GRAND PRAIRIE, TEXAS — Sign manufacturer Optimal Elite Management LLC has purchased a 63,483-square-foot office/warehouse building located in the central metroplex city of Grand Prairie. The two-story building is situated on 9.5 acres within Great Southwest Industrial Park and comprises 46,950 square feet of light manufacturing space and 16,533 square feet of office space. The seller, Breg Inc., will continue to occupy the site for the next six months through a sale-leaseback. Noah Dodge and Jason Finch of Bradford Commercial Real Estate Services represented Optimal Elite Management in the deal. Steve Koldyke, Brian Gilchrist and Chris Powers of CBRE represented the seller.
ASHBURN, VA. — Bell Partners Inc. has acquired Westwind Farms, a 464-unit multifamily community in Ashburn. The property, which was built in 2005, offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, business center, pool, playground and a dog park. The asset is situated at 22541 Hickory Hill Square, 30 miles west of downtown Washington, D.C. The Greensboro, N.C.-based buyer will rebrand the community as Bell Ashburn Farms. The seller and sales price were not disclosed.
BILLERICA, MASS. — Newmark has negotiated the sale of Concord Road Corporate Center, a 362,550-square-foot office complex located approximately 25 miles northwest of Boston in Billerica. The three-building, Class A property offers a fitness center with lockers and showers, a conference center, game room, outdoor patio with seating areas and a bocce court. Robert Griffin, Edward Maher, Matthew Pullen, Samantha Hallowell and Torin Taylor of Newmark represented the undisclosed seller in the transaction and procured KS Partners as the buyer. Dominick Romano of Newmark provided financial analysis support. The property received upgrades to its exteriors, lobbies and amenity spaces in recent years.
RIDGEFIELD PARK, N.J. — Marcus & Millichap has brokered the $7.8 million sale of a 45-unit multifamily portfolio in Ridgefield Park, located in Northern New Jersey. The portfolio comprises three buildings totaling 36 one-bedroom units and nine studio apartments with garages, covered parking and on-site laundry facilities. Daniel Aviles and Casey Egan of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The duo also procured the buyer, a private investor. Both parties requested anonymity.
AKRON, OHIO — First National Realty Partners (FNRP) has acquired West Market Street Station in Akron. The Whole Foods Market-anchored shopping center is located at 1745 W. Market St. It spans 54,232 square feet and opened in September 2017. Other tenants include Lululemon, PetPeople, Orangetheory Fitness, Moe’s Southwest Grill, Great Clips and Salon Lofts. This is the first Whole Foods within FNRP’s shopping center portfolio. Fain Hicks, Margaret Jones, Lane Breedlove, Evan Halkias and Michael Marks of Cushman & Wakefield represented the seller, S.J. Collins Enterprises, in the transaction. Mike Ryan, Richard Henry and Brian Linnihan of Cushman & Wakefield secured $11.9 million in acquisition financing on behalf of First National Realty Partners for the purchase. A life insurance company provided the loan.
MAZOMANIE, WIS. — JLL Capital Markets has brokered the $8.7 million sale of a 225,000-square-foot warehouse and distribution center net leased to Roundy’s Supermarket in the suburban Madison community of Mazomanie. Roundy’s is a wholly owned subsidiary of Kroger that operates more than 150 grocery stores throughout Wisconsin and Illinois. The company has used this facility to store dry goods for its stores since 1989. The property features a clear height of 32 feet and 24 dock-high doors. It sits on 31.7 acres at 400 Walter Road. Alex Sharrin, Alex Geanakos, Larry Kilduff and Michael George of JLL represented the seller, Dallas-based Ramrock Real Estate LLC. Maxx Carney and Alejandro Ramirez of JLL arranged a $5.2 million acquisition loan on behalf of the undisclosed buyer. A CMBS lender provided the 10-year, fixed-rate loan.
OAKBROOK TERRACE, ILL. — Marcus & Millichap has brokered the sale of a 29,983-square-foot office building in Oakbrook Terrace, a suburb of Chicago, for $3.7 million. Most of the tenants are medical office tenants. Mitchell Kiven of Marcus & Millichap marketed the property on behalf of the seller, a private investment fund that purchased the asset in 2018. Brian Parmacek of Marcus & Millichap secured and represented the undisclosed buyer, which purchased the building within 95 percent of the asking price.
CHICAGO — Kiser Group has arranged the deconversion sale of a 28-unit multifamily building in Chicago’s Rogers Park neighborhood for $3.5 million. The property is located at 1319-27 W. Sherwin Ave. The three-story building was originally constructed as apartments in 1962. It was converted to condos after trading hands in 2008. Andy Friedman, Jake Parker, Danny Logarakis and Rick Ofman of Kiser represented the buyer, a private investor. The 1319 West Sherwin Condominium Association was the seller. The buyer plans to update finishes and convert the units back into apartments. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The city of Chicago recently increased the required owner approval to 85 percent. Sellers then have the option to either move out of their units or lease them back from the new owner. “Like many condo deconversions, this building had a bulk owner,” says Parker. “We negotiated an offer that worked for everyone, which translated to overwhelming association support for the sale.” A bulk owner means that one entity owns several units and treats them like a multifamily rental property.
WOODINVILLE, WASH. — Sack Properties has purchased Chateau Woods, a 114-unit multifamily property located in Woodinville, approximately 20 miles northeast of Seattle. BPM Real Estate Group sold the asset for $45.7 million, or $401,316 per unit. Built in 2008, Chateau Woods features 59 one-bedroom units and 55 two-bedroom units, with an average unit size of 978 square feet and 36 percent of the units include a den. The elevator-served property features a resident clubhouse, 24-hour fitness center, bike storage and outdoor courtyards with dining and barbecue areas. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of Pacific Northwest Institutional Property Advisors represented the buyer. Charles Halladay, Peter Smyslowski, Chris Gandy and Matt Cimino of JLL Capital Markets arranged financing for the buyer.
ALBUQUERQUE — The LeClaire-Schlosser Group of Marcus & Millichap has arranged the sale of Storage Bank, a self-storage facility located on San Pedro Boulevard in Albuquerque. A local limited liability company sold the asset to a national self-storage operator for an undisclosed price. The two-story, climate-controlled facility features a 24-hour surveillance system monitoring all entrances, two loading areas at the rear of the property, a commercial lift to access the second floor and an on-site manager’s apartment. Additionally, the asset features a ground-level retail space that a packing and shipping business occupies. Thomas Parsons, Adam Schlosser and Charles LeClaire of Marcus & Millichap represented the seller in the deal.