MALVERN, PA. — Avison Young has brokered the sale of a 106,000-square-foot office building located at 70 Valley Stream Parkway in Malvern, located northwest of Philadelphia. The building formerly served as the headquarters of digital services and printing firm Ricoh USA. Scott Williams and Ryan FitzPatrick of Avison Young represented the seller, Star 79VS Owner LLC, in the transaction. The buyer, Commonwealth Charter Academy, purchased the asset for $15.3 million.
FREEHOLD, N.J. — UMH Properties Inc. (NYSE: UMH), a New Jersey-based REIT, has acquired a manufactured housing community in New York for $4.5 million. The 21-acre property offers 163 developed home sites, about 70 percent of which are occupied. The seller was not disclosed. UMH Properties owns and operates 124 manufactured housing communities totaling roughly 23,400 developed home sites across eight states.
SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million. The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and fitness center; barbecue area with two gas grills; dog park; laundry facilities; secured gate access; and covered parking. Marc Ross of CBRE’s Sacramento office brokered the sale.
CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.
YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million. Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property. Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the deal.
ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million. The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership. Hayden Eaves and Kristen Sullivan of Avison Young represented the buyer in the deal. The property was won via a trust deed sale auction.
LISLE, ILL. — Colliers International has arranged the sale of 2400 Ogden Avenue in Lisle for an undisclosed price. Built in 2000, the office property spans 121,000 square feet on 10.4 acres. It has more than 500 parking spaces. At the time of sale, the asset was 71 percent leased to ARRIS Solutions Inc. and Automated Logic. Alissa Adler and John Homsher of Colliers represented the institutional seller. A local investor purchased the property.
AUSTIN, TEXAS — FourPoint Investment Sales Partners has brokered the sale of Ethos Apartments, a 372-unit multifamily community in Austin. Built in 2014, the property offers one-, two- and three-bedroom units. Amenities include a pool, business center, fitness center, walking trails, a clubhouse, pet play area and outdoor picnic areas. Kevin Dufour and Kyle Peco of FourPoint represented the undisclosed seller in the transaction. Bluestone Properties, a Los Angeles-based investment firm, purchased the asset for an undisclosed price.
MURFREESBORO, TENN. — JLL has arranged the sale of a 1,200-unit self-storage portfolio in Murfreesboro. The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Court and the 538-unit CubeSmart facility at 1932 Cason Lane. Glen Self Storage was delivered in 2005 and expanded in 2017. The property has 177 climate-controlled units and 485 drive-up, non-climate-controlled units. The CubeSmart facility was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate-controlled units and 237 drive-up, non-climate-controlled units. The properties are located one mile from each other and 35 miles southeast of downtown Nashville. Steve Mellon, Brian Somoza and Bo Fulk of JLL represented the seller, Utah-based Wasatch Storage Partners, in the transaction. Reliant Real Estate Management purchased the facilities for an undisclosed price.
HOUSTON — Marcus & Millichap has arranged the sale of Coachlite Mobile Home Park, a 42-site manufactured housing community located at 7114 Dixie Drive on the south side of Houston. The property spans 113,692 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were limited liability companies that requested anonymity.
