MECHANICSBURG, PA. — CBRE has brokered the sale of a 57,000-square-foot office property in Mechanicsburg, located just outside Harrisburg. Built in 1988, the property at 5035 Ritter Road is situated within the 1.9 million-square-foot Rossmoyne Business Center and is leased to the Administrative Office of Pennsylvania Courts. Steve Marzullo and Adam Silverman of CBRE represented the undisclosed seller in the transaction. CBRE also procured the buyer, Triple Crown Corp.
NEWARK, N.J. — A partnership between Deugen Investment Group and Devli Real Estate has acquired a seven-acre industrial outdoor storage facility in Newark. According to LoopNet Inc., the facility at 449 Doremus Ave. was completed earlier this year and totals 30,000 square feet. The site formerly housed a cogeneration power plant, and the new ownership plans to renovate the interior and exterior of the existing structure and repave the site for trailer parking, outdoor storage and car parking uses. The seller was not disclosed.
OSWEGO, ILL. — First National Realty Partners (FNRP) has acquired Townes Crossing, a 105,731-square-foot shopping center in the western Chicago suburb of Oswego. The purchase price was undisclosed. A 65,000-square-foot Jewel-Osco grocery store anchors the property and has been a tenant for over 30 years. Additional tenants include Phenix Salon Suites, Oswego Dental, The UPS Store and Subway. Evan Halkias of Cushman & Wakefield represented the undisclosed seller.
DENVER — John Propp Commercial Group has arranged the sale of a single-tenant industrial building, located at 4695 N. Ironton St. in Denver. LVPA 4695 N Ironton Street OS Owner LLC acquired the asset from H.A.L. Construction for $5.4 million. Penske Truck Leasing occupies the 20,168-square-foot, multi-bay truck maintenance facility, which is situated on 3.4 acres and fully fenced. John V. Propp and Joshua Cohen of John Propp Commercial Group represented the seller, while Stream Realty represented the buyer in the transaction.
SPRING, TEXAS — Partners Capital, the investment arm of Partners Real Estate, has purchased Old Town Spring Business Center, a 196,000-square-foot industrial flex property located on the northern outskirts of Houston. The property consists of four 49,000-square-foot buildings with suites that range in size from 2,625 to 35,875 square feet, as well as two acres of undeveloped land for future expansion. Veritex Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
HOLLY LAKE RANCH, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a 130-unit hospitality property in Holly Lake Ranch, a census-designated area located about 100 miles east of Dallas. Holly Lake Resort spans 100 acres and features one- and two-bedroom cabins with an average size of 708 square feet. Amenities include a restaurant, movie theater, activity center with a game room, fitness center, fishing piers, pools, a minigolf course and tennis, pickleball and basketball courts, as well as access to kayaking, canoeing and hiking trails. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …
MALDEN, MASS. — The DSF Group, an investment firm with offices in Boston and Washington D.C., has sold Halstead Malden Square, a 195-unit apartment complex located on the northern outskirts of Boston. Built in 2015, the six-story, market-rate building houses studio, one- and two-bedroom units and amenities such as a pool, fitness center, golf simulator, game room, bocce ball court and outdoor grilling and dining stations. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented DSF Group in the transaction. The team also procured the buyer, an entity advised by Nuveen Real Estate.
SAN JOSE, CALIF. — Community Preservation Partners (CPP) has purchased Corinthian House, an affordable seniors housing property in San Jose. CPP’s total development investment is approximately $38 million, which includes the purchase price of $21 million and an estimated per-unit renovation cost of $85,000. Built in 1982, Corinthian House comprises two elevator-served, three-story buildings on 1.7 acres. Located at 250 Budd Ave., the 102-unit property offers studio and one-bedroom layouts designated for seniors age 62 and older earning between 30 and 60 percent of the area median income. Planned renovations include vinyl plank flooring, cabinets and countertops, modern appliances, water-saving toilets, vanities and mirrors, and energy-smart lighting. Common-area renovations will include updates to the community room, laundry rooms, salon and leasing and management office. Additionally, the property will receive a new fitness center. Renovations are slated for completion by December. The property’s Housing Assistance Payment (HAP) Section 8 contract was set to expire, but with CPP’s involvement, the contract will be preserved for another 20 years. Partners on the project include California Tax Credit Allocation Committee, which issued 9 percent Low-Income Housing Tax Credits; Comerica Bank, which will provide the acquisition and rehabilitation loan; CitiBank, which will provide the permanent loan; …
CRAIG, COLO. — Pinnacle Real Estate Advisors has arranged the sale of Timberglen Apartments, a multifamily building in Craig, a city of fewer than 10,000 residents in the northwestern quadrant of the state. The asset traded for $4.9 million. Located at 3465 Douglas St., Timberglen Apartments offers 54 residences. Michael Krebsbach and Kenny Clarke of Pinnacle Real Estate Advisors handled the transaction for the undisclosed buyer and seller in the deal.