NEWARK, N.J. — Goldman Sachs Asset Management Private Real Estate and Madison Marquette have acquired Springfield Avenue Marketplace, a newly constructed, 112,000-square-foot retail center in Newark. The sales price was not disclosed. The fully occupied property is anchored by a ShopRite grocery store and includes a mix of restaurant, retail and medical tenants. The seller was not disclosed. Springfield Avenue Marketplace is located at the intersection of Springfield Avenue and Jones Street, approximately one mile from Newark Penn Station.
SAYVILLE, N.Y. — NAI Long Island has negotiated the $1.6 million sale of a medical office building in Sayville. Located at 160 Middle Road, the 7,300-square-foot property is currently occupied by Long Island Family Medical Group. Gary Pezza of NAI Long Island represented the seller, John A. Zimmerly, M.D., in the transaction. The buyer was 1449 Holdings LLC.
INDIANAPOLIS — Colliers International has brokered the sale of a three-building industrial property spanning 823,088 square feet in Indianapolis. Franklin Road Distribution Center, located at 221 S. Franklin Road, spans 38 acres within the Indianapolis East submarket. The property is fully leased to 12 tenants, including Pioneer, Dimplex North America, Hoosier Freight & Warehousing, Balsam Brands, Horner Industrial Services, Continuum Games and Sherwin-Williams. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, Real Capital Solutions. John Kuiper of Colliers represented the buyer, California-based CORE Realty Holdings Management Inc.
LEWISVILLE, TEXAS — Rodin Global Property Trust Inc., a REIT sponsored by Cantor Fitzgerald Investors LLC, has acquired n 89,473-square-foot industrial building in Lewisville, a northern suburb of Dallas. The sales price was $14.1 million. The property is fully leased to HOYA Optical Labs of America, a manufacturer of prescription lenses. The seller was a subsidiary of Dallas-based Mohr Capital.
ST. LOUIS — Marcus & Millichap has arranged the sale of an 89,564-square-foot office building occupied by the regional field office of the Federal Bureau of Investigation (FBI) in St. Louis. The sales price was $21 million, according to the St. Louis Business Journal. The two-story building was completed as a build-to-suit for the FBI in 1999 and was expanded by approximately 15,000 square feet in 2008. Geoff Ficke of Marcus & Millichap represented the buyer, a government-focused real estate fund. The buyer plans to retain ownership through the end of the nine years left on the lease. The seller was not disclosed.
FORT LORAMIE, OHIO — Industrial Property Brokers (IPB) has negotiated the sale of a 56,710-square-foot industrial facility in Fort Loramie in western Ohio. The sales price was not disclosed. The buyer, St. Marys Iron Works, plans to begin occupying the facility in the spring of 2019 and will relocate from St. Marys. The property includes 2,850 square feet of office space, four drive-in doors and five docks. The building formerly served as the Marwill manufacturing plant. Tim Echemann of IPB represented the Ohio-based seller.
FAIRBORN, OHIO — Quantum Real Estate Advisors Inc. has brokered the $1.2 million sale of Shops at Valle Green in Fairborn, about 12 miles northeast of Dayton. The 5,000-square-foot property is located at 1171 E. Dayton Yellow Springs Road. The asset is fully leased to Verizon, Great Clips and Hot Head Burritos. Daniel Waszak and Zack Hilgendorf of Quantum represented the private seller. A Midwest-based investment fund purchased the property.
LAKEWOOD, COLO. — Bridge Investment Group, in partnership with Denver-based DPC Cos., has acquired Denver West Business Park, a 20-building flexible office campus located near downtown Denver, for an undisclosed price. Situated in Lakewood, the 82-acre asset features 14 buildings on the south side of Interstate 70 and six buildings on north side of the interstate. Originally built between 1974 and 1981, Denver West has undergone more than $25 million in capital improvements since 2014 and was 78 percent occupied at the time of sale. Recent renovations include roof replacement for all 20 buildings, base building repairs and $8.1 million in accretive cosmetic investment. Bridge and DPC plans to invest $14 million over the next three to four years in additional capital improvements. Planned renovations include modernizing the lobbies, elevators, restrooms, entrances, corridors, landscaping and existing amenities. New amenities will include paddle boarding, lakeside gazebos and other activities that resonate with the live-work-play workforce. DPC Cos. will oversee all leasing, property management and redevelopment work.
TIGARD, ORE. — Capstone Properties has completed the disposition of Attwell Off Main, a multifamily property located in Tigard. Denver-based Grand Peaks Properties purchased the asset for $45 million. Located at 12850 SW Ash Ave., the property features 165 units in a mix of studio, one-, two- and three-bedroom layouts, including six two-story townhomes. Built in 2017, the community features trails for pedestrians and bicyclists, a fitness center, a pet grooming station, bike storage and repair center and a 1.02 parking ratio. Joe Nydahl, Phil Oester and Josh McDonald of CBRE’s Portland office represented the seller in the transaction.
LOS ANGELES — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Vue Hollywood, an apartment building located at 1425 N. Alta Vista Blvd. in Los Angeles’ Hollywood neighborhood. Phoenix Group purchased the property from a private multifamily investment firm for $45 million, or $489,326 per unit. Built in 1987, the property features 92 non-rent-controlled apartments. The building features mostly two-bedroom units with an average size of 966 square feet. Since 2015, the asset has undergone significant exterior, common area and apartment interior improvements. Kevin Green, Greg Harris and Joseph Grabiec of IPA represented the seller and procured the buyer in the deal.