WISCONSIN — Zilber Property Group (ZPG) has sold a portfolio of 15 industrial buildings to two private equity funds managed by High Street Realty Co. for an undisclosed price. The buildings total 1.7 million square feet and are located throughout Southeast Wisconsin and northern Illinois along the I-94 corridor. The majority of the portfolio’s assets are the product of ZPG’s development activity over the last 10 years.
NORRIDGE, ILL. — Lee & Associates has negotiated the $1.2 million sale of a 15,000-square-foot retail building in Norridge, about 15 miles northwest of Chicago. The property, partially occupied by Dollar General, is located at 7510 W. Irving Park Road. It also features a showroom. Rick Scardino and John Cassidy of Lee & Associates represented the seller. A private investor purchased the asset.
ARLINGTON, TEXAS — Locally based investment firm S2 Capital has acquired Cypress Club Apartments, a 272-unit multifamily community in Arlington. Built in 2014, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and playground. The seller was not disclosed. Mark Brandenburg of JLL arranged acquisition financing for the transaction through Freddie Mac.
KINGSVILLE, TEXAS — A limited liability company has purchased Hawks Landing, a 102-unit multifamily asset in Kingsville, located south of Corpus Christi. The community features a pool, dog park, basketball court, playground and a resident clubhouse. Dougherty Mortgage arranged an undisclosed amount of Fannie Mae acquisition financing through a partnership with Old Capital Lending on behalf of the new ownership. The names of the buyer and seller were not released.
AUSTIN, TEXAS — Chicago-based Brennan Investment Group has sold two industrial properties totaling 84,535 square feet in Austin. The first property is located at 4120 Commercial Center Drive near Austin-Bergstrom International Airport on the southeast side. The second building is located at 9210 Cameron Drive on the northeast side. The buyer was Texas-based investment firm Stonelake Capital Partners. Both buildings were fully occupied at the time of sale.
SOUTH PLAINFIELD, N.J. — Edgewood Properties has purchased a 104,020-square-foot vacant office property in South Plainfield, just west of Staten Island. The property is located at 1001 Durham Ave. near I-287 and I-95, as well as Routes 1 and 22. The new ownership plans to either renovate the building and maintain its office use or redevelop the asset as an industrial distribution facility. Jose Cruz, Marc Duval and Jordan Avanzato of JLL represented the seller, ConnectOne Bancorp Inc., in the transaction.
AVENEL, N.J. — Lee & Associates has brokered the sale of an 81,000-square-foot industrial warehouse in Avenel, just west of Staten Island. The property, located at 80 Essex Ave., includes 7,500 square feet of office space, 11 loading dock doors, (expandable to 19) and space for truck parking. The property offers direct access to the New Jersey Turnpike, Route 440, the Goethals Bridge and Garden State Parkway. Planned upgrades include new paving and a truck court. Crista Governara, Drew Maffey and Rick Marchisio of Lee & Associates represented the buyer, TA Realty, as well as the undisclosed seller, in the transaction.
LINCOLN, R.I. — JLL’s Retail Capital Markets team has arranged the sale of the Lincoln Commons shopping center in Lincoln for $55.7 million. The 578,000-square-foot property is located at the I-295 and Route 146 intersection, close to downtown Providence. Tenants include Stop & Shop, Target, Marshalls and Homegoods. The buyer was Acadia Realty Trust. The seller was not disclosed.
CALIFORNIA, WASHINGTON AND MICHIGAN — Madison Marquette and GFH Financial Group have acquired a portfolio of six private-pay senior living communities in California, Washington and Michigan. Although a specific purchase price was not provided, GFH described the deal as “exceeding $180 million in value.” The properties include: Chateau at River’s Edge and Chateau on Capitol Ave in Sacramento, Calif.; Callaway Gardens in Kennewick, Wash.; Summer Wood in Moses Lake, Wash.; Pine Ridge in Spokane, Wash.; and Independence Village in Brighton, Mich. The communities total 509 units and feature a mix of independent living, assisted living and memory care. The occupancy as of the first quarter was 92 percent, and GFH notes that most of the assets were recently renovated and able to attain above-market rents. Senior Resource Group, JEA Senior Living and Senior Village Management operate the properties. GFH, an investment firm from the tiny Middle Eastern island country of Bahrain, will serve as the investment manager while Madison Marquette will serve as the day-to-day manager of the portfolio. GFH will be 91 percent owner, while Madison Marquette will own 6 percent. The communities’ operators will own the remaining 3 percent stake. “Through our recent platform activities in the space, …
PRINCETON, N.J. — A partnership between New York-based RXR Realty and The Blackstone Group has sold University Square, a five-story office building totaling 330,000 square feet in Princeton. The sale also included the adjacent 33,600-square-foot building, 115 Campus Drive. The property is positioned along the Route 1 Corridor, about halfway between Philadelphia and New York City. Tenants include investment management company BlackRock and insurance company AXIS Capital. JLL represented the seller and procured the buyer, New York-based Argent Ventures, in the transaction. The price was undisclosed.