HOUSTON — California-based investment firm BKM Capital Partners has purchased a portfolio of two adjacent industrial properties totaling 242,555 square feet across eight buildings in southwest Houston. Southwest Business Park totals 131,000 square feet across three buildings, and Stonecrest Business Center totals 111,555 square feet across five buildings. Combined, the properties offer 39 suites with a current occupancy rate of about 70 percent. BKM Capital, which plans to implement capital improvements, purchased the portfolio for $29.5 million from Fort Worth-based investment firm Fort Capital.
NEW YORK CITY — CBRE has negotiated the $28 million sale of the 245,419-square-foot retail space within the former New York Times building at 229 W. 43rd St. and 216-226 W. 44th St. in Midtown Manhattan. Kushner bought the space in 2015 for $296 million. The space spans the first four floors and two lower levels and was 34.5 percent leased at the time of sale to tenants such as entertainment concept Lucky Strike and restaurants Tacos No. 1 and Ra Sushi. Jay Miller and A.J. Felberbaum of BayBridge Real Estate Capital represented the buyer, a Delaware-based entity doing business as Forum at Time Square LLC, in the transaction. Jack Stillwagon and Doug Middleton of CBRE represented the seller, a trust working on behalf of CMBS bondholders that took title of the property last year via a foreclosure proceeding against Kushner.
NEW YORK CITY — Marcus & Millichap has brokered the $4.6 million sale of an apartment building located at 719 Willow Ave. in Hoboken. The building consists of nine apartments and one ground-floor commercial space that is newly renovated and is leased to a laundromat operator. Jonathan Zamora of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
FARMINGTON, CONN. — Colliers has negotiated the sale of a 30,829-square-foot industrial building in Farmington, located just west of Hartford. The sales price was $1.9 million. According to LoopNet Inc., the building at 145 Hyde Road was constructed on 6.5 acres in 1966 and features a clear height of 16 feet and two dock-high loading doors. Christian Dietz of Colliers brokered the deal. The buyer and seller were not disclosed.
FORT LEE, N.J. — Locally based firm Weiss Realty has sold a multifamily development site in the Northern New Jersey community of Fort Lee for approximately $1.8 million. The 13,700-square-foot site at 2130 Center Ave. is approved for the development of 24 new units. Bruce Elia of Keller Williams represented both Weiss Realty and the buyer, local developer Scott Heagney, in the transaction.
LAKE SAMMAMISH, WASH., AND CHANDLER, ARIZ. — TruAmerica Multifamily has acquired two apartment properties in Lake Sammamish and Chandler, adding 423 units to its Pacific Northwest and Southwest portfolios. Located in Lake Sammamish, Archstone Redmond Lakeview offers 166 garden-style apartments and 45 income-generating boat slips. TruAmerica plans to rebrand and renovate the community, which was built in 1987, as The Docks at Redmond Lakeview. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE facilitated the transaction. Situated in Chandler, Park Tower Apartments & Townhomes features 180 garden-style apartments built in 1986 and 77 condominium-quality townhomes built in 2017. TruAmerica will combine the two properties and rebrand the community as Parkland Commons. Chris Canter, Brad Goff and Brett Polachek of Newmark, along with Dan Cheyne of Berkadia, arranged the off-market transaction. Mitch Clarfield, Meghan Varga and Garrett Swanky of Newmark facilitated financing for the deal.
LACEY, WASH. — Curbline Properties and Agree Realty have separately acquired portions of Lacey Marketplace, a 125,204-square-foot power shopping center in Lacey. Dino Christophilis and Daniel Tibeau of CBRE represented the undisclosed seller in the deals. Curbline Properties purchased the 31,885-square-foot retail component located at 1350 Marvin Road NE. Current tenants of the fully occupied property include Panera Bread, Mattress Firm, BECU, Verizon, Cutter’s Point Coffee and Panda Express. Agree Realty acquired the 93,319-square-foot big box component located at 1200 Marvin Road NE for $21 million. Boot Barn, La-Z-Boy, Petco, Ross Dress for Less and Ulta Beauty are tenants at the fully occupied component.
LA MIRADA, CALIF. — CBRE has arranged the sale of Imperial Medical Plaza, a medical outpatient building located at 15651 Imperial Highway in La Mirada. Ethan Christopher LLC sold the asset to a Los Angeles-based private investor. The two-story, 26,596-square-foot property was 91 percent leased by a variety of medical service providers at the time of sale. Chris Bodnar, Brannan Knott, Mindy Berman, Zack Holderman, Cole Reethof, Jesse Greshin and Chris Manassero of CBRE represented the seller in the deal.
LOMBARD, ILL. — Marcus & Millichap has brokered the $5.6 million sale of Highlands of Lombard, a retail strip center totaling 16,223 square feet in the Chicago suburb of Lombard. Built in 2007, the six-suite property is located at 2820 S. Highland Ave. across from Yorktown Center mall. The fully occupied asset features a mix of food, health and service-based tenants. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in the Chicagoland area who had owned the property for more than 17 years. The agents also procured the out-of-state buyer.
CHICAGO — Greenstone Partners has arranged the $2.3 million sale of 1151 West Erie Street, a nine-unit multifamily property located at the edge of Chicago’s West Town and Fulton Market neighborhoods. The building went under contract within the first week of marketing. Jordan Multack of Greenstone represented the seller, a Chicago-based private investor group, as well as the buyers, a pair of locally based 1031 exchange investors.