JERSEY CITY, N.J. — Gebroe-Hammer Associates, a New Jersey-based brokerage firm, has arranged the $23.7 million sale of The Fairmount at McGinley Square, a 58-unit apartment complex in Jersey City. The newly built, Class A property features studio, one- and two-bedroom units as well as 3,200 square feet of ground-floor commercial space. Niko Nicolaou of Gebroe-Hammer represented the seller, New Jersey-based investment firm KABR Group, and procured the buyer, Tenth Avenue Holdings.
NEW YORK CITY — Locally based investment firm Conway Capital has purchased a multifamily building located at 181 Court St. in Brooklyn for $4.5 million. The four-story property consists of six residential units and a ground-floor retail space that is leased to Court Street Bagels through 2023. Conway Capital will implement a value-add program that will upgrade the kitchens and bathrooms and deliver additional bedrooms. Eric Gleitman of Mercury Capital represented the buyer in the transaction. Urban Standard Capital provided acquisition financing for the deal. The seller was not disclosed.
DOVER, N.H. — Index Packaging Inc., a locally based supplier of custom packaging services, has acquired a 45,938-square-foot industrial building in Dover, located near the Maine-New Hampshire border. Chris Healey of CBRE represented Index Packaging in the transaction. The seller was 150 Venture Drive LLC. The sale also included 20 acres for additional expansion.
MARIETTA AND NORCROSS, GA. — TerraCap Management LLC has acquired Cobb Corporate Center in Marietta and Northwood Commons in Norcross for a combined $27.6 million. The two properties comprise eight single-story buildings totaling 297,000 square feet. Cobb Corporate Center was 80 percent leased at the time of sale and Northwood Commons was 53 percent leased. Cobb Corporate Center is located at 400 Franklin Gateway SE, 17 miles northwest of downtown Atlanta. Northwood Commons is situated at 5000 Peachtree Industrial Blvd., 23 miles northeast of downtown Atlanta. TerraCap has hired Lincoln Property Co. to handle leasing efforts and to manage the properties. Tom Shafer and John Hinson of CBRE-Atlanta represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager and the CBRE-Atlanta debt team provided acquisition financing on behalf of the buyer.
MIAMI LAKES, FLA. — Terreno Realty Corp. has sold a 192,000-square-foot industrial building in Miami Lakes for $22.2 million. The asset was fully leased to Miami International Freight Services at the time of sale. Terreno Realty acquired the property in December 2010 for $7.8 million. The buyer was not disclosed. Situated on 13.2 acres, the building is located at 14100 NW 60th Ave., 10 miles north of Miami International Airport and 16 miles northwest of the Port of Miami.
TUSCALOOSA, ALA. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property in Hawaii.
CHICAGO — Interra Realty has brokered the sale of 943 N. Crosby St., a 27-unit multifamily rental building in Chicago’s River North neighborhood, for $9.5 million. Built in 2018, the property offers 21 one-bedroom units and six two-bedroom units. It also features one commercial space, which is home to Premium Cabinets of Chicago. Amenities include garage parking, bike storage and a rooftop deck with grilling area. Joe Smazal of Interra represented the buyer, Recon Properties LLC. Recon Management Services Inc. will assume management of the property. Metro Park LLC was the seller.
TERRE HAUTE, IND. — Thompson Thrift Retail Group (TTRG) has sold a multi-tenant retail building in Terre Haute for $2.2 million. Birmingham, Ala.-based Sanders Capital Partners purchased the asset. Known as Honey Creek Pointe, the 7,871-square-foot building is fully leased to Five Guys, ATI Physical Therapy, Royal Nails and Sports Clips. TTRG completed development of the property in 2016. Carly Gallagher Kelly and Rick Drogosz of Mid-America Real Estate represented TTRG in the sale.
SANTA FE, N.M. — Dah Commercial has purchased Wagon Self Storage, located at 2 Emblem Road in Santa Fe, for an undisclosed price. The buyer has rebranded the self-storage facility as Mini U Storage. Originally built in 2009 and expanded in 2016, the property features 63,726 rentable square feet. The facility offers 611 climate-controlled units, recreational vehicle spaces and 42 wine storage units. The buyer is a national real estate investment and asset management company that has developed, acquired and/or managed more than $300 million of self-storage facilities. Adam Schlosser of Marcus & Millichap’s Denver office and Charles LeClaire of Marcus & Millichap’s LeClaire Group represented the seller, a local limited liability company, in the deal.
JACKSONVILLE, FLA. — CTO Realty Growth has sold its ground lease of a Wawa convenience store in Jacksonville for $7.1 million, or a 4.9 percent cap rate. Wawa has 17 years remaining on the lease. The Dayton Beach, Fla.-based seller expects to use the proceeds to complete a future 1031 exchange. The buyer was not disclosed.
