EATONTOWN, N.J. — A partnership between Miami-based homebuilder Lennar Corp. and U.S. Home Corp. has acquired a 73-acre site in Eatontown, located approximately 50 miles south of New York City for the development of a $125 million mixed-use project. The Fort Monmouth Economic Revitalization Authority approved the sale of Parcel B, which is located on a former military installation, on Feb. 24, though the deal is subject to a 10-day veto period. Preliminary plans call for 302 residential units and 150,000 to 250,000 square feet of commercial space. A tentative construction timeline was not released.
SPRING, TEXAS — LandPark Advisors LLC has acquired a 278-unit self-storage facility formerly known as Regal Self Storage in Spring, a northern suburb of Houston. The property was built on 1.8 acres in 2005 and features 43,025 square feet of net rentable space. LandPark will renovate the facility and rebrand it as Right Move Storage Spring. The seller was not disclosed.
BEDFORD, TEXAS — HotelBrokerOne, a hospitality investment brokerage and consulting firm, has arranged the sale of the 243-room Holiday Inn DFW Airport Area West hotel in the Fort Worth suburb of Bedford. Located a few miles from the southern entrance to the airport, the hotel features a fitness center, outdoor pool, business center and a cocktail lounge. Joe Strain and Bruce Holmes of HotelBrokerOne represented the undisclosed seller in the transaction. The buyer was not disclosed.
PLANO, TEXAS — Marcus & Millichap has brokered the sale of Legacy Self Storage, a 128-unit facility in Plano. The 15,628-square-foot facility was built in 2002 and features 80 climate-controlled units and 48 non-climate-controlled units. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private family partnership, in the transaction. The duo also secured the buyer, a locally based investor.
SACRAMENTO, CALIF. — Prime US REIT has purchased Park Tower, an office asset in downtown Sacramento, for $165.5 million. KBS is the U.S.-based asset manager for the buyer that identified and sourced the Park Tower opportunity on behalf of Prime. Located at 980 Ninth St. and 1010 Eighth St., the 24-story property features 489,171 square feet of office, retail and parking garage space. Park Tower was built in 1992 and renovated in 2019, while its parking area was constructed in 1961 and renovated in 1988. The LEED Gold-certified building features a suite of on-site tenant amenities, including a recently renovated fitness center, locker rooms, conference center and tenant lounge. The property also offers a three-story atrium lobby, high-efficiency building systems, 15,000-square-foot to 28,000-square-foot flexible floor plates and above-market parking in two garages at a ratio of 2.4/1,000. Grant Lammersen, Steve Golubchik and Tyler Myerdirk of Newmark Knight Frank brokered the transaction. Bruce Fischer, Christine Fan and Howard Chu of Greenberg Traurig LLP’s Orange County, Calif., office served as Prime’s legal counsel in the acquisition.
FONTANA, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant retail building located within the recently completed Highland Village Shopping Center in Fontana. Woodlands Hills, Calif.-based Adler Realty Investments sold the asset to a private investor for $10.4 million. Sprouts Farmers Market occupies the 30,000-square-foot building, which anchors Highland Village Shopping Center. Additional tenants at the center, which were not included in the acquisition, are BurgerIM, Jack in the Box, Raising Cane’s Chicken Fingers, Jersey Mike’s Subs, Café Rio Mexican Grill, Oggi’s, Mountain View Tire & Auto Service and Pacific Dental. Quick Quack Car Wash is currently under construction as well. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Heidi Kim of Brea, Calif.-based TNG Real Estate Consultants represented the buyer in the transaction.
LOS ANGELES — Ready Capital has closed a $6 million loan for the acquisition, renovation and lease-up of a 20-unit, Class B multifamily property located in Los Angeles’ Hollywood/Silver Lake submarket. The undisclosed sponsor will use the funds to convert a majority of the one-bedroom units into two-bedroom units. The apartments will feature upgraded floors, appliances and cabinetry, as well as other interior improvements. The non-recourse, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls
WHEELING, ILL. — Matanky Realty Group has brokered the sale of River Trail Apartments in Wheeling for an undisclosed price. The 56-unit multifamily complex is located on South Milwaukee Avenue. Terri Cox and Zach Slagle of Matanky represented the undisclosed seller. NS Properties LLC, a local investor, purchased the asset. The buyer plans to invest capital in building improvements.
STREATOR, ILL. — Quantum Real Estate Advisors Inc. has negotiated the $1.6 million sale of a freestanding 2,158-square-foot property occupied by Wendy’s in Streator in central Illinois. Wendy’s has a 20-year lease at the newly developed building. Dan Waszak of Quantum represented the seller, a Chicago-based developer that specializes in net leased assets. Zack Hilgendorf of Quantum represented the buyer, a Dubuque, Iowa-based private investor.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has arranged the sale of a 12,000-square-foot office and retail building in Kansas City for $1.1 million. The property is located at 7208 Wornall Road within the Waldo District. Domino’s Pizza and Injury Chiropractic occupy the 4,000 square feet of retail space on the first floor. The second-floor office space of 5,500 square feet is currently available for lease. Marshal Blount of Block & Co. brokered the sale. An investment group purchased the asset.