TOTOWA, N.J. — Cushman & Wakefield has negotiated the sale of a 506,723-square-foot industrial park in the Northern New Jersey community of Totowa. Totowa Commerce Center consists of 12 industrial buildings, one office building and a 5.8-acre development site. Building features include clear heights of 21 to 23 feet, 92 loading positions and aggregate parking for more than 1,400 cars. Gary Gabriel, Kyle Schmidt, Ryan Larkin and Seth Zuidema of Cushman & Wakefield represented the seller, New Jersey-based Heritage Capital Group, in the transaction. The team also procured the buyer, Boston-based Longpoint Partners. The park was leased to more than 50 tenants at the time of sale. PGIM Real Estate provided a $63.5 million fixed-rate acquisition loan for the deal.
NEW YORK CITY — Marcus & Millichap has brokered the $18.2 million sale of The Hudson River Hotel, a 15-story, 56-room hotel located at 442 W. 36th St. in Midtown Manhattan. According to LoopNet Inc., the hotel was originally constructed in 1999 and renovated in 2013. Jerry Swon, Robert Hunter and Leo Reilly of Marcus & Millichap represented the seller, an undisclosed institutional investment firm, in the transaction and procured the buyer, Hudson West Hospitality.
BARRINGTON, ILL. — An affiliate of Next Realty LLC has sold The Shops at Flint Creek in the northwest Chicago suburb of Barrington for an undisclosed price. Heinen’s grocery store anchors the 60,000-square-foot retail center. Additional tenants include Athletico, Ascension Medical Group Illinois, Epic Burger and Club Pilates. Sean Sharko of Marcus & Millichap represented Next, which purchased the property in 2014. A private investor was the buyer.
AURORA, ILL. — Marcus & Millichap has negotiated the $2 million sale of a 23,820-square-foot industrial outdoor storage facility in Aurora. Located at 901 Ridgeway Ave., the three-acre property features four buildings with an expansive lot for outdoor storage and parking. Jeff Rowlett of Marcus & Millichap represented the seller, Ridgeway Partners LLC. Michael Kammes of Re/Max Commercial procured the buyer, RDAA Express Inc. Steven Weinstock assisted in closing the transaction as the broker of record in Illinois.
KENT, WASH. — Davis Property & Investment has acquired Central Commerce Center, an industrial campus located at the intersection of Central Avenue South and 259th Street in Kent, a suburb south of Seattle. Constructed between 2000 and 2001, Central Commerce Center comprises four fully leased industrial buildings with freeway access, ample parking and proximity to numerous walkable amenities. The buildings offer 12- to 16-foot clear heights, on-grade loading facilities and an infrastructure that includes a total of 1400 amps 3-phase 480v power. Brian Bruininks and Shane Mahvi of Andover Co. represented the undisclosed seller in the deal. The price was not disclosed.
MURRIETA, CALIF. — SRS Real Estate Partners has arranged the $6.1 million ground lease sale of a restaurant property at 27960 Clinton Keith Road in the Inland Empire city of Murrieta. Chick-fil-A occupies the 5,000-square-foot property, which opened for business in March and has a 15-year ground lease in place. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Capital Markets represented the seller and developer, Newport Beach-based Sage Investco, and the buyer, a California-based private family trust, in the all-cash transaction. The Chick-fil-A property sale is part of a break-up strategy valued in excess of $20 million for the Class A pads at The Vineyard Shopping Center, a 26.3-acre retail project anchored by Costco and ALDI.
WEST COVINA, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail strip center in West Covina, approximately 20 miles east of Los Angeles. A San Bernardino County-based private investor sold the asset to a West Covina-based investor for $2.4 million in an all-cash transaction. Located at 532-540 N. Azusa Ave., the 7,760-square-foot property was fully occupied at the time of sale by five service-oriented tenants ranging in size from 1,300 square feet to 2,000 square feet. Current tenants include a nail salon, hair salon, martial arts school, massage studio and Friar Tux. Greg Bedell and Roxanne Klein of Progressive Real Estate Partners represented the seller in the deal.
LAREDO, TEXAS — Dallas-based Kobalt Investment Co. has purchased the 222,291-square-foot Rio Norte Shopping Center in the Rio Grande Valley city of Laredo. Ross Dress for Less anchors the center, which is also home to tenants such as Michael’s, Petco, Dollar Tree, Shoe Carnival and Five Below. Adam Howells and Matthew Barge of JLL represented the undisclosed seller in the transaction. Kobalt purchased the property in partnership with Dallas-based Stonefield Investment Advisors and San Antonio-based Espada Real Estate.
DORAL, FLA. — JLL Capital Markets has arranged the sale of AMLI Doral, a 352-unit multifamily community located at 11481 N.W. 41st St. in Doral, about 18 miles west of Miami. AMLI Residential sold the property to Pantzer Properties for an undisclosed price. Developed in 2013, AMLI Doral comprises nine four-story buildings with apartments in one-, two- and three-bedroom layouts that average 1,058 square feet in size. Amenities at the community include a pool, fitness center, grilling stations, business center, lounge, clubhouse, playground, electric car charging stations and bike parking. Maurice Habif, Simon Banke and Nick Lavin of JLL represented the seller in the transaction. Additionally, Jamie Leachman, Amit Kakar and Sean O’Brien of JLL secured an undisclosed amount of acquisition financing on behalf of the buyer.
IRVING, TEXAS — Fort Worth-based investment firm PHP Capital Partners has acquired Freeport 7, a 56,076-square-foot industrial building in Irving. According to LoopNet Inc., the freestanding building at 9150 N. Royal Lane was built in 1985 and renovated in 2012 and features 18-foot clear heights in addition to 17 dock-high loading doors. At the time of sale, Freeport 7 was fully leased to Inspire Event Solutions, a wholly owned subsidiary of asset manager Ashford Inc. The seller was not disclosed.