ARVADA, COLO. — Unique Properties Inc./TCN Worldwide has arranged the sale of a warehouse facility located at 5540-5565 Gray St. in Arvada. The property traded for $2.6 million, or $175 per square foot. The new ownership plans to initially occupy 2,500 square feet of the 15,000-square-foot building, which was 16 percent occupied at the time of sale. Michael DeSantis and Brett MacDougall of Unique Properties/TCN Worldwide handled the transaction.
DELANCO, N.J. — NAI Mertz has negotiated the sale of a 273,000-square-foot industrial facility in Delanco, located in Southern New Jersey. The building at 800 Coopertown Road, which was fully leased at the time of sale, features a clear height of 22 feet, 130-foot truck court depths and ample automobile and trailer parking space. A partnership between regional investment firm DH Property Holdings and New York City-based DRA Advisors purchased the building from Soho Studio Corp. for an undisclosed price. Scott Mertz of NAI Mertz brokered the deal.
BATTLE CREEK, MICH. — The Ferrero Group has entered a definitive agreement to acquire Battle Creek-based WK Kellogg Co. (NYSE: KLG) for $23 per share in cash, or $3.1 billion. The acquisition includes the manufacturing, marketing and distribution facilities of WK Kellogg’s portfolio of breakfast cereals across the United States, Canada and the Caribbean. In North America, Ferrero and its affiliated companies currently count for more than 14,000 employees across 22 plants and 11 offices. The North America portfolio includes Nutella, Kinder, Tic Tac and Ferrero Rocher as well as American brands such as Butterfinger, Keebler and Famous Amos. After the transaction closes, Battle Creek will serve as Ferrero’s headquarters for North America cereal. Additionally, shares of WK Kellogg’s common stock will no longer trade on the New York Stock Exchange, and the company will become a wholly owned subsidiary of Ferrero. The transaction, which has been unanimously approved by the board of directors of WK Kellogg, is subject to approval by WK Kellogg shareholders, regulatory approvals and other customary closing conditions. The deal is expected to close in the second half of 2025. Lazard is lead financial advisor to Ferrero, with BofA Securities acting as co-adviser and Davis Polk …
CHICAGO — Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a 31-acre development site at 2001 N. Southport Ave. in Chicago. The site was formerly referred to as Lincoln Yards North and is situated prominently on the Chicago River. The developers plan to reimagine and rebrand the property. The new development, which will be heavily focused on residential, will be named Foundry Park. Plans call for homes, condos and apartments as well as commercial uses. The developers plan to include affordable housing units and create a walkable neighborhood with open green space. The transaction is expected to close by the end of the third quarter.
EDGEWOOD, N.Y. — Uncle Giuseppe’s Marketplace has purchased a 53,600-square-foot industrial building in Edgewood, located on Long Island, for $13.5 million. The building sits on a 3.3-acre site at 77 Rodeo Drive and features a clear height of 26 feet, one drive-in door, 70 parking spots and 12,500 square feet of office space. Frank Frizalone, Nick Gallipoli, Thomas DeLuca and John Giannuzzi of Cushman & Wakefield represented the undisclosed seller in the transaction. Paramount Properties Group represented Uncle Giuseppe’s.
MINNEAPOLIS — Newmark has arranged the sale of a two-property student housing portfolio serving the University of Minnesota in Minneapolis. The portfolio includes The Bridges Dinkytown, a 210-unit community at 930 University Ave. SE, and The Knoll Dinkytown, a 101-unit property at 1101 University Ave. SE. Ryan Lang, Jack Brett, Ben Harkrider and Jim Damiani of Newmark represented the undisclosed seller. Ben Roelke, Ian Walker and Trent Houchin of Newmark arranged $36 million in financing through Corebridge Financial on behalf of the buyer, WFI, which will implement a $1.6 million capital improvement program at the properties. Both assets feature fully furnished apartments, ranging from studios to four-bedroom layouts.
BURLINGTON, N.J. — New Jersey-based investment firm Aspen Real Estate has sold Bromley Corporate Center, a 57,900-square-foot industrial building in the Southern New Jersey community of Burlington, for $8.5 million. According to LoopNet Inc., the property was built in 1989. The building also recently underwent a comprehensive redevelopment to be re-converted from office back to its original industrial use. Ian Richman and Ross Abramsohn of Colliers represented Aspen in the transaction. The buyer was not disclosed.
CAMBRIDGE, MASS. — Marcus & Millichap has brokered the $6.6 million sale of Ellery Apartments, a 14-unit multifamily building in Cambridge, located across the Charles River from Boston. Originally constructed in 1880, the three-story building at 84-86 Ellery St. houses four studios and 10 one-bedroom units. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller, a private family, in the transaction and procured the buyer. Both parties requested anonymity.
NEW SMYRNA BEACH, FLA. — Marcus & Millichap has brokered the $8.4 million sale of Ocean Village Square, a 60,631-square-foot shopping center located at 4154 – 4198 S. Atlantic Ave. in New Smyrna Beach. Built in 1986, the center is anchored by Dollar General and sits on 9 acres. Other tenants at the property include Nautilus Fitness NSB, Touch of Italy and the Atlantic Wellness Center. David Vaughan and Ray Turchi of Marcus & Millichap procured the buyer, a private investor based in Central Florida. The seller was not disclosed.
NEW YORK CITY — A joint venture between Fetner Properties, MCB Real Estate and Farallon Capital Management has acquired Verdant Fort Greene, a residential building located within the Fort Greene neighborhood of Brooklyn, for $209 million. M&T Realty Capital Corp. (MTRCC) provided a $141.5 million senior loan for the transaction. Situated at 240 Willoughby St., the 30-story, mixed-income complex features 463 units, 147 of which are designated for affordable housing. The joint venture purchased Verdant Fort Greene and assumed the ground lease at construction completion and prior to lease-up. The property was 25 percent leased at the time of sale, according to Fetner. “We’re very bullish on New York City, and this acquisition is another step in our continued commitment to provide quality affordable and market-rate housing to the city,” says Hal Fetner, president and CEO of Fetner Properties. The complex, which is located directly across from Fort Green Park, offers studios, one- and two -bedroom floorplans ranging in size from 370 square feet to 792 square feet, with the top four floors featuring penthouse suites. Apartments also offer private terraces, floor-to-ceiling windows, custom integrated Bluetooth speaker systems and in-unit washers/dryers. Additionally, Verdant Fort Greene features more than 30,000 …