FORT MYERS, FLA. — Lee & Associates has arranged the $3 million sale of a two-acre, waterfront plot in Fort Myers. The buyer, a subsidiary of Sight Real Estate, plans to develop Riverfront First Street Apartments along the Caloosahatchee River. Comprising more than 200 units, the property will offer studio to three-bedroom floor plans. Communal amenities will include a pool, pool deck, clubhouse, onsite parking structure and a fitness center. The community will be located at 2543 First St., one-and-a-half miles from downtown Fort Myers. A timeline for construction was not disclosed. In the land transaction, Matthew Rotolante of Lee & Associates represented the seller, Compass USA SPE LLC.
PORT RICHEY, FLA. — The PMAT Cos. has acquired Regency Crossing, an 85,864-square-foot, Publix-anchored shopping center in Port Richey. The property was 70 percent leased at the time of sale. The asset is located at 7003-7051 Ridge Road, 38 miles northwest of downtown Tampa. The seller was not disclosed.
EAST WINDSOR, N.J. — CBRE has arranged the $26.2 million sale of Windsor Corporate Center, a 291,5550-square-foot office campus in East Windsor, a northeastern suburb of Trenton. Located at 50 Millstone Road, the four-building campus is situated on 39 acres and was approximately 65 percent leased at the time of sale. The property offers convenient access to the New Jersey Turnpike, Interstate 295 and the Princeton Junction train station. Amenities include a full-service cafeteria, auditorium and a fitness center. Jeffrey Dunne, Jeremy Neuer and Steven Bardsley of CBRE represented the seller, Raith Capital Partners, in the transaction. The team also procured the buyer, Strategic Funding Alternatives LLC.
GEORGETOWN, TEXAS — Arkansas-based BSR REIT has acquired Retreat at Wolf Ranch, a 303-unit apartment community located in the northern Austin suburb of Georgetown, for $51.6 million. The garden-style property was built in 2017 and offers a pool, fitness center, package locker system and two dog parks. The seller was not disclosed. Following this transaction, BSR REIT now owns approximately 1,500 apartments in the Austin area.
NEW CASTLE, PA — Innovative Industrial Properties (IIP) has acquired a 108,000-square-foot industrial property in New Castle, a city about 55 miles northwest of Pittsburgh. The sales price was $8.9 million. The property sits on approximately 7.4 acres at 911 Industrial St. IIP entered into a long-term, triple-net lease agreement with the tenant, Holistic Industries Inc., which will continue to operate the property as a medical-use cannabis cultivation and processing facility. This transaction marks IIP’s third acquisition and lease with Holistic. The seller was undisclosed.
CASPER, WYO. — Berkadia has arranged the sale of Granite 550 Apartments, a garden-style multifamily community located in Casper. John Laratta and Nick Steele of Berkadia’s Denver office completed the sale on behalf of the seller, Colorado-based Mountain View Capital. The name of the buyer was not released. Additionally, Tucker Knight of Berkadia’s Houston office secured a $26 million loan for the acquisition of the property. The 10-year Freddie Mac loan features a 3.3 percent interest rate and a 30-year amortization schedule. Located at 550 Granite Peak Drive, Granite 550 Apartments features 228 units in a mix of one-, two- and three-bedroom floor plans, including in-unit washers/dryers, a patio or balcony and air conditioning. Community amenities include a fitness center, dog park and outdoor space with grilling stations.
TRACY, CALIF. — Nearon Enterprises has purchased Eastgate Business Park, an industrial property located at 1447 Mariana Court in Tracy. Indianapolis-based Scannell Properties sold the asset for an undisclosed price. Situated on 11.9 acres, the property features 155,000 square feet of industrial space, 28-foot clearance, a gated truck court, 3,000 amps of electrical service, ample parking and dock-high/grade-level loading. Additionally, the facility features 18,000 square feet of temperature-controlled space, a tenant-funded development. Blue Line Foodservice Distribution, a national food distributor and restaurant supplier, occupies 37 percent of the property on a lease through 2030. Darla Longo, Barbara Perrier, Rebecca Perlmutter, Tom Davis and Dan Davis of CBRE, along with Jim Martin of Lee & Associates, represented the seller in the deal.
ESCONDIDO, CALIF. — MCA Realty has completed the disposition of Pinnacle Business Park, a two-building industrial property located at 2750 Auto Park Way in Escondido. San Diego-based Providence Capital Group acquired the asset for $8.2 million. MCA Realty purchased the 40,968-square-foot property in November 2018 for $5.9 million and completed interior and exterior renovations to increase the income profile of the asset. When originally acquired, the 13-suite project was 80 percent occupied with in-place rents approximately 25 percent below market rates. The renovation program enabled MCA to increase in-place rents to market value and lease-up vacant space. Tucker Hohenstein, Michael Kendall and Connor Boyle of Colliers International represented the seller, while Evan McDonald, also of Colliers, represented the buyer in the deal.
ERIE, PA. — Marcus & Millichap has brokered the $1.4 million sale of Washington Square, a 9,783-square-foot retail strip in Erie, approximately 130 miles north of Pittsburgh. Located at 5040 Peach St., the property was constructed in 1982 and was 100 percent occupied at the time of sale. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows and Great Clips. Scott Wiles, Craig Fuller and Erin Patton led a Marcus & Millichap team that represented the seller, a local private investor, in the transaction. The buyer was undisclosed.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.