PHOENIX — Taylor Street Advisors has brokered the sale of Osborn 17, a multifamily property located in the midtown area of central Phoenix. The asset traded for $3.1 million, or $180,00 per unit. Located at 3358 N. 15th Ave., Osborn 17 features 17 apartments. The undisclosed buyer plans to completely renovate the units with all new kitchens, appliances, bath and flooring, as well as upgrading the exterior. Brian Tranetzki of Taylor Street handled the transaction.
SOMERSET, N.J. — CBRE has brokered the sale of a 143,670-square-foot industrial building in the Northern New Jersey community of Somerset. The property was built on nine acres in 1986 and features a clear height of 26 feet and 13 loading docks. Mark Silverman, Elli Klapper, Charles Berger, Jeremy Wernick and Kevin Dudley of CBRE represented the buyer, GLP Capital Partners, in the off-market transaction. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $13 million sale of two rent-stabilized apartment buildings totaling 98 units in the Inwood area of Manhattan. The buildings were constructed in 1920 and comprise two studios, 32 one-bedrooms units, 44 two-bedroom residences and 20 three-bedroom units. Aaron Jungreis and Ben Khakshoor of Rosewood Realty represented the seller, Morris Lieberman, and the buyer, Prana Investments, in the transaction.
SAN DIEGO — Lincoln Property Co. has completed the disposition of a newly renovated last-mile distribution center in San Diego’s Kearny Mesa submarket. Realterm Logistics acquired the asset for $64.2 million. Situated on 10.5 acres at 7995 Armour St., the freestanding facility features 104,510 square feet of industrial space. The seller completed significant capital improvements and repositioned the asset, which was built in the 1980s. The facility features well-designed ingress/egress; efficient warehouse and office layouts; dock- and grade-loading capabilities; and ample parking. At the time of sale, the property was fully leased to a global Fortune 50 e-commerce company. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.
PHOENIX — CBRE has arranged the sale of The Arcadian, a multifamily property in Phoenix’s Lower Arcadia submarket. A California investor acquired the asset from an undisclosed seller for $10 million. Located at 3101 N. 36th St., The Arcadia features 45 apartments in a mix of one- and two-bedroom layouts, a swimming pool, gazebo with picnic seating, barbecues, covered parking, rental office and laundry facility. Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke of CBRE represented the buyer and seller in the deal.
TEMPE, ARIZ. — Taylor Street Advisors has arranged the sales of apartment communities in Tempe in two separate transactions totaling $8.2 million. Both properties are located near Arizona State University’s Tempe campus. Brian Tranetzki of Taylor Street brokered the sale of The Atrium, a three-story, 39-unit multifamily property. A local buyer acquired the asset from a California-based seller for $6.2 million, or $160,256 per unit. Anton Laakso of Taylor Street arranged the sale of Ash Properties, a 10-unit apartment community in downtown within walking distance of Arizona State University. The property traded for $1.9 million, or $193,100 per unit. The undisclosed buyer plans to renovate the value-add property.
OAKLAND, CALIF. — Marcus & Millichap has brokered the sale of a retail building located at 470 Lake Park Ave. in Oakland. A limited liability company sold the asset to an undisclosed buyer for $3.5 million. Starbucks Coffee net leases the 1,600-square-foot property, which was built in 1968. Chris Lind and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal. David Nelson of Marcus & Millichap’s Oakland office was broker of record for the transaction.
SAN DIEGO, CALIF. — Longfellow Real Estate Partners has acquired Luskin Business Park, a nine-property office portfolio totaling 371,281 square feet in San Diego. The sales price was $315.4 million. Longfellow plans to convert the assets into a massive life sciences campus. The properties are located at 6150, 6160, 6370, 6440, 6450, 6540, 6640 and 6650 Lusk Blvd. and 10225 Barnes Canyon Road in the Sorrento Mesa submarket, a part of San Diego that is home to major corporations and has a high demand from life sciences tenants. All of the properties are two-story buildings that are zoned for office, light industrial and other commercial uses, including life sciences. Situated on a total of 20.6 acres, the portfolio has access to top San Diego research institutions, including Scripps Research, UC San Diego, the Salk Institute and Sanford Burnham Prebys Medical Discovery Institute. San Diego remains one of the top markets for life sciences demand, according to CBRE’s U.S. Life Sciences Midyear 2021 report. Lynn LaChapelle, Bob Prendergast, Sach Kirpalani and Michael Leggett of JLL represented the seller, PS Business Parks, in the transaction. “This was a rare opportunity to acquire a life sciences redevelopment opportunity of scale in one of …
KATY, TEXAS — California-based investment firm Brixton Capital has purchased Mason Park, a 312-unit apartment community in the western Houston suburb of Katy. The property was built on 13 acres in 2008 and offers one-, two- and three-bedroom units. Amenities include a pool, fitness center, business center, cybercafé, bark park, media lounge and an outdoor picnic area with grilling stations. Zach Springer of Newmark represented the locally based seller, Hilltop Residential, in the transaction. Brixton Capital was self-represented. David Schwarz, also with Newmark, arranged acquisition financing through a local bank.
MESQUITE, TEXAS — Marcus & Millichap has brokered the sale of The Storage Place, a 553-unit self-storage facility located in the eastern Dallas suburb of Mesquite. The property spans approximately 74,000 net rentable square feet. Brandon Karr of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Karr also procured the buyer. Both parties requested anonymity.