HACKENSACK, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $9.7 million sale of Royal Court, a 59-unit apartment building located at 5 Pangborn Place in Hackensack. According to Apartments.com, the building offers studio and one-bedroom units. Andrew Scheinerman of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
UPPER SADDLE RIVER, N.J. — Locally based investment firm Devli Real Estate has purchased a three-building 67,000-square-foot industrial flex property in Upper Saddle River, located along the New York-New Jersey border. The property sits on a 6.3-acre site at 116-118 State Route 17 N and can also support industrial outdoor storage usage. The seller and sales price were not disclosed.
BRYANT, ARK. — The Landes Group has acquired Encore Medical Center, a 108,055-square-foot healthcare property in Bryant, about 19 miles southwest of Little Rock. The Dallas-based owner also finalized a long-term lease agreement with the University of Arkansas for Medical Sciences (UAMS), which will operate the facility that formerly operated as the Arkansas Heart Hospital. The seller and sales price were not disclosed. CGA Capital provided an undisclosed amount of acquisition financing for Landes Group.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 645-unit self-storage facility in San Antonio. CubeSmart manages the facility, which sits on a 10.6-acre site on the city’s southwest side and spans 115,240 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the seller, a New Jersey-based limited liability company, in the transaction and procured the buyer, Public Storage, which will rebrand and assume operation of the property. The facility was 89 percent occupied at the time of sale.
MESQUITE, TEXAS — Local brokerage firm Disney Investment Group (DIG) has negotiated the sale of Towne Crossing, a 167,000-square-foot shopping center in Mesquite, an eastern suburb of Dallas. Kroger anchors the anchored center and recently committed to a 10-year lease renewal. David Disney of DIG represented the seller, Ohio-based retail REIT Phillips Edison & Co., in the transaction. The buyer, Chicago-based Newport Capital Partners, plans to make capital improvements to the property.
JURUPA VALLEY, CALIF. — Atlanta-based investment firm MDH Partners has purchased Serrano Industrial Park, a Class A manufacturing campus in the Inland Empire city of Jurupa Valley. The new acquisition brings MDH’s California footprint to more than 1.5 million square feet. Newmark represented the undisclosed seller in the transaction, while James Hwang of MDH sourced the deal for the firm. Terms of the transaction were not released. Built in 2019, the 151,885-square-foot Serrano Industrial Park features two buildings offering 30- to 32-foot clear heights, ESFR sprinklers and “ample” dock-high loading. The larger building is equipped with 12,000 amps of power. At the time of sale, the property was fully leased to a single tenant. Additionally, the 8.3-acre site sits within a mile of State Route 60 and about five miles from I-10.
SUNBURY, OHIO — Laurel Real Estate Co. has brokered the sale of the 60-room Hampton Inn Columbus I-71 North hotel in Sunbury. Laurel represented the undisclosed seller. A private investor group acquired the hotel. The acquisition included several equity partners and an SBA 504 financing structure involving a conventional first-mortgage lender, LCNB National Bank, and a certified development company, Alloy Development Co. The SBA 504 loan program generally combines a first mortgage from a conventional lender with a second-lien loan facilitated by an SBA-certified development company, according to Laurel. The structure supports qualified small businesses making long-term investments in owner-occupied real estate and other major fixed assets. Katie Vivian of Largo Capital arranged the financing. Fusion Hotels, the buyer-affiliated hotel management platform led by Amul Patel, plans to assume management of the hotel. Fusion’s portfolio consists of 15 hotels across Ohio, Indiana and Kentucky.
LODI, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.1 million sale of River View, a 28-unit apartment building located at 60 S. Main St. in the Northern New Jersey community of Lodi. According to Apartments.com, the building offers one- and two-bedroom units. Andrew Scheinerman of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
GRAIN VALLEY, MO. — Marcus & Millichap has arranged the sale of Creekside Village, a 31-unit multifamily property in Grain Valley near Kansas City. Jacob Carroll and Aaron Kuroiwa of Marcus & Millichap represented the seller, Creekside SPE – Apartments LLC, and procured the buyer, a Kansas City-based investor. Built in 2007, the property features one- and two-bedroom units totaling 28,055 rentable square feet.
CHICAGO — SVN Chicago Commercial has negotiated the $1.5 million sale of a 6,000-square-foot retail property located at 3832 N. Lincoln Ave. in Chicago’s North Center neighborhood. Tim Rasmussen and Marcus Sullivan of SVN represented the seller. The two-story property sold for 8 percent above asking price.