NEW YORK CITY — Los Angeles-based investment firm CIM Group, in partnership with locally based developer LIVWRK, has sold a 320-unit apartment community located at 85 Jay St. in Brooklyn’s Dumbo neighborhood for $220 million. The community is part of a larger development that includes 407 for-sale condos, 140,000 square feet of retail space that is anchored by a 77,000-square-foot Life Time Fitness and a 660-space parking garage. New York City-based RXR Realty purchased the rental complex. CIM Group has retained ownership of the condos and retail space.
SOMERSET, N.J. — CBRE has brokered the $30.7 million sale of a 15-acre site in Somerset, located in the northern-central part of the Garden State, that currently houses a 209,000-square-foot office building. The undisclosed buyer plans to redevelop the property, which was built in 1986, into a warehouse and distribution center. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer in the transaction. The seller was also not disclosed.
WARRINGTON, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Warrington Plaza, an 87,581-square-foot shopping center located on the northern outskirts of Philadelphia. A 35,000-square-foot Avalon Floor & Tile anchors the property. Brad Nathanson of IPA represented the seller, Valley Forge Investment Corp., in the transaction. New York-based Realty Resource Capital Corp. purchased the asset for $22.5 million.
GLENDALE, CALIF. — Northbrook, Ill.-based Pine Tree, in partnership with a U.S. state pension fund, has purchased Glendale Marketplace in downtown Glendale for $64 million. The name of the seller was not released. A mix of national credit tenants occupy the 154,049-square-foot property, including LA Fitness, HomeGoods, Ross Dress for Less, Five Below, Buffalo Wild Wings and Old Navy. JLL Capital Markets brokered the transaction. The acquisition brings Pine Tree’s shopping center portfolio footprint in the Los Angeles area to 1.1 million square feet.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Perch, a five-story apartment asset located on the border of the Eagle Rock and Highland Park neighborhoods in Los Angeles. Roundhouse sold the property to ABRA Management for $28.7 million, or $486,441 per unit. Completed in 2018, The Perch features 59 one-, two- and three-bedroom layouts, two levels of structured parking, an outdoor lounge with firepit, gated parking and electric vehicle charging stations. Additionally, the property features 2,646 square feet of retail space, which Hilltop Coffee + Kitchen and Perch Salon occupy. Paul Darrow of Marcus & Millichap, along with Kevin Green, Joseph Grabiec and Greg Harris of IPA, represented the seller and procured the buyer in transaction.
CARLSBAD, CALIF. — Lee & Associates has arranged the sale of an industrial property located at 3205 Lionshead Ave. in Carlsbad. Lionshead LLC sold the asset to Oak Canyon LLC for $15.9 million. At the time of sale, the 47,850-square-foot freestanding building was 100 percent triple-net leased on a long-term basis. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates – NSDC represented the seller, while James deRegt of Lee & Associates – Newport represented the buyer in transaction.
COLORADO SPRINGS, COLO. — Draper Property Management has completed the disposition of Royal Lani, a multifamily property in Colorado Springs. California-based Turnstone Capital acquired the asset for $11.3 million. Located at 2010 Carmel Drive, the Royal Lani features two three-story buildings offering a total of 77 two-bedroom apartments, averaging 783 square feet. Since 2015, the property has undergone renovations, including new windows, new gates and roof repair. Saul Levy, Kevin McKenna, Mackenzie Walker and Jessica Graham of CBRE represented the seller in the deal.
SANDY SPRINGS, GA. — Cushman & Wakefield has arranged the sale of Park at Abernathy Square, a 484-unit apartment community located in Sandy Springs, about 16.4 miles north of downtown Atlanta. The sales price was $132.6 million, or more than $274,000 per unit. Mike Kemether, Travis Presnell and James Wilber of Cushman & Wakefield represented the seller, Atlanta-based Clark Ventures, in the transaction. San Francisco-based Stockbridge Capital Group acquired the property. Built in 1977 and renovated in 2019, Park at Abernathy Square offers one-, two- and three-bedroom floorplans with an average unit size of more than 1,100 square feet. Unit features include walk-in closets, patios and balconies, granite countertops, stainless steel appliances, pantries, dishwashers and washer and dryer hookups. Community amenities include a clubhouse, pool, laundry facilities, tennis court, picnic area, fitness center, business center, playground and a car charging station. Located at 6925 Roswell Road, the property is located off Ga. Highway 400 and is situated close to Buckhead, Roswell and Alpharetta. The apartment community is also 5.9 miles from Georgia Perimeter College and 3.1 miles from the Art Institute of Atlanta.
LOUISVILLE, KY. — JLL Income Property Trust has acquired South Louisville Distribution Center, a 327,000-square-foot, newly constructed industrial property in Louisville. The sales price was $39.5 million. The seller was not disclosed. The South Louisville Distribution Center is fully leased to Rivian, an electric vehicle automaker and automotive technology company. The seven-year lease includes annual rent increases of 2.8 percent. Completed in August 2021, the property includes Class A features such as cross docking, 36-foot clear heights and LED lighting. The industrial property is located close to major distribution hubs including UPS Worldport (Air Distribution Hub), UPS Centennial Hub (Ground Distribution Hub) and Louisville Muhammad Ali International Airport.
SARASOTA, FLA. — Berkadia Hotels & Hospitality has brokered the sale of Hotel Indigo Sarasota, a 95-room hotel located in Sarasota. Preston Reid and Michael Weinberg of Berkadia Hotels & Hospitality represented the seller, Peachtree Hotel Group. The sales price was not disclosed. Additionally, Michael Weinberg and Wyatt Krapf of Berkadia Hotels & Hospitality secured an undisclosed amount of acquisition financing on behalf of the borrower, Avistone. The lender, Access Point Financial, provided the three-year, adjustable-rate loan. The new owner will be using the proceeds to renovate and convert the hotel into one of IHG’s new upscale lifestyle brands. Located at 1223 Boulevard of the Arts, Hotel Indigo Sarasota features 64 king-bedrooms, 19-double queen rooms and 12 king suites. Hotel amenities include onsite dining area and meeting and conference facilities. The hotel is located three miles from Sarasota Bradenton International Airport.