LINDENWOLD, N.J. — Houlihan-Parnes Realtors has brokered the $27.3 million sale of the Stonington Court apartments, a 456-unit apartment community at 1800 Laurel Road in Lindenwold. The community is located approximately 16 miles southeast of Philadelphia. Robert V. Tiburzi Jr. of Houlihan-Parnes represented the seller, an investment company. The Kislak Co., represented the buyer, a New Jersey-based real estate investor.
NEWARK, N.J. — Paramount Assets has acquired 560 Broad Street in Newark. The property includes a 33,000-square-foot, four-story office building and an 18,000-square-foot café and theater. The seller and sales price were not disclosed. Located in the University Heights neighborhood of Newark, the property is nearby the Newark Museum, Newark Public Library, Prudential Center and the New Jersey Performing Arts Center as well as the Newark campuses of Seton Hall and Rutgers universities.
UNCASVILLE, CONN. — Marcus & Millichap has negotiated the sale of the Fairfield Inn & Suites in Uncasville. The recently renovated four-story, 105-room hotel sold for $11 million. The property was recently repositioned from a Best Western to a Fairfield Inn & Suites by Marriot. Jonathan S. Ruprai of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was not disclosed.
DELRAY BEACH, FLA — NKF Capital Markets has arranged the $9.8 million sale of a 32,987-square-foot medical office building located at 4675 Linton Blvd. in Delray Beach. Adam Greenberg, Michael Lapointe and Michael Lohmann of NKF Capital Markets arranged the transaction on behalf of the seller, Delray Outpatient Properties LLC. Flagler Investment Healthcare LLC acquired the asset. The two-story, Class A building was constructed in 2005 and was 75 percent leased at the time of sale. ASC, an affiliate of Tenet Health, occupies approximately 10,000 square feet at the building. Additional tenants include South Palm Gastro Health, Total Vein & Skin Dermatology and the South Florida Gastro Association. The building is located across from Delray Medical Center, a 493-bed acute care hospital that serves the southern Palm Beach County region and staffs roughly 1,600 employees and 600 doctors.
CHICAGO — Colliers International has finalized its previously announced strategic investment in Harrison Street Real Estate Capital LLC for $450 million. An additional $100 million will be payable to Harrison Street in 2022 based on the achievement of certain performance targets. Colliers has acquired 75 percent of the Chicago-based real estate investment firm, which focuses on the education, healthcare and self-storage sectors. The senior management team of Harrison Street owns the balance of the equity. Christopher Merrill, Harrison Street’s co-founder and CEO, will lead operations and remain the largest individual shareholder. Colliers expects annual revenue from management fees to range between $100 million and $115 million. Harrison Street currently maintains approximately $14.6 billion in assets under management.
NORTH SAINT PAUL, MINN. — Marcus & Millichap has arranged the sale of Division Street Apartments in North Saint Paul for $1.5 million. The three-building apartment property is located at 2633 Division St. All of the property’s 21 units are one-bedroom units averaging 400 square feet. Evan Miller of Marcus & Millichap marketed the property on behalf of the undisclosed seller. He also procured the buyer.
LAS VEGAS — Henley Tower 16, a joint venture between Henley USA and Tower 16 Capital Partners, has acquired Foothill Village Apartments, a multifamily property located in the Spring Valley submarket of Las Vegas. Greenberg Traurig sold the property for $50 million in an off-market transaction. The buyers plan to renovate the property and rebrand it as Altura on Tropicana. The community features 512 one-, two- and three-bedroom townhomes with central air conditioning and individual electric metering. On-site amenities include three swimming pools, two hot tubs, two basketball courts, four laundry facilities, a business center, a large playground and dog runs. Pat Sauter, Art Carll-Tangora and Antone Brazill of NAI Vegas retained the buyers in the transaction.
GLENDALE, ARIZ. — Scottsdale-based YAM Properties has completed the disposition of Arrowhead Professional Center, located at 18301 N. 79th Ave. in Glendale. Cleveland, Ohio-based Woodside Health acquired the property for $16.5 million. Steve Lindley, Bob Buckley and Tracy Cartledge of Cushman & Wakefield Phoenix’s capital markets group, along with the healthcare team of Sheila Bale, Tom Weinhold and Ryan O’Connor, represented the seller in the deal. The eight-building medical and professional office campus features 70,652 square feet of space. At the time of sale, the property was fully occupied and anchored by a surgery center jointly owned by Banner Health and the CORE Institute.
SCOTTSDALE, ARIZ. — KPN Industrial had purchased Cornwell Technology Center, located at 17301 N. Perimeter Drive in Scottsdale. Andersen Equities sold the property for $9.9 million, or nearly $175 per square foot. Situated on 4.7 acres, the 56,634-square-foot asset consists of two freestanding multi-tenant R&D industrial buildings. Built in 2000, the fully occupied asset is 100 percent air conditioned and offers high-quality space for tenants with complex and precise processes requiring clean rooms and labs. Current tenants include Hemisphere GNSS, Provista Diagnostics and Plastic Design Co. Andersen Equities arranged its own acquisition financing for the transaction. Mark Linsalata, Patrick Dempsey and Jan Fincham of Lee & Associates Arizona represented the seller, while Ron Schooler and Ken Elmer of Commercial Properties represented the buyer in the deal.
SANTA ANA, CALIF. — Marcus & Millichap has arranged the sale of a restaurant property located at 1502 S. Main St. in Santa Ana. A private investor sold the property for $1.5 million. Jack in the Box occupies the 1,311-square-foot property on a net-lease basis. Lior Regenstreif of Marcus & Millichap’s Encino, Calif., office represented the seller. Jon Emrani of Marcus & Millichap’s West Los Angeles office represented the buyer, a private investor, in the transaction.
