JERSEY CITY, N.J. — Capital Realty Associates, a New Jersey-based firm, has brokered the sale of two multifamily buildings in Jersey City. The buildings, located at 458-460 and 549-551 Mercer St., consist of 14 residential units and a ground-floor retail space. The sales price represents a capitalization rate of 5 percent. Solomon Halberstam represented the seller in the and procured the buyer in the transaction, which were both undisclosed.
DULUTH, GA. — PPD Holdings Investment Group and The Residential Group have sold District at Duluth, a 370-unit multifamily community in metro Atlanta’s Gwinnett County, for $83 million. The partnership designed and built the community. The property offers studio through two-bedroom floor plans, 11 townhomes, one-bedroom penthouses and 15,000 square feet of commercial space. Communal amenities include a 24-hour fitness center, pet park, pet spa, saltwater swimming pool and a game room. Principal Real Estate Investors acquired the property.
NEWNAN, GA. — Atlanta-based Bull Realty has arranged the $14.8 million sale of 1825 Summit, a 100,000-square-foot office building in Newnan. Delta Community Credit Union sold the building, which was 56 percent leased at the time of sale. The financial community will continue to operate within the asset. MBRE acquired the property for $147.50 per square foot. 1825 Summit is located 37 miles southwest of downtown Atlanta and immediately adjacent to Summit Family YMCA and Georgia Bone & Joint medical office building.
MIAMI BEACH, FLA. — Integra Investments and Constellation Group have purchased a 31,270-square-foot office building located at 1674 Meridian Ave. in Miami Beach for $10.1 million. The asset also includes 5,500 square feet of ground-level retail space. The partnership will market the office space to small- and medium-sized tenants. New ownership is planning a multimillion-dollar renovation that includes upgrading the lobby and common areas, as well as adding a new roof and floor-to-ceiling windows. Ivy MBT Realty was the seller.
HOUSTON — Los Angeles-based investment firm Regent Properties has acquired Park Towers, a 545,242-square-foot office complex in Uptown Houston, for $89.5 million. Built in the 1970s, redeveloped in 2000 and renovated in 2017, Park Towers comprises two 18-story towers over a shared parking structure at the northeast corner of Interstate 610/West Loop and Post Oak Boulevard. Amenities include a fitness center and a conference center. The seller was not disclosed.
AUSTIN, TEXAS — A partnership between Starwood Capital Group and Vanderbilt Partners has purchased the Campus at Arboretum, a 319,000-square-foot office property in northwest Austin. The campus offers proximity to The Domain, one of Austin’s premier shopping and dining destinations, as well as picnic areas, a volleyball court and a basketball court.
INDIANA, MICHIGAN, OHIO AND WEST VIRGINIA — Albanese Cormier Holdings has acquired nine shopping centers totaling 758,983 square feet in Indiana, Michigan, Ohio and West Virginia. The purchase prices were undisclosed. ShopOne Centers REIT was the seller. Representatives from May Real Estate, Cooper Commercial Investment Group, Marcus & Millichap and JLL brokered the sales. The average occupancy of the properties is 92 percent. The properties include: Pine Lake Shopping Center (147,017 square feet) in LaPorte, Ind.; Forest Park Plaza (104,231 square feet) in Brazil, Ind.; Phoenix Square (47,415 square feet) in South Haven, Mich.; Amberwood Center (34,553 square feet ) in Ashland, Ohio; Barberton Shopping Center (105,313 square feet ) in Barberton, Ohio; DeVeaux Village Shopping Center (72,050 square feet) in West Toledo, Ohio; Perrysburg Marketplace (101,859 square feet ) in Perrysburg, Ohio; Reynolds Plaza (110,479 square feet ) in South Toledo, Ohio; and Huntington Mall (36,066 square feet ) in Barboursville, W.Va.
KANSAS CITY, MO. — Newmark Grubb Zimmer (NGZ) has brokered the sale of a 275,162-square-foot industrial building located at 2095-2383 Front St. in Kansas City. The sales price was not disclosed. The multi-tenant property was 58 percent leased at the time of sale to tenants including Cargill, Suburban Industrial Packaging and Grupo Antolin. David Zimmer, Michael VanBuskirk and Chris Robertson of NGZ represented the institutional seller. California-based Industrial Realty Group purchased the building.
KENT AND AUBURN, WASH. — Colliers International has arranged the sale of two industrial parks in southern King County. TA Realty acquired the assets from a local Puget Sound private investor for $22 million. Totaling four buildings on 6.3 acres, the properties are Pacific West Business Center in Kent and White River Corporate Park in Auburn. Built in 1979 and located at 18852-18872 72nd Ave. South, Pacific West Business Center features 60,530 square feet of industrial space on a 3.3-acre campus. At the time of sale, the asset was fully leased to nine tenants. Located at 2200-2222 W. Valley Highway North, White River Corporate Park offers a total of 60,852 square feet of warehouse space spread across two buildings. Built in 2004, the property was fully leased to five tenants at the time of sale. Bill Condon and Matt McGregor of Colliers International handled the transaction.
LAS VEGAS — Haven Realty Capital has completed the disposition of Mountain Vista, an apartment community located in Las Vegas. An undisclosed buyer acquired the property for $17.7 million. Located at 3950 S. Mountain Vista St., the community features 178 apartments in a mix of one-, two- and three-bedroom layouts. Units offer walk-in closets, balconies, storage space and high-speed internet access. The two-story property was built in 1979. Community amenities include a business center, breakfast/coffee concierge, grills, fitness center, laundry facilities, pool and a picnic area. Taylor Smith and Carl Sims of Cushman & Wakefield represented the seller in the deal.
