WEST NEW YORK, N.Y. — Marcus & Millichap has closed the $6.5 million sale of a retail and office property in West New York, a western suburb of New York City. Located at 4912 Bergenline Ave., the property is leased to 7-Eleven and Telco. The upper floors are occupied by office tenants on a month-to-month basis. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
SOUTH HOLLAND, ILL. — Marcus & Millichap has brokered the $3.2 million sale of a Family Dollar-anchored retail center in South Holland, about 20 miles south of Chicago. The 36,389-square-foot property is located at 1000 E. 162nd St. All tenants operate under net leases at the fully leased center. Six of the 15 tenants have occupied their space for an average of 25 years. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.
EL PASO, TEXAS — CBRE has negotiated the sale of the Hanson portfolio, a collection of three industrial buildings totaling 213,370 square feet in El Paso. The sale included 35 acres of developable land. Arturo De la Mora of CBRE represented the seller, private investor Russell Hanson, in the transaction. The buyer was a partnership between Massachusetts-based Equity Industrial Partners and New York City-based Raith Capital Partners.
ARLINGTON, TEXAS — NorthMarq has arranged the sale of Jordan Creek Apartments, a 240-unit multifamily community in Arlington. Built in 1984, the property offers one- and two-bedroom units and amenities such as a pool, sports court, fitness center and outdoor grilling and picnic area. Taylor Snoddy, James Roberts and Philip Wiegand of NorthMarq represented the seller, 2505 Burney Oaks Lane LLC, in the transaction. The team also procured the buyer, multifamily investment firm Ashland Greene Capital Partners.
ATLANTA — Consolidated-Tomoka Land Co. has purchased Perimeter Place, a 269,000-square-foot retail center in Atlanta’s Central Perimeter submarket, for $75.4 million. The property was 80 percent leased at the time of sale to 42 tenants including Ross Dress for Less, Michaels, Fleming’s Prime Steakhouse & Wine Bar, Chipotle, Panera, Outback Steakhouse and Carrabba’s. SuperTarget shadow anchors Perimeter Place, which is located on a 24-acre site less than a mile from Perimeter Mall and 16 miles north of downtown Atlanta. CBRE will manage the property and JLL will lead leasing efforts on behalf of the buyer. Consolidated-Tomoka will finance the acquisition with its line of credit and $65 million in remaining funds from a 1031 tax exchange in November. The seller was not disclosed.
WASHINGTON, D.C. — A joint venture between Lincoln Property Co. and Cadillac Fairview has acquired 1313 L Street, an 84,040-square-foot office building in downtown Washington, D.C., for $34.7 million. The property is situated less than a mile from The White House. The building was formerly the headquarters of the seller, the National Association for the Education of Young Children (NAEYC). The asset was originally built in 1984 and has served at NAEYC’s headquarters since 2006. Dek Potts, Susan Carras, Walter Coker and Brian Crivella of JLL represented the seller in the transaction. West, Lane & Schlager (WLS) is advising NAEYC on its relocation to a new headquarters. The buyers plan to redevelop the building into apartments, but provided few details.
RIVERDALE, GA. — Berkadia has negotiated the $38 million sale of Legacy Riverdale, a 615-unit, garden-style apartment complex in Riverdale. The property offers one-, two- and three-bedroom floor plans averaging 934 square feet. Community amenities include laundry facilities, a playground, a pool and barbecue areas. The asset was renovated in 2019 and is located at 6630 Church St., 13 miles south of downtown Atlanta. Paul Vetter, Andrew Mays, Judy MacManus and Matthew White of Berkadia represented the seller, Atlanta-based DRI Legacy LLC. California-based Northport Realty LLC was the buyer.
NEW YORK CITY — A partnership between Stonehenge NYC, A-Rod Corp. and Modlin Group has acquired a 114-unit multifamily building in the Midtown East neighborhood of Manhattan, for $66.2 million. The London Family constructed the 14-story building, which is located at 340 East 51st St., in 1965. Formerly known as Allen House, the building has been rebranded as Stonehenge 51. David Krantz and Paul Leibowitz of Savills represented the partnership in the transaction. Former Major League Baseball player Alex Rodriguez founded A-Rod Corp.
MARION, FINDLAY, OTTAWA AND CLYDE, OHIO — Whirlpool has entered into a $178.9 million sale-leaseback agreement for a 3.1 million-square-foot industrial portfolio largely in the state of Ohio. In addition to four distribution centers in Ohio (Marion, Findlay, Ottawa and Clyde), the portfolio includes one manufacturing facility in Tennessee and two office buildings in Italy. Bruce Westwood-Booth, Guy Ponticiello, Maury Vanden Eykel and Kyle Sals of CBRE represented Whirlpool in the transaction. The buyer was undisclosed. Corporate clients with multi-continent real estate holdings are entering into more sale-leaseback deals today, according to Westwood-Booth.
ST. PAUL, MINN. — Marcus & Millichap has arranged the sale of Merriam Park in St. Paul for $4.9 million. The 25-unit apartment building is located at 1880 Marshall Ave. Built in 1964, the property features a mix of one-, two- and three-bedroom units. Evan Miller, Chris Collins and Abe Roberts of Marcus & Millichap marketed the building for sale and procured the buyer. Neither the buyer nor the seller was disclosed.
