HOUSTON — Moody Rambin has brokered the sale of Bennington Street Business Park, a two-building, 33,000-square-foot industrial property located at 301 Bennington St. in northeast Houston. The property was built on 1.3 acres in 1979. Jim Autenreith and Stephen Ghedi of Moody Rambin represented the seller, an undisclosed investor, in the transaction. The buyer was also not disclosed.
TAYLOR, PA. — Cushman & Wakefield has brokered the $30 million sale of a 711,200-square-foot industrial building located at 22 Stauffer Industrial Park Drive in Taylor, a southern suburb of Scranton. One of three buildings in Stauffer Industrial Park, the property features 179 dock doors and 35-foot clear heights and was fully leased at the time of sale. Gerry Blinebury, Gary Gabriel and Daniel Walsh of Cushman & Wakefield represented the seller, SK Realty, in the transaction. The buyer was undisclosed.
PITTSBURGH — Los Angeles-based investment firm Broadshore Capital Partners has acquired Liberty Pointe, a 338-unit apartment community in Pittsburgh. Situated on 10.5 acres in the Bethel Park area, the property offers a mix of one- and two-bedroom units with individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, outdoor grilling and picnic area, pet park, cybercafé and a clubhouse. The seller was not disclosed.
EASTON, PA. — TSW Alloy Wheels, a provider of custom staggered wheels, has purchased a 105,840-square-foot industrial facility situated on a 9.6-acre site in the Lehigh Valley city of Easton from developer J.G. Petrucci & Co. TSW Alloy Wheels will use the newly built property, which features 36-foot clear heights and an ESFR sprinkler system, as a new regional distribution center. Paul Weiss of PF Weiss Realty brokered the deal.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.3 million sale of a 33-unit multifamily building in the Pelham Bay area of The Bronx. The property was originally built in 1929 and spans 27,000 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, in the transaction. Jungreis and Alex Fuchs of Rosewood Realty procured the buyer, locally based investment firm Arber Realty LLC. The building consists of 29 one-bedroom units and four two-bedroom units and sold at a cap rate of 5.85 percent.
CHICAGO — A joint venture between Oxford Capital Group LLC and Quadrum Global has sold Essex on the Park, a 56-story, 479-unit apartment tower that it developed and opened on Chicago’s Michigan Avenue in 2019. A West Coast-based investment firm purchased the asset for an undisclosed price. The Oxford-Quadrum venture retains ownership of the adjacent Hotel Essex, which continues to be managed by Oxford Hotels & Resorts LLC. Essex on the Park is the luxury apartment portion of a larger mixed-use development that includes Hotel Essex. Residents of Essex on the Park have convenient access to hotel amenities and services, including Grant Park Bistro and SX Sky Bar. Amenities in the apartment tower include an indoor pool, fitness center, yoga studio, party room, cocktail lounge, game room and private conference room. JLL acted as advisor to Oxford and Quadrum, and also arranged acquisition financing on behalf of the buyer.
URBANDALE, IOWA — DealPoint Merrill LLC has acquired a 103,906-square-foot former Kmart shopping center in Urbandale near Des Moines. The property sits on 12 acres near I-35 and I-235. DealPoint Merrill plans to redevelop the asset into a 131,000-square-foot project with two outparcels. DealPoint Merrill’s CEO David Frank negotiated the transaction and President Sterling McGregor handled the due diligence and financing. The seller and purchase price were undisclosed.
STERLING HEIGHTS, MICH. — Quantum Mold & Engineering has expanded to Sterling Heights with the purchase of a 36,779-square-foot industrial building at 6300 Sterling Drive North in suburban Detroit. The prototype and production plastic injection molding company currently operates out of multiple properties in the area. The new facility will help the company consolidate operations and expand services. Jason Capitani of L. Mason Capitani CORFAC International represented Quantum in the sale. The seller and purchase price were undisclosed.
CHICAGO — Cawley Chicago has brokered the sale of an 18,000-square-foot warehouse located at 3228 S. Wood St. in Chicago for an undisclosed price. Situated near I-55 between Pilsen and the stockyards corridors, the facility sits on 1.5 acres. The property also includes office space and a securely fenced lot. Frank Melchert and Stevan Arandjelovic of Cawley represented the seller, SES Equipment Services, and procured the buyer, Taylor Excavating & Construction Inc.
SL Green Agrees to Sell Amazon-Anchored Office Building Under Redevelopment in Manhattan for $952.5M
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) and its joint venture partners have entered into a contract to sell 410 Tenth Avenue, a 20-story, 636,000-square-foot office tower near Hudson Yards on Manhattan’s west side, for $952.5 million. The transaction marks the largest commercial property sale in the U.S. since March, according to SL Green. Amazon and First Republic Bank anchor the property, which is currently undergoing a redevelopment. Amazon signed its 335,408-square-foot lease in December. The buyer was undisclosed. SL Green is the majority owner of the building, with a 70.9 percent stake. As part of the sale, the sellers will retain a 5 percent interest through completion of the redevelopment, which is slated for the third quarter of 2021. The identities of the minority owners were not disclosed. The transaction is expected to close during the fourth quarter. Brett Herschenfeld, managing director of SL Green, says that the sale is an example of acquiring an undervalued asset, redeveloping it to Class A standards and re-leasing it to high-quality tenants. “While the asset was always intended to be held as a long-term investment, the sale will allow the company to achieve extraordinary profits, substantially reduce consolidated indebtedness …