NEWARK, N.J. — A partnership led by New Jersey-based investment firm Onyx Equities has acquired a 10-building, 1.5 million-square-foot office portfolio in Morris County, New Jersey, from Mack-Cali Corp. The portfolio consists of nine buildings in Parsippany and one in Madison. Onyx Equities, which acquired the portfolio in partnership with Taconic Capital Advisors LP, Axonic Capital LLC and Machine Investment Group, will implement a capital improvement plan. JLL brokered the deal.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the sale of a 45,000-square-foot industrial flex property located at 60 Northampton Road in the coastal New Jersey city of Toms River. Charles Loccisano and Michael Lombardi of Marcus & Millichap co-brokered the sale along with Rosetto Realty Group on behalf of both the buyer and the seller. Both parties were limited liability companies that requested anonymity.
OKLAHOMA CITY — New Jersey-based Monmouth Real Estate Investment Corp. has acquired a 120,780-square-foot industrial building at 6101 SW 44th St. in Oklahoma City for $15.2 million. The property is situated on 22 acres and is net-leased to Amazon.com Services LLC for 10 years. According to LoopNet Inc., the property was built in 2019 and features 30- to 32-foot clear heights and a 5 percent office finish. The seller was not disclosed.
MORENO VALLEY, CALIF. — Avison Young has arranged the purchase of Moreno Corporate Center, an industrial park located in Moreno Valley. A Southern California-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1989 on nine acres, the five-building, 139,150-square-foot Moreno Corporate Center features 17-foot clear heights and a 2.85 parking ratio. The buildings are located at 14300, 14320 and 14340 Elsworth St. and 22620 and 22640 Goldencrest Drive. At the time of sale, the property was 95 percent occupied by more than 45 tenants. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in the transaction.
TACOMA, WASH. — A local developer has completed the disposition of Westminster Towers, an apartment community in Tacoma. A private investor in a 1031 exchange acquired the asset for $28 million, or $201,439 per unit. Built in 1997, the property features 139 units in a mix of studio, one-, two- and three-bedroom layouts with floor plans that measure up to 1,137 square feet. Community amenities include a clubhouse, fitness center, swimming pool, gazebo, garage and covered space parking. Timothy Ufkes and Evan McLeod of Marcus & Millichap represented the seller and procured the buyer in the transaction
LOMPOC, CALIF. — Fort Worth, Texas-based MAG Capital Partners has completed the disposition of a single-story retail property located at 1600 N. H St. in Lompoc. Jinushi USA Inc., a real estate investment trust listed on the Tokyo Stock Exchange as Nippon Commercial Development Co., acquired the 62,500-square-foot end-cap property for an undisclosed price. The separately parceled property is situated on 5.3 acres within Mission Plaza, a shopping center with 26 tenants including Starbucks Coffee, Chase, Albertsons, Big 5, Ross Dress for Less and GNC. Judd Dunning of DWG Capital Group represented the seller, while Jeff Wiggins of Coldwell Banker Commercial NRT represented the buyer in the transaction. MAG Capital Partners, led by Principals Dax Mitchell and Andrew Gi, purchased 1600 North H Street in December 2019. The property was then short-term leased to Walmart prior to the sale to Jinushi USA.
CHINO HILLS, CALIF. — Wood Investments Cos. has purchased a single-tenant retail investment property located at 4050 Chino Hills Parkway in Chino Hills. An undisclosed seller sold the asset for $2.5 million. Situated within Chino Hills Parkway Center, 99 Cents Only occupies the 28,240-square-foot property, which was originally built in 1974 for Alpha Beta. Other tenants at the shopping center include 7-Eleven, Jack in the Box, AutoZone and H&R Block. Wood Investments plans to hold the asset for cash flow until the end of the 99 Cents Only lease and will either negotiate a new lease with 99 Cents Only or another essential needs or grocery tenant at market rates. The business plans will take approximately three to five years to complete. Patrick Wade, Alex Kozakov and Jake Hayutin of CBRE’s South Bay office in El Segundo, Calif., represented the seller, while Wood Investments Cos. was self-represented in the deal. Chicago-based JDI Realty is the lender in the deal.
JACKSON, MISS. — NAI UCR Properties has negotiated the sale of a 1-acre parcel located at 629 Fondren Place and 2820 N. State St. in Jackson. The buyer, Wealth Hospitality Group doing business as entity Fondren Landing LLC, is planning to develop Fondren Landing, a $40 million mixed-use project that will include apartment units, retail space and condominiums. The site is located three miles north of downtown Jackson. A timeline for construction was not disclosed, although local news outlet WJTV reports the property is slated to open in summer 2022. Micah McCullough of NAI UCR Properties represented the seller, a private family based in South Carolina, in the land transaction.
NEW BRAUNFELS, TEXAS — New York City-based Rosewood Realty Group has brokered the sale of Creekside Apartments, a 268-unit apartment community located in the San Antonio suburb of New Braunfels. The property offers one- two- and three-bedroom residences and amenities such as a pool, clubhouse and a fitness center. Jonathan Brody of Rosewood Realty represented the seller, Continental Properties, and the buyer, New Jersey-based Borei Olam Management, in the deal.
SAN ANTONIO — The Multifamily Group (TMG), a Dallas-based brokerage firm, has arranged the sale of Spanish Keys Apartments, a 154-unit community in San Antonio. Built in 1965, the property offers studio, one- and two-bedroom units and amenities such as a pool and a business center. Chris Siemasko and Bryce Smith of TMG represented the Dallas-based seller and procured the buyer in the transaction. Both parties requested anonymity.