NEW YORK CITY — Alpha Realty has brokered the $4.8 million sale of a 27-unit multifamily building located at 1580 Edison Ave. in The Bronx. The property, which includes retail space, traded at a cap rate of 6.3 percent and a price that equates to $209 per square foot. Lev Mavashev and Yehuda Leser of Alpha Realty represented the buyer and seller in the off-market deal. Both parties requested anonymity.
PERRIS, CALIF. — Atlanta-based Core5 Industrial Partners has completed the sale of Harvill Business Center, a modern logistics facility in Perris. Black Creek Group bought the asset for an undisclosed price. Completed in early 2020, the 423,665-square-foot property features a Ductilcrete concrete floor slab, 36-foot clear heights, 2.5 percent skylights, LED lighting, a gated concrete truck yard, on-site truck staging and low-water landscaping. American Standard, a subsidiary of Lixil Corp. and a North American plumbing and building products manufacturer, occupies Harvill Business Center on a long-term basis. Michael Chavez of Lee & Associates represented the seller and buyer in the transaction.
TEMPE, ARIZ. — Realterm, a Maryland-based logistics real estate firm, has purchased a distribution facility located at 1666 N. McClintock Drive in Tempe. A local real estate investment firm sold the property for $27 million. Constructed in 2004 as a build-to-suit for FedEx, the single-story, 145,872-square-foot building features 24-foot clear heights, 11 grade-level overhead doors, 26 dock-high doors and a three-lane driveway along McClintock Drive. FedEx recently signed a triple-net lease extension at the last-mile property. Geoffrey Turbow, Gary Cornish, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Bill Bayless of CBRE represented the seller in the deal.
LAS VEGAS — Colliers International has arranged the sale of an industrial property located at 6280 Annie Oakley Drive in Las Vegas. 1201 American Pacific LLC acquired the asset from JPFH II LLC for $4.7 million. The property features 23,604 square feet of industrial space. Suzette LaGrange and Kara Walker of Colliers represented the seller, while Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers represented the buyer in the deal.
COLORADO SPRINGS, COLO. — Trion Properties, along with its equity partner PCCP, has purchased a two-property apartment portfolio in Colorado Springs for a combined total of $80 million. Trion acquired both properties from one seller that held legacy ownership over each. Totaling 406 units, the portfolio includes the 200-unit Quail Cove at 3308 Quail Lake Road and the 206-unit Highland Park at 4815 Garden Ranch Drive. Built in 1983, Quail Cove features a mix of one- and two-bedroom units with washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies or patios. Additionally, the property underwent $5 million in capital improvements within the past five years, including new roofs, landscaping and clubhouse upgrades. Highland Park features a mix of one- and two-bedroom units with spacious floorplans, washer/dryer hookups, wood-burning fireplaces, central heat and air, walk-in closets and private balconies and patios. The property underwent nearly $2 million in improvements within the last five years. Winston Black and Frank Farrell of Berkadia represented both parties in the transaction. Continental Partners arranged financing for both deals from Freddie Mac, through Andrew Kwok of Capital One.
HOUSTON — An entity managed by CDC Houston, which is an affiliate of New York-based Coventry Development Corp., has acquired Mark at CityPlace Springwoods Village, a 268-unit apartment community in Houston. Designed by WGW Architects, the property features one-, two- and three-bedroom units ranging in size from 572 to 1,599 square feet. Residences are furnished with stone countertops, tile backsplashes, stainless steel appliances and full-sized washers and dryers. Amenities include a pool, outdoor kitchen, fitness center, demonstration kitchen, library, conference rooms and a club area. The seller, a subsidiary of Houston-based Martin Fein Interests Ltd., will continue to manage the property, which it originally opened in 2017.
LAKELAND, FLA. — Cushman & Wakefield has arranged the sale of Dragstrip Logistics Center, a 710,962-square-foot, Class A distribution center located in Lakeland. Amazon is a tenant at the facility, according to the Tampa Bay Business Journal. Mike Davis, Rick Brugge, Stewart Calhoun, Rick Colon, Casey Masters, Dominic Montazemi and Zachary Eicholtz of Cushman & Wakefield represented the seller, Atlanta-based Ackerman & Co., in the transaction. Led by Steve Centrella, Intercontinental Real Estate Corp. acquired the property on behalf of one of its managed funds. The purchase price was not disclosed. Located at 8100 State-Road 33, Dragstrip Logistics Center is located between Tampa and Orlando and is situated along the Interstate 4 corridor. The building features a cross-dock design with 146 dock-high doors, 40-foot clear heights, 185-foot truck court depths plus 60-foot concrete aprons, 183 trailer drops, 858 van stalls and ESFR fire protection.
BALTIMORE, MD. — Concord Communities, a Washington, D.C.-based affordable housing owner and developer, has acquired four apartment properties totaling 340 units in northeast Baltimore for $29.5 million. Ralph Crozier led the acquisition on behalf of Concord Communities on an internal basis, and Christine Espenshade of Newmark represented the seller. The sales price and seller were not disclosed. The communities — Walther Avenue Apartments, Hazelcrest Apartments and Northern Village Apartments East and West — are located within one mile of each other. Built in 1967, the 64-unit Walther Avenue Apartments offers residences ranging from studio to two-bedroom floor plans across six three-story buildings. The community was 95 percent occupied at the time of sale. Hazelcrest Apartments, located at 5717 Plainfield Ave., was built in 1965. The 48-unit apartment community features two-bedroom apartment units across eight two-story buildings. Hazelcrest was 95 percent occupied at the time of sale. Northern Village Apartments East and West, located at 6623 Pioneer Drive, was built in 1972 and consists of 228 units in total. The communities offer a mix of one-, two- and three-bedroom floor plans across 23 two-story buildings. The Northern Village property was 97 percent occupied at the time of sale. Concord Communities is …
LYNDHURST, N.J. — Colliers International has negotiated the sale of 1099 Wall Street West, a 118,465-square-foot office building in Lyndhurst, located outside of New York City. Originally built in 1971, the property recently received $1.2 million in capital improvements, including the upgrading of amenities such as a café, game room and lounge and a conference center. Locally based investment and management firm Bergman Real Estate Group sold the property to BHN Associates for an undisclosed price. Jackelene Chesler, Matthew Brown and Patrick Norris of Colliers brokered the deal.
ATLANTA — Atlanta-based Selig Enterprises and State Teachers Retirement System of Ohio have acquired Lenox Marketplace, a 421,000-square-foot retail center in Atlanta’s Buckhead district. Selig will oversee leasing at the center and will serve as the asset and property manager. The seller and sales price were not disclosed. Located at the intersection of Peachtree and Wieuca roads and across the street from Phipps Plaza, Lenox Marketplace spans 9.4 acres with a mix of retail and dining options. The multi-level retail center is anchored by Publix, Target, Dick’s Sporting Goods and LA Fitness, with additional tenants such as Ethan Allen, Roam and Iron Hill Brewery & Restaurant. The property is also one block from Lenox Square Mall and adjacent to Selig’s Buckhead Triangle property. With the addition of Lenox Marketplace, Selig’s retail portfolio spans almost 4 million square feet across the Southeast. The firm’s Buckhead portfolio includes Buckhead Triangle, Brookwood Place, Buckhead Square I and II, The Shops of Buckhead, Buckhead Commons and Peachtree Plaza. Selig is also the master developer of The Works, an 80-acre mixed-use development in Atlanta’s West Midtown neighborhood.