MALVERN, PA. — Newmark Knight Frank has brokered the $15.5 million sale of Malvern Executive Center, a 91,190-square-foot office campus in Malvern. Located at 100 Deerfield Lane, the property was 73 percent occupied at the time of sale. The private campus includes abundant parking and a state-of-the-art fiber optic cabling system. Mike Margolis, Dave Dolan, Dave Garonzik and Jim Dugan of NKF represented the seller, PNL Cos., in the transaction. The buyer was undisclosed.
EAST HANOVER, N.J. — HFF has negotiated the sale of Eagle Rock Executive Office IV, a 178,000-square-foot office building in East Hanover. The sales price was undisclosed. Located at 120 Eagle Rock Ave., the property is situated within a three-building office park. The three-story property is currently 79 percent leased to a tenant roster that includes Prudential Insurance Company of America, Kessler Foundation and GFK. Kevin O’Hearn, Jose Cruz, Stephen Simonelli and Michael Oliver of HFF represented the seller, Boxer Property, in the transaction. The buyer was Northeast Capital Group.
LA JOLLA, CALIF. — HFF has directed the sale of Regents La Jolla, a mid-rise multifamily property located at 9253 Regents Road in La Jolla. LaSalle Investment Management sold the property to Raintree Partners for an undisclosed price, but free and clear of existing financing. Charles Halladay and Chris Collins of HFF worked on behalf of the new owner to secure 10-year, fixed-rate financing with Pacific Life Insurance Co. Hunter Combs and Sean Deasy, also of HFF, represented the seller in the transaction. Completed in 2000, Regents La Jolla consists of nine four-story buildings and a single-story cabana building that feature a total of 333 apartments in a mix of one- and two-bedroom units averaging 966 square feet. Situated on 8.5 acres, the community features two swimming pools, a fitness center, sports lounge, movie theatre and professional entertaining kitchen. At the time of sale, the asset was 96 percent occupied. Additionally, the property is part of a 574-home development that includes 241 condominium units, which were not included in the sale.
LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.
SALEM, ORE. — Crystal Investment Property has arranged the sale of Howard Johnson by Wyndham Salem, located at 2250 Mission St. SE in Salem. Terms of the sale were not released. The interior-corridor hotel features 69 guest rooms and a one-bedroom/one-bath owner’s quarters unit. On-site amenities include an outdoor pool, breakfast area, exercise room, guest laundry facilities, truck/bus/RV parking and a business center. Joseph Kennedy of Crystal Investment Property handled the transaction for undisclosed seller and buyer.
CHATSWORTH, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant restaurant asset, located at 21920 Lassen St. in Chatsworth. A private investor acquired the property for $3 million, or $1,540 per square foot. Del Taco occupies the approximately 1,961-square-foot property, which features a 24-hour drive-thru, on a long-term absolute triple-net, corporate-guaranteed lease with more than 12 years remaining. Built in 1989, the property is situated on 0.4 acres. Matthew Mousavi and Patrick Luther of SRS, in cooperation with Brandon Trevellyan of Capital Real Estate Ventures, represented the seller, a privately held partnership, while Warren Berzack of Lee & Associates represented the buyer in the deal.
EDINA, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-tenant retail building in Edina for $8.2 million. The newly constructed, 6,702-square-foot property is located at 3901 W. 70th St. E*Trade and Roti Modern Mediterranean restaurant occupy the building. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp Real Estate. Jim Seabold of Coldwell Banker Burnet represented the buyer, a Denver-based private investor. The sales price represented a 6 percent cap rate.
AVON, IND. — Marcus & Millichap has negotiated the sale of Avon Lakes Estates, a 548-site manufactured home community in Avon, about 15 miles west of Indianapolis. The sales price was not disclosed. The community includes a pool, clubhouse, walking paths and management offices. John Bailey, Bill Bailey and Ross Bailey of Marcus & Millichap represented the seller, Avon Lakes Ventures LLC, an Indiana-based company that has owned and operated the community for more than 10 years. Kyle Baskin and Jonathon McClellan of Marcus & Millichap procured the buyer.
ELK GROVE VILLAGE, ILL. — Cawley Chicago has arranged the sale of a 31,059-square-foot industrial building in Elk Grove Village for an undisclosed price. The property is located at 1001 Fargo Ave. Andrew Maletich of Cawley Chicago represented the buyer. Sam Durkin of JLL represented the seller.
DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties. The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey. CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management. “We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with our long-term strategic plans.” Nuveen is an investment manager that maintains its international headquarters in New York. — Kristin Hiller
