FORT WORTH, TEXAS — Worth Commercial Real Estate has purchased Magnolia Centre, a 31,000-square-foot historic office building located in Fort Worth’s Near Southside District. According to LoopNet Inc., the six-story building was originally constructed in 1926 and renovated in 1990. Worth Commercial plans to occupy space on the building’s fourth floor for its new headquarters and to lease the remainder. The seller and sales price were not disclosed.
EL CENTRO, CALIF. — CBL Properties has completed the all-cash, $38.1 million disposition of Imperial Valley Mall in El Centro. The property served as collateral under CBL’s nonrecourse term loan. Net proceeds from the sale were applied to the term loan principal balance, which after closing was reduced to $680.3 million. The name of the buyer was not disclosed.
PHOENIX — MAG Capital Partners has purchased an industrial building located at 2848 Sweetwater Ave. in northwest Phoenix for an undisclosed price. Sunrun and Kaboomracks fully occupy the 39,950-square-foot building, which is situated on 3.1 acres. Phil Haenel and Foster Bundy of Cushman & Wakefield represented the seller, a private investor, in the deal.
MIDDLETOWN, N.J. — Marcus & Millichap has brokered the $5.8 million sale of a 29,411-square-foot retail strip center in Middletown, located along the Jersey Shore. Painting retailer Benjamin Moore anchors the center, which sits on 1.9 acres and is home to a total of 10 tenants. Alan Cafiero, Brent Hyldahl and Seth Goldberg of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
COLLEGE STATION, TEXAS — An investor doing business as 950 TL Midtown LLC has purchased an apartment complex located about seven miles from the Texas A&M University campus in College Station for $40.8 million. The number of units at Nine50 Town Lake at Midtown was not disclosed, but the property’s residences come in one-, two- and three-bedroom floor plans and range in size from 527 to 1,371 square feet. Amenities include a pool, outdoor grilling kitchen, fitness center, business center, dog park, Wi-Fi café and a game lounge with shuffleboard and a billiards table. The seller was also not disclosed.
HUDSON OAKS, TEXAS — Marcus & Millichap has brokered the sale of a 35,000-square-foot retail building in Hudson Oaks, a western suburb of Fort Worth. The building at 2010 Cinema Drive sits on a 3.6-acre site off I-10 and was fully leased at the time of sale to Urban Air Adventure Park. Alex Sacks, Brett Rodgers and Frank Roti of Marcus & Millichap represented the seller, T&J Realty Holdings, in the transaction. The buyer and sales price were not disclosed.
MORRISTOWN, N.J. — Cushman & Wakefield has brokered the sale of a 439,059-square-foot office building in the Northern New Jersey community of Morristown. The building at 340 Mount Kemble Ave., which recently underwent a $50 million capital improvement program, was 94.5 percent leased at the time of sale. David Bernhaut, Gary Gabriel, Andy Merin, Frank DiTommaso and Bill Baunach of Cushman & Wakefield represented the seller, a partnership between Onyx Equities and Los Angeles-based PCCP, in the transaction. Brad Domenico, also with Cushman & Wakefield, arranged an undisclosed amount of acquisition financing through Societe Generale on behalf of the buyer, First Mile Capital, an affiliate of Crown Acquisitions.
BEAR, DEL. — Outrigger Industrial, which is a joint venture between four private real estate investors and firms Davidson Kempner Capital Management and Monarch Alternative Capital, has acquired a 125,000-square-foot property in Bear, located south of Wilmington. The property comprises two buildings totaling 40,000 and 85,000 square feet on an 8-acre site that were fully leased to a single tenant at the time of sale. The seller and sales price were not disclosed.
TRENTON, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.3 million sale of Parkview Commons, a 33-unit apartment building in Trenton. The three-story building houses a mix of studio, one- and two-bedroom units and recently underwent a capital improvement program. Barry Waisbrod of Kislak brokered the deal. The buyer and seller were not disclosed.
CHARLOTTESVILLE, VA. — KLNB Multifamily Capital Markets Group has arranged the $56.8 million sale of Barracks West Apartments & Townhomes, a 324-unit apartment community in Charlottesville. Rawles Wilcox and Jared Emery of KLNB represented the seller, Willow Creek Partners, in the transaction. The buyer, Northern Virginia-based West End Capital Group, plans to renovate the common area amenities and living spaces with new package lockers, grilling stations, a pet park and clubhouse. Situated just three miles from Charlottesville’s downtown district, Barracks West features a mix of one-, two- and three-bedroom traditional and townhome-style residences spanning 459 to 1,176 square feet. Current amenities at the property include a swimming pool, picnic and park areas, fitness center and a playground.