GLENDALE, ARIZ. — Kasten Long Commercial Group has arranged the sale of a warehouse asset, located at the northwest corner of 51st Avenue and Camelback Road in Glendale. CBRE Global Investors acquired the property for $17.5 million from an undisclosed seller. Built in 1987, the property features 105,906 square feet of cold-storage space. Sprouts Farmers Market is a tenant at the property. Walter Unger of Kasten Long Commercial brokered the deal.
LAKE GENEVA, WIS. — The Barry Co. has brokered the sale of a 68,000-square-foot industrial facility located at 901 Maxwell St. in Lake Geneva for an undisclosed price. The property sits on 5.7 acres. Kevin Barry represented the seller, Everett Smith Group. The buyer, Lake Geneva Self Storage LLC, plans to convert the property into a self-storage facility.
LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of the 33,340-square-foot Raintree Village shopping center in Lee’s Summit for an undisclosed price. The property sits on eight acres at 817-899 SW Lemans Lane. Phil Peck of Block & Co. represented the seller, Compton Holdings LLC. The buyer was not disclosed. Block & Co. will continue to handle leasing for the center. Six spaces are currently available for lease, ranging from 1,139 to 3,626 square feet. Some of the tenants include Love Coffee, Envy Salon, Papa John’s, Snap Fitness and La Fuente Mexican restaurant.
NEWARK, N.J. — MCR, a hospitality owner-operator based in Dallas and New York City, has acquired the 150-room Courtyard by Marriott Newark Downtown. The property, which opened in 2012, is located near Newark Penn Station, Newark Liberty International Airport and the Prudential Center, a live music venue. Hotel amenities include a restaurant, coffee shop, snack shop, a fitness center and more than 4,000 square feet of meeting and event space. The seller and sales price were not disclosed.
MONTVALE, N.J. — HFF has negotiated the sale of 5 Paragon Drive, a 120,000-square-foot office property in Montvale, located near the New York border. The site also houses a Wegmans grocery store and a Life Time Fitness center. Tenants at the property, which was 71 percent leased at the time of sale, include BMW, Benjamin Moore, KPMG and Sharp Corp. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and J.B. Bruno of HFF represented the seller, a private equity firm, in the transaction. The buyer and sales price were not disclosed.
NEW YORK CITY — Rosewood Realty Group has arranged the $16.2 million sale of a six-story multifamily building located ar 135-145 W. Kingsbridge Road in the Kingsbridge Heights/Jerome Park area of The Bronx. The 79,000-square-foot building, which houses 58 apartments and nine retail stores, was built in 1922 and sold at a cap rate of 5.4 percent. Aaron Jungreis of Rosewood Realty Group represented the seller, Morgan Group, in the transaction and procured the buyer, a private investor.
HOUSTON — NIT Industrial LLC has purchased 12.8 acres within Cedar Port Industrial Park near Port Houston for the development of a 204,175-square-foot speculative industrial project. The project will encompass four buildings measuring between 50,250 and 51,925 square feet that will feature 32-foot clear heights, dock- and grade-level loading doors and ESFR sprinkler systems. Construction is slated to begin in October. Jason Tangen of Colliers International represented the buyer in the transaction. Joel Michael of NAI Partners represented the seller, TGS Cedar Port Partners LP. Colliers will also handle leasing of the new facility.
MONROEVILLE, PA. — Next Tier Connect has acquired the former Westinghouse Nuclear headquarters campus in Monroeville. The 505,000-square-foot campus is located at 4350 Northern Pike, 15 miles east of downtown Pittsburgh. The property comprises two buildings connected by a common entrance. Other features of the facility include 206,000 square feet of contiguous space on the second, third and fourth floors of the East Tower; a shipping and receiving area with three loading docks. This is the first acquisition by Next Tier Connect, which is a recently formed partnership between New York City-based companies Next Tier HD and RedBird Capital Partners. The new partnership plans to reposition the property and rebrand it as Next Tier Connect — Pittsburgh East. The two buildings are currently home to several Fortune 500 companies for office, call center, business continuity, and data center spaces. Next Tier Connect has also signed new tenants since closing on the sale. In a press release announcing the new company, RedBird and Next Tier HD officials said, “Next Tier Connect will seek to acquire mixed-use, mission-critical real estate properties and data center-related properties across the United States.” Mission-critical real estate assets are purpose-built facilities designed to support the most essential …
BOSTON — A joint venture between urban developer Accordia Partners and a private equity fund managed by Ares Management Corp. has acquired 2 Morrissey Boulevard, a 425,000-square-foot office complex in Boston. Located in the city’s Dorchester neighborhood, the five-building property was fully leased at the time of sale to Santander Bank. The complex is also situated across the street from the 20-acre site of the former Bayside Expo Center, which the joint venture is redeveloping. Newmark Knight Frank represented the seller, an affiliate of Beacon Capital Partners, in the transaction, and arranged acquisition financing for the buyer.
EAST BRUNSWICK, N.J. — American Equity Partners has purchased One Tower Center, a 23-story office property in East Brunswick, located roughly midway between Trenton and Newark, for $38 million. The property was 39 percent leased at the time of sale, and the new ownership will implement a value-add program that will reimagine the lobby and expand the amenity package. Jeffrey Dunne, Jeremy Neuer, Travis Langer and Zach McHale of CBRE represented the seller, an institutional investor, and procured the buyer in the transaction.