WOODCLIFF LAKE, N.J. — Metro Philadelphia-based investment and development firm Keystone Property Group has sold a 53,730-square-foot office building located at 470 Chestnut Ridge Road in the Northern New Jersey community of Woodcliff Lake. The sales price was $9.8 million. The building was fully leased at the time of sale to Kiewit Infrastructure. Jeffrey Dunne, Doug Rodio, Travis Langer and Dan Blumenkrantz of CBRE represented Keystone in the transaction. The buyer was not disclosed.
SOMERSET, PA. — Evans Senior Investments (ESI) has negotiated the sale of The Patriot, a continuing care retirement community (CCRC) in Somerset, located in southwest Pennsylvania. The transaction was executed on behalf of a nonprofit organization. The CCRC features 100 licensed skilled nursing beds, 47 personal care units and two independent living units. At the time of sale, the skilled nursing component of the property was 77 percent occupied, and the personal care beds were 47 percent occupied.
THOUSAND OAKS, CALIF. — JLL Capital Markets has arranged the all-cash sale of Lakeview Innovation Center, a flex campus on 22.1 acres in Thousand Oaks. An undisclosed seller sold the asset to a partnership between Alta West Partners, an affiliate of Glendon Capital Management and A2 Capital Management for an undisclosed price. Michael Leggett, Jeffrey Bramson, Andrew Harper and William Poulsen of JLL represented the seller in the transaction. Renovated in 2023, Lakeview Innovation Center offers 276,529 square feet of research-and-development (R&D) and office space. The campus includes an onsite Equinox fitness club, Earthbar, pickleball court, walking trails, a tenant lounge and multiple outdoor patio and collaborative spaces. The tenant roster includes Marvell Technologies and Rawlings, which benefit from the property’s infrastructure, including lab-grade HVAC, excess power capacity, ample clear heights, loading docks and backup generators. Additionally, the asset offers expansion opportunities with M2 zoning, supporting up to 123,000 square feet of additional density for life sciences, R&D or office uses. The new ownership team plans to upgrade the common areas, restrooms, signage and landscaping.
MODESTO, CALIF. — Aspen Real Estate Financial (AREF), in partnership with Stanislaus Regional Housing Authority and California Affordable Housing Agency (CalAHA), has acquired the 50-unit Rumble Road Apartments in Modesto for $17 million, or $340,000 per unit. AREF handles 100 percent of the total capitalization of the acquisition, along with reserves to cover lease payments and operating expenses. The program is a long-term lease to own, where AREF donates all equity and upside value to Stanislaus Regional Housing Authority. Stanislaus Regional Housing Authority, on a 35-year lease to own the property, will begin implementing a workforce housing platform at the property where the rent levels are structured to fall within moderate income housing as defined by HUD at 80 percent to 120 percent of area median income. Located at 2531 W. Rumble Road, the community offers 10 one-bedroom units and 40 two-bedroom apartments with air conditioning, ceiling fans, stainless steel appliances, double-pane windows, walk-in closets, full-size washers/dryers and tankless water heaters. Community amenities include a clubhouse with a fitness center, play area and onsite property manager. AREF has provided funds to gate the entire community. Matt Benwitt of Lee & Associates LA North/Ventura represented the buyer, while Marcus & Millichap …
FIRESTONE, COLO. — SRS Real Estate Partners has negotiated the sale of a retail building located at 10935 Colorado Blvd. in Firestone. An East Coast-based developer sold the asset to a local private investor for $5.4 million. The Learning Experience occupies the 10,000-square-foot building, which was built in 2023, under a new 15-year lease. Ryan Tomkins of SRS Capital Markets represented the seller in the deal.
WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of La Quinta Inn by Wyndham Denver Northglenn, a three-story hotel at 345 W. 120th Ave. in Westminster. A private seller sold the asset to a local buyer for an undisclosed price. Built in 1986 and renovated in 2023, La Quinta Inn offers 131 guest rooms and is centrally located between Boulder, Colo., and downtown Denver. Skyler Cooper and Christy McDougall of Marcus & Millichap represented the seller and procured the buyer in the deal. Adam Lewis served as Marcus & Millichap’s broker of record in Colorado.
NEW YORK CITY — Investment firm Gencom has acquired the 587-room Thompson Central Park Hotel in New York City. Ramsfield Hospitality Finance, funds managed by AB CarVal and Affinius Capital LLC provided a $230 million loan for the acquisition. Eastdil Secured represented the undisclosed seller in the transaction and also represented Gencom in arranging the acquisition financing. Situated on Manhattan’s Billionaires’ Row just south of Central Park, the luxury hotel rises 42 stories on 56th Street. Formerly the Parker Hotel, the property underwent a $100 million renovation and rebranding beginning in 2021. The hotel features 4,500 square feet of meeting space and various food-and-beverage concepts. A 6,500-square-foot Exhale Spa and fitness center is slated to open later this year. The hotel’s “Upper Stories” experience includes a private arrival and departure process and an exclusive guest lounge. A collection of guestrooms and suites are perched on the property’s topmost floors. Restaurants at the Thompson include Burger Joint, a popular burger eatery that is open for lunch and dinner; Parker’s, a restaurant on the hotel’s main level that features live music and crafted cocktails named after famous jazz songs; and Indian Accent, an upscale dining experience by Chef Manish Mehrotra that offers …
MABANK, TEXAS — Marcus & Millichap has brokered the sale of Pego Self Storage, a 568-unit facility in Mabank, about 55 miles southeast of Dallas. The complex consists of 12 buildings that span 72,262 net rentable square feet of space, including drive-up and climate-controlled units. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a local owner-operator, in the transaction and procured the Austin-based buyer. Both parties requested anonymity.
DELRAY BEACH, FLA. — A joint venture between Certares and TMGOC Ventures has purchased The Ray Hotel, an upscale, 141-room hotel in Delray Beach, a coastal city in South Florida’s Palm Beach County. The seller and sales price were not disclosed. Alexandra Lalos Church, Zak Brodstein and Lauren Habig of Hodges Ward Elliott represented the seller in the transaction. Delivered in September 2021, The Ray is part of Hilton’s Curio Collection of high-end hotels. The property offers amenities including a rooftop restaurant and bar, rooftop pool deck, 1,800-square-foot fitness center and a modern event space. The Ray’s three full-service eateries include restaurants from Michelin-star chef Akira Back and Campi Italian, a concept from New York-based Host Restaurants.
JACKSONVILLE, ALA. — Marcus & Millichap has brokered the sale of Jacksonville Crossing, a 56,401-square-foot shopping center located at 1555 Pelham Road S in Jacksonville, a city in northeast Alabama. The sales price was not disclosed. Philip Levy and Zach Taylor of Marcus & Millichap represented the seller and secured the buyer, both of which are private investors that requested anonymity. Eddie Greenhalgh served as Marcus & Millichap’s broker of record in Alabama for the transaction. Situated about 36 miles from Talladega Superspeedway, Jacksonville Crossing was 67 percent leased at the time of sale to tenants including Dollar Tree, Baja California Grill, Cricket Wireless and Five Below, which recently signed a new 10-year lease at the center.
