TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of a 36,500-square-foot manufacturing facility in Texas City, about 40 miles southeast of Houston. The building was constructed on 3.5 acres at 101 N. Highway 146 in 1972 and most recently renovated in 2022. Adam Abushagur and Max Lozmack of Marcus & Millichap represented the undisclosed seller and former occupant of the building in the transaction. The buyer and sales price were not disclosed.
ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a multifamily development site in the Northern New Jersey community of Iselin. The site at 186 Wood Ave. S. is located within the Centra at Metropark office campus. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Larkin of Cushman & Wakefield represented the seller, The Hampshire Cos., in the transaction. The buyer, Woodmont Properties, did not disclose specific plans for development but did say that the project would include seniors housing.
SADDLE BROOK, N.J. — JLL has negotiated the $16.1 million sale of a 62,504-square-foot grocery store in the Northern New Jersey community of Saddle Brook that is leased to ACME Markets, a subsidiary of Albertsons. ACME has occupied the property at 75 Mayhill St. since it was built in 1998. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Austin Pierce of JLL represented the seller, Vision Real Estate Partners, in the transaction. The buyer was The Winter Organization.
CHICAGO — Kiser Group has brokered the $7.6 million sale of a 39-unit multifamily property in Chicago’s Edgewater neighborhood. Katie LeGrand and Jacob Price of Kiser represented the seller, Sam Grossman, managing partner of Fairchild Acquisition. Danny Logarakis of Kiser represented the undisclosed buyer. The seller completed a full renovation of the property in June 2020. The asset was more than 97 percent occupied at the time of sale. The buyer was able to assume debt at a low interest rate for another few years.
SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of a single-tenant Smart & Final Extra! and a single-tenant property occupied by dd’s Discounts at Antelope Valley Plaza in Lancaster, approximately 65 miles north of Los Angeles. Two individual private 1031 exchange buyers acquired the assets in separate transactions, which totaled $11.4 million. In the first transaction, PacWest Management, in partnership with Evergreen Development Co., sold the single-tenant, 32,200-square-foot property that is occupied by Smart & Final Extra! under a new 15-year corporate lease. The property is located at 2058 W. Avenue J. Sean Cox, Bill Asher, Alexander Moore and Kevin Fryman of Hanley represented the seller in the deal. In the second transaction, a Southern California-based 1031 exchange buyer acquired the 24,000-square-foot property at 2038 W. Avenue J in an all-cash transaction. dd’s Discounts, which occupies the property, has less than three years remaining on the initial lease term. Cox, Asher, Moore and Fryman represented the seller, PacWest Management, in the transaction.
RIVERSIDE, CALIF. — CBRE has arranged the sale of 1180 Central Avenue, a seven-unit apartment property in the Inland Empire city of Riverside. Michael J. O’Neill and Jean A. O’Neill Trust acquired the asset from The Kazanjian Exemption Trust for $2.2 million, or $315,000 per unit. Located on the Canyon Crest area of Riverside, the community features two- and three-bedroom floor plans, five of which are townhouse style with golf course views. Eric Chen and Blake Torgerson of CBRE represented the buyer in the transaction.
DENVER — Newmark has arranged the sale of an industrial property located at 1305 Osage St. in Denver. Osage Studios LLC acquired the asset from GSW Ventures LLC for $2.1 million. Mike Viehmann and Mike Wafer Jr. of Newmark represented the seller, while Gruber Commercial Real Estate represented the buyer in the deal.
TORONTO AND WASHINGTON, D.C. — Avison Young has entered into an agreement to acquire Madison Marquette’s retail platform for an undisclosed price. The acquisition will include the Washington, D.C.-based firm’s retail property management, marketing and leasing services throughout the United States; and a portfolio comprising more than 6.1 million square feet of properties managed and leased by Madison Marquette. Madison Marquette teams will integrate with those of Toronto-based Avison Young in Los Angeles, New Jersey, Philadelphia, Indiana, Arkansas, Maryland, Virginia, Atlanta and Florida, and the acquisition expands Avison Young’s presence to Seattle. In 2022, Avison Young acquired Madison Marquette’s office and industrial property management, agency leasing and project management service lines. “Avison Young is going all-in into the retail sector, and I am eager to take the firm’s vision of expanding its retail platform to the next level with the help of our strong team of retail leasing, management, marketing and market intelligence experts and Avison Young’s innovative data capabilities,” says Gavin Farnam, principal and managing director of U.S. retail services with Madison Marquette. Farnam will lead Avison Young’s U.S. retail property management and leasing teams.
SAVANNAH, GA. — JLL has arranged the sale of an industrial portfolio totaling 853,019 square feet across three facilities in Savannah — North Gate Buildings 1, 2 and 3. Located near the Port of Savannah and ranging in size from 230,000 to 310,000 square feet, the properties feature rear- and front-load capabilities, 36-foot clear heights, 60-foot speed bays, 185-foot-deep truck courts, 25-foot candle LED warehouse lights, ESFR sprinkler systems and dock packages. Each building also includes at least 2,500 square feet of speculative office space. Britton Burdette, Dennis Mitchell, Matt Wirth, John Huguenard, Jim Freeman and Mitchell Townsend of JLL represented the seller, Greenland Developers Inc., in the transaction. The Orden Co. acquired the portfolio for an undisclosed price.