LYNDHURST, N.J. — CBRE has brokered the $8 million sale of a five-acre development site in Lyndhurst. Located at 1290 Wall St., the property can accommodate up to 85,400 square feet of warehouse and distribution space. Brian Fiumara, Michael Hines, Brad Ruppel, Lauren Dawicki and Thomas Monahan of CBRE represented the seller, Rugby Realty Co., in the transaction. The buyer was Gramercy Property Trust.
BROOKSHIRE, TEXAS — G-Tech Development LLC has acquired a 32,606-square-foot industrial property located at 35002 Cooper Road in Brookshire, about 40 miles west of Houston. Reed Vestal and Taylor Schmidt of Lee & Associates represented the seller, Koomey Building LLC, in the transaction. Glen Dickerson of NewQuest Properties represented the buyer.
OKLAHOMA CITY — CBRE has negotiated the sale of a Flamingo Apartments, a 32-unit multifamily complex in Oklahoma City. Formerly known as University Manor, the property was built in 1961 and renovated in 2017. CBRE represented the seller, an affiliate of Oklahoma City-based boutique real estate development and design company, Nostalgia Shoppe. The buyer, Flamingo Holdings LLC, acquired he asset through a Freddie Mac Small Balance Loan.
CLIFTON, N.J. — Marcus & Millichap has arranged the $2.6 million sale of a 21,240-square-foot office building in Clinton. Located at 95 Main Ave., the property was built in 1985. Fahri Ozturk and Richard Gatto of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
WILLOWBROOK, ILL. — Essex Realty Group Inc. has brokered the $15 million sale of Waterfall Glen in Willowbrook, a southwestern suburb of Chicago. The 142-unit condominium complex, located along Mockingbird Lane, features a mix of one-, two- and three-bedroom floor plans. The property is comprised of 19 buildings on 24.2 acres. Matt Welke and Matt Feo of Essex represented the private seller, while Brian Kochendorfer, Brian Karmowski and Troy Beebe represented the buyer.
ALTON AND BELLEVILLE, ILL. — Strawberry Fields REIT LLC has acquired two skilled nursing facilities near the Illinois-Missouri border for $5.9 million. The properties total 361 beds and include Integrity Healthcare of Alton in Alton and Integrity Healthcare of Belleville in Belleville. Both cities are suburbs of St. Louis and are located in Illinois. Integrity Healthcare Management will continue to operate the two facilities under a master lease agreement. The average occupancy in the homes is 48 percent. Among the residents at the two skilled nursing facilities, 6 percent are Medicare patients, 88 percent are Medicaid patients and 5 percent are private pay.
MARQUETTE, MICH. — Marcus & Millichap has arranged the sale of three net leased properties in Marquette for $3.7 million. The properties include an 84,180-square-foot Kohl’s, an Applebee’s pad site and another pad site occupied by Verizon Wireless and H&R Block. The buildings are outparcels of Westwood Mall. Mark Taylor, Shannon Bona and Brian Sy of Marcus & Millichap marketed the portfolio on behalf of the seller, a private development company. Taylor, along with Donovan Mackey, secured the private equity buyer.
COLORADO SPRINGS, COLO. — Crescent Real Estate LLC has received $102.5 million in acquisition financing for a suburban office portfolio in Colorado Springs. Trey Morsbach, Jim Curtin and Leon McBroom of HFF secured the five-year, floating-rate acquisition loan through Bank of America Merrill Lynch. The 13-building portfolio features more than 1 million square feet of office space. At the time of acquisition, the portfolio was 75 percent occupied by a variety of industry sectors, including aerospace, government and military/defense contractors, technology and healthcare. Major tenants include Northrop Grumman, Army National Guard, GSA, The Spectranetics Corp., Booz Allen Hamilton and United Healthcare.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Morton Gardens, a multifamily property located in the Echo Park neighborhood of Los Angeles. A regional private investor sold the property to an institutional investment fund for $25.5 million, or $386,364 per unit. Built on 2.9 acres in 1972, Morton Gardens features 66 units in a mix of one-, two- and three-bedroom layouts, two courtyards, controlled entry and covered parking. Joe Grabiec, Greg Harris and Kevin Green of IPA, along with Paul Darrow of Marcus & Millichap, represented the seller and procured the buyer in the deal.
TUCSON, ARIZ. — Cushman & Wakefield|PICOR has arranged the purchase of an industrial property located at 4551-4571 S. Alvernon Way in Tucson. Walter & Sons LLC acquired the building from HS-Tucson AZ LLC for $3.9 million. Rite Way Heating, Cooling & Plumbing will occupy the 44,736-square-foot building. Russell Hall and Stephen Cohen of Cushman & Wakefield|PICOR represented the buyer, while William Di Vito of CBRE represented the seller in the transaction.