DANIA BEACH, FLA. — Colliers International has arranged the $13.9 million sale of a 28-acre industrial site located at 4030 State Road 7 in Dania Beach. Liberty Property LP, a subsidiary of Liberty Property Trust, acquired the land with plans to build the 300,000-square-foot Liberty 595 Distribution Center on the site. Steven Wasserman and Brooke Berkowtiz of Colliers International arranged the transaction on behalf of the seller, the City of Fort Lauderdale. The land once served as a composting site for the City of Fort Lauderdale, and was later used by the city’s Public Works Department.
PHOENIX — Security Properties, along with funds managed by Oaktree Capital Management, has purchased Pavilions on Central, a multifamily property located at the intersection of Central and Campbell avenues in Phoenix, for $59 million. The name of the seller was not released. Located within the Midtown neighborhood of Phoenix, Pavilions on Central features 254 apartments in a mix of one-, two- and three-bedroom floorplans with an average unit size of 1,109 square feet. Although the property underwent renovations in 2013 and 2016, Security Properties plans to renovate all of the bathrooms at the property to high-end specs to match the kitchen renovations. Security Properties Residential, an affiliate of Security Properties, will manage the property. With this acquisition, Security Properties owns nine assets totaling more than 3,700 units in the Phoenix marketplace.
COSTA MESA, CALIF. — Kidder Mathews has arranged the sale of Casa Del Mar, an apartment building located at 147 E. 18th St. in Costa Mesa. Newport 18th Partners acquired the 16-unit property from a private trust for $6.4 million. Steven Brombal and Joshua Rhee of Kidder Mathews represented the seller and buyer in the deal. The offering is the first time Casa Del Mar has been on the market.
NEWARK, DEL. — CBRE has negotiated the sale of 322 Ruthar Drive in Newark for an undisclosed amount. DuPont Transportation & Advanced Polymers acquired the 120,000-square-foot industrial facility. CBRE represented DuPont in the transaction. The seller was undisclosed. DuPont has committed to invest $45 million in the new facility, which will increase its manufacturing capacity for DuPont Kalrez, a specialized engineered material used in a variety of sealing applications.
HARRISBURG, PA. — Marcus & Millichap has brokered the $4.2 million sale of Paxton Street Commons, a 10,664-square-foot retail strip in Harrisburg. The five-tenant center located at 3462 Paxton St. was 100 percent occupied at the time of sale. Tenants include Starbucks, FedEx, Hertz, Cycle Gear and Qdoba. Craig Dunkle of Marcus & Millichap represented the New York-based buyer in the transaction. The seller was undisclosed. Matthew Rosenberg of Marcus & Millichap also arranged $3.5 million in financing for the buyer through an undisclosed lender.
CORPUS CHRISTI, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Sendera Baypoint, a 350-unit multifamily community in Corpus Christi. The property was built in 1998 and offers amenities such as two pools, a sports court, business center, putting green, pet park, 24-hour fitness center and outdoor picnic and grilling areas. Will Balthrope, Drew Kile and Jordan Featherston of IPA represented the seller, Austin-based Sendera Investment Group, in the transaction. The trio also procured the buyer, New York-based Castle Lanterra Properties.
EL PASO, TEXAS — ViaWest Group, a Phoenix-based development and management firm, has sold a portfolio of industrial properties in El Paso totaling 245,945 square feet across four assets. The portfolio was 40 percent leased when ViaWest Group acquired it in 2015 and was 94 percent leased at the time of sale. Arturo De La Mora and Jonathan Bryan of CBRE represented ViaWest Group in the sale. Bill Caparis, also with CBRE, represented the buyer, Stonelake Capital Partners.
CASSELBERRY, FLA. — ARA Newmark has arranged the $72.3 million sale of Bainbridge Crossing, a 336-unit apartment community located in Casselberry, roughly 10 miles north of downtown Orlando. Scott Ramey and Patrick Dufour of ARA Newmark arranged the transaction on behalf of the seller and developer, The Bainbridge Cos. TH Real Estate, an affiliate of Nuveen, acquired the asset. Matthew Williams of NKF Capital Markets secured acquisition financing on behalf of TH Real Estate. Constructed in 2017, Bainbridge Crossing features a clubhouse, resort-style pool, fitness center with a separate yoga room and a dog park. The community was approximately 96 percent occupied at the time of sale.
ORLANDO, FLA. — CBRE has arranged the $64.5 million sale of Alexan Crossroads, a 314-unit apartment community located at 7261 Crossroads Garden Drive in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the seller and property developer, Trammell Crow Residential. Harbor Group International acquired the asset, which was completed in 2016 and stabilized in 2017. Alexan Crossroads features a clubhouse, saltwater pool with cabanas and grilling stations.
DECATUR, GA. AND CHANDLER, ARIZ. — Westwood Financial LLC has acquired two Sprouts-anchored retail centers located in Decatur and Chandler for a combined $66.2 million. The properties were acquired in separate transactions, and the individual sales prices were not disclosed. In Atlanta, Westwood acquired Decatur Crossing, an 81,900-square-foot shopping center that was constructed in 2017. Atlanta-based Fuqua Development developed and sold the property, according to the Atlanta Business Chronicle. HFF arranged a loan through Unum Group on behalf of Westwood. Decatur Crossing was fully leased at the time of sale. In Chandler, an eastern suburb of Phoenix, Westwood acquired Boardwalk at Andersen Springs. Constructed in 2005, the property is the home of the original Sprouts Farmers Market. HFF arranged an acquisition loan through Nationwide Life Insurance Co. on behalf of Westwood. Boardwalk at Andersen Springs was 97 percent leased at the time of sale.