PISCATAWAY, N.J. — Colliers International has arranged the sale of a 65,253-square-foot office building located at 225 Old New Brunswick Road in Piscataway, about 40 miles southeast of New York City. The three-story property was built in 1978 and was 28 percent occupied at the time of sale. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers represented the seller, Rafael Holdings Inc., in the transaction. The sales price was approximately $3.9 million.
HACKENSACK, N.J. — NAI James Hanson has brokered the sale of a 30,000-square-foot industrial building located at 80 Commerce Way in Hackensack. The property is situated on 2.2 acres and features 14-foot clear heights and 85 parking spaces. Scott Perkins and Chris Todd of NAI James Hanson represented the seller, Canaan Korean Community Church, in the transaction. William Lee of Coldwell Banker Fort Lee represented the buyer, Pilgrim Mission Church.
APPLETON, WIS. — Cleeman Realty Group has negotiated the sale of a freestanding retail property net leased to Pick ’n Save in Appleton for $7 million. The 79,711-square-foot building sits on nine acres at the corner of Wisconsin Avenue and Wilharms Drive. Jeremy Scheer of Cleeman represented the buyer, a California-based private investor. Rollie Winter & Associates represented the seller, a Wisconsin-based private investor.
INDIANAPOLIS — Marcus & Millichap has brokered the sale of a PNC Bank ground lease in Indianapolis for $1.6 million. The 4,935-square-foot building sits on 1.6 acres at 4030 S. East St. Jordan Klink and Ben Sullivan of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, a Michigan-based limited liability company. Agents from Marcus & Millichap’s Phoenix office represented the out-of-state, 1031 exchange buyer.
KANSAS CITY, MO. — Zovest Capital has acquired Chapel Hill Apartments in Kansas City for an undisclosed price. The 56-unit apartment community features floor plans that average 1,067 square feet. The value-add property was 96 percent occupied at the time of sale. Max Helgeson, Michael Spero and Jeff Stingley of CBRE represented the private seller. Ben Weddington of CBRE arranged acquisition financing on behalf of the buyer through Freddie Mac.
LEE’S SUMMIT, MO. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of two retail buildings in Lee’s Summit within metro Kansas City. Taco Bell and Scooter’s Coffee occupy the newly constructed properties. Taco Bell occupies 2,160 square feet while Scooter’s leases 600 square feet. Both buildings feature drive-thrus. Jeff Lefko, Bill Asher and Beau Velten of Hanley, along with Jeff Christian of First Street Brokerage, represented the seller, a San Francisco-based private investment company. Deborah Ewing of Fuller Group CRE represented the buyer, a Washington-based private investor. The sales price represents a cap rate of 5.3 percent.
REYNOLDSBURG, OHIO — Cooper Commercial Investment Group has brokered the $2.3 million sale of a Wright-Patt Credit Union ground lease in Reynoldsburg, a suburb of Columbus. The building was still being constructed at the time of closing. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private developer. A New York-based private investor was the buyer. The cap rate was 5.5 percent.
ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial V LP, has acquired a 16,744-square-foot industrial building in Romeoville, located about 37 miles southwest of Chicago, for an undisclosed price. Built in 1999, the property sits on one acre at 1343 Lakeside Drive. It is fully leased to Ultimate Rental Services and features a clear height of 22 feet, two exterior docks, two drive-in doors and parking for 20 cars. Mike Antonelli of Brown Commercial Group represented the undisclosed seller. Traci Payette and Rowan McDonnell of CBRE represented Ultimate Rental Services in its lease. VK Industrial V LP is a partnership between Venture One and Kovitz Investment Group.
AUSTIN, TEXAS — Bellomy & Co. has arranged the sale of three self-storage facilities totaling 1,807 units in Austin. Owner-operator Storage Star acquired the properties, which span 200,639 net rentable square feet and will be rebranded Storage Star-Mopac, Storage Star-Pond Springs and Storage Star-Ben White. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the undisclosed sellers in the transaction. The new ownership will invest in capital improvements to boost curb appeal and repair deferred maintenance items.
HOUSTON — Colliers International has negotiated the sale of a 132,000-square-foot distribution building located at 6410 W. Sam Houston Parkway N. in Houston. The property was developed on an 18.1-acre site as a build-to-suit project for FedEx Ground Packaging Systems. David Carter and Jeff Peltier of Colliers represented the undisclosed seller in the transaction. The buyer and additional terms of sale were not disclosed.