PISCATAWAY, N.J. — Insite Property Group has acquired Statewide Self Storage, a facility located in the Northern New Jersey city of Piscataway. The property is situated on three acres and features 66,000 net rentable square feet of drive-up and interior space across more than 600 units. Insite plans to implement a renovation that will deliver new signage, a revamped facade, improved lighting and fresh landscaping and paint jobs. The new ownership will also operate the property and rebrand it as SecureSpace Stelton. The seller was not disclosed.
ST. LOUIS — Founders Properties LLC has acquired a 537,753-square-foot industrial facility in St. Louis for an undisclosed price. The acquisition marks Founders’ first venture into Missouri. The newly constructed property is fully leased to CIRX 360 Logistics as well as a consumer food products company. It is situated within NorthPark, a 550-acre business park. It also offers convenient access to Lambert-St. Louis International Airport and major highways such as I-70 and I-170. CRG was the seller of the Class A property. Mike Caprile and Zach Graham of CBRE brokered the deal.
NEW YORK CITY — GHH Associates LLC has sold a 4,658-square-foot office condo in Midtown Manhattan to international jeweler Shefi Diamonds for $4.2 million. The space is located within 10 W. 46th Street, a 20-story office condo property that was built in 1985. Michael Rudder and Justin Harris of Rudder Property Group represented GHH Associates in the transaction. Harlan Cygielman of Manhattan Realty Advisors represented Shefi Diamonds.
CINCINNATI — Stan Johnson Co. has brokered the sale of a 25,600-square-foot retail center located at 7074 Harrison Ave. in Cincinnati for $3 million. The property was 94 percent leased at the time of sale to seven tenants. Constructed in 2006, the two-story building sits on 2.3 acres. Patrick Metz of Stan Johnson represented the seller, a California-based private investor. MAGNA Properties, an Ohio-based individual investor, purchased the asset as part of a 1031 exchange. The sale reflects a cap rate of 9.1 percent.
ORLANDO AND TAMPA, FLA. — New Jersey-based Dasmen Residential has acquired five apartment communities in Orlando and Tampa for a total of $102 million. Dasmen acquired the portfolio from Amzak Capital Management and The Focus Group using $15 million of equity raised from 275 investors on CrowdStreet. The CrowdStreet offering was oversubscribed, and investors on CrowdStreet pledged $22.9 million in offers in less than 18 hours. The transaction also included $33 million of total investor equity, as well as a $76.4 million Freddie Mac loan provided and serviced by Greystone. With 1,011 units total, the five apartment properties are 92 percent occupied. The names and addresses of the Orlando communities include Addington Place Apartments at 4757 Silver Star Road, Oak Hill Apartments at 4500 Silver Star Road and Oakmont Apartments at 3024 Rio Grande Ave. The properties in Tampa include Jasmine Terrace Apartments at 1250 Skipper Road and Laurel Crossings Apartments at 13101 Aarans Pond Drive. Dasmen plans to give the properties upgrades to individual units and common areas. The capital improvements will include rebranding all five communities. Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the sellers in the transaction.
LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.
FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.
CHICAGO — Dayton Street Partners has sold a 41,000-square-foot industrial building located at 4150 N. Knox Ave. on Chicago’s North Side. Brookfield Properties purchased the asset for an undisclosed price. Dayton Street acquired the 1.6-acre site in 2015 and completed construction of the building in 2018. The property features a clear height of 30 feet, six docks, four drive-in doors and LED lighting. It is fully leased to Johnstone Supply and Goodman Manufacturing. CBRE represented Dayton Street in the sale.
NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.
LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.