset Management, in the transaction. The buyer was an undisclosed institutional investor.
BOXBOROUGH, MASS. — CBRE has negotiated the sale of Paddock Estates, a 244-unit apartment community in Boxborough, about 30 miles west of Boston. Built in 2017, the garden-style property consists of 11 two- and three-story buildings that house one-, two- and three-bedroom units with an average size of 980 square feet. Amenities include a heated outdoor pool, fitness center, basketball and bocce courts, a business and conference facility, game room, dog park and walking trails. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of Texas-based multifamily developer JPI, in the transaction. The team also procured the undisclosed buyer.
BLAUVELT, N.Y. — Global logistics operator Realterm has acquired two warehouses totaling 307,275 square feet within Hudson Crossing Industrial Park in Blauvelt, about 30 miles north of Manhattan. The building at 200-400 Oritani Road sits on 21.8 acres and totals 175,775 square feet, and the building at 100 Oritani Road spans 131,500 square feet and is situated on 10.2 acres. Both warehouses feature a combination of drive-in and dock-high loading positions. Brian Fiumara of CBRE brokered the deal on behalf of the undisclosed seller. The sales price was also not disclosed.
