TOMS RIVER, N.J. — Marcus & Millichap has arranged the $2.1 million sale of a 28,400-square-foot, mixed-use property in Toms River. Located at 26 Main St., the property is currently occupied by 26 tenants. Alan Cafiero and Ben Sgambati in Marcus & Millichap’s New Jersey office represented the seller, a partnership, in the transaction. The buyer was a personal trust.
RIALTO, CALIF. — NAI Capital has negotiated the sale of a multi-tenant industrial park, located at 170-190 N. Arrowhead Ave. in Rialto. A private investor acquired the property from 170 Arrowhead Partners LLC for $3.3 million, or $106 per square foot. The two-building park offers a total of 16 units ranging in size from 984 square feet to 2,816 square feet. The 30,938-square-foot property features grade-level loading, 16-foot minimum clear heights, separately metered units and 39,000 square feet of excess land. At the time of sale, the property was fully occupied. Nicholas Chang and Richard Lee of NAI Capital’s Investment Services Group and Justin Kuehn, also of NAI Capital, represented the seller in the transaction.
HOUSTON — Colliers International has brokered the sale of Brookhollow West Business Park, a 251,569-square-foot industrial property located at 9777 W. Gulf Bank Road in Houston. The property was built in 1977 on 15.4 acres. Walter Menuet and Judd Harrison of Colliers represented the seller, CUNA Mutual Investment Corp. Abco Industrial Properties represented the buyer, Gulf BK LLC.
HARKER HEIGHTS, TEXAS — The Multifamily Group (TMG) has arranged the sale of Lions Run, an apartment community located in the central Texas city of Harker Heights. Built in the mid-1980s, the property features one- and two-bedroom units and amenities such as a pool, spa and outdoor grilling area. Paul Yazbeck and Will Clarke of TMG represented the Dallas-based seller and procured the buyer in the transaction.
CLEVELAND — Glenmont Capital Management LLC has acquired the Radisson Hotel Cleveland-Gateway for an undisclosed price. The 143-room hotel features a business center, fitness center, 3,500 square feet of meeting space and the Gateway Bar and Grill. The property will undergo a $7 million renovation, including guest rooms, meeting space and public areas. Upon completion, the hotel will be rebranded as a Hotel Indigo, an upscale boutique hotel within the Intercontinental Hotel Group system. Pyramid Hotel Group will manage the hotel, which will stay open during the renovation.
GRAND RAPIDS, MICH. — Schostak Brothers & Co. has purchased a 950,000-square-foot distribution facility in Grand Rapids for an undisclosed price. The current tenant, Bunzl Retail Services, will continue to occupy the building. John Kuiper, Mike Visser and Duke Suwyn of Colliers International represented the seller, Minnetrista Investments LLC. Steve Marcusse of Colliers represented Schostak.
WACONIA, MINN. — Upland Real Estate Group Inc. has arranged the sale of Waconia Crossing for $4.6 million. The newly constructed retail center is situated on Highway 5, approximately 35 miles southwest of Minneapolis. The sale includes a freestanding Dollar Tree and a property occupied by Starbucks, Sport Clips, AT&T and Qdoba for a total of 16,695 square feet. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the seller. The buyer completed a 1031 tax-deferred exchange.
JERSEY CITY, N.J. — Mack-Cali Realty Corp. (NYSE: CLI) has entered into two agreements to sell its 56-building office/flex portfolio to RMC Acquisition Entity LLC, an affiliate of the Robert Martin Company LLC, for $487.5 million. The properties are situated in Elmsford, Hawthorne, Yonkers and Tarrytown, N.Y.; and Stamford, Conn. The sale of the portfolio is expected to close early in the second quarter of this year. Mack-Cali has been gradually selling off pieces of its flex/warehouse business. In 2015, the Jersey City-based company announced plans to sell up to $800 million worth of real estate it owns to become an owner, manager and developer of office and multifamily properties in select waterfront and transit-oriented markets throughout the Northeast. Proceeds from the latest sale will go toward paying down debt from Mack-Cali’s $263.5 million purchase of Soho Lofts, a 377-unit apartment community in Jersey City, situated about one mile from the Hudson River. “The sale of our office/flex portfolio substantially completes our strategic repositioning,” says Michael DeMarco, CEO of Mack-Cali. “Mack Cali’s evolution to a waterfront-centric office and residential landlord is complete.” As part of its disposition strategy, the company in January sold Elmsford Distribution Center, a six-building, 386,000-square-foot industrial park in …
WHITE HOUSE, TENN. — Graycliff Capital Partners LLC has acquired The Standard at White House, a 240-unit apartment community in White House. The Standard at White House offers one-, two- and three-bedroom floor plans ranging from 830 to 1,325 square feet. Amenities include a saltwater swimming pool, clubhouse, fitness center, courtyard and grilling stations. The property is located at 126 Madeline Way, about 26 miles north of downtown Nashville. The seller and sales price were not disclosed.
CHANTILLY, VA. — Klein Enterprises has purchased Chantilly Plaza I-IV, a four-building, 150,000-square-foot property in Chantilly. Chantilly Plaza was 76 percent leased at the time of the sale to tenants including DaVita Kidney Care, Dulles GeoTech and United Bank. The asset is situated at 14225 Sullyfield Circle, about 20 miles west of downtown Arlington and about seven miles south of Dulles International Airport. Transwestern Commercial represented the seller, Veslor Properties, in the transaction. The sales price was not disclosed.