NEW YORK CITY — JLL has negotiated the $14.1 million sale of a 37,412-square-foot retail building located at 531 86th St. in the Bay Ridge neighborhood of Brooklyn. Stephen Palmese, Ethan Stanton, Michael Mazzara, Winfield Clifford and Brendan Maddigan of JLL represented the seller, Developer’s Realty Corp., in the transaction. A&H Acquisitions Corp. purchased the building, which is leased to Modell’s Sporting Goods.
GLENDALE, ARIZ. — Progressive Real Estate Partners has arranged the sale of a single-tenant property located at 5801 W. Mohawk Lane in Glendale. An Arizona-based private investor sold the building to a California-based private investor for $2.5 million. Sunrise Preschool occupies the 8,500-square-foot property on a triple-net-lease basis. The building was built in 1999 for the preschool, which Childcare Network owns. The daycare center caters to children six weeks to 12 years of age and offers a variety of programs for infants, toddlers and preschool students, as well as before- and after-school care. Brad Umansky and Mike Lin of Progressive Real Estate Partners, in cooperation with Ginger Orsi of S.J. Fowler Real Estate, represented the seller. John Eppers of Central Valley Properties represented the buyer in the deal.
CHARLOTTE, N.C. — Cousins Properties has acquired RailYard, a 328,985-square-foot office building, and an adjacent 3.4-acre plot for the development of a mixed-use project in Charlotte’s South End district. The Atlanta-based REIT paid $201 million for RailYard and $28.1 million for the land. Charlotte-based Beacon Partners delivered RailYard in 2019 and sold it to Cousins for approximately $611 per square foot. At the time of sale, the 296,392-square-foot office portion was 97 percent leased to tenants including Allstate, Parsons Corp., EY, Slalom Consulting and WeWork. RailYard also features 32,593 square feet of ground-level retail space. Patrick Gildea, Matt Smith, Will Yowell, Grayson Hawkins and Brandon McMenomy of CBRE represented Beacon Partners in the sale. Cousins Properties acquired the adjacent land, which features access to the Bland Street Metro Station, from an undisclosed seller. Cousins plans to develop a mixed-use project spanning up to 700,000 square feet that will include office and residential space.
HARRISONBURG, VA. — Campus Apartments LLC has purchased Aspen Heights Harrisonburg, a 600-bed, cottage-style student housing community located near James Madison University in Harrisonburg. Aspen Heights sold the community for an undisclosed price. The property offers two-, three-, four- and five-bedroom units. Communal amenities include a 24-hour fitness center, computer lab, study lounge, tanning bed, access to a campus shuttle, movie theater, volleyball court and a pool. CBRE brokered the sale of the property. Campus Apartments intends to rebrand the property and implement a light value-add plan that will entail enhancements to both the clubhouse and exterior amenity areas.
SAN ANTONIO — New Jersey-based Silver Point Group and its Chicago-based preferred equity partner Origin Investments have acquired Ashley Oaks Apartment Homes, a 462-unit multifamily community in San Antonio. Built in phases between 1985 and 1995, the property is located approximately 15 miles from the downtown district and features one-, two- and three-bedroom units. Amenities include a pool, fitness center, clubhouse and outdoor grilling areas. The seller was LivCore, a subsidiary of Blackstone Group.
IRVING, TEXAS — CBRE has negotiated the sale of Monterey Apartments, a 160-unit multifamily community in Irving. The property was built in 1971, offers a pool and a playground and was 73 percent occupied at the time of sale. Chris Deuillet and William Hubbard of CBRE represented the seller, Plano-based Elmstone Group, in the transaction. The buyer was Forney, Texas-based BeazWorkz Investing.
FORT WORTH, TEXAS — Henry S. Miller Brokerage has arranged the sale of a 24,833-square-foot retail building located at 2551 Ephriham Ave. in northwest Fort Worth. Shawn Ackerman of Henry S. Miller represented the seller, Fallas Borrower IV LLC, in the transaction. Troy Morgan of Structure Commercial represented the buyer, Savcorp Ltd., doing business as Savers Cost Plus Supermarket.
AUSTIN, TEXAS — Locally based investment firm Rastegar Property Co. has purchased Lamar Oaks, a 30-unit apartment complex on Austin’s north side. The property was built in 1969 and consists of 19,650 net rentable square feet. Rastegar will implement a value-add program to unit interiors and amenity spaces, including greater air circulation and social distancing in common areas. The seller was not disclosed.
BLUE BELL, PA. — Saudi Arabian investment firm Sidra Capital has acquired a 90 percent stake in Arborcrest Corporate Campus, an 855,600-square-foot office property located in the Philadelphia suburb of Blue Bell. The five-building campus was completed in two phases between 2015 and 2019 and maintains a sizable life sciences and biotechnology footprint. JLL brokered the deal between Sidra Capital and Spear Street Capital, which retains the other 10 percent ownership in the campus.
AGAWAM AND WEST SPRINGFIELD, MASS. — Connecticut-based brokerage firm Chozick Realty has arranged the $9.2 million sale of Elizabeth Manor and Imperial Apartments, two multifamily assets totaling 115 units in Western Massachusetts. Elizabeth Manor is a 40-unit property in Agawam that was built in 1966, and Imperial is a 75-unit complex that was built in 1970. Tom Boyle and Steve Pappas of Chozick Realty represented the seller, Dow Management LLC, and procured the New York-based buyer in the transaction.