GRAND RAPIDS, MICH. — Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids for an undisclosed price. The current tenant, Bunzl Retail Services, will continue to occupy the building. John Kuiper, Mike Visser and Duke Suwyn of Colliers International represented the seller, Minnetrista Investments LLC. Steve Marcusse of Colliers represented Schostak.
WACONIA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Waconia Crossing for $4.6 million. The newly constructed retail center is situated on Highway 5, approximately 35 miles southwest of Minneapolis. The sale includes a freestanding Dollar Tree and a property occupied by Starbucks, Sport Clips, AT&T and Qdoba for a total of 16,695 square feet. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. The buyer completed a 1031 tax-deferred exchange.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has entered into two agreements to sell its 56-building office/flex portfolio to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Company LLC, for $487.5 million. The properties are situated in Elmsford, Hawthorne, Yonkers and Tarrytown, N.Y.; and Stamford, Conn. The sale of the portfolio is expected to close early in the second quarter of this year. Mack-Cali has been gradually selling off pieces of its flex/warehouse business. In 2015, the Jersey City-based company announced plans to sell up to $800 million worth of real estate it owns to become an owner, manager and developer of office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Proceeds from the latest sale will go toward paying down debt from Mack-Cali’s $263.5 million purchase of Soho Lofts, a 377-unit apartment community in Jersey City, situated about one mile from the Hudson River. “The sale of our office/flex portfolio substantially completes our strategic repositioning,” says Michael DeMarco, CEO of Mack-Cali. “Mack Cali’s evolution to a waterfront-centric office and residential landlord is complete.” As part of its disposition strategy, the company in January sold Elmsford Distribution Center, a six-building, 386,000-square-foot industrial park in …
WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.
CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.
SUNRISE, FLA. — UBS Asset Management has sold Corporate Center II, a 91,221-square-foot office building in Sunrise, to Vanderbilt Office Properties and Barron Colliers Cos. for $20.8 million. The building is situated at 1571 Sawgrass Corporate Parkway within Sawgrass International Corporate Park. Corporate Center II, which is situated on 6.2 acres and built in 1998, was 98 percent leased to tenants including Cigna Insurance, Heritage Insurance and Synechron, an information technology and consulting company. Amenities include a two-story lobby, onsite café and a parking ratio of 4.4 per 1,000 square feet. Mike Davis, Dominic Montazemi, Scott O’Donnell and Rick Brugge of Cushman & Wakefield represented the seller in the transaction.
NEWTON, N.J. — Gebroe-Hammer Associates has brokered the $17.9 million sale of Landmark West Apartments, a 168-unit apartment community in Newton. Located at 100 Swartzwood Road, the 11-building community is comprised of one- and two-bedroom units. Stephen Tragash and Adam Zweibel of Gebroe-Hammer represented the seller, Newton West Limited, in the transaction. The buyer was a private investor.
DALLAS — Bright Force Holding, an investment group led by executives of Dallas-based hotel developer NewCrestImage, has acquired American Bank, N.A., a community bank located with roughly $55 million in assets. American Bank was established in 1974 under a different name and currently operates a single location in north Dallas. NewCrestImage operates a portfolio of 28 hotel properties. The deal closed on Friday, March 8.
HUMBLE, TEXAS — JLL has brokered the sale of Kindred Humble, a 55,646-square-foot rehabilitation facility located near the Memorial Hermann Northeast Hospital campus in Humble, located about 20 miles north of downtown Houston. The freestanding property offers 46 beds for inpatient care. Steve Leathers, Mindy Berman, Brian Bacharach and Anthony Sardo of JLL represented the seller in the transaction. Other terms of sale were not released.
TUCSON, ARIZ. — Larsen Baker, through its affiliate Manzanita Investment Group, has purchased Manzanita Plaza, a neighborhood retail center located at the northwest corner of Valencia and Cardinal roads in Tucson. Community Centers of America-Glendale LLC sold the property for $15.1 million. Built in 1986, Safeway anchors the 116,400-square-foot plaza. The property includes McDonalds, Chase Bank and KFC out-parcels. At the time of purchase, the property was fully occupied. David Murphy and David Bernstein of Bernstein Murphy represented the seller, while Larsen Baker represented the buyer in the deal.