AURORA, ILL. — SVN Chicago Commercial has arranged the sale of a 45,000-square-foot industrial building in Aurora for $1.5 million. Located at 325 S. Union St., the 111-year-old property, once utilized for manufacturing World War II vehicle parts, is slated to be converted into multifamily units. James Mead of SVN represented the undisclosed seller. The buyer, specializing in adaptive reuse projects, plans to use historic tax credits to complete the project.
CLIFTON, N.J. — Locally based financial intermediary Cronheim Mortgage has arranged a $20 million loan for the refinancing of Styertowne Shopping Center, a 236,000-square-foot retail property located in the Northern New Jersey community of Clifton. Stew Leonard’s Farm Fresh Food & Wine anchors the center, which was originally built in 1949. Other tenants include Michaels, Planet Fitness, Dollar Tree and GNC. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan through Reinsurance Group of America on behalf of the undisclosed borrower.
TINTON FALLS, N.J. — JLL has negotiated the $14.7 million sale of a 90,008-square-foot office building located at 100 Tormee Drive in the coastal New Jersey community of Tinton Falls. The two-story building was constructed on 8.6 acres in 2001 and was fully leased at the time of sale to Hackensack Meridian Health and Opentext. Jeremy Neuer and Jose Cruz of JLL represented the undisclosed seller in the transaction and procured the buyer, Rockford Holdings.
SAN DIEGO — MIG has completed the disposition of Four Governor Park, a two-building office property in San Diego. Cast Capital Partners acquired the asset for $11 million. Situated on 2.7 acres, Four Governor Park includes a 21,715-square-foot building at 5080 Shoreham Place and a 28,521-square-foot building at 5090 Shoreham Place that are connect by a courtyard. At the time of sale, the property was 96 percent occupied by a mix of office tenants. The buyer plans to sell the individual units. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE represented the seller, while Bret Morris of Cast Capital Partners and Ryan King of Voit represented the buyer in the transaction.
PITTSBURGH — Marcus & Millichap has brokered the sale of the 69-room Hampton Inn Pittsburgh/West Mifflin hotel. Built in 1997 and renovated in 2018, the hotel is located about eight miles south of the downtown area and offers amenities such as an outdoor pool, fitness center and a business center. Alexandre Duong and Kevin Laureno of Marcus & Millichap represented the seller, Seaview Hospitality, in the auction sale. The duo, along with Adam Sklaver and Philip Kates of Marcus & Millichap, also secured the private buyer.
ORLANDO, FLA. — CBRE has brokered the $15 million sale of an office building located at 65 S. Keller Road in Orlando. The building, which was fully leased at the time of sale, totals 82,260 square feet. David Harari, CEO of Bloom Ventures, was the buyer. Ronald Rogg of CBRE represented the undisclosed seller in the transaction. Zack Brumbaugh of CBRE secured acquisition financing on behalf of the borrower.
NEW YORK CITY — Global alternative investment firm Investcorp has acquired three national industrial portfolios that collectively total 1.5 million square feet across 41 buildings. The sales price was approximately $300 million. The seller(s) was not disclosed. The details of the three portfolios are as follows: Following this transaction, which comes on the heels of the firm buying a five-building, 435,000-square-foot industrial portfolio on Long Island, Investcorp now owns 640 industrial buildings totaling roughly 42 million square feet across the country. “We remain confident in the industrial asset class, which now represents nearly 60 percent of our real estate assets under management in the United States,” says Herb Myers, co-head of real estate, North America at Investcorp. “While the overall sector has shown signs of normalizing from pandemic-era highs, a lot of this stabilization is concentrated among newly built speculative properties, and we continue to see strong performance and compelling investment opportunities for existing infill assets in high-growth markets.” “As reshoring and nearshoring have reshaped the industrial and manufacturing landscapes, well-located, multi-tenanted industrial assets have continued to attract robust interest from tenants and investors,” adds Michael Moriarty, managing director and head of commercial acquisitions at Investcorp. “The properties comprising these …
ATLANTA — LRE Management has acquired a multifamily portfolio located in the Atlanta metro area for $102 million. The seller was not disclosed. Totaling 778 units across three properties, the portfolio comprises Eastwood Village in Stockbridge, Monterey Village in Jonesboro and Peachtree Landing in Fairburn. Amenities at each community include a pool and fitness center. LRE, which assumed mortgage debt in the purchase, plans to renovate select unit interiors, as well as modernize the amenities and implement new property management. “We believe that acquiring 2000s-vintage assets in a tier-one market at pre-pandemic pricing and at a significant discount to current replacement cost represents a once-in-multiple-decades investment opportunity,” says Eric Londa, founder and managing partner of LRE.
MIAMI — Avison Young has brokered the $9.1 million sale of an industrial property located at 7400 N.W. 37th Ave. in Miami. RAM Steel Framing occupies the building, which totals 109,000 square feet. John Crotty, David Duckworth, Michael Fay and Brian de la Fé of Avison Young represented the seller, Plage Associates, and the buyer, Azora Exan, in the transaction. The same team previously arranged Plage Associates’ $7.5 million purchase of the property in 2020. RAM Steel Framing will continue to occupy the building, which is situated roughly three miles from Miami International Airport.
DALTON, GA. — Faris Lee Investments has arranged the $4.7 million sale of a freestanding retail pad building located in Dalton, a city in northern Georgia near the Tennessee border. Starbucks Coffee and AFC Urgent Care currently occupy the property. Developed in 2023, the two-tenant building features a drive-thru and is situated at the entrance to Dalton Square, a shopping center leased to Food City, Ross Dress for Less, Ulta Beauty and PetSmart. Scott DeYoung, Jeff Conover, Don MacLellan and Greg Lukosky of Faris Lee represented the undisclosed seller in the transaction. A Georgia-based 1031-exchange private investor was the buyer.
