NORWELL, MASS. — Newmark Knight Frank (NKF) has brokered the sale of 42 Longwater Drive, a 104,000-square-foot office building in Norwell, located approximately 25 miles southeast of Boston. The property is situated within the 1 million-square-foot Assinippi Park office complex and is located in close proximity to several retail destinations, including Derby Street Shops, Merchant’s Row and the newly redeveloped Hanover Mall. Edward Maher, Matthew Pullen and Samantha Hallowell led an NKF team that represented the seller, The RMR Group. The buyer, waste management company Clean Harbors, has used the building as its headquarters since 2005. The sales price was undisclosed.
HOUSTON — Belvoir Real Estate Group LLC has acquired a 110,529-square-foot office building located at 7660 Woodway Drive in Houston. The property was built in 1982 and was 90 percent occupied at the time of sale. Danny Miller and Marty Hogan of JLL represented the undisclosed seller in the transaction. Matthew Goldsby and Bradley Smith handled the acquisition for Belvoir Real Estate on an internal basis. The new ownership plans to implement a value-add program.
FAIRFAX, VA. — Office Properties Income Trust has sold an 83,130-square-foot office building in Fairfax for $22.2 million. The building is situated at 3920 Pender Drive, 21 miles west of downtown Washington, D.C. The office building was originally constructed in 1981. The Newton, Mass.-based REIT will use the proceeds of the sale to pay off a $13.2 million mortgage loan and put the rest toward general business purposes. The buyer was not disclosed.
ALTAMONTE SPRINGS, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the sale of a freestanding retail property in Altamonte Springs leased to Chuck E. Cheese. The seller, Irving, Texas-based CEC Entertainment, will lease back the property on a newly signed, 20-year lease. The property is situated at 541 W. State Road 436, 10 miles north of downtown Orlando. Michael Walseth of SRS represented the seller and buyer, a private Florida-based investor, in the sale-leaseback transaction. Further details were not disclosed.
MANCHESTER, PENN. — Advanced Industrial Services Inc. has acquired a 25,000-square-foot property in Manchester, located approximately 20 miles south of Harrisburg. Located at 45 Devco Drive, the property was constructed in 1988 and offers convenient access to Interstate 83 and State Route 30. Ted Turnbull and Jason Turnbull of Rock Commercial Real Estate represented the undisclosed seller in the transaction. The team also procured Advanced Industrial as the buyer. The sales price was undisclosed.
TOMS RIVER, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 52-unit multifamily property in Toms River, located approximately 55 miles east of Philadelphia. Located at 1255 Route 66, the property features units are spread across four garden-style buildings. Andrew Townsend, Ridge McLaren and Clark Talone of Marcus & Millichap represented the seller, a local private investor, in the transaction. Chez Eider, also with Marcus & Millichap, represented the buyer, a privately held investment group. Both parties requested anonymity.
BEND, ORE. — Security Properties, in partnership with a university endowment, has purchased Outlook at Pilot Butte, a Class A apartment community in Bend. An undisclosed seller sold the asset for $52 million. Located at 2001 NE Linnea Drive, Outlook at Pilot Butte features 205 apartments in a mix of one- and two-bedroom layouts with well-appointed kitchens, air conditioning, walk-in closets, in-unit full-size washers and dryers, and private patios or balconies. Community amenities include a clubhouse, resident lounge, fitness center, game room, bicycle storage facility, and outdoor fireplace and fire pit lounge. The buyer plans to implement light interior and exterior renovations, including cosmetic upgrades to unit interiors and enhancing the existing amenity spaces. Security Properties Residential, an affiliate of Security Properties, will manage the asset.
LAKEWOOD, COLO. — Marcus & Millichap has brokered the sale of Rosalie at Belmar, a 40-unit multifamily property located in Lakewood. An undisclosed buyer acquired the asset for $7 million. The name of the seller was not released. Built in 1962, Rosalie at Belmar features 21 one-bedroom, 16 two-bedroom and three three-bedroom units. Many of the apartments are newly updated with designer plank flooring, shaker cabinets, double-pane vinyl windows, solid-surface counters, black appliances, air conditioning and ceiling fans. Community amenities include a picnic area, basketball court, playground, off-street parking and on-site laundry. Boomer Beatty and Peter Standley of Marcus & Millichap’s Denver office represented the seller and buyer in the deal.
KALAMAZOO, MICH. — Sportsman’s Warehouse Holdings Inc. has entered into an agreement with Dick’s Sporting Goods Inc. to acquire a Field & Stream store in Kalamazoo. The store will be rebranded as Sportsman’s Warehouse. The company is also purchasing a Field & Stream store in Crescent Springs, Kentucky, and the total purchase price of $5 million for both stores will be funded through borrowings under Sportsman’s revolving credit facility. Sportsman’s will sublease the two locations from Dick’s and the transactions are expected to close this month. Field & Stream is a retailer of hunting, fishing, camping and outdoor recreation merchandise that is a subsidiary of Dick’s. Sportsman’s says the acquisitions are consistent with its “growth strategy of opportunistically expanding its store footprint in strong markets with well-established customer bases.”
NORTH LAS VEGAS, NEV. — Sun Commercial Real Estate has arranged the sale of a retail asset located in North Las Vegas. Passco Management Services sold the property to an undisclosed buyer for $3.5 million. Located at 1820 E. Lake Mead Blvd., the building features 28,129 square feet of retail space. Roy Fitz and Dylan Heroy of Sun Commercial Real Estate represented the seller in the transaction.