CEDARHURST, N.Y. — Rosewood Realty has arranged the $3.2 million sale of a three-story apartment building in Cedarhurst, Long Island. Located at 488 Central Ave., the 12,000-square-foot property was built in 1924 and includes eight apartments as well as two ground-floor retail spaces. The retail spaces include a restaurant and a children’s clothing store. Michael Guttman of Rosewood Realty represented both the buyer, PD Central LLC, and the seller, 488 Central Avenue LLC, in the transaction.
CHATTANOOGA, TENN. — The Legacy Cos. has purchased Elements of Chattanooga, a multifamily property in Chattanooga. Wicker Park Capital Management sold the property to Legacy for $35.9 million. Robbie O’Bryan and Brad Boston of Cushman & Wakefield represented the seller in the deal. Located at 7310 Standifer Gap Road, the property features 340 apartment units. Community amenities include a clubhouse, fitness center, swimming pool with sundeck, tennis and volleyball courts, on-site management and maintenance, picnic areas and a business center. Additionally, Dougherty Mortgage provided a $27 million Green Fannie Mae loan for the acquisition, as previously reported.
DURHAM, N.C. — CBRE|Raleigh and CBRE|Triad have arranged the sale of an industrial property located at 3700 S. Miami Blvd. in Durham. Beacon Properties acquired the property for $22.9 million. The CBRE|Raleigh and CBRE|Triad team of Dodson Schenck, Ann-Stewart Patterson and Butch Miller represented the private seller in the deal. PMB Graphics, a full-service printing and graphics communication company, occupies the entire 293,000-square-foot warehouse, which is situated within Research Triangle Park.
WARNER ROBINS, GA. — Palomar Group and Berkeley Capital have brokered the sale of Crossroads Marketplace, a retail property located on Watson Boulevard in Warner Robins, about 19 miles south of Macon. A Georgia-based 1031 exchange buyer acquired the property from a Charlotte-based regional investment group for $11.6 million. Best Buy and Bed Bath & Beyond anchor the 78,832-square-foot retail center. Ryan McArdle, David Rivers, Steve Collins, Jefferson Knox and Lee Malchow of Palomar Group, along with Berkeley Capital, handled the transaction.
SAN DIEGO — San Diego-based Parallel Capital Partners has completed the disposition of a 12-building office and lab portfolio, known as the Inspire Portfolio. Boston-based Longfellow Real Estate Partners acquired the asset for $112 million. Situated in the Sorrento Valley area of San Diego, the 318,969-square-foot portfolio was 95 percent occupied at the time of sale. The tenant roster includes 81 life science, technology, and research and development tenants. The properties are: 11535-11585 Sorrento Valley Road (127,991 square feet) 11772 Sorrento Valley Road (19,193 square feet) 11760 Sorrento Valley Road (35,731 square feet) 11750 Sorrento Valley Road (19,921 square feet) 11558-11588 Sorrento Valley Road (85,121 square feet) 11494 Sorrento Valley Road (31,012 square feet) Longfellow Real Estate Partners plans to continue the life science conversion plan started by the seller, adding value by repositioning the remaining 50 percent of the portfolio. Nick Frasco, Nick Psyllos and Michael Leggett of HFF represented the seller in the deal.
WINDSOR, VT. — Marcus & Millichap has brokered the $2.3 million sale of Price Chopper Plaza, a 30,674-square-foot, grocery-anchored shopping center in Windsor. Located at 2781 US Route 5, the center is occupied by three service-based tenants, including Price Chopper, a regional grocery operator that has been at the site since 1998. The other tenants at the property include Dollar General and Aubuchon Hardware. Mark Krantz and Derrick Dougherty of Marcus & Millichap represented the seller, Gary Richetelli of Commercial Development Co., in the transaction. The buyer was a real estate investment firm based in Pittsburgh.
DUMFRIES, VA. — HREC Investment Advisors has arranged the sale of Holiday Inn Dumfries-Quantico Center, a 107-room hotel located at 3901 Fettler Park Drive in Dumfries, approximately 30 miles from downtown Washington, D.C. Nabria Capital sold the property for an undisclosed price. The name of the buyer was not released. Kevin Hanley and Ketan Patel of HREC’s Washington, D.C., office represented the seller in the transaction. Situated 6.4 miles from Marine Corps Base Quantico, the hotel features complimentary wired and wireless internet access and 32-inch TVs with cable programming. On-site amenities include an outdoor pool, 24-hour fitness center and the Quantico Bar and Grill.
SAN CLEMENTE, CALIF. — CBRE has negotiated the sale of Seacrest Apartment Homes, a multifamily property located at 240 Avenida Vista Montana in San Clemente. Newport Beach, Calif.-based TA Realty acquired the property from Western National Group, on behalf of Western National Realty Fund II, for an undisclosed price. Built in 1988, Seacrest Apartment Homes feature 368 units in a mix of one- and two-bedroom floor plans, ocean views, resort-style swimming pools and spas, a resident clubhouse with kitchen, barbecue and picnic areas, a business center, laundry facilities, and an open-air fitness center. Stewart Weston, Dean Zander and John Montakab of CBRE represented the seller. The buyer was self-represented in the transaction, which according to CBRE is the largest Orange County multifamily sale this year.
LAS VEGAS — Evans Senior Investments (ESI) has arranged the sale of Vintage Park at San Martín, a 30-unit memory care community in Las Vegas. A publicly traded company sold the property to a private equity firm with a Nevada footprint for $2.1 million, or $70,000 per unit. Built in 2010, Vintage Park at San Martín features both one- and two-bedroom units with a total of 60 beds. The community is located five miles southwest of downtown Las Vegas. At the time of listing, the community was 61 percent occupied. “Vintage Park at San Martín’s low occupancy will provide the opportunity for the new buyer to generate value-add type returns and allowed the seller to exit a legacy acquisition,” says Jason Stroiman, president of ESI.
LAREDO, TEXAS — Stos Partners, a San Diego-based investment and management firm, has acquired a 1.4 million-square-foot industrial portfolio in the border city of Laredo. The sales price was $88 million. The purchase was made via a joint venture with institutional investor Washington Capital Management. The seller of the portfolio, which consists of eight buildings, was an undisclosed, privately held national real estate firm.
