NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $10.2 million sale of a multifamily development site in the Long Island City area of Queens. The site at 42-73 and 42-71 Hunter St. can support 24,885 buildable square feet of residential product. Cole Kinney Leonhardt of Brax Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
NEWTOWN SQUARE, PA. — Marcus & Millichap has brokered the sale of an 18,000-square-foot mixed-use building in Newtown Square, a western suburb of Philadelphia. Known as the Fieldstone Building, the structure at 4930 West Chester Pike houses 11 residential units and four commercial suites. Vince Peruto of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CONROE, TEXAS — JLL has negotiated the sale of Montgomery Plaza, a 315,708-square-foot retail power center located in the northern Houston suburb of Conroe. Anchored by Academy Sports + Outdoors, the center is also home to tenants such as O’Reilly Auto Parts, Crunch Fitness, Spec’s Liquor, Petco and Dollar Tree. Ryan West and John Indelli of JLL represented the undisclosed seller in the transaction. The buyer was Florida-based investment firm JBL Asset Management. The center was approximately 94 percent leased at the time of sale.
LEANDER, TEXAS — Nashville-based brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 12,000-square-foot academic building in Leander, a northern suburb of Austin. The building at 441 W Broade St. is leased to Kindercare Learning. Bryce Wong and Patrick Graham of Matthews brokered the deal. The buyer and seller were not disclosed. Matthews also arranged a $5.2 million acquisition loan for the transaction through an undisclosed regional bank.
WINDSOR, VA. — Cushman & Wakefield | Thalhimer has negotiated the sale of a former Keurig Dr Pepper (KDP) roasting plant located at 25400 Old Mill Road in Windsor, approximately 11 miles southeast of Suffolk. Schenley Investments purchased the 348,107-square-foot industrial/manufacturing building from KDP for $20.2 million. While the facility previously served as a processing and distribution facility for Keurig coffee pods, Schenley will now be investing capital to renovate and rebrand the property as the Virginia Trade Center. Geoff Poston and Brett Sain of Cushman & Wakefield | Thalhimer represented the buyer in the transaction. KDP, the beverage manufacturer that produces the Dr Pepper and Snapple brands and single-serve K-cups used in Keurig coffeemakers, announced the closure of the Windsor plant two years ago.
PADUCAH, KY. — An affiliate of Phoenix Investors has purchased a 334,772-square-foot industrial facility located at 7845 Carneal Road in West Paducah. The seller and sales price were not disclosed. Originally constructed in 1966, the facility sits on roughly 29 acres and includes 25-foot clear heights, seven dock doors, 13 drive-in doors and expansive yard and parking areas within a fully fenced property. The building can accommodate manufacturing, distribution and bulk logistics users and offers flexible warehouse space. The industrial facility is also located near the “Triple Rail” site, which is an 800-acre industrial park that features direct access to three major rail lines including Paducah & Louisville Railway (P&L), Canadian National (CN) and BNSF Railway. In addition to rail connectivity, West Paducah sits at the confluence of the Ohio, Tennessee, Cumberland, and Mississippi rivers, making it a major inland shipping gateway. Phoenix Investors plans to further modernize and reposition the property for modern industrial users with upgrades like LED lighting, new exterior paint, parking lot improvements, dock upgrades and white-boxing portions of the building, as well as additional site enhancements designed to improve operational efficiency.
MADISON, MISS. — SRS Real Estate Partners has brokered the $9.4 million sale of a single-tenant retail property leased to Academy Sports + Outdoors located in Madison, about 15 miles north of Jackson. Michael Berk, Patrick Nutt and Chip Watson of SRS represented the Louisiana-based private seller. The buyer was a publicly traded REIT. Both parties requested anonymity. Built in 2017 on about 7 acres, Academy Sports occupies a 64,626-square-foot building on a corporate-guaranteed lease with eight years remaining. Nearby retailers include Lowe’s Home Improvement, Office Depot, Walmart Supercenter and The Home Depot, among others.
SALT LAKE CITY — KBS has completed the sale of the Salt Lake Hardware Building, a historic office building located at 155 N. 400 West in downtown Salt Lake City, to Dart Interests for an undisclosed price. The five-story Salt Lake Hardware Building was owned by KBS Real Estate Investment Trust III, part of KBS’ portfolio of funds and separate accounts. Originally constructed in 1909 as a hardware retail property, the 210,938-square-foot building was converted into a Class A creative office property. The site also includes 2.4 acres of land zoned for mixed-use, providing future development potential for approximately 340 or more residential units.During its ownership, KBS has invested more than $9 million in capital improvements, enhancing tenant and common areas, amenities and building systems to support long-term performance and positioning. Charley Will, Phil Brierley, Patrick Bodnar and Cole Macadaeg of CBRE represented KBS in the sale. Attorneys Bruce Fischer and Howard Chu of Greenberg Traurig LLP represented KBS in the disposition.
PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a two-tenant retail property located at 39112-39228 10th St. West in Palmdale. A family office sold the asset to a Southern California-based private investor for $13.5 million. Smart & Final and Barnes & Noble occupy the 58,652-square-foot property. Built in 1999 on 4.1 acres, the property is situated within Palmdale Marketplace, a 214,000-square-foot power center. Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller in the transaction.
DENVER — JLL Capital Markets has arranged the sale of Washington Center, a shopping center located at 812-858 E. 120th Ave. and 11874-11890 Washington St. in Denver. Northglenn LLC sold the property to a local investment firm for $10.3 million. At the time of sale, the 50,445-square-foot center was 92 percent leased with 19 tenants across 21 suites. Current tenants include CSL Plasma, Smashburger, Subway and established local businesses. Jason Schmidt and Austin Snedden of JLL represented the seller in the transaction. Rob Bova of JLL arranged a fixed-rate loan from a bank for the buyer.