NEWARK, DEL. — NAI Emory Hill has brokered the sale of a 27,000-square-foot office building in Newark, located near the Delaware-Pennsylvania border. The building at 254 Chapman Road sits on a 1.9-acre site within the University Office Plaza development and was 93 percent leased at the time of sale. Jim O’Hara Jr. of NAI Emory Hill represented the seller, BRB Realty, in the transaction. EXP Realty represented the buyer, Life Reign International LLC.
SAN ANTONIO — Marcus & Millichap has brokered the sale of The Annex, a 144-unit apartment complex located about five miles southwest of downtown San Antonio. Built in 1969 and recently renovated, The Annex offers studio, one-, two- and three-bedroom units on a 6.6-acre site. Ben Kalter, Drew Garza and Will Balthrope of Marcus & Millichap brokered the sale, and John Brickson of Marcus & Millichap Capital Corp. provided acquisition financing for the deal. The buyer and seller were not disclosed.
STAMFORD, CONN. — Newmark has arranged a $51.8 million acquisition loan for Metro Center, a 282,589-square-foot office building in the southern coastal Connecticut city of Stamford. Metro Center was originally built in 1987 and has undergone more than $12 million in recent capital improvements. Tenants include law firm Robinson + Cole and Roth Capital. Christopher Kramer, Chris Lozinak and Jordan Roeschlaub of Newmark arranged the loan through Knighthead Funding on behalf of the new owner, local investment firm HB Nitkin Group. Newmark also represented the undisclosed seller in the disposition of the building and has been retained as the leasing agent.
NORWALK, CONN. — CBRE has brokered the sale of a four-building, 945,000-square-foot office park in the southern coastal Connecticut city of Norwalk. The buildings are part of a larger, six-building development known as Merritt 7, which houses the headquarters of companies such as Xerox, Terex, Emcor, Hearst Connecticut Media Group, Common Fund, Datto/Kaseya, MBI and LBB Specialties. Jeff Dunne, Steven Bardsley and Travis Langer of CBRE represented the seller, an entity doing business as Merritt 7 Venture LLC, in the transaction. The duo also procured the buyer, New York-based Argent Ventures.
HEMPSTEAD, N.Y. — Marcus & Millichap has negotiated the sale of Jackson Terrace Apartments, a 420-unit affordable housing complex located in the Long Island community of Hempstead. The six-story building was originally constructed in 1972. Michael Tuccillo of Marcus & Millichap represented the buyer, an affiliate of Hudson Valley Property Group, in the transaction. The seller was self-represented. The new ownership plans to invest about $23 million to upgrade unit interiors, building exteriors and mechanical/utility systems as a means of preserving long-term affordability.
Marcus & Millichap Brokers Sale of 33,055 SF Mixed-Use Property in San Diego’s La Jolla Neighborhood
SAN DIEGO — Marcus & Millichap has arranged the sale of Prospect Square at La Jolla Village, a mixed-use property located in San Diego’s La Jolla submarket. 1025 Prospect LLC sold the asset to 1025 Associates LLC & Wedge 3.0 LLC for $10.3 million. Nick Totah of Marcus & Millichap represented the seller, while Ross Sanchez of Marcus & Millichap represented the buyers in the deal. Located at 1025 Prospect St., Prospect Square at La Jolla Village features 33,055 square feet of ground-floor and second-floor retail and restaurant space, third-floor office space and a three-story subterranean parking garage. Current tenants include Cody’s Restaurant, Beeside Balcony, The Agency, Arjang Fine Art, Blueprint Equity and Patient Partner. Originally built in 1984, the property was renovated in 2022 and 2024.
LEESBURG, FLA. — SRS Real Estate Partners has negotiated the $3.5 million ground lease sale of a restaurant property located at 9925 US-441 in Leesburg, about 45 miles northwest of Orlando. Chick-fil-A occupies the 4,935-square-foot building, which was built in 2024, on a corporate-guaranteed, absolute triple-net ground lease with 13 years remaining on the initial term. Patrick Nutt and William Wamble of SRS represented the seller, a national investor and developer, in the transaction. The 1031 exchange buyer was a Brooklyn, N.Y.-based private investor. Both parties requested anonymity.
CHICAGO — Interra Realty has negotiated the $11.7 million sale of a 46-unit apartment building located at 4400 S. Drexel Blvd. in Chicago’s Kenwood neighborhood. Lucas Fryman of Interra represented the buyer and seller, whom Interra represented during the initial 2020 acquisition. The property was 91 percent occupied at the time of sale, and every resident holds a Housing Choice Voucher administered through the Chicago Housing Authority. Built in 1924, the courtyard-style building features predominantly two-bedroom units. Recent renovations reconfigured floor plans to maximize livable square footage without increasing unit count. Residences also received upgraded finishes, individual HVAC systems, dishwashers and in-unit laundry.
HOFFMAN ESTATES, ILL. — SVN Chicago Commercial has brokered the $9 million sale of Barrington Square Town Center, a 101,769-square-foot shopping center situated on 11 acres in Hoffman Estates. The transaction marks the first time the property has traded hands since 1979. Wayne Caplan and Al Lindeman of SVN Chicago represented the Dutch-based ownership group, Depa Holding Co., along with its U.S. partner, Caruso Development Corp. Harris Ali of Sky High Real Estate represented the buyer, a local investment group. The center on West Higgins Road is adjacent to a 7.2-acre site slated to be developed as Grand Reserve of Hoffman Estates, a 330-unit luxury apartment development. The property is nearly fully leased and traded at a cap rate of 9 percent.
SAN MARCOS, TEXAS — JLL has negotiated the sale of Arba San Marcos, a 748-bed student housing community located near the Texas State University campus in San Marcos. Built in 2014, the property offers 240 units in a mix of two-, three- and four-bedroom configurations with bed-to-bath parity. JLL represented the seller, Palatine Capital Partners, an investment firm with offices in Miami, New York City and Los Angeles, in the transaction. The buyer was Miami-based investment firm Centurion Property Group. The sales price was not disclosed.