NORTH BERGEN, N.J. — Marcus & Millichap has brokered the $6.4 million sale of an 18,130-square-foot retail strip center in North Bergen, located just outside of New York City. Known as Aaron’s Strip Center due to the furniture and electronics retailer serving as the anchor, the property was fully leased to six tenants at the time of sale. Alan Cafiero, Brent Hyldahl and Devin Perez of Marcus & Millichap represented the seller and procured the buyer, a local private investor, in the transaction. Both parties requested anonymity.
DUBLIN, GA. — Industrial Realty Group LLC (IRG) has purchased a 311,325-square-foot industrial facility in Dublin, a city in south-central Georgia. The seller and sales price were not disclosed. The manufacturing and distribution facility is located on a 30-acre site along I-16 and within 100 miles of the upcoming $7.6 billion Hyundai Metaplant in metro Savannah. The property features trailer parking, 15- to 28-foot clear heights, 33 dock doors and sufficient power for light manufacturing use. Los Angeles-based IRG currently owns and operates about 2.3 million square feet of industrial space in Central Georgia.
DUNEDIN, FLA. — CTO Realty Growth Inc. has purchased Granada Plaza, a 74,000-square-foot shopping center located on a seven-acre site in the Tampa suburb of Dunedin. Publix anchors the property, which was 95 percent leased at the time of sale. Winter Park, Fla.-based CTO Realty Growth purchased the asset from the undisclosed seller for $16.8 million. According to LoopNet Inc., Granada Plaza was built in 1983.
LAKELAND, GA. — Marcus & Millichap’s Taylor McMinn Retail Group has brokered the sale of a retail property in Lakeland leased to AutoZone. The 9,120-square-foot retail building is located at 60 W. Main St., about 20 miles northeast of Valdosta, Ga. AutoZone has eight years remaining on its 10-year, double-net lease. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group represented the seller, an undisclosed private investor, in the transaction. The buyer is a California-based investor that paid in all-cash. The sales price was not disclosed. “Investment-grade tenants with lower rents and price points continue to receive strong demand in an environment where debt is a challenge,” says McMinn.
SANTA CLARA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $203 million sale of Summerwood Apartments, a 468-unit multifamily community located in the Silicon Valley community of Santa Clara. Situated at 444 Saratoga Ave., the garden-style property offers a mix of one- and two-bedroom units. Shared amenities include a pool, clubhouse, fitness center, volleyball court, sauna, courtyard and dog park. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alexander Tartaglia of IPA represented the seller, German investment firm DWS, and procured the buyer, Interstate Equities Corp., in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Jesse Zarouk of IPA Capital Markets arranged $127.8 million in acquisition financing for the deal on behalf of the buyer. The five-year loan features a 5.39 percent fixed interest rate with a 35-year amortization schedule and a loan-to-value ratio of 65 percent. Frankfurt, Germany-based DWS is a global asset manager with over $1 trillion of assets under management. The firm’s portfolio spans across Europe, the Americas and Asia. Interstate Equities Corp. is an investor in multifamily communities across California and the Seattle metropolitan area. The Los Altos, Calif.-based company’s portfolio includes two properties in Washington and 29 communities …
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of 200 North College, a five-story mixed-use campus located on a 3.5-acre site in Uptown Charlotte. According to The Charlotte Ledger, the property sold for $32.7 million. Rob Cochran and Bill Harrison of Cushman & Wakefield’s Charlotte office, along with Steve Lindley in the firm’s Phoenix office, represented the seller, an entity doing business as Terra Funding – Wake Forest LLC, through the court-appointed receiver, locally based Childress Klein. An investor doing business as A H Real Estate Holdings was the buyer. The 455,000-square-foot property features a five-story office building anchored by Wake Forest University’s business school. The development also includes an 810-space parking deck and a DoubleTree by Hilton hotel with 294 rooms. The buyer plans to redevelop a portion of 200 North College to include multifamily units and ground-level retail space.
FAYETTEVILLE, ARK. — Edgemark Communities, a commercial real estate development and investment firm based in Denver, has purchased College Marketplace, a 64,226-square-foot shopping center located at 3379-3425 N. College Ave. in Fayetteville. Whole Foods Market anchors the center, which was built on a seven-acre site in 2015 near the University of Arkansas campus. In addition to Whole Foods, which occupies nearly two-thirds of the center, College Marketplace’s tenant roster includes Chipotle Mexican Grill, Great Clips, Cava and Alumni Hall. The seller and sales price were not disclosed.
ORLANDO, FLA. — Landmark Properties has partnered with Stockbridge to recapitalize The Retreat East, a 602-bed student housing development located near the University of Central Florida campus in Orlando. Landmark delivered the cottage-style property in 2021 at 1705 France Drive. The community offers four-, five- and six-bedroom, fully furnished units with bed-to-bath parity. Shared amenities include a two-story fitness center, 24-hour computer lab, group and private study lounges, a resort-style swimming pool and hot tub, grilling area, hammock and cabana grove, an outdoor gaming lawn and a clubhouse. This marks Landmark Properties’ second transaction with Stockbridge following the acquisition of The Retreat Tampa in late November.
LOUISVILLE, KY. — The Kirkland Co. has brokered the sale of The Flats at Hurstbourne, an 88-unit apartment community located at 3280 Silver Springs Drive in Louisville’s Jefferstown neighborhood. Brian Devlin, Brandon Wilson and John Seale of Kirkland Co. brokered the transaction between the buyer, an investor doing business as FHA202 LLC, and the seller, an entity doing business as Silver Springs Partners LLC. Built in 1992, The Flats at Hurstbourne features all two-bedroom apartments. According to Apartments.com, the community’s units range in size from 900 to 1,025 square feet and its amenities include a fitness center, pool, dog park and a picnic area.
GRAND PRAIRIE, TEXAS — Cushman & Wakefield has brokered the sale of Forum at Grand Prairie, a 304-unit apartment community located roughly midway between Dallas and Fort Worth. According to Apartments.com, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, business center, clubhouse and outdoor grilling and dining stations. Asher Hall and Grant Raymond of Cushman & Wakefield represented an undisclosed seller in the transaction. Locally based investment firm ClearWorth Capital purchased the property for an undisclosed price.