NARANJA, FLA. — TSCG has negotiated the $11.7 million sale of Naranja Lakes Shopping Center, a 90,450-square-foot, grocery-anchored retail property in Naranja. The property was 95 percent leased at the time of sale to tenants including Winn-Dixie, Family Dollar and La Colonia Medical Center. The asset is situated at the intersection of U.S. Highway 1 and Naranja Lakes Blvd., 29 miles south of downtown Miami. Anthony Blanco of TSCG represented the seller, an affiliate of Asheville, N.C.-based FIRC Group, in the transaction. An affiliate of Boston-based Longpoint Realty Partners acquired the property.
HICKORY, N.C. — Flagship Healthcare Trust Inc. has acquired Tate Medical Commons IV, a 55,912-square-foot medical office building in Hickory. The Charlotte-based REIT will also manage the property, which was fully leased at the time of sale to tenants including Catawba Valley Medical Center and Catawba Women’s Center. The asset is situated at 1501 Tate Blvd. SE, next to Tate Medical Commons. First Horizon Bank provided acquisition financing on behalf of the buyer. The seller and sales price were not disclosed.
MORGAN HILL, CALIF. — Trammell Crow Co. (TCC) and Los Angeles-based CBRE Global Investors have acquired a fully entitled, 24-acre land site within Morgan Hill Ranch Business Park in Morgan Hill. Terms of the transaction were not released. The buyers plan to develop up to 440,000 square feet of light industrial space across five Class A buildings at the site. Dallas-based TCC plans to submit a development application for the new project to the City of Morgan Hill during the third quarter. The intended project is consistent with the existing development agreement for the land.
RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located in Riverside. A Chicago-based institutional buyer acquired the asset for $16 million, or $361 per square foot. CBRE’s Anthony DeLorenzo, Sammy Cemo, Gary Stache, Doug Mack and Bryan Johnson represented both the seller and the buyer in the deal. Located at 3480 Vine St. in the Inland Empire, the 44,354-square-foot office building was originally built in 2004 and features prominent freeway frontage. At the time of sale, the property was fully occupied by three tenants: the U.S. General Services Administration (GSA), Fidelity National Title and the County of Riverside.
FONTANA, CALIF. — CBRE has arranged the sale of Juniper Apartments, a multifamily property located in Fontana. A local private investor sold the complex to another private buyer for $2.6 million. Located at 8945 Juniper Ave., the community offers 18 two-bedroom/two-bath units that average 856 square feet. Additionally, the property features gated access, 25 covered parking spaces, 16 storage units and 15 surface parking spaces. Located south of the historic Route 66, the property is within walking distance to Chaffey College-Fontana campus, Fontana Metrolink Station and downtown Fontana. Cray Carlson of CBRE represented the seller and buyer in the deal.
RIDGEFIELD PARK, CLIFFSIDE PARK AND LEONIA, N.J. — Kislak Co. has negotiated the $19.2 million sale of an 85-unit multifamily portfolio in Bergen County, located just west of New York City. The portfolio includes The Madison, a 36-unit property in Ridgefield Park; The Manor, a 34-unit complex in Cliffside Park; and a 15-unit building in Leonia. Novel Property Ventures sold the portfolio, which was fully occupied at the time of sale, to Titanium Capital Partners. Robert Squires and Don Baxter of Kislak brokered the deal.
ROCHESTER, N.Y. — Marcus & Millichap has arranged the sale of Central Storage, a 348-unit self-storage facility located in the Upstate New York city of Rochester. The property is situated on 1.5 acres and offers 51,209 net rentable square feet of non-climate-controlled space. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction. John Krueger of Marcus & Millichap assisted in closing the deal as the broker of record.
MANSFIELD, TEXAS — Locally based investment firm Lonejack II LLC has purchased Heritage Park, a 460,000-square-foot distribution center in the Fort Worth suburb of Mansfield that was previously occupied by Pier 1 Imports. The property is located near U.S. Highway 287, is adjacent to the Union Pacific Railroad and features 10,200 square feet of office space. Pier 1 Imports, which was founded in Fort Worth in 1962, announced in May that it would be closing all its retail stores and liquidating other assets. LanCarte Commercial is marketing the property for lease.
HOUSTON — NAI Partners has sold Leghorn Service Center, a 66,530-square-foot industrial property in Houston. NAI Partners acquired the three-building complex in 2019 through one of its investment funds. Charlie Strauss, Trent Agnew and Katherine Miller of JLL served as the listing brokers in the transaction and procured the buyer, a locally based private investment firm. Leghorn Service Center was fully leased at the time of sale.
OMAHA, NEB. — Berkadia has arranged the sale of Steeplechase on Maple, a 314-unit multifamily property in Omaha. The sales price was undisclosed. Located at 14949 Manderson Plaza, the community features one-, two- and three-bedroom floor plans. Amenities include a fitness center, pool, outdoor area, sundeck, clubhouse and playground. Alex Blagojevich, Michael Sullivan, Ralph DePasquale and Parker Stewart of Berkadia represented the seller, Illinois-based Redwood Capital Group. Colorado-based Centennial Capital Partners purchased the asset.