NEW YORK CITY — Marcus & Millichap has negotiated the $2.4 million sale of a 2,100-square-foot mixed-use building in Brooklyn. The property is located at 488 Metropolitan Ave. Shaun Riney and Michael Salvatico of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also represented the buyer, who was undisclosed.
PFLUGERVILLE, TEXAS — Dallas-based Lantower Residential has acquired Edgewater, a 328-unit apartment community located in the Tech Ridge area in the northern Austin metro of Pflugerville. Situated on 12.7 acres, the property offers a range of amenities, including two pools, a pond with surrounding walking trails, fitness center with yoga room and a dog spa. Lantower’s portfolio now comprises 20 multifamily properties totaling 6,588 units. The seller was not disclosed.
ARLINGTON, TEXAS — Colliers International has brokered the sale of Arlington Stor-More, a 186-unit self-storage facility located at 2932 W. Division St. in Arlington. The property features 41,178 net rentable square feet and includes an additional 2.5 acres of land for future expansion. Richard Minker and Chad Snyder of Colliers International represented the undisclosed seller in the transaction. The buyer was also not disclosed.
HOUSTON — NAI Partners has negotiated the sale of a 20,500-square-foot industrial property located at 4750 Windfern Road in Houston. According to LoopNet Inc., the property was built in 2008 and includes 110-foot truck court depths, 28 parking spaces and two grade-level overhead doors. Jake Wilkinson of NAI Partners represented the buyer, Himmel’s Architectural Door & Hardware, in the transaction.
WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.
The Shopping Center Group Brokers $12.2M Sale of Grocery-Anchored Retail Center in Southwest Florida
FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.
ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.
SANFORD, FLA. — Charles Wayne Properties has purchased Monroe CommerCenter South, a five-building industrial/flex campus located on 8.5 acres in Sanford, a Florida town in north Seminole County. Miami-based Monroe South RE LLC sold the asset for $9.6 million. Totaling 116,500 rentable square feet, the five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court. Built in 2013, Monroe CommerCenter South features office and warehouse space with grade-level roll-up doors. Ron Rogg and Chip Wooten of CBRE represented the seller in the deal. Charles Wayne Investment Management will handle asset and investment management functions for the property and its investors.
KALAMAZOO, MICH. — Berkadia has arranged the sale of 700 SoHo near Western Michigan University in Kalamazoo for $19 million. The 488-bed student housing property, located at 700 S. Howard St., consists of four-bedroom units. Amenities include a resort-style pool and renovated clubhouse. Kevin Larimer and Greg Gonzalez of Berkadia brokered the sale. A Pittsburgh-based real estate company acquired the asset.
LAKE ZURICH, ILL. — Entre Commercial Realty has brokered the sale-leaseback of a 122,048-square-foot industrial facility in Lake Zurich. Brian Bocci of Entre represented the buyer, Exeter Property Group. Kris Keller of Keller Williams represented the seller, 1300 Rose Road LLC. The seller plans to lease back approximately 65 percent of the building on a long-term lease. The remaining portion of the property has another tenant in place. Built in 2005, the property features a clear height of 28 feet.