BETHESDA, MD. — A joint venture between MRP Realty and Prime Finance has acquired Bethesda Crescent, a four-property office portfolio in downtown Bethesda, via foreclosure. Totaling 287,529 square feet, the properties included 7475 Wisconsin Ave., 7401 Wisconsin Ave., 4600 East-West Highway and 4650 East-West Highway. No brokers were involved in the transaction. The new ownership plans to reposition Bethesda Crescent, plans of which were not released.
HASLET, TEXAS — Dallas-based brokerage firm STRIVE has negotiated the sale of Medical City ER — Haslet, a 6,000-square-foot healthcare building located north of Fort Worth. The building is situated on a pad site of a Walmart Supercenter along State Highway 287. Parker Tims and Jason Vitorino of STRIVE represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
NEW YORK CITY — A partnership between Connecticut-based Cross Ocean Partners and Dallas-based Lincoln Property Co. has acquired the leasehold interest in 470 Vanderbilt Avenue, a 650,000-square-foot office building in downtown Brooklyn. According to LoopNet Inc., the 10-story building was originally constructed in 1931 and last renovated in 2012. The building was fully leased at the time of sale, with the New York City Human Resources Administration and New York City Housing Authority serving as the longstanding anchor tenants. The seller and sales price were not disclosed, but Crain’s New York Business reports that the seller was local real estate giant RXR and the price was approximately $70 million.
NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 34-unit apartment building on Manhattan’s Upper East Side. The five-story building at 234-236 E. 88th St. was originally constructed in 1920. Joe Koicim and Logan Markley of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CHESHIRE, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the $2.7 million sale of Country Plaza, a 26,000-square-foot office and retail complex in Cheshire, located roughly midway between Hartford and New Haven. The property is home to a mix of food-and-beverage, service retail and healthcare users. Toby Brimberg of O,R&L represented the undisclosed seller and the buyer, Kisco Funding Group, in the deal.
CARLSBAD, CITY OF INDUSTRY AND REDONDO BEACH, CALIF. — MetLife Investment Management has completed the sale of the Golden Coast Portfolio, an industrial portfolio totaling 600,000 square feet in Southern California. The portfolio includes three buildings in Carlsbad, City of Industry and Redondo Beach that were acquired by three separate buyers for a total price of $165.5 million. Jeff Chiate, Rick Ellison, Matt Leupold, Bryce Aberg, Aubrie Monahan, Jeff Cole and Charlie Jacobs of Cushman & Wakefield represented the seller and procured the buyers in the transactions. TA Realty acquired The Concourse, a 420,697-square-foot industrial business park in City of Industry. The property offers 69 dock-high doors, nine grade-level doors and a 160-foot truck court. Terreno purchased The Redondo Beach Two Pack, a 99,340-square-foot property that features 16 dock-high doors, three grade-level doors and a clear height of 16 feet. GID acquired Carlsbad Oaks Business Park, a 78,143-square-foot property with clear heights ranging from 22 to 26 feet, grade and dock loading capabilities, and an efficient warehouse and office layout.
ORANGE, CALIF. — CBRE has arranged the sale of Orangewood Corporate Plaza, a two-building office campus in Orange. Khoshbin Co. acquired the asset from an undisclosed seller for $18.9 million. Anthony DeLorenzo, Bryan Johnson and Sammy Cemo of CBRE represented the seller in the transaction. Matt Didier, David Dowd and Jennifer Whittington of CBRE advised the seller on the sale. Located at 2100-2200 Orangewood Ave., the 109,644-square-foot campus was 84 percent leased at the time of sale. The property features high-end finishes, subterranean parking and recent capital improvements totaling more than $3.3 million. Renovations included upgrades to HVAC systems, roofing, landscaping and interior common areas.
KENT, WASH. — Kidder Mathews has arranged the sale of Swiss Gables Apartments, a multifamily property in Kent’s Lake Fenwick neighborhood. A private investor acquired the asset from John Stephanus for an undisclosed price. Dylan Simon, Jerrid Anderson, JD Fuller and Elijah Piper of the Simon | Anderson Multifamily team at Kidder Mathews represented the seller and sourced the buyer in the deal. Built in 1969, Swiss Gables offers 108 apartments averaging 870 square feet with in-unit laundry spread across seven buildings on 5 acres.
PALM DESERT, CALIF. — Progressive Real Estate Partners has negotiated the $1.8 million sale of a 5,000-square-foot freestanding retail building located in the Downtown Edge District of Palm Desert. The buyer, a family that owns and operates the neighboring Shiraz Rug Co., acquired the building to expand the store’s operations by an additional 5,000 square feet. Heather Sharp of Progressive Real Estate arranged the sale.
RAMSEY AND ZIMMERMAN, MINN. — Colliers has brokered the $66 million sale of the Northwest Apartment Collection, a three-property, 304-unit multifamily portfolio in metro Minneapolis. The properties include Park View East and Sapphire in Ramsey as well as Depot on Main in Zimmerman. Built between 2017 and 2020, the communities offer a mix of one-, two- and three-bedroom units. Amenities include fitness centers, lounges, package lockers and pools. Park View East and Sapphire together comprise 239 units within COR, a 320-acre master-planned community anchored by the NorthStar Commuter Rail with direct access to downtown Minneapolis. Depot on Main includes 65 units. Mox Gunderson, Dan Linell, Adam Haydon and Devon Dvorak of Colliers brokered the sale. Dakota REIT was the buyer.
