NEW YORK CITY — Cushman & Wakefield has brokered the $6.1 million sale of a 16-unit multifamily property in the Bayside neighborhood of Queens. Located at 191-02 35th Ave., the property consists of one- and two-bedroom duplex units as well as three-bedroom triplex units. The two-story property in located nearby the Auburndale Long Island Rail Road station. Daniel Abbondandolo and Dimitri Mastrogiannis of Cushman & Wakefield represented the seller, The DiNoto Group, in the transaction. The property was purchased by Fairfield Properties.
NEWARK, N.J. — Strategic Storage Trust IV Inc., a public non-traded real estate investment trust sponsored by SmartStop Asset Management LLC, has acquired a 1,900-unit self-storage facility in Newark. The sales price was undisclosed. The facility consists of approximately 100,000 net rentable square feet, as well as 58,000 net rentable square feet of warehouse space, and is situated on 6.25 acres of land. The seller was undisclosed. Strategic Storage Trust currently owns 16 self storage facilities comprising approximately 11,000 self storage units and 1.3 million net rentable square feet of storage space, as well as two parcels of land under development.
JAMESBURG, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Jamesburg. Located at 196 Buckelew Ave., the 11,750-square-foot property consists of retail space, a warehouse and two apartment units. Alexander Pildes, Greg Babaian and Michael Lombardi in Marcus & Millichap’s New Jersey office, represented the seller, a private investor, in the transaction. The buyer was undisclosed.
KAILUA-KONA, HAWAII — Pacific Hotels has completed the sale of Courtyard by Marriott King Kamehameha’s Kona Beach Hotel, a full-service beachfront hotel located at 75-5660 Palani Road in Kailua-Kona on Hawaii’s Big Island. Situated on 13 beachfront acres, the 452-room hotel comprises two connected six-story towers that feature more than 20,000 square feet of flexible indoor and outdoor meeting space; more than 18,000 square feet of retail space, including a full-service spa; a fitness center; yoga studio; 24-hour business center; outdoor pool and patio; tennis courts; and five food and beverage outlets, including Honu’s on the Beach Restaurant, Billfish Poolside Bar & Grill and The Island Breeze Hawaiian Lu’au. The hotel was renovated and converted into the Marriott Courtyard in 2011. Scott Hall, Tony Malk, Tracey Goo, Aaron Lapping and Blake Malecha of HFF represented the seller in the deal. The name of the buyer and acquisition price were not released.
PHOENIX — Vancouver, Canada-based Balfour Pacific Capital has purchased the Phoenix Corporate Tower, a 25-story office property located in midtown Phoenix, for $42.3 million. Situated on 17.4 acres at 3003 N. Central Ave., the landmark property features 457,893 square feet of office space. At the time of sale, the property was 66 percent occupied. Developed in 1964, the building has been upgraded and renovated multiple times, with recent improvements including conference facilities, a 180-seat auditorium, training rooms, a tenant lounge, collaborative work space and a newly renovated courtyard. Department of Child Safety occupies 130,000 square feet of the property. Chris Toci, Chad Littell, Dave Carder and Scott Boardman of Cushman & Wakefield handled the transaction.
CHANDLER AND GILBERT, ARIZ. — Bethesda, Md.-based Global Medical REIT has purchased a three-building medical office portfolio, totaling 39,305 square feet in Chandler and Gilbert, for $16.1 million, or $410 per square foot. Cushman & Wakefield represented the anchor tenant and seller, a local gastroenterology practice, in the sale. The seller will continue to operate out of the properties under a long-term sale/leaseback arrangement. The portfolio also includes two endoscopy centers, one of which is owned and operated by a joint venture between local physicians, Dignity Health and United Surgical Partners, a national surgery center operator. Devpal Gupta and Peter Menna of Cushman & Wakefield’s Phoenix office collaborated with Travis Ives of Cushman & Wakefield’s national Healthcare Capital Markets team to represent the seller in the assignment.
ONTARIO, CALIF. — Hanley Investment Group Real Estate has brokered the sale of two retail pad buildings, totaling 21,591 square feet in Ontario, in two separate transactions totaling $5.6 million. The properties are part of a Walgreens-anchored neighborhood center, which was built in 2007. Kevin Fryman of Hanley Investment Group represented the seller, an Ontario, Calif.-based private developer, in both transactions. In the first deal, a Southern California-based private investor acquired a two-tenant, 13,381-square-foot building, situated on 1.3 acres at 2645 E. Riverside Drive, for $3.2 million. A 7,200-square-foot O’Reilly Auto Parts and a corporate office fully occupy the property. Jeff Lin of Marcus & Millichap’s Ontario, Calif., office represented the buyer. In the second transaction, a Temple City, Calif.-based private investor purchased an 8,210-square-foot retail pad, located on 1.1 acres at 2665 E. Riverside Drive in Ontario, for $2.4 million. The property is fully occupied by seven tenants, including Subway, Wonderful Massage, Empire Barbers, IE Vapes, First Rate Staffing, Les Tax and a management company. Watson Yeh of Temple City-based EZ Max Realty represented the buyer in the deal.
Kellogg to Sell Cookie and Snack Businesses for $1.3B, Including Seven Food Manufacturing Facilities
BATTLE CREEK, MICH. — Kellogg Co. (NYSE: K) has agreed to sell select businesses in its cookie, snack and pastry lines to Italian candy giant Ferrero Group for $1.3 billion. The sale also includes six Kellogg-owned food manufacturing facilities across the United States, as well as a Kellogg-leased facility in Baltimore. The six food plants include two assets in Chicago; two in Florence and Louisville, Ky.; one in Allyn, Wash.; and another in Augusta, Ga. Ferrero and its affiliated companies will acquire Kellogg brands such as Keebler, Mother’s, Famous Amos, Murray’s and Murray’s Sugar Free, as well as cookies manufactured for Girl Scouts of the U.S.A. by Little Brownie Bakers. The sale also includes Kellogg’s fruit and fruit-flavored snacks, pie crusts and ice cream cones businesses. In 2018, these combined businesses recorded net sales of nearly $900 million and operating profit of approximately $75 million, according to Kellogg. The Battle Creek-based food manufacturer will retain the rest of its North American snacking businesses, including its crackers, salty snacks, healthy snacks and toaster pastries brands such as Pop-Tarts, Eggo, Cheez-It and Pringles. Kellogg and Ferrero expect the transaction to close in July. Evercore was lead advisor to Kellogg on the transaction, …
GREENSBORO, N.C. — Tanger Factory Outlets Center Inc. (NYSE: SKT) has sold four non-core outlet malls for $130.5 million. The four centers are located in Nags Head, N.C.; Ocean City, Md.; Park City, Utah; and Williamsburg, Iowa. The four properties were 95.8 percent occupied at the time of the sale. Greensboro-based Tanger Outlets expects to use $128.7 million of the proceeds to pay off existing debt. Tanger operates 40 outlet malls across 20 states and Canada. The company is planning to build a mall in downtown Nashville. The buyer(s) was not disclosed. Tanger Outlets’ stock price opened at $20.64 per share Monday, down from $22.16 per share one year ago.
HALTOM CITY, TEXAS — Marcus & Millichap has brokered the sale of Rio Vista, a 246-unit multifamily community in Haltom City, located northwest of downtown Fort Worth. The property was built in 1969 and features amenities such as a pool, playground, picnic area and volleyball court. Al Silva and Ford Braly of Marcus & Millichap represented the seller, a California-based private investment group, in the transaction. The duo also procured the buyer, a Florida-based investment firm. The new ownership will invest $2.5 million in capital upgrades to the property.