SHELTON, CONN. — Locally based REIT Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square, a 186,000-square-foot shopping center in Connecticut’s Fairfield County, for $33.6 million. Grocer Shop & Stop anchors the property with a 67,000-square-foot store and an additional 70,000-square-foot space that formerly housed a Bradlees department store. Other tenants at the center, which was 96.5 percent leased at the time of sale, include People’s United Bank, St. Vincent’s/Hartford Health, Burger King and Sport Clips. The seller was not disclosed.
AUSTIN, TEXAS — InvenTrust Properties, an Illinois-based REIT, has acquired two shopping centers in Austin for a combined price of $189.3 million. The Shops at Arbor Trails is a 357,000-square-foot center that was 99 percent leased at the time of sale to tenants including anchors Costco and Whole Foods Market. The other property is Escarpment Village, a 168,000-square-foot center anchored by Texas-based grocer H-E-B that was fully leased at the time of sale. The seller(s) was not disclosed.
ATLANTA — JLL Capital Markets has arranged the $38 million sale of 1010 Midtown, a 44,302-square-foot retail center located on Peachtree Street in Midtown Atlanta. Brad Buchanan, Jim Hamilton and Andrew Kahn of JLL represented the seller, Atlanta-based The Ardent Cos., in the disposition of the property to Tampa-based East Coast Acquisitions. 1010 Midtown is located on the ground level of a 425-unit luxury condominium building that was not included in the sale. Completed in 2008, 1010 Midtown was 94 percent leased at the time of sale to tenants including Sugar Factory, RA Sushi Bar, Piedmont Healthcare, Silverlake Ramen, Better Homes and Gardens Real Estate, Panera Bread, Chipotle Mexican Grill and Sage Dental. Located at 1010 Peachtree St. NE, the property is situated less than one mile from Georgia Tech, 2.6 miles from Georgia State University, two miles from downtown Atlanta and less than one mile from Piedmont Park. The property is also 13.2 miles from Hartsfield-Jackson Atlanta International Airport.
SAN ANTONIO — Newmark has brokered the sale of Augusta Flats, a 260-unit apartment community in downtown San Antonio. Built in 2020, the property offers one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and custom cabinetry and an average size of 799 square feet. Amenities include a pool, outdoor grilling stations, fitness center, resident lounge, golf simulator, Amazon package lockers and a rooftop deck. Texas-based developer Stillwater Capital sold the property to a joint venture between New Jersey-based Strategic Properties of North America and Benefit Street Partners Multifamily Trust for an undisclosed price. Patton Jones and Matt Michelson of Newmark brokered the deal on behalf of Stillwater Capital.
SAN ANTONIO — Northmarq has arranged the sale of The Reserve at Lone Oak, a 200-unit multifamily property in southeast San Antonio that was built in 2014. Units are furnished with granite countertops and walk-in closets. Amenities include a pool, fitness center, playground, grilling areas and a clubhouse. Moses Siller of Northmarq represented the seller, Encore Residential LLC, in the transaction. Siller also procured the buyer, GV&A Real Estate Investments.
NEW YORK CITY — A partnership between locally based investment firm Stonehenge NYC and San Francisco-based Stockbridge Capital Group has purchased The Cole, a 163-unit apartment building on Manhattan’s Upper East Side, for $128.2 million. Built in 2002, the building rises 22 stories, spans 164,000 square feet and includes ground-floor retail space. The amenity package consists of a fitness center, package room, a private courtyard, outdoor grilling areas, billiards room and a resident lounge. Daniel Parker, Paul Gillen, Anthony Ledesma and Allie Boyan of Hodges Ward Elliott brokered the deal. The seller was Carmel Partners. The new ownership will rebrand the property as The Cole by Stonehenge.
STAMFORD, CONN. — A partnership between New York City-based investment firm Monday Properties and Washington Capital has acquired 75 Tresser, a 344-unit apartment community in Stamford, located in the southern coastal part of the state. The property features studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, outdoor grilling stations, catering kitchen and a movie theater. Jeffrey Dunne and David Gavin of CBRE represented the undisclosed seller in the transaction. The property was 95 percent occupied at the time of sale.
ROCKAWAY, N.J. — CBRE has negotiated the $19.6 million sale of a 121,038-square-foot industrial property in the Northern New Jersey community of Rockaway. The property sits on 13.7 acres and formerly served as an office building for Party City. Charles Berger, Mark Silverman, Elli Klapper and Thomas Mallaney of CBRE represented the undisclosed seller in the transaction. CBRE has also been tapped to market the complex for lease on behalf of the undisclosed buyer.
HOPKINS, MINN. — Bridge Investment Group has purchased Excelsior Crossings in Hopkins near Minneapolis for an undisclosed price. The 508,590-square-foot office property, located on Excelsior Boulevard, consists of two Class A buildings that are each seven stories tall. Developed in 2008, Excelsior Crossings is 91 percent leased and recently underwent a $1.5 million amenity enhancement program. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which fully leases one of the buildings. Tom O’Brien of Cushman & Wakefield represented the seller, Colony Capital. Bridge Commercial Real Estate LLC, Bridge’s office operating company, will oversee capital improvements and management.
DEARBORN, MICH. — KJ Commercial has brokered the sale of a 52,000-square-foot retail center in Dearborn for $10.5 million. Rite Aid and Goodwill anchor the fully leased property. Kevin Jappaya and David Jappaya of KJ Commercial represented the seller, the center’s original developer, as well as the buyer, a local real estate investor. The transaction marked the first time that the property traded hands.