JEFFERSON VALLEY, N.Y. — JLL has negotiated the sale of a 405-unit self-storage facility in Jefferson Valley, about 50 miles north of New York City. Built on 3.6 acres in 2022, Jefferson Valley Self Storage is a conversion of a former big box retail store that features 55,311 net rentable square feet of space. CubeSmart operates the facility, which was 87 percent occupied at the time of sale. JLL represented the seller, Columbia Pacific Advisors, in the transaction. Horizon Storage Group purchased the facility for an undisclosed price. Andover Lending, a joint venture between Andover Properties and TPG Angelo Gordon, provided acquisition financing for the deal.
STERLING, HERNDON AND CHANTILLY, VA. — Victoria Industrial Properties, a real estate investment firm based in New Jersey, has acquired a seven-building industrial and flex portfolio in Northern Virginia’s Dulles Corridor for $75 million. Klein Enterprises sold the 308,656-square-foot portfolio to Victoria Industrial, which acquired the assets in partnership with Lincoln Equities Group. The portfolio represents the first acquisition for Victoria Industrial. Thomas Didio, Jason Lundy, Max Custer, Evan Parker, Craig Childs, Nazario Paragano and John Cumming of JLL arranged acquisition financing and helped facilitate an equity investment from InterVest Capital Partners. The portfolio, located in Sterling, Herndon and Chantilly, was 90 percent leased at the time of sale to tenants including Honeywell, Inova Health, Artis, Nightwing and Capital Electric.
CHESTER, VA. — Boston-based Rockpoint, along with affiliate firm Rockpoint Industrial, has acquired Richmond Trade Center, a 1 million-square-foot industrial campus in Chester, a southern suburb of Richmond. The seller and sales price were not disclosed. Rockhill, an affiliate of Rockpoint, will manage the five-building property. Built in 2015, the 119-acre campus comprises four cross-dock warehouses and one light industrial building.
LITTLE RIVER, S.C. — JLL has arranged the sale of The Lorrel, a 270-unit, garden-style apartment community located at 3465 Sandler Blvd. in Little River, a suburb of Myrtle Beach. Atlanta-based ANiMAL Group purchased the property from Virginia Beach-based Wakefield Residential for an undisclosed price. John Mikels of JLL led the transaction on behalf of the seller. Completed in 2023, The Lorrel was 96 percent occupied at the time of sale. The property includes one-, two- and three-bedroom apartments with an average unit size of 879 square feet. Amenities include a resort-style pool with a tanning ledge, pickleball court, 24-hour fitness center, outdoor fire pit with fireside seating, leash-free dog park, pet spa, business center with private conference rooms, game lawn, courtyards and guest suites.
FORT WALTON BEACH, FLA. — TSCG has brokered the $8.4 million sale of The Shoppes at Paradise Pointe, a Publix-anchored shopping center located at U.S. Highway 98 and Perry Avenue SE in Fort Walton Beach. The 73,416-square-foot property sits at the mainland approach to Brooks Bridge, which connects Fort Walton Beach to Okaloosa Island. Anthony Blanco of TSCG represented the seller, SITE Centers Corp., in the transaction. The buyer was an undisclosed private investor. Built in 1987, The Shoppes at Paradise Pointe was 82.5 percent leased at the time of sale to tenants including Publix, which has anchored the center since 2001, as well as Great Clips, Mariner Finance and Painting With a Twist. The acquisition also included two developed outparcels occupied by Waffle House and Beach Liquors.
BOTHELL, WASH. — GID has purchased Griffis North Creek, a multifamily property in Bothell, from Griffis Residential for an undisclosed price. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1999, Griffis North Creek features 524 one-, two- and three-bedroom apartments, with an average size of 835 square feet, spread across 23 three-story buildings. All units offer a private deck or patio, full-size washers/dryers, walk-in closets and linen closets. Community amenities include wooded walking trails, pagodas, footbridges, a renovated central clubhouse and lounge, a heated swimming pool and spa, two playgrounds and a fenced-in dog park.
RENO, NEV. — Berkadia has directed the sale of Sagecliff, a multifamily property located at 2777 Northtowne Lane in Reno. A California-baed real estate investment firm sold the asset to a California-based private family office for $54.7 million. Jared Glover of Berkadia represented the seller. Built in 1997, Sagecliff features 220 one- and two-bedroom residences, with one-bedroom units comprising 49 percent of the property and two-bedroom units comprising 51 percent. The average unit size is 941 square feet. Onsite amenities include a pool, spa, fitness center, clubhouse and detached garages. Sagecliff benefited from more than $2 million in capital improvements since 2021, including interior upgrades to 29 units, HVAC and water-heater replacements, curb-appeal enhancements and refreshed amenities.
LAKEWOOD, CALIF. — Faris Lee Investments has arranged the sale of a two-tenant retail property within Lakewood Center in Lakewood. A consortium of multiple owners sold the asset for $38.7 million to a high-net-worth family office. Don MacLellan, Jeff Conover, Scott DeYoung and Greg Lukosky of Faris Lee Investments represented the seller and buyer in the deal. Totaling 154,997 square feet on 14.7 acres, the property includes The Home Depot and Albertsons. The two tenants occupy their respective parcels under absolute below-market ground leases, with both operating at the location for more than 30 years.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of Capital Commercial Center, a retail property in San Jose. A partnership sold the asset to a California-based limited liability company for $7 million, or $485.19 per square foot. Steve Sauter of Marcus & Millichap represented the seller, while Bryan DiMesio and Scott Ferguson of Marcus & Millichap represented the buyer in the transaction. Located at 175 S. Capitol Ave., Capital Commercial Center features 14,479 square feet of retail space. Built in 1988 on a 1.1-acre parcel, the property is fully leased to nine tenants under triple-net leases with an average occupancy tenure of more than 11 years. The buyer plans to maintain the property and benefit from contractual rent increases.
PLAINFIELD, ILL. — Entre Commercial Realty has brokered the sale of a 142,370-square-foot industrial facility in Plainfield. Situated on 20 acres, the freestanding property features 19 loading docks, two drive-in doors, approximately 11,000 square feet of office space, heavy power and eight private rail spurs. A local transportation company purchased the building with plans to utilize it as its new corporate headquarters. Mike DeSerto, Cory Kay and Elisabeth Lazzara of Entre represented the buyer, while Colliers represented the undisclosed seller.