PENNSAUKEN, N.J. — Alternative investment management firm GID has acquired an 111,400-square-foot industrial building in the Southern New Jersey community of Pennsauken. The building at 8290 National Highway, which according to LoopNet Inc. was built on 4.4 acres in 1967, can accommodate one or two tenants and features a clear height of 20 feet, one drive-in door and 15 dock-high doors. The new ownership plans to implement a value-add program to the building, which is currently vacant. The seller and sales price were not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has negotiated the $2.5 million sale of an eight-unit apartment building located at 313 W. 92nd St. on Manhattan’s Upper West Side. Five of the eight units were vacant at the time of sale. Ben Khakshoor of Rosewood represented the buyer, Put Duc Huang, in the transaction. Mike Kerwin, also with Rosewood, represented the seller, the Goldberg Family, which owned the building for 85 years.
EL PASO, TEXAS — Dallas-based Provident Industrial has sold two buildings totaling 576,365 square feet in El Paso. The facilities were the first two of three to be developed within Gateway Logistics Park. Building I totals 308,270 square feet and features 32-foot clear heights, 69 dock doors and 93 trailer parking spaces. Building II spans 268,095 square feet and also features 32-foot clear heights in addition to 56 dock doors and 69 trailer parking spaces. Buildings I and II were delivered in November 2023 and April 2024, respectively, and construction of Building III will be completed later this month. The buyer was Philadelphia-based EQT Exeter.
ATLANTA — CBRE has arranged the $126.3 million sale of Iris O4W, a newly built apartment community in Atlanta’s Old Fourth Ward neighborhood. Equity Residential purchased the 320-unit property from the developer, Trammell Crow Residential, and equity partner, Diamond Realty Investments. Shea Campbell, Ashish Cholia, Kevin Geiger, Colleen Hendrix and Don Hoffman of CBRE’s Southeast Multifamily team represented the sellers in the transaction. Located at 652 Angier Ave. NE, Iris O4W is situated steps from the Atlanta BeltLine’s Eastside Trail and features a saltwater pool with a sun ledge, outdoor rooftop lounge with an entertainment bar, outdoor club area with grills and a pizza oven, fitness center, an indoor clubroom with game tables and HDTVs and a pet spa. Delivered last year, the community comprises studio, one- and two-bedroom apartments averaging 860 square feet in size.
FORESTVILLE, MD. — DLC and Meadow Partners have purchased Penn Mar Shopping Center, a 378,205-square-foot, grocery-anchored retail center in Forestville, for $68.5 million. Apollo and Athene provided an undisclosed amount of acquisition financing for the deal. The seller was not disclosed. Situated within the Washington, D.C., suburb of Prince George’s County, Penn Mar is anchored by Shoppers Food Warehouse, which recently extended its lease and fully renovated its store. Other tenants include Burlington, Ross Dress for Less, Dollar Tree, Petco and Foot Locker, as well as outparcel pads for Starbucks, Truist Bank, Taco Bell, Raising Cane’s, IHOP, Wendy’s and Long John Silver’s. Penn Mar was 91.5 percent leased at the time of sale.
ASHBURN, VA. — Finmarc Management Inc. has sold a 25.3-acre site at 19886 Ashburn Road in Ashburn, a city in Loudoun County. The buyer, a data center developer doing business as JK Land Holdings LLC, purchased the site for $60 million. The new ownership plans to develop a new 360,000-square-foot data center on the site. The construction timeline for the project was not disclosed. Ryan Goeller of KLNB represented JK Land Holdings in the land acquisition, and Rob Faktorow, Josh Greenberg and Anna Faktorow of CBRE represented the seller. Finmarc acquired the site, which includes a 110,000 square foot office building and a nearly 80,000-square-foot industrial/R&D structure, in 2019. The two-building portfolio currently serves as the global headquarters for Telos Corp., a cybersecurity IT firm that has occupied the facility since 1988.
DENTON, TEXAS — Multifamily brokerage firm GREA has arranged the sale of Audra Townhomes, a 161-unit property located in the North Texas city of Denton. Homes come in three- and four-bedroom floor plans, have an average size of 1,650 square feet and are furnished with quartz countertops, stainless steel appliances and walk-in closets. Residences also feature attached two-car garages. An entity doing business as Audra Townhomes 1 LLC sold the property to an undisclosed, publicly traded REIT. Mark Allen and Lee Robinson of GREA brokered the deal.
MAGNOLIA, TEXAS — The Farm League, an operator of recreational sports facilities, has purchased 35 acres in the northwestern Houston suburb of Magnolia for the development of its latest complex. The site is located at the northwest corner of State Highway 149 and FM 148 and will be combined with a 12-acre parcel, yielding a 47-acre complex that will feature multiple baseball, softball, football and soccer fields. Construction is slated to begin later this year and wrap up in 2026. Parkside Capital sold the land for an undisclosed price.
PARAMUS, N.J. — Cushman & Wakefield has brokered the $36.8 million sale of Paramus Plaza, a 153,494-square-foot shopping center in Northern New Jersey. The center was fully leased at the time of sale to tenants such as Hobby Lobby, Marshalls, Ashley, Skechers and Chipotle Mexican Grill. Frank DiTommaso, Gary Gabriel, David Bernhaut, Andy Merin, Max Helfman and Mark Gilbert of Cushman & Wakefield represented the seller, a partnership between Acadia Realty Trust and Fortress Investment Group, in the transaction. Brad Domenico of Cushman & Wakefield arranged acquisition financing through Bank United on behalf of the buyer, a partnership between DRA Advisors and an affiliate of Crown Acquisitions.
EDISON, N.J. — NAI DiLeo-Bram has brokered the $5.5 million sale of a 21,929-square-foot retail center in Edison, located roughly midway between Newark and Trenton. The center at 1825 Route 27 consists of a 13,769-square-foot plus vacant basement space and an 8,160-square-foot building whose three units are fully leased. Marc Shein and Robert DiLeo of NAI DiLeo-Bram represented the seller, Sam Ash Properties Corp., in the transaction. Remax represented the buyer, an undisclosed, out-of-state grocer that also plans to occupy the building.