TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the sale of an industrial space located at 1951 W. Grant Road in Tucson. La Cholla-OG LLC acquired the 25,821-square-foot space from Wright & Case Holdings for $2.6 million. Robert Glaser and Max Fisher of Cushman & Wakefield|PICOR handled the transaction.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1065 Summit Avenue, a 26-unit multifamily building in the Highbridge neighborhood of The Bronx. Spanning 40,500 square feet, the building offers one-, two- and three-bedroom units and close access to public transit lines. Peter Von Der Ahe, Seth Glasser, Michael Fusco and Isaac Lipton of Marcus & Millichap represented the buyer and seller in the transaction. Both parties were private investors that requested anonymity.
WINDERMERE AND ORLANDO, FLA. — CBRE Global Investors, a global real estate assets management based in Los Angeles, has purchased two recently built apartment communities in Central Florida totaling 604 units. Unicorp National Developments Inc., a mixed-use and multifamily developer based in Orlando, sold both properties to a fund sponsored by CBRE Global. The price was not disclosed, but Orlando Business Journal reported last fall that Unicorp was in advanced discussions about selling the communities for a combined $160 million. The properties include the 346-unit Venetian Isle in Windermere and the 258-unit Zen in Orlando, which are situated about four miles apart in southwest Orlando. The communities were both 95 percent occupied at the time of sale. Steve Gullo, senior managing director of multifamily acquisitions for CBRE Global Investors, says the firm pursued Venetian Isle and Zen because of the growth prospects in Orlando. “Orlando continues to have one of the fastest growing economies with population and employment growth outpacing the nation,” says Gullo. “Accordingly, it is forecasted to be one of the highest ranked markets for future rent growth.” Currently, rental rates range from $1,340 to $1,885 per month at Venetian Isle, while two-bedroom apartments average about $1,590 per …
ORLANDO, FLA. — Newmark Knight Frank (NKF) has arranged the $44.1 million sale of Parke East, a 272-unit multifamily community in Orlando. Built in 1987, the property offers one-, two- and three-bedroom floor plans and was 94 percent occupied at the time of sale. The seller, Insula Cos., recently renovated Parke East. Community amenities include a clubhouse, cyber café, fitness center, two pools, dog park and a basketball court. Scott Ramsey and Patrick Dufour of NKF represented the seller in the transaction. Mitch Clarfield and Ryan Greer, also with NKF, originated a Freddie Mac acquisition loan on behalf of the undisclosed borrower.
ALEXANDRIA, RICHMOND AND COLONIAL BEACH, VA. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million in renovations and programming enhancements at the facilities. Woodbine has the largest licensed capacity in Virginia, according to Tryko. The 94,000-square-foot facility, situated on a nearly four-acre parcel, consists of two interconnected buildings offering both private and semi-private rooms, as well as a dedicated ventilator unit. Lexington, which has been rebranded as Canterbury Rehabilitation & Healthcare Center, is a 69,358-square-foot, two-story building on a five-acre parcel. The facility offers both private and semi-private rooms. Westmoreland is the only licensed nursing facility in Westmoreland County. Situated on approximately four acres, the one-story, 25,000-square-foot building includes three patient wings with private and semi-private rooms, including a rehabilitation wing. Tryko has retained the …
FORT LAUDERDALE, FLA. — Cushman & Wakefield has negotiated the $18.2 million sale of Courthouse Place, a 66,246-square-foot office building in Fort Lauderdale. The property is situated at 12 SE 7th St., one block from the 20-story, 730,000-square-foot Broward County Courthouse. The seller, a joint venture between Highline Real Estate Capital and Sefire Capital, acquired the property three years ago and implemented building upgrades and a speculative leasing program targeting law firms and associated businesses that were attracted to the building’s proximity to the Broward County Judicial Complex, according to Highline president David Moret. Notable tenants at the time of sale included law firm Krupnick Campbell Malone Buser Slama Hancock, the Florida State Attorney’s office, Legacy Bank of Florida and the Law Firm of Gary M. Singer. Scott O’Donnell, Greg Miller, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller in the transaction. New Haven, Conn.-based ABCD Courthouse Place LLC acquired the asset for $274 per square foot.
SANDY SPRINGS, GA. — InvenTrust Properties Corp. has purchased Trowbridge Crossing, a 62,600-square-foot, Publix-anchored shopping center in Sandy Springs, for $11 million. The property was fully leased at the time of sale to tenants including the U.S. Postal Service, Great Clips, T-Mobile and Domino’s Pizza. The center was also recently upgraded to include new LED lighting to improve energy efficiency and provide better illumination for the center. Trowbridge Crossing is situated at 7531 Roswell Road, 18 miles north of downtown Atlanta. The seller was not disclosed.
HAMILTON, N.J. — First National Realty Partners has acquired The Court at Hamilton, a 194,106-square-foot shopping center in the eastern Trenton suburb of Hamilton, for $19.2 million. A 150,000-square-foot Walmart Supercenter anchors the property, which was 99 percent leased at the time of sale. Other tenants include Burger King and apparel retailer Rainbow Shops. Brad Nathanson of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Abrams Realty & Development. Nathanson also procured First National as the buyer.
COLLINGDALE, PA. — Marcus & Millichap has brokered the $8 million sale of a retail property in Collingdale, an eastern suburb of Philadelphia. Located at 910 Macdade Blvd., the single-tenant property is owned by Wawa, a convenience store and gas station company. Wawa sold the property to move to a different building across the street and add a gas component to its site. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the buyer, a limited liability company.
SAN DIEGO — Stos Partners, in a joint venture with Boston-based Long Wharf Capital, has purchased an industrial property located in San Diego’s Miramar submarket. A private seller sold the asset for $11 million. Located at 9431 Dowdy Drive, the property features 55,000 square feet of industrial space. The property was 100 occupied the time of sale. Current tenants include a print and sign company and Maketory, a manufacturing co-working facility that offers membership-based, multi-discipline manufacturing workspace. Marc Lipschitz of Compass represented Stos Partners in the deal.