GOLDEN VALLEY, MINN. — Marcus & Millichap has brokered the $59.5 million sale of The Liberty, a 242-unit multifamily property in the Minneapolis suburb of Golden Valley. Completed in 2017, The Liberty features 55 townhomes and 187 apartment units that range from 568 to 1,536 square feet. Amenities include a pool, fitness center, solar panels, grilling area and clubhouse. The luxury property was 96 percent occupied at the time of sale. Abe Roberts of Marcus & Millichap represented the seller, an entity related to the Schactman family, and procured the buyer, Minnesota-based The Goodman Group.
Acquisitions
FAIRVIEW HEIGHTS, ILL. — Locally based brokerage firm Barber Murphy has arranged the sale of 36 acres of land in Fairview Heights near St. Louis. The property at 5628 Old Collinsville Road will continue to operate as a golf and sports facility. Barber Murphy represented both the seller, Judefam Sports LLC, and the buyer, O’Fallon Sports 115 LLC.
PORTLAND, ORE. — AEW Capital Management has completed the disposition of Machine Works, a Class A mixed-use asset in Portland. Melvin Mark Investors and Orion Investment Partners acquired the property for an undisclosed price. Located at 1414 NW Northrup St. in Portland’s Pearl District, the nine-story property offers 115,138 square feet of retail and office space, as well as three levels of parking. Built in 2009, the property is fully leased to a variety of tenants in the engineering, medical, government services and fitness industries, with LA Fitness occupying space on the ground floor. Buzz Ellis, Mark Katz, Zach Kersten and David Williams of JLL Capital Markets Investment Sales and Advisory team represented the seller and procured the buyer in the deal.
Lee & Associates Brokers $20.8M Sale of Arrow Grand Business Park in Covina, California
by Amy Works
COVINA, CALIF. — Lee & Associates has negotiated the sale of Arrow Grand Business Park, an industrial property at 753-759 Arrow Grand Circle in Covina. CTT Tools Inc. sold the asset to 2Trees LLC for $20.8 million, or $290.52 per square foot. The 71,762-square-foot property offers 10,000 square feet of office space. Nathan Lara and Jack Nersesian of Daum listed the property, while Justin Chiang and Kevin Ching of Lee & Associates served as procuring agents for the transaction.
COMMERCE CITY, COLO. — Industrial Outdoor Ventures (IOV) has completed its 11th acquisition in the Denver area with the purchase of 5350 Newport Street, a 5-acre property with more than 27,000 square feet of warehouse and office space. Terms of the transaction were not released. Ferguson Fire and Fabrication occupies the site to manufacture and store commercial sprinkler parts and systems. Ferguson has occupied the property for more than 20 years.
DESOTO, TEXAS — A partnership between boutique multifamily investment firm RSN Property Group and Monday Properties, which has three East Coast offices, has acquired Ventura Landings, a 226-unit apartment complex located in the southern Dallas suburb of DeSoto. The newly renovated property offers one- and two-bedroom units and amenities such as a pool, clubhouse, basketball court and onsite laundry facilities. The new ownership plans to implement additional capital improvements and has already rebranded the property as Eagle Creek Landing. The seller and sales price were not disclosed.
LAREDO, TEXAS — Provident Industrial, a division of Dallas-based investment firm Provident, has sold a 10,000-square-foot maintenance building located within Northpoint 35 Industrial Park in the South Texas city of Laredo. The building was constructed in 2024 on a 32-acre site at 1203 Reuthinger Parkway and represents Phase I of a larger project that includes a 238,000-square-foot building that was developed as Phase II. The buyer was Philadelphia-based Alterra IOS.
HAZLET, N.J. — CBRE has negotiated the $44 million sale of a 190,000-square-foot shopping center in Hazlet, about 40 miles south of New York City. German discount grocer Aldi anchors Hazlet Town Center, which is also home to tenants such as Burlington, Urban Air Adventure Park and Wawa, although the latter tenant’s outparcel building was not included in the sale. Jeffrey Dunne, David Gavin and Travis Langer of CBRE represented the seller, an affiliate of Onyx Equities, in the transaction. An entity doing business as LJL Realty purchased Hazlet Town Center, which was approximately 90 percent leased at the time of sale, via a 1031 exchange.
NEW YORK CITY — Marcus & Millichap has brokered the $4.8 million sale of a mixed-use building in Lower Manhattan. The building at 47 Bayard St. in Chinatown was originally constructed in 1910 and consists of a ground-floor retail space occupied by Nice One Bakery, two residential units and four commercial units across the second and third floors. Matt Fotis, Michael Weinstein and Colton Traynham of Marcus & Millichap represented the seller and procured the buyer, both of which were local private investors that requested anonymity, in the transaction.
LUBBOCK, TEXAS — Senior Living Investment Brokerage (SLIB), has negotiated the sale of Bender Terrace, a skilled nursing facility located in the West Texas city of Lubbock. Situated on 2.7 acres, the property comprises roughly 45,000 square feet and 120 beds. A local independent owner sold the facility to a national owner-operator. A regional operator was leasing the property at the time of sale. Matthew Alley and Ryan Saul of SLIB arranged the transaction.