TOMS RIVER, N.J. — Marcus & Millichap has brokered the $5.2 million sale of Toms River Shopping Center in Toms River. The 52,616-square-foot retail center is located along the Garden State Parkway. Michael Lombardi and Charles Loccisano of Marcus & Millichap’s New Jersey office represented the buyer and seller in the transaction, both private investors.
OAKLAND, CALIF. — A joint venture between Harvest Properties and True North Management Group has completed the disposition of Tribune Tower, an office property located at 409 13th St. in Oakland. Highbridge Equity Partners purchased the property for an undisclosed price. The historic 20-story building features 95,350 square feet of office space, an original 1920s-era clock and its namesake “Tribune” sign. Steve Golubchik, Tyler Meyerdirk, David Hosler and Jack Phipps of Newmark Knight Frank represented the sellers, while John Dolby and Dane Hooks of Cushman & Wakefield represented Harvest and True North on the leasing of the building.
GLENDALE, COLO. — Centre Point Properties LLC has purchased The Forum at Cherry Creek, a multi-tenant office building located at 425 S. Cherry St. in Glendale, a suburb of Denver. 425 LLC sold the property for $13.6 million, or $165 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group listed the property to sell on behalf of Denver-based Millice Group. The Forum at Cherry Creek is a 10-story, 83,268-square-foot office property. At the time of sale, the property was 88 percent leased to a tenant roster of office and medical office users, with approximately 40 percent of the existing tenants having some medical use.
TREMONTON, UTAH — Marcus & Millichap has brokered the sale of Secure Storage Tremonton, a self-storage facility located in Tremonton, north of Salt Lake City near the Idaho border. A local family sold the property for an undisclosed price. The 119-unit facility features a fully fenced yard with electronic gate, paved driveways, drive-up access to each unit, steel sloped roofs, roll-up doors and concrete floors. At the time of sale, the property was 100 percent occupied. Jordan Farrer of Marcus & Millichap’s Salt Lake City office, along with Adam Schlosser of Marcus & Millichap’s Denver office represented the seller in the deal. The name of the buyer was not released.
AZTEC AND LOVINGTON, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale two seniors housing properties in New Mexico for an undisclosed price. The portfolio consisted of 150 skilled nursing beds and 25 independent and assisted living units. One property is located in Aztec, in the northwest corner of the state, and the other is in Lovington, in the southeast corner of the state. Blueprint handled the transaction on behalf of the seller, Sioux Falls, S.D.-based The Evangelical Lutheran Good Samaritan Society, a nonprofit owner-operator for which the assets represented a non-core disposition. A Southern California-based private investor interested in expanding in New Mexico was the buyer. Amy Sitzman and Hayden Behnke of Blueprint led the transaction.
FONTANA, CALIF. — BB Properties has completed the sale of an industrial property located at 14978 Ceres Ave. in Fontana. Descansando Partners acquired the multi-tenant asset for $3.5 million. The asset features two metal buildings and two parcels totaling more than 3.9 acres of industrial-zoned land. Eight tenants occupy the 35,400-square-foot property. Larry Kliger of Lawrence Allen & Associates represented the seller, while David Brackman of Ashwill Associates represented the buyer in the deal.
RICHMOND, VA. — RMR Office Property Fund, a real estate investment fund managed by a subsidiary of The RMR Group Inc., has purchased a 355,449-square-foot, Class A office building located at 9954 Mayland Drive in Richmond for $56 million. The asset was 98 percent leased at the time of the sale. The building is situated about 12 miles northwest of downtown Richmond and recently underwent $16 million in renovations to add a new four-story parking garage, new roof, new fitness center and a cafeteria, as well as updated lobbies, elevators and building mechanical systems. The seller was not disclosed.
RICHMOND, VA. — Big V Property Group has acquired Pocono Crossing, a 180,845-square-foot shopping center located at 10400 Midlothian Turnpike in Richmond for $12.3 million. Situated about 11 miles west of downtown Richmond, Pocono Crossing was 84 percent leased at the time of sale to tenants including Burlington, Tuesday Morning, Chuck E. Cheese’s, Catherines, Hong Kong Buffet and Boost Mobile. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.
NEWARK, N.J. — JLL has arranged the $61 million sale of the former Ballantine Brewery in Newark. Located at 424 E. Ferry St., the 1.1 million-square-foot industrial property includes five buildings across 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. Currently, the property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet. Thomas Walsh, Joseph Garibaldi and Katelyn Borovsky of JLL represented the seller, RAR Development Associates, in the transaction. The buyer was a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.
NEW YORK CITY — Lee & Associates has arranged the $11.5 million sale of a 25,473-square-foot development site in the Astoria neighborhood of Queens. Located at 26-24 and 26-26 4th St., the property consists of two lots, which are zoned residential. One of the lots features a 20,000-square-foot warehouse. The properties allow for a total of 67,982 buildable square feet. Alfonso Holloman of Lee & Associates represented the buyer, Bruman Realty, and the undisclosed seller, in the transaction.