WAYNE, N.J. — JLL has negotiated the sale of 1 Corporate Drive, an 18,000-square-foot office property located in the Northern New Jersey city of Wayne. The building is situated on 2.7 acres. Frank Recine and Derek DeMartino of JLL represented the seller, USAlliance Financial Federal Credit Union, in the transaction. Philip J. Kreizer & Associates represented the buyer, Retina Center of New Jersey.
QUAKERTOWN, PA. — NAI Summit has arranged the sale of a 7,945-square-foot office building in Quakertown, located in between Philadelphia and Allentown in the Lehigh Valley region. Mike Adams and Mark Magasich of NAI Summit represented the seller, Heather-Jo Inc., in the transaction. Jim Dietrick of Remax represented the buyer, JLKM Property Management.
CHICAGO — Lee & Associates of Illinois has brokered the sale of an 80,000-square-foot, loft-style industrial building located at 325 N. Ashland Ave. in Chicago’s Fulton Market for an undisclosed price. The two-story property will undergo renovations, including a new roof, LED lighting, remodeled office space and a new 45-space car parking lot. It was originally built in 1950. Tom Condon and Sean Austin of Lee & Associates brokered the sale. Rickard Binding sold the asset to Tradelane Properties, which has retained Lee & Associates to market the building for lease.
ORLANDO, FLA. — TSCG has arranged the sale of The Shoppes at South Semoran, a 101,611-square-foot shopping center in Orlando. The property was originally built in 1986 and renovated in 2013, when anchor Walmart Neighborhood Market opened. At the time of sale, the property was 97 percent leased to tenants including Walmart, Chase Bank, Dollar Tree and Wendy’s. The asset is situated at 4520 S. Semoran Blvd., seven miles southeast of downtown Orlando. Anthony Blanco, Lenard Williams, Mallory Silva and Gavin Walsh of TSCG represented the seller, an affiliate of Weingarten Realty, in the transaction. An affiliate of Core Investment Management acquired the property for an undisclosed price.
RICHARDSON, TEXAS — Orlando-based investment firm Berkshire Property Holdings has purchased a two-property multifamily portfolio totaling 568 units in the northeastern Dallas suburb of Richardson for $56.8 million. The Parks at Walnut is a 308-unit property that consists of 25 two-story residential buildings on a 12-acre site, and NinetyNine44 on Walnut is a 260-unit community that features one- and two-bedroom units across 27 buildings on a 10.4-acre site. Both properties offer amenities such as pools, outdoor grilling areas, playgrounds and resident clubhouses. William Jarnagan, Jay Gunn, Taylor Hill, Tom Burns and Michael Ware of Berkadia represented Berkshire Property Holdings and the undisclosed seller in the transaction. A CBRE team led by Brian Eisendrath arranged a 10-year Freddie Mac acquisition loan on behalf of the new ownership.
HOUSTON — JLL has arranged the sale of Chasewood Technology Park, a 463,969-square-foot office campus in northwest Houston. The four-building campus spans 10.4 acres and was 93 percent leased at the time of sale to tenants in the energy, consulting, technology, architecture, healthcare and food services industries. Rick Goings and Ethan Goldberg of JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital, in the sale. John Ream and Laura Sellingsloh of JLL arranged a $46 million acquisition loan through Morgan Stanley on behalf of Nitya Capital.
LIVE OAK, TEXAS — 29th Street Capital (29SC) has acquired Live Oak Place Apartments, a 308-unit multifamily community located in the San Antonio suburb of Live Oak. Built in 1984, the property features studio, one- and two-bedroom units ranging in size from 408 to 857 square feet. Amenities include a pool, pet play area and onsite laundry facilities. 29SC will invest in capital improvements to the unit interiors, building exteriors and amenity spaces. The seller and sales price were not disclosed.
NORTH AURORA, ILL. — Cooper Commercial Investment Group has arranged the sale of Clock Tower Plaza in North Aurora for $3.3 million. The 38,336-square-foot retail center is 60 percent occupied by tenants such as State Farm, Eddie’s Pizza & Pub and H&R Block. Bob Havasi and Dan Cooper of Cooper represented the buyer, an East Coast-based private investor completing a 1031 exchange. The seller was undisclosed.
BURLINGTON, IOWA — Marcus & Millichap has brokered the $1.6 million sale of a Howard Johnson hotel in Southeast Iowa’s Burlington. The 96-room property is located at 2759 Mt. Pleasant St. near the Catfish Bend Casino and Burlington Regional Airport. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the hotel on behalf of the seller, a limited liability company. The buyer information was undisclosed.
BRANFORD, CONN. — Locally based brokerage firm Pearce Commercial Real Estate has arranged the sale of a 26,000-square-foot industrial facility in Branford for $1.4 million. Carl Russell of Pearce Commercial represented the seller, IBE LLC, in the transaction. Michael Richetelli of Colonial Properties represented the buyer, MAMSCO Construction Supply LLC.