NEW YORK CITY — JLL has brokered the $52.2 million sale of a 79,900-square-foot commercial property in Brooklyn’s Dumbo neighborhood. Located at 42-50 Jay St., the property is currently operated by Phoenix House as an inpatient rehabilitation facility. The property consists of two interconnected buildings. Bob Knakal, Stephen Palmese and Michael Mazzara of JLL represented the seller, Phoenix House, in the transaction. The buyer was Alloy Development.
CHANDLER, ARIZ. — Salt Lake City-based Bridge Acquisitions has purchased Laguna Village, an apartment community located at 102 Palomino Drive in Chandler. Scottsdale, Ariz.-based PB Bell sold the property for $70.2 million. Built in 1985, the property consists of 31 two-story buildings totaling 363,684 square feet. The 460-unit property features one- and two-bedroom units, averaging 792 square feet with full-size, in-unit washers and dryers. The buyer plans to modernize the property. Cindy Cooke and Brad Cooke of Colliers International represented the seller, while the buyer was self-represented in the deal.
KEARNY, N.J. — Terreno Realty Corp. has acquired a 16-acre industrial property in Kearny. The sales price was $25 million. Located at 81 North Hackensack Ave., the property is fully leased to one tenant. The property was acquired as partial repayment of a $55 million senior secured loan that Terreno Realty made in 2018 to an unnamed borrower. The acquisition reduces the seller’s outstanding loan balance to approximately $30 million.
HARTFORD, CONN. — Colliers International has negotiated the $2 million sale of a 9,000-square-foot medical office building in Hartford. Located at 147 Westbrook Road, the property is anchored by Middlesex Hospital Primary Care. Phil Gagnon of Colliers represented the buyer, a private investor, in the transaction. The seller was undisclosed.
DENVER — Houston-based Lone Star Partners has completed the disposition of The Shops at Green Valley Ranch, a newly constructed retail center located at 4906-4998 N. Tower Road in Denver. A California-based investment partnership acquired the property for $8.6 million. Matthew Henrichs and Brad Lyons of CBRE represented the seller, while Seshu Velpuri of The AMR Group represented the buyer in the transaction. Built in 2017, The Shops at Green Valley Ranch includes two Class A, freestanding retail buildings, totaling 19,840 square feet on 2.8 acres. The property is fully leased to a mix of 11 national and local retailers, including Burger King, Sport Clips, Pizza Hut, Jimmy John’s Gourmet Sandwiches, Cold Stone Creamery, David Nails & Spa and GVR Dental and Orthodontics.
TOMS RIVER, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 28,400-square-foot, mixed-use property in Toms River. Located at 26 Main St., the property is currently occupied by 26 tenants. Alan Cafiero and Ben Sgambati in Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. The buyer was a personal trust.
RIALTO, CALIF. — NAI Capital has negotiated the sale of a multi-tenant industrial park, located at 170-190 N. Arrowhead Ave. in Rialto. A private investor acquired the property from 170 Arrowhead Partners LLC for $3.3 million, or $106 per square foot. The two-building park offers a total of 16 units ranging in size from 984 square feet to 2,816 square feet. The 30,938-square-foot property features grade-level loading, 16-foot minimum clear heights, separately metered units and 39,000 square feet of excess land. At the time of sale, the property was fully occupied. Nicholas Chang and Richard Lee of NAI Capital’s Investment Services Group and Justin Kuehn, also of NAI Capital, represented the seller in the transaction.
HOUSTON — Colliers International has brokered the sale of Brookhollow West Business Park, a 251,569-square-foot industrial property located at 9777 W. Gulf Bank Road in Houston. The property was built in 1977 on 15.4 acres. Walter Menuet and Judd Harrison of Colliers represented the seller, CUNA Mutual Investment Corp. Abco Industrial Properties represented the buyer, Gulf BK LLC.
HARKER HEIGHTS, TEXAS — The Multifamily Group (TMG) has arranged the sale of Lions Run, an apartment community located in the central Texas city of Harker Heights. Built in the mid-1980s, the property features one- and two-bedroom units and amenities such as a pool, spa and outdoor grilling area. Paul Yazbeck and Will Clarke of TMG represented the Dallas-based seller and procured the buyer in the transaction.
CLEVELAND — Glenmont Capital Management LLC has acquired the Radisson Hotel Cleveland-Gateway for an undisclosed price. The 143-room hotel features a business center, fitness center, 3,500 square feet of meeting space and the Gateway Bar and Grill. The property will undergo a $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded as a Hotel Indigo, an upscale boutique hotel within the Intercontinental Hotel Group system. Pyramid Hotel Group will manage the hotel, which will stay open during the renovation.
