NEW YORK CITY — Locally based firm Midwood Investment & Development has sold an 8,867-square-foot retail property located in the Riverdale neighborhood of The Bronx for $9.8 million. The property is leased to Bank of America and Montefiore Medical Center. Steven Siegel, Judson Kauffman and Philip Biancavilla of Marcus & Millichap represented Midwood in the transaction. The buyer was an undisclosed, New York City-based investor.
EL SEGUNDO, CALIF. — Newmark has brokered the sale of 2221 Park Place, a two-story creative office property located in downtown El Segundo. 2221 Park Place Partners LLC, a partnership between Kyle Ransford of Cardinal Investments and Platform Ventures, sold the asset for $70 million, or $778 per square foot. The undisclosed buyer intends to occupy the 90,000-square-foot building, which was recently constructed. The building features a retractable rooftop, integrated landscaping, natural lighting, three-walled workspaces with open air access, flexible layout throughout, outdoor and upper-level patios and contemporary technology for health and efficiency. Kevin Shannon, Geoff Ludwig, Eric Lastition and Ken White of Newmark represented the seller in the off-market transaction.
SANDY, UTAH — TruAmerica Multifamily has purchased Falls at Hunters Pointe, an apartment community located on State Street in Sandy. The Wasatch Group sold the property for an undisclosed price. Falls at Hunter Pointe features 276 apartments in a mix of one-, two- and three-bedroom floor plans with open kitchens; large, dual-pane windows; private patios or balconies; and views of the Wasatch Mountains. Community amenities include a swimming pool, playground, walking and biking trails, covered parking and basketball, racquetball and tennis courts. The property was built in 1994. Danny Shin and Brock Zylstra of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
VANCOUVER, WASH. — Marcus & Millichap has arranged the sale of Ashley Terrace, a multifamily property located at 4500 Nicholson Road in Vancouver. Next Wave Investors LLC acquired the asset from an undisclosed seller for $23.8 million. Built in 1993, Ashley Terrace features 118 apartments in a mix of one-, two- and three-bedroom layouts, a clubhouse, fitness center, pool and tennis court. Next Wave plans to implement a renovation program including new appliances, lighting, plumbing, solid-surface flooring in most rooms, new carpet in bedrooms and upgraded kitchens, as well as repairs and maintenance to the exterior and common areas. Khari Gates and Georgie Christensen-Riley of Marcus & Millichap represented the buyer. Marcus & Millichap also represented the seller in the deal.
SAN ANTONIO AND HOUSTON — Newmark has negotiated the sale of four multifamily properties totaling 1,103 units that are located within the major medical centers of San Antonio and Houston. Broadstone Oak Hills and Hawthorne House are proximate to the South Texas Medical Center in San Antonio, and 5755 Hermann Park and Equinox are located within the Texas Medical Center in Houston. Alliance Residential sold Broadstone Oak Hills, Hawthorne House and Equinox, and M-M Properties sold 5755 Hermann Park. River Rock Capital purchased the San Antonio properties, and Sun Holdings bought the Houston communities. Patton Jones, Matt Michelson, Zach Springer, David Mitchell and Thomas Alleman of Newmark brokered the deals.
CORPUS CHRISTI, TEXAS — Bellomy & Co. has arranged the sale of Space Self Storage, a 300-unit facility in Corpus Christi. The property spans 40,948 net rentable square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the seller, an Austin-based entity doing business as Divisidero Property LLC. The duo also procured the buyer, New York-based Andover Properties.
TOWSON, MD. — Peak Management LLC has acquired Ruxton Towers Apartments, a 144-unit multifamily community in Towson, for $35.6 million. The seller was not disclosed. CBRE represented the buyer and seller in the transaction. Located at 8415 Bellona Lane in Baltimore County, Ruxton Towers features one-, two- and three-bedroom apartments ranging in size from 700 to 1,235 square feet. The property was approximately 99 percent leased at the time of the sale. More than half of the residential units were recently renovated with stainless steel appliances, espresso or oak cabinetry, granite countertops and vinyl or ceramic tile flooring. Community amenities include a swimming pool and sundeck, recently renovated pool house, fitness center, resident lounge, business center, a new barbecue grilling area, tennis courts, dog park, bike storage facility and full concierge services. The community also includes 235 surface parking spaces and 29 garage spaces. Built in 1964, Ruxton Towers is a 10-story building and includes 33,000 square feet of commercial office space located on the ground floor. The office space is currently 98 percent leased to professional services groups such as attorneys, physical therapists, dentists and other medical and healthcare providers. The apartment community is located less than three miles …
DESOTO, TEXAS — Thompson Realty Capital and equity partner Trez Capital have sold The Beacon on Westmoreland, a 194-unit apartment community that is situated on 10.4 acres in the southern Dallas suburb of DeSoto. The Class A property’s unit mix consists of 124 one-bedroom units, 58 two-bedroom units and 12 three-bedroom units that range in size from approximately 550 to 1,180 square feet. Amenities include a pool, fitness center, dog park, playground and a walking trail. Construction began in 2019. The buyer was not disclosed.
JACKSONVILLE, FLA. — Cushman & Wakefield has arranged the sale of a five-building industrial portfolio totaling 1.4 million square feet in Jacksonville. The sales price was not disclosed. Mike Davis, Rick Brugge, Rick Colon, Zach Eicholtz, Chloe Strada and Dominic Montazemi of Cushman & Wakefield represented the undisclosed seller in the transaction. Tyler Newman and Jacob Horsley of Cushman & Wakefield assisted in the sale and have been retained to lease the portfolio on behalf of the buyer, Hartz Mountain Industries.
WINFIELD, ILL. — Conor Commercial Real Estate has sold North Avenue Commerce Center in Winfield, about 30 miles west of Chicago. The 265,550-square-foot industrial building was 82 percent leased by an e-commerce tenant and a furniture manufacturer at the time of sale. The newly developed facility sits on a 17-acre site. Building features include a clear height of 32 feet, 56 truck docks and four drive-in doors. McShane Construction Co. and Ware Malcomb provided construction and design services for the development. Cushman & Wakefield represented Conor in the sale. The buyer was undisclosed.