EAST ORANGE, N.J. — Local brokerage firm ICON Real Estate Advisors has negotiated the $7.9 million sale of a 58-unit apartment building in the Northern New Jersey community of East Orange. The two-story building at 223 Prospect St. was constructed in 1947 and exclusively offers two-bedroom units, according to Apartments.com. David Jarvis and David Oropeza of ICON brokered the deal on behalf of the buyer and seller, both of which were limited liability companies.
THE WOODLANDS, TEXAS — Newman Commercial Real Estate has acquired Grogan’s Forest Center, a 7,100-square-foot retail strip center in The Woodlands, about 30 miles north of Houston. The center is home to tenants such as Komeya Sushi & Ramen, Great Clips, Prime Dental Care USA and Feng Cha. The deal traded off-market. The seller and sales price were not disclosed.
WATERTOWN, MASS. — Newmark has brokered the $32.1 million sale of a 52,847-square-foot healthcare property located at 485 Arsenal St. in the western Boston suburb of Watertown. The property consists of two interconnected, low-rise buildings that were fully leased at the time of sale to Atrius Health, a subsidiary of Optum and United Healthcare Services Inc. A partnership between Boylston Properties and institutional investors advised by J.P. Morgan Asset Management sold the asset to JLL Income Property Trust. Robert Griffin, Michael Greeley, Frank Nelson, Blake McLaughlin, Ben Appel, Jay Miele, John Nero and Justin Shepherd of Newmark brokered the deal.
COLONIAL HEIGHTS, VA. — Lingerfelt has sold Ashton Logistics Park, a 523,047-square-foot industrial facility located in Colonial Heights, a suburb of Richmond. Newmark represented Lingerfelt in the $78.2 million transaction. The buyer requested anonymity. Delivered by Lingerfelt in 2024, Ashton Logistics Park spans 52 acres and features two buildings situated at 1630 and 1660 Ashton Park Drive. The buildings were fully leased at the time of sale with an 8.5-year weighted average lease term (WALT) remaining. The first building is a 437,657-square-foot cross-dock facility that is leased to Article.com, a Vancouver-based direct-to-consumer furniture and home décor brand. The second building is an 85,750-square-foot rear-load facility that is leased to Shepherd Electric Co., a wholesale electric distributor and wholly owned subsidiary of Graybar. The project team included ARCO Design-Build (architect and general contractor) and Townes Site Engineering (civil engineer). Range Commercial Partners manages Ashton Logistics Park, while Colliers handles leasing at the property.
DULUTH, GA. — Dominium has acquired Sweetwater Terraces, a 165-unit affordable seniors housing community located in Duluth, a northeast suburb of Atlanta. The property was originally developed in 2008 under the Low-Income Housing Tax Credit (LIHTC) program. Dominium has planned a $9.9 million renovation of the property to include updates to roofing, siding and unit interiors, as well as the clubhouse and amenity spaces. The Plymouth, Minn.-based affordable housing developer and investor plans to preserve the affordability status of Sweetwater Terraces during its ownership period. The four-story residential community comprises studio, one-, two- and three-bedroom apartments ranging in size from 496 to 1,158 square feet, according to Apartments.com. Amenities include a community garden, fitness center, salon and shuffleboard courts.
RIALTO, CALIF. — Premier Logistics Properties, in partnership with Penwood Real Estate Investment Management, has purchased two infill big-box warehouses in the Inland Empire. Totaling 1.5 million square feet, the acquisition includes two Class A buildings located at 1568 and 1660 N. Linden Ave. in Rialto. Situated on 107 acres, the assets feature 36- to 42-foot clear heights, full concrete truck courts and “significant” employee parking and trailer storage. Steve Silk and Mark Alfert of Eastdil Secured represented the undisclosed seller, while Bo Mills of KBC Capital Partners represented the buyers in the transaction.
MARICOPA, ARIZ. — Legacy Development Partners has purchased a development site in Maricopa for a planned, ground-up retail center. Construction on the property is expected to begin immediately. Dubbed Legacy on Porter, the 6.6-acre project will deliver more than 45,000 square feet of retail, restaurant and service-oriented space. Confirmed tenants include Goodwill, Chipotle Mexican Grill, Jersey Mike’s Subs, HTeaO, Orlie’s Taproom and Swig. Leasing negotiations for the remaining shop space and pad sites are ongoing.
TUCSON, ARIZ. — Bascom Arizona Ventures, a subsidiary of Irvine, Calif.-based The Bascom Group, has acquired Domain 3201, an apartment property in Tucson, from an undisclosed seller for $45.5 million, or $157,439 per unit, in an off-market transaction. Arizona-based Bryten Real Estate Partners will manage the asset. BrightSpire Capital Acquisitions provided acquisition financing, which was arranged by Brian Eisendrath, Cameron Chalfant, Ben Margolis and Jesse Zarouk of Institutional Property Advisors (IPA), a division of Marcus & Millichap. Hamid Panahi, Clint Wadlund, Steve Gebing and Cliff David of IPA advised the buyer and seller in the deal. Constructed in two phases in 1985 and 1990, Domain 3201 features 289 one-, two- and three-bedroom floor plans, three swimming pools, two spas, open green spaces, a fitness center, yoga studio, clubhouse, business center and two pickleball courts. The new ownership is planning a capital improvement program to refresh the clubhouse and leasing office spaces, enhance the pool, spa and fitness areas and upgrade residences.
CORNELIUS, ORE. — Colliers has negotiated the sale of Meadowlark Industrial Center, a Class A industrial facility located at 404 N. Holladay St. in Cornelius, a suburb in Portland’s Sunset Corridor/Silicon Forest submarket. The asset traded for $30 million, or $193 per square foot. The names of the buyer and seller were not released. Situated on 7.3 acres, the property was developed in 2024 and designed to accommodate both traditional distribution and specialized users. Omega Morgan, a specialized heavy equipment transport provider, fully occupies the 154,646-square-foot facility on a long-term basis. Mike Kendall, Gian Bruno, Nick Mascheroni, Kenny Patricia and Kylie Jones of Colliers led the transaction. Jerry Matson, Mike Thomas and Karen Lisignoli of Colliers provided local market support. Colliers’ Chris Johnson and Brett Johnson represented the buyer in the deal.
INDIANAPOLIS — MAG Capital Partners has acquired two temperature-controlled properties in Indianapolis from FreshEdge, a distributor of customized fresh food solutions, in a sale-leaseback transaction. Situated along I-70, the company’s 104,114-square-foot headquarters facility at 4501 Massachusetts Ave. features clear heights ranging from 23 to 34 feet, 39 dock doors and one drive-in door. The transaction also includes 5930 W. 82nd St., a 28,800-square-foot warehouse with a clear height of 21 feet and four drive-in doors. Todd Heine, Brendan Keely, Daniel LaPierre and Noah Shutan of Colliers brokered the sale.