FAIR LAWN, N.J. — Locally based investment firm TFE Properties has acquired the 93,000-square-foot River Road Shopping Center in the Northern New Jersey community of Fair Lawn. The 6.3-acre center comprises an 18,825-square-foot single-tenant building occupied by Walgreens, an 18,900-square-foot multi-tenant building and a 54,000-square-foot building that was formerly occupied by grocer ShopRite. The new ownership plans to implement a value-add program to the multi-tenant and former grocery buildings. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Ryan Robertson of JLL represented the seller, Bon-Marc Realty Co., in the transaction and procured TFE Properties as the buyer.
BOSTON — Coldwell Banker Commercial Realty has brokered the $6.2 million sale of a 14,000-square-foot office building in the Brookline area of Boston. Todd Glaskin and Gregg Leppo of Coldwell Banker represented the buyer, local developer Concept Properties, in the transaction. The duo also represented the seller, a partnership between Kinross Real Estate and Greenline Realty, which purchased the building for $2.5 million in 2005.
JACKSONVILLE, FLA. AND MEMPHIS, TENN. — Faropoint has purchased a 16-building industrial portfolio in two Southeast markets: Jacksonville and Memphis. The Hoboken, N.J.-based firm acquired the 1.7 million-square-foot portfolio from New York-based Brookfield Asset Management for $105 million. Eastdil Secured brokered the off-market transaction. The names and addresses of the assets were not disclosed, but the portfolio comprises 45 suites across four Jacksonville properties and 12 buildings in Memphis.
JACKSONVILLE, FLA. — Merritt Properties has acquired a five-building, single-story office park located at 5022 Gate Parkway in Jacksonville for $19.6 million. Karl Johnston and Traci Jenks of Cushman & Wakefield represented the seller, Boston-based Taurus Investment Group, in the transaction. Formerly known as The Meridian at Deerwood, the newly acquired property has been renamed Merritt at Gate Parkway and is being converted to light industrial use. Plans are already underway to enhance the property by installing drive-in docks and further upgrading the facilities to meet modern industrial standards. Situated within St. Johns Town Center, the 200,328-square-foot park is located directly off J. Turner Butler Boulevard in south Duval County. Space is available beginning at 3,500 square feet. Merritt at Gate Parkway’s existing tenants include DB Structured Products and MMI. Since entering the market in 2021, Merritt Properties’ Jacksonville portfolio now exceeds 500,000 square feet.
CLARKSVILLE, TENN. — Colliers Mortgage has provided an $8.1 million Fannie Mae loan for the acquisition of East Johnson Apartments, an 86-unit market-rate community in Clarksville, about 50 miles northwest of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the five-year loan on behalf of the borrower, an entity doing business as East Johnson LLC. Built in 2023, East Johnson Apartments features amenities including electric vehicle charging stations and a dog park.
EVANSVILLE, IND. — CBRE has brokered the sale of Post House, a 159-unit multifamily community in Evansville, a city on the Ohio River. The sales price was undisclosed. Built in 2020 and located at 215 Vine St., the property features a range of studio, one- and two-bedroom floor plans averaging 894 square feet and 15 loft-style, live-work units. Amenities include a pool, covered outdoor seating, yoga room, dog spa, dog park, fitness center, coworking center and parking garage. Hannah Ott, George Tikijian, Cam Benz, Claire Bullard and Ryan Stockamp of CBRE represented the seller, Scannell Properties. Prosperity Commercial Real Estate was the buyer.
ITASCA, ILL. — Lee & Associates of Illinois has arranged the sale of a 101,577-square-foot industrial building located at 701 Rohlwing Road in Itasca. The sales price was undisclosed, but the transaction marks the largest user sale in the O’Hare submarket this year by both sales price and square feet, according to Lee & Associates. Jeffrey Janda and Jeff Galante of Lee & Associates represented the seller, a private owner. Chris Nelson and Calvin Gunn of Lee & Associates represented the buyer, TR Property Management.
CHICAGO — Interra Realty has negotiated the sales of three multifamily properties in Chicago for a combined $6.8 million. Joe Smazal of Interra represented the three private sellers and the three local buyers. Located in the Avondale neighborhood, 3748-54 W. School St. sold for $2.8 million. The 12-unit building features two-bedroom, three-bedroom and four-bedroom layouts. Recent renovations include plumbing and electrical system replacements as well as new steel porches. In the Jefferson Park neighborhood, 5045-49 N. Northwest Highway is a 12-unit building that sold for $2.7 million. Constructed in 2008, the property features two-bedroom layouts. A 12-unit property at 5057-59 W. Altgeld St. in the Belmont Craigin neighborhood sold for $1.2 million. The building features studio, one-, two and three-bedroom layouts. It received a new roof in 2023.
WHITEWATER, WIS. — Marcus & Millichap has brokered the $3.6 million sale of Whitewater Plaza, a 24,211-square-foot retail strip center in Whitewater, about 50 miles southwest of Milwaukee. Located at 1139 W. Main St., the property is 94 percent occupied by tenants such as Jimmy Johns, Anytime Fitness, Cozumel Mexican Restaurant and Beijing Buffet. Dominic Sulo and Sam Malato of Marcus & Millichap represented the undisclosed seller. The buyer was also undisclosed. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
HOLLISTON, MASS. — Marcus & Millichap has negotiated the $2.8 million sale of a vacant industrial building in Holliston, a southwestern suburb of Boston. The building at 91 Kuniholm Drive totals 52,000 square feet and features multiple loading docks and a clear height of 16 feet. Harrison Klein of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The new ownership plans to renovate the building to be able to support multiple small users.