ORANGE, N.J. — CBRE has arranged the $7.3 million sale of a multifamily property in northern Orange, a western suburb of New York City. The property, 12-20 Canfield Street, consists of 47 apartment units and one retail unit. Nat Gambuzza, John Veniero, Trevor Fiebel and Manny Sanghera of CBRE represented the undisclosed seller in the transaction. The CBRE team also procured the buyer, a local investor.
MCDONOUGH AND STOCKBRIDGE, GA. — Cushman & Wakefield has negotiated the sales of Stonegate at Eagles Landing in Stockbridge and Mandalay Villas in McDonough. Mike Kemether, Travis Presnell and Alex Brown of Cushman & Wakefield represented the seller, Bluedog Capital Partners, in the transactions. The RADCO Cos. acquired Stonegate at Eagles Landing, a 167-unit community that was built in 2006, for $25.1 million. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a swimming pool, fitness center, clubhouse, house-sitter services, playground and a car wash area. Rockworth Acquisitions bought Mandalay Villas, a 300-unit property, for $48.8 million. Mandalay Villas offers one- through three-bedroom floor plans. Community amenities include a fitness center, playground, swimming pool, game room, clubhouse and a business center.
TAMPA, FLA. — Sunstone Properties Trust has acquired Carlyle at Waters, a 392-unit multifamily community in Tampa, for $42.2 million. The community was built in 1985 across 12.7 acres, comprising 16 garden-style buildings and covered parking. Communal amenities include two swimming pools and two ponds. The new owner plans to build an outdoor kitchen and a fitness center. Further renovation plans include upgrading unit interiors, swimming pools and the leasing office. Berkadia provided a Freddie Mac mod-rehab loan to the buyer for renovations. The seller was not disclosed.
PACE, FLA. — Blackwater Resources has sold Pace Crossroads, a 75,904-square-foot shopping center in Pace. The property was fully leased at the time of sale to Dick’s Sporting Goods, Michael’s and Ulta Beauty. Pace Crossroads was built in 2018 and is located 15 miles northeast of Pensacola. Mark Joines, Drew Fleming and Henry Kushner of Newmark Knight Frank (NKF) represented the seller in the transaction. The buyer was a private company based in the Mid-Atlantic. The sales price was not disclosed.
TEMPE, ARIZ. — Acacia Capital Corp. has purchased San Marquis, an apartment property located at 577 E Baseline Road in Tempe. A joint venture between Sequoia Equities and Mark-Taylor Residential sold the asset for $58.5 million. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix Multifamily Institutional Properties represented the sellers in the transaction. The Class A multifamily community features a palm tree-lined, resort-style swimming pool with ramadas and an outdoor entertainment kitchen; a fitness center with stone and travertine finishes; and a resident clubhouse. The property features 224 units in a mix of one-, two- and three-bedroom layouts with nine-foot ceilings, decorative crown molding, recessed lighting, granite countertops in the kitchens and bathrooms, stainless steel appliances and full-size washers/dryers.
CERRITOS, CALIF. — SRS Real Estate Partners has arranged the sale of South Street Shops, a value-add retail property located at 10745 South St. in Cerritos. A Los Angeles-based private investor sold the two-tenant asset to a Southern California-based private investor for $4.3 million, or $237 per square foot. Built in 1969 and situated on 1.6 acres, the 18,096-square-foot South Street Shops is part of a larger, 95,000-square-foot community shopping center. Current tenants include SJJ Fitness & Sports Performance and one vacant space of approximately 4,000 square feet. The property is also shadow anchored by Goodwill, which recently signed a 10-year lease renewal. Ara Rostamian and Patrick Luther of SRS Real Estate Partners, along with Eric Mandell of Apex Properties represented the seller, while Sperry CGA Beverly Hills represented the buyer in the deal.
NEW YORK CITY — Joseph Tsai, co-founder of Chinese e-commerce giant Alibaba, has agreed to purchase Barclays Center, a 670,000-square-foot sports and entertainment arena that sits at the crossroads of Atlantic and Flatbush avenues in Brooklyn. The multi-purpose stadium is the home of the Brooklyn Nets NBA franchise and the NHL’s New York Islanders. Previous owner Mikhail Prokhorov, through his company Oneexim Sports and Entertainment Holding USA Inc., sold the arena to an entity controlled by Tsai for approximately $700 million, according to the New York Post. In a separate deal, Prokorov sold his 51 percent ownership in the Brooklyn Nets to Tsai, who purchased a 49 percent stake in the NBA franchise back in 2018. Multiple media outlets report the combined Nets and Barclays Center transactions will total more than $2 billion, bringing Tsai’s total investment to more than $3 billion. The transaction requires the approval of the NBA Board of Governors. Tsai is set to become the sole governor of the Nets franchise and owner of Barclays Center once the deal closes, which is expected by the end of September. “We are committed to maintaining Barclays Center’s iconic status by bringing together culture, community and entertainment for our …
ASHEVILLE, N.C. — Cushman & Wakefield has arranged the $71.5 million sale of The District, a 309-unit multifamily complex in Asheville. The property is located at 100 District Drive, three miles south of downtown Asheville. The District offers one-, two- and three-bedroom floor plans ranging from $1,248 to $2,700. Communal amenities include a 2,300-square-foot clubhouse with a fitness center, game room, lounge, business center and cyber café, heated saltwater pool, fenced dog park, picnic area with six grills and a car care center. Jordan McCarley, Marc Robinson and Watson Bryant of Cushman & Wakefield represented the seller, Flournoy Development, in the transaction. The buyer was not disclosed.
CHARLOTTE, N.C. — CBRE has provided a $39.7 million Freddie Mac acquisition loan for Arbor Steele Creek, a 384-unit apartment community in southwest Charlotte. The borrower, a joint venture between Charleston, S.C.-based Blaze Partners and Acre Valley Real Estate Capital, plans to continue interior and exterior renovations. The previous owner, a joint venture between Blaze Partners and True North Management Group, acquired the property in 2017 and began renovations. The complex comprises 16 three-story buildings. Communal amenities include a swimming pool, fitness center, business center, picnic areas with grilling stations, pet park, playground and a clubhouse.
ATLANTA — Savlan Capital has acquired six office buildings totaling 289,433 square feet within Camp Creek Business Center, a 400-acre business park in south Atlanta. Hollywood, Fla.-based Savlan bought the property from Indianapolis-based Duke Realty for $111.25 per square foot. The office buildings are located at 1000, 1100, 1200, 1400, 1800 and 2000 Centre Parkway, five miles west of Hartsfield-Jackson Atlanta International Airport. Duke Realty is developing Camp Creek, which comprises 2.9 million square feet of existing industrial and office buildings with the capacity for an additional 2 million square feet of development. The six buildings were 79 percent leased at the time of sale to tenants including Sto Corp., DoverStaffing, Hopebridge, Jaguar Land Rover Automotive North America, Keller Williams and Primerica.
