HUDSON AND BERGEN COUNTY, N.J. — Gebroe-Hammer Associates has arranged the $75 million sale of a 487-unit multifamily portfolio in Union City, Bergenfield and Lodi. The 18-building portfolio includes a mix of one-, two-, three- and four-bedroom units as well as three ground-floor retail units. Nicholas Nicolaou and Greg Pine of Gebroe-Hammer represented the seller, Madison Hill Properties, in the transaction. The buyer was a private investor.
MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate Capital.
BILLERICA, MASS. — SVN | Parsons Commercial Group has brokered the $2.5 million sale of a 30,000-square-foot office building in Billerica. Located at 5 Fortune Drive, the first floor of the building is fully leased to Anew Health, which operates an adult daycare facility on site. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group represented the seller, Five Fortune Drive LLC, in the transaction. The buyer was NeoSome Life Sciences LLC.
CELEBRATION, FLA. — CGI Strategies has acquired Sola at Celebration, a vacant 306-unit apartment complex in Celebration. Shortly after the seller, Southstar, acquired the property in 2016, construction defects were discovered that resulted in the property being vacated by order of the Osceola Building Department. With repairs for the property already engineered and approved by Osceola County, CGI will immediately begin correcting the deficiencies and anticipates that the community will be back to normal operations by the end of this year. Los Angeles-based CGI will rebrand the community as Astoria at Celebration. The complex will offer one-, two- and three-bedroom floor plans across six four-story buildings. Amenities include an internet café, fitness center, outdoor summer kitchens and a dog park.
HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.
SUGAR LAND, TEXAS — Berkadia has negotiated the sale of Stella at Riverstone, a 351-unit multifamily community located in the southwestern suburb of Sugar Land. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, granite and quartz countertops and washers and dryers. Amenities include a pool, fitness center, business center, resident lounge and a conference room. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential, in the transaction. The buyer was Florida-based Cardone Capital.
HOUSTON — A joint venture between two Houston-based firms, Belvoir Real Estate Group and Mission Cos., has acquired 15810 Park Ten Place, an 85,050-square-foot Class B office property located in Houston’s Energy Corridor. Kevin McConn, Rudy Hubbard and Rick Goings of JLL led the sales efforts on behalf of the seller, a joint venture between Dallas-based Chief Partners and the Houston office of Stream Realty Partners. Other terms of sale were not disclosed.
GOODYEAR, ARIZ. — Stream Data Centers has purchased an industrial facility on 157 acres in Goodyear. The company plans to establish a data center campus for hyperscale and enterprise customers in the greater Phoenix region. This acquisition marks Stream’s entrance into the Phoenix market. Stream will redevelop the existing 418,000-square-foot facility. At full build-out, the data center will contain approximately 50 megawatts of critical load. The facility is slated to be fully operational for customers in the first quarter of 2020. Additionally, at full build, the entire campus will be able to support approximately 2 million square feet. The company will dedicate land for an on-site sub-station to be constructed by Arizona Public Service with ultimate power capacity of 350 megawatts.
DENVER — Nexus Commercial Realty has arranged the sale of Wise Harris Arms, a multifamily building located in Denver. An undisclosed buyer acquired the property from 605 26th Street LLC for $3 million. Located at 605 26th St., the Wise Harris Arms features 22 apartment units. Jason Koch of Nexus represented the seller in the transaction.
AURORA, COLO. — Marcus & Millichap has arranged the sale of a two-property apartment portfolio located in Aurora. A private investor acquired the assets for $2.5 million. Totaling 12,300 square feet, the two properties — 1643 Clinton Street and 1680 Akron Street — feature a total of 24 units. Each building has one studio unit and 11 one-bedroom/one-bath units. Portfolio amenities include off-street parking, on-site laundry and hard-surface flooring in the units. Clayton Primm of Marcus & Millichap represented the buyer, while Boomer Beatty and Peter Standley, also of Marcus & Millichap, represented the seller, a private investor, in the deal.
