EAST WINDSOR, N.J. — Dermody Properties has acquired a 615,000-square-foot logistics center in East Windsor, a northern suburb of Trenton. Built in 1998 and expanded in 2003, the 51.5-acre property features a clear height of 36 feet, 41 dock-high doors, 413 automobile parking spots and 28 trailer parking spots. Dermody, an investment firm based in Reno, Nevada, plans to upgrade the building and make the space available for occupancy by 2020. CBRE is handling leasing of the center.
CHERRY HILL, N.J. — JLL has negotiated the $17.4 million sale of Colwick Business Center, a 172,500-square-foot office park located outside Philadelphia in Cherry Hill. The three-building property was 90 percent leased at the time of sale. An undisclosed Brooklyn-based firm acquired the portfolio from a joint venture between Endurance Real Estate Group and Blue Vista Capital Management. Brett Grifo, Jim Galbally, John Plower and Chad Orcutt of JLL brokered the deal.
FRANKLIN, OHIO — Modula, an Italian company that manufactures automated storage systems, has purchased the former Dayton Daily News building in Franklin along I-75. An affiliate of Capital Environmental Risk Transfer Alliance sold the property for nearly $13.2 million, according to the Cincinnati Business Courier. Cox Media Group Ohio previously owned and occupied the 252,000-square-foot building. The company used the facility for the printing of all of its local newspapers. Cox Media Group Ohio announced in July 2017 that company newspapers would be printed at an Indianapolis production facility under an agreement with Gannett Publishing Services. Modula received a Job Creation Tax Credit from the state of Ohio totaling 1.52 percent for seven years. Modula plans to create 100 new jobs at the facility. In partnership with the European American Chamber of Commerce, the project represents ongoing efforts by REDI Cincinnati to attract foreign investment to the greater Cincinnati region. Modula’s investment in southwest Ohio will be its second location in the United States. Chuck Ackerman, Bill Keefer and Todd Cochran of Colliers International brokered the transaction.
PLEASANT PRAIRIE, WIS. — Lee & Associates has negotiated the sale of a 196,400-square-foot, speculative industrial building within LakeView Corporate Park in Pleasant Prairie for an undisclosed price. The newly completed building features 20 exterior docks and four drive-in doors. Tom Boyle of Lee & Associates represented the buyer, Scannell Properties. John Sharpe of Lee & Associates represented the seller, Lakeview Industrial Development, which is a joint venture between Hunzinger Construction Co. and Wangard Partners. Sharpe and Boyle have been retained by the new owner to market the property for lease.
JACKSONVILLE, FLA. — CBRE has arranged the $63.4 million sale of Steele Creek Apartments, a 300-unit multifamily community situated in Jacksonville’s Butler Corridor submarket. RST Development acquired the property for $211,333 per unit, which marks the highest ever per-unit price for a suburban multifamily site in Northeast Florida, according to CBRE. Steele Creek offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool with a cabana, grill area, clubhouse, fitness center, car wash area and a pet washing station. Additionally, Steele Creek offers technological finishes such as car charging stations, smart thermostats in each unit, USB ports and a tech-centric business center. Joe Ayers, Cliff Taylor and Shelton Granade of CBRE represented the seller, AC Parker West, in the transaction.
LOUISVILLE, KY. — Inland Private Capital Corp. (IPC) has sold Hurstbourne Estates Apartments, a 270-unit complex in Louisville, for $45.5 million. IPC sold the property on behalf of its institutional investors through its subsidiary on behalf of Louisville Multifamily DST, the company’s 1031 tax exchange investment program. At the time of sale, Hurstbourne Estates was 95.2 percent occupied. Communal amenities include a fitness center, clubhouse, yoga room, game room, business center, swimming pool and a dog park. The buyer was not disclosed. The apartment community comprises 17 buildings and was built in 2013. IPC acquired the asset in 2014.
BURLINGTON, N.C. — Berkadia has negotiated the $24.4 million sale of Hawthorne at Forestdale, a 234-unit apartment complex in Burlington. The community offers studio, one-, two- and three-bedroom floor plans. Communal amenities include a saltwater swimming pool, sundeck, playground, cyber café, community pond, 24-hour fitness center and a dog park. Mark Boyce and Blake Coffey of Berkadia represented the undisclosed, Alabama-based seller in the transaction. Berkadia provided the undisclosed Texas-based buyer with a Fannie Mae acquisition loan.
TEMPLE, TEXAS — Marcus & Millichap has brokered the sale of The Storeroom, a self-storage facility located in the Central Texas city of Temple that consists of 173 non-climate-controlled units and 22 uncovered parking spaces. Spanning 20,675 square feet, the property includes a leasing office and showroom, 24-hour video surveillance and perimeter fencing and lighting. Brandon Karr and Danny Cunningham of Karr Self-Storage, a division of Marcus & Millichap, represented the seller, a private investor, in the transaction. The buyer was a Texas-based partnership.
MCKINNEY, TEXAS — Dallas-based retail brokerage firm STRIVE has arranged the sale of The Shops at Lake Forest, a 6,571-square-foot retail strip center located in the northern Dallas suburb of McKinney. The four-tenant property was built in 2018 and is situated along Collin McKinney Parkway just north of the Sam Rayburn Tollway. The average household income within a one-mile radius of the property exceeds $131,000. STRIVE worked with an outside broker to procure the buyer and represented the seller, both of which were locally based private investors.
PHOENIX — New York-based DRA Advisors has purchased Camelback Lakes, a multi-story office building located at 2710, 2720, 2730 and 2850 E. Camelback Road, for $47.5 million. Developed in 1983, the four-building asset features 203,290 square feet of office space with a detached parking deck. At the time of sale, the property was 85 percent occupied. Mainstreet Capital will provide property management services, while Keith Lambeth of Cushman & Wakefield will provide leasing services for the property. Chris Toci and Chad Littell of Cushman & Wakefield, supported by the agency leasing team of Keith Lambeth, closed the transaction.
