AUSTIN, TEXAS — California-based Menlo Properties has acquired 7000 West at Lantana, a 136,075-square-foot office complex in southwest Austin. The property was built in 1999 as part of the Lantana master-planned community. Dallas-based Starwood Capital Group sold the asset for an undisclosed price. Mike McDonald, Ryan Stevens and Celeste Fowden of Cushman & Wakefield brokered the deal.
EAST ORANGE AND IRVINGTON, N.J. — Marcus & Millichap has arranged the $92.5 million sale of a 24-property, 702-unit multifamily portfolio in East Orange and Irvington, two cities located in Essex County. Approximately 55 percent (390) of the units are located in East Orange, and the remaining units (312) are located in Irvington. Richard Gatto and Fahri Ozturk of Marcus & Millichap represented the seller, a partnership between ERCT Capital Group, MAVeCap and Metropolitan America, in the transaction. Eric Anton and Chris Warner in the firm’s Manhattan office represented the buyer, Spaxel LLC, a New York-based multifamily developer. Brad Domenico of Progress Capital arranged $81 million in acquisition financing for the deal.
SALEM, MASS. — California-based investment firm Pacific Urban Residential has acquired Bell at Salem Station, a 266-unit apartment community in Salem. Built on 10.5 acres in 2002, the property features 12 different floor plans with an average unit size of 1,333 square feet. Amenities include an outdoor pool, fitness center, media room and a community room. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Bell Partners, and the buyer in the transaction. Pacific Urban Residential will rebrand the community as Sofi at Salem Station.
COLUMBUS, OHIO — Industrial Realty Group has acquired the former Columbus Dispatch printing facility in Columbus for $11.5 million. The 450,000-square-foot property is located at 5300 Crosswind Drive and sits on roughly 65 acres within the Southwest Airport Industrial Park. It has been vacant since spring 2020. Aiden Cleghorn of BellCornerstone and Curt Berlin of NAI Ohio Equities represented the seller, Gannett Co. Inc.
MINNEAPOLIS AND ST. PAUL — Four apartment properties in metro Twin Cities have traded hands for undisclosed prices. Main Street Cos. sold the 84-unit Riverwood Estates in Brooklyn Center to Riverwood LLC. The Oxford, a 20-unit asset in St. Paul, sold to Union Park Management by At Home Apartments LLC. In New Hope, the 12-unit 42nd Avenue Apartments sold to Verburgt Holdings LLC by 42nd Avenue Apartments LLC. Lastly, KPMG LLP sold the 54-unit Creekside Commons in Prior Lake to PRC Creekside LLC. Ted Abramson, Drew Rafshol, Abe Appert and Keith Collins of CBRE Minneapolis Multifamily represented the sellers in all of the transactions.
LIBERTY, MO. — NorthMarq has arranged the sale of a two-property multifamily portfolio totaling 237 units in Liberty, a northeast suburb of Kansas City. The sales price was undisclosed. Skyline totals 93 units while Westowne consists of 144 units. They are sister properties located within a five-minute drive of each other. Both communities underwent exterior and interior upgrades prior to sale. Jeff Lamott and Gabe Tovar of NorthMarq represented the seller, Clarity Equity Group. The portfolio sold to a private investor based in Utah.
MAPLEWOOD, MINN. — Upland Real Estate Group has brokered the $9.1 million sale of a Tesla service center in Maplewood near St. Paul. Tesla occupies the property on a long-term, net-lease basis. Tesla currently operates more than 330 locations worldwide. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. An institutional buyer purchased the asset.
PATERSON AND PASSAIC, N.J. — Gebroe-Hammer Associates has brokered the $17 million sale of a 133-unit apartment portfolio in Northern New Jersey’s Passaic County. The portfolio comprises nine properties of early 20th century construction that offer 133 units in studio, one-, two- and three-bedroom formats. Debbie Pomerantz of Gebroe-Hammer represented the seller, Golden Equities LLC, in the transaction and procured the buyer, an undisclosed private investor.
GILBERT, ARIZ. — San Diego-based Pathfinder Partners has completed the sale of The Sterling, an apartment property in Gilbert, approximately 23 miles southeast of downtown Phoenix. Casa Anita Apartments LLC acquired the asset for $30.9 million. Built in 2000 as condominiums, The Sterling, formerly known as The Vintage, is situated on 9.3 acres and includes 13 residential buildings consisting of six studio lofts, 21 one-bedroom/one-bath units, 40 two-bedroom/two-bath units and 40 three-bedroom/three-bath units, averaging 1,154 square feet. Pathfinder Partners originally acquired the property in 2017 and completed at $1.4 million renovation to the asset. Renovations included building repairs; installation of a dog park and package locker; upgrading the clubhouse, leasing office and pool area; and renovating more than half of the units. At the time of sale, The Sterling was 97 percent occupied. David Fogler of Cushman & Wakefield Multifamily Advisory Group brokered the transaction.
CHANDLER, ARIZ. — YMC Arizona Properties, a private investment group based in Los Angeles, has purchased Portico Place I and II, a two-building office property located at 2121 and 2195 W. Chandler Blvd. in Chandler. Milwaukee-based Irgens sold the complex for $21.7 million. Situated in the South East Valley, Portico Place I and II offers 89,182 square feet of office space, with lease rates ranging from the high $20s to low $30s per square foot. Erik Marsh of Kidder Mathews represented the buyer in the deal.