MONROE, CONN. — Urstadt Biddle, a publicly traded REIT based in Connecticut, has sold a 10,100-square-foot retail property in Monroe for $3.6 million. The deal closed at a capitalization rate of 6.9 percent. Tenants at the property, which Urstadt Biddle acquired in 2007, include Starbucks Coffee and M&T Bank. The buyer was an undisclosed, locally based investor.
CHARLOTTE, N.C. — HFF has arranged the $57.3 million sale of Solis Berewick, a 275-unit multifamily community completed in 2017 in Charlotte. The property is located at 9550 Gannon Drive next to the grocery-anchored Berewick Town Center development, part of the 1,200-acre Berewick master-planned community in southwest Charlotte. Solis Berewick offers one-, two- and three-bedroom floor plans averaging 1,016 square feet per unit. Communal amenities include a saltwater swimming pool, outdoor grilling area with fire pit, gaming and entertainment lounge, fitness center, private yoga/spin studio, dog park and pet spa, electric car charging stations, community nature trail, and a playground. Allan Lynch, Justin Good, Caylor Mark and Jeff Glenn of HFF represented the seller, Terwilliger Pappas, in the transaction. The team also procured the buyer, RK Properties.
BRADENTON, FLA. — Savlan Capital has acquired Bradenton Financial Center, a 116,839-square-foot office building in Bradenton, for $15 million or $127.95 per square foot. Bradenton Financial Center was built in 1986 at 1401 W. Manatee Ave., 45 miles south of downtown Tampa. BFC Bradenton LLC sold the building, which was 90 percent leased at the time of sale to tenants including Mauldin Jenkins, Workforce Business Services, Fisher-Rosemount Systems, Bank of America, Merrill Lynch and Morgan Stanley. Amenities include a Sage Biscuit Café on the ground level and an adjacent five-story parking garage that is accessible via a covered-walkway from the main building. Savlan Capital plans to invest significant funds into the property for exterior renovations and common-area improvements. Savlan Capital has retained Debra Cooper and Angela Varga of SVN Commercial Advisory Group as leasing agents for Bradenton Financial Center. Rick Brugge, Mike Davis and Rick Colon of Cushman & Wakefield represented both seller and buyer in the transaction.
HAZELWOOD, MO. — Timberland Partners has acquired Knollwood Apartments in Hazelwood for an undisclosed price. The garden-style, 608-unit apartment community was built in two phases in 1980 and 1984. Amenities include two outdoor pools, two dog parks, a fitness center and clubhouse. Timberland plans to implement a capital improvement plan and rebrand the property as The Finn. Renovations will include new cabinet fronts, faux wood flooring, stainless-steel appliances, updated lighting fixtures and hardware. This is Timberland’s sixth property in the St. Louis market. The seller was not disclosed.
INDIANAPOLIS — Plymouth Industrial REIT Inc. has purchased a multi-tenant, Class B industrial building in Indianapolis for $17.1 million. Located on Sam Jones Expressway, the 484,879-square-foot property is situated in the Southwest submarket in close proximity to the Indianapolis International Airport. The facility is fully leased by Phoenix Material Management, a provider of container management solutions, and Quemetco Inc., a subsidiary of RSR Corp. that recycles lead-based batteries.
VALPARAISO, IND. — Strawberry Fields REIT LLC has sold The Glendale Medical Center in Valparaiso for $6.1 million. The property features a 20,207-square-foot main building constructed in 1967 and an 8,630-square-foot annex building constructed in 2007. The main building was renovated in conjunction with the construction of the annex building. Strawberry Fields sold the property because it was not within the company’s core investment strategy of owning and managing skilled nursing facilities, according to CEO Moishe Gubin. The buyer was not disclosed.
FRAMINGHAM, MASS. — An affiliate of DSF Group, an investment firm with offices in Boston and Washington, D.C., has acquired Jefferson Hills Apartments, a 1,020-unit multifamily community in the western Boston suburb of Framingham. The property is situated on 27 acres and consists of four six-story apartment buildings and a clubhouse. The unit mix comprises 180 studio units, 551 one-bedroom apartments and 289 two-bedroom residences. Unit features include stainless steel appliances, quartz countertops, walk-in closets and private balconies. Communal amenities include a pool with a sundeck, fitness center, turf soccer field, basketball and tennis courts, a dog park, internet café, business center, game room and a children’s play area. The seller and sales price were not disclosed.
BENSALEM, PA. — NAI Mertz has negotiated the sale of a 7,140-square-foot building in Bensalem, Pennsylvania, located northeast of Philadelphia. The property is located along the Bristol Pike and includes office, retail and industrial space. Joe Sternberg, Adam Lashner and Jeffrey Licht of NAI Mertz represented the seller, Medimpex Holdings LLC, in the transaction. The buyer was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the $3.2 million sale of 37-55 61st St., a 6,200-square-foot industrial asset in the Woodside neighborhood of Queens. The building includes office space. Stephen Preuss and Rani Bendary of Cushman & Wakefield handled the transaction on behalf of the buyer and seller, both of which were private investors. The site allows for future expansion of an additional 9,600 square feet.
ARLINGTON AND FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale of a three-property multifamily portfolio totaling 532 units in the Dallas-Fort Worth (DFW) metroplex. The 228-unit Aspen Woods and the 168-unit Rochester are located in Arlington, and the 136-unit Cobble Hill is located in Fort Worth. Al Silva of Marcus & Millichap represented the seller, Dallas-based MacDonald Realty Group, in the transaction. Dallas-based Sentinel Peak Capital purchased Aspen Woods, Austin-based Obsidian Capital acquired Cobble Hill and Lubbock-based Madera Residential bought The Rochester. All properties were built between 1975 and 1985 and will undergo value-add programs with a focus on common area amenities, building exteriors and unit interiors.