ELIZABETH, N.J. — Berkadia has brokered the $8.7 million sale of Aberdeen Arms Apartments, a 52-unit building located in the Northern New Jersey community of Elizabeth. Built in 1965, Aberdeen Arms offers 10 one-bedroom units and 42 two-bedroom units and was fully occupied at the time of sale. Nat Gambuzza, Trevor Fiebel and Nick Balancia of Berkadia represented the undisclosed seller in the transaction. Berkadia also arranged acquisition financing for the deal. The buyer and direct lender were also not disclosed.
CALIFORNIA, MD. — The Home Depot has purchased 13.5 acres within Lexington Exchange, a 140-acre mixed-use park situated along Three Notch Road (Md. Route 235) in California. The Atlanta-based retail giant plans to open a new store at the site, representing the company’s first store in southern Maryland. Baltimore-based St. John Properties Inc., the master developer of Lexington Exchange, sold the site to The Home Depot for an undisclosed price. Alex Lyons and Bill Holzman handled negotiations for St. John Properties internally, and Greg Ferrante of Segall Group represented The Home Depot. The size of the store and target opening date were not released. The Home Depot is the latest retailer coming to the lineup at the mixed-use development, joining tenants including Aldi, Royal Farms, Chipotle Mexican Grill and RC Theatres. Lexington Exchange currently features five buildings spanning 120,000 square feet of flex/research-and-development space and 65,000 square feet of retail. The park is configured to support approximately 600,000 square feet of commercial space. St. John Properties and development partner Chaney Enterprises are currently marketing several pad sites within Lexington Exchange to retail users in the healthcare, banking and food-and-beverage segments.
CHICAGO — Newmark has brokered the sale of a 51,795-square-foot retail condominium at 919 N. Michigan Ave. along Chicago’s Magnificent Mile. Louis Vuitton is the anchor tenant and has occupied space at the property for more than 20 years. The luxury retailer recently completed a renovation and expansion of its flagship store and extended its lease. Keely Polczynski and Conor Lalor of Newmark represented the buyer, L3 Capital. Joe Girardi of Mid-America Real Estate represented the undisclosed seller. The asset occupies the base of the historic, 37-story Palmolive Building. The four-level property is 68.8 percent leased by luxury retailers. Originally built in 1929 and renovated in 2005, the Palmolive Building features retail, office and residential condominiums.
MESA, ARIZ. — Geringer Capital has sold Avia 266, a 267-unit apartment community in Mesa, to San Diego-based ColRich for $52.4 million, including the assumption of an existing HUD loan. ColRich will rename the property The Remy. Matt Pesch, Asher Gunter and Austin Groen of CBRE represented the seller in the deal. Completed in 1984, The Remy features one- and two-bedroom units in a low-density garden-style design. Community amenities include two pools and spa areas, a 24/7 fitness center, outdoor courtyard with recreation and gathering spaces, resident clubhouse with a community kitchen, package lockers and a fenced dog park.
POMONA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $36.7 million sale of Terramonte at Foothill, an apartment property in the Inland Empire city of Pomona. Positive Investments sold the asset to Sack Capital Partners for $265,942 per unit. Kevin Green, Chris Zorbas, Joseph Grabiec, Alexander Garcia Jr. And Greg Harris of IPA represented the seller and procured the buyer in the transaction. Built in 1963 on 9 acres and renovated between 2012 and 2023, Terramonte at Foothills features 138 apartments, two pools, sundecks, spa, fitness center, barbecue pavilion, coworking space and garages. The unit mix is 70 percent two-bedroom units, plus studios and one- and three-bedroom apartments, with an average unit size of 910 square feet.
LA MESA, CALIF. — Marcus & Millichap has arranged the $12.5 million sale of Guava Gardens, an affordable seniors housing community in La Mesa, located in San Diego County. Los Angeles-based Positive Investments was the buyer. Built in 1986, the property totals 81 units, with 40 studio apartments and 41 one-bedroom apartments. Residences are reserved for seniors age 62 and older. Amenities at the community include a pool, spa, recreation room, outdoor gathering areas, laundry facilities and dedicated parking. Christopher Zorbas, Graeme Henderson and Austin Huffman of Marcus & Millichap represented the undisclosed seller in the transaction.
ROHNERT PARK, CALIF. — Clarion Partners has purchased Clearwater at Sonoma Hills, a seniors housing community in Northern California in Rohnert Park. Built in 2020, Clearwater of Sonoma Hills offers 70 assisted living residences and 24 memory care residences with capacity for 100 residents. The 49,000-square-foot community features restaurant-style dining, a theater, art studio, fitness center, putting green and landscaped indoor and outdoor gathering spaces. John Sweeny, Aron Will and Austin Summy of CBRE advised on the sale. Clearwater Living will continue as the property’s operating partner.
NATIONAL CITY, CALIF. — A joint venture between Henderson Park and Lowe has acquired Plaza Bonita, a 1 million-square-foot enclosed regional mall in National City within San Diego County. The seller and sales price were not disclosed, but The San Diego Union-Tribune reports that Paris-based mall giant Unibail-Rodamco-Westfield sold the property for $201.5 million. Built in 1981, Plaza Bonita sits on a 78-acre site and serves the San Diego suburbs of National City and Chula Vista. Anchor tenants of the mall include Macy’s, Target, JCPenney, AMC Theatres, Nordstrom Rack and Round1. Overall, the mall houses 150 stores, restaurants and entertainment venues. Henderson Park and Lowe plan to upgrade and reposition the mall through “significant capital improvements and leasing investment.” The joint venture partners also plan to refresh existing stores and enhance common areas. The construction timeline for the renovations and remerchandising program was not shared. “Plaza Bonita provided a compelling opportunity to acquire and operate a well-performing and stabilized asset that can benefit from physical updates and potential new uses,” says Joel Mayer, executive vice president at Lowe. “Alongside Henderson Park, we intend to build on its strengths and update the property by devoting capital to a host of improvements, …
BROOKSHIRE, TEXAS — JLL has negotiated the sale of Twinwood Distribution Center III, a 767,520-square-foot industrial building in the western Houston suburb of Brookshire. Built in 2024, the property features 40-foot clear heights, 179 dock-high doors, 185-foot truck court depths and approximately 2,600 square feet of office space. Trent Agnew, Charlie Strauss, Lance Young, Brooke Petzold and Dawson Hastings of JLL represented the seller, local owner-operator, Clay Development & Construction Inc., in the transaction. The buyer was Bridge Logistics Properties. Twinwood Distribution Center III was fully leased at the time of sale to an undisclosed provider of logistics services.
WICHITA FALLS, TEXAS — Marcus & Millichap has brokered the sale of Parker Square Shopping Center, a 94,532-square-foot retail center in Wichita Falls, about 115 miles northwest of Fort Worth. Crunch Fitness anchors the center, which was built in 1955 and was 97 percent leased at the time of sale. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.