FAIRFIELD, N.J. — Lee & Associates has negotiated the $3.6 million sale of a 34,445-square-foot office building located in the Northern New Jersey community of Fairfield. The three-story building at 383 U.S. Route 46 was originally constructed on 1.6 acres in the 1970s and has been owner-occupied since 1985. Peter Rasmusson of Lee & Associates represented the seller, The Glassman Family, in the transaction, and procured the buyer, an entity doing business as Fairfield Real Estate LLC.
ATLANTA — Affordable housing is facing a tumultuous second half of the year. Tariffs on building materials such as lumber, steel and aluminum are slowing development activity as they elevate construction costs. Investment sales are also likely to be impacted by unstable economic conditions in the affordable housing sector, where many transactions are conducted within a limited budget due to the nature of income restrictions for renters. Amid high costs and trade uncertainty, many investors are making the decision to stay on the sidelines or invest in markets with more stable conditions. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “The most experienced, best qualified buyers are being careful about what they purchase,” said Kyle Shoemaker, a managing director at Affordable Housing Investment Brokerage. The Downers Grove, Illinois-based company arranges acquisitions and dispositions of Section 8, Section 42, low-income housing tax credit (LIHTC) and tax credit housing. “The affordable housing sector was heated in 2021,” Shoemaker continued. “At that point in time, we were getting more calls than ever from multifamily investors who were interested in entering the affordable …
PLANO, TEXAS — A partnership between Indianapolis-based Kite Realty Group (NYSE: KRG) and Singapore’s GIC has acquired Legacy West, a mixed-use development located in Plano, for $785 million. According to Kite Realty’s first-quarter earnings report that announced the transaction, Legacy West includes 344,000 square feet of retail space, 444,000 square feet of office space and 782 multifamily units. Invesco Real Estate has been the lead equity partner in Legacy West since the project’s inception in 2014, becoming the majority owner of the development in 2019. Prism Places and Mark Masinter of Open Realty Advisors handled leasing negotiations and the curation of office tenants, retailers and restauranters at Legacy West, which is now more than 95 percent leased. Tenants at the development include Louis Vuitton, Tiffany, Gucci, Tory Burch, Watches of Switzerland, Aritzia, lululemon, Chanel Beauty, Ralph Lauren and Vuori. “We’re proud to have played a role in shaping this dynamic development — one that integrates thoughtful placemaking and a carefully curated tenant mix, designed to serve the community for years to come,” says Mark Masinter, chairman of Global Retail for Newmark. Legacy West also features more than 20 various eateries, including the development’s food hall, Legacy Hall, and newer additions …
SAN ANTONIO — Atlanta-based brokerage firm Hunter Hotel Advisors has negotiated the sale of the 106-room Hilton San Antonio North Stone Oak hotel on the city’s north side. Rooms feature kitchenettes, and amenities include a fitness center and outdoor pool. A San Diego-based investor purchased the property from an institutional investment firm, with both parties requesting anonymity. Kami Burnette and Mason McDavid of Hunter Hotel Advisors brokered the sale. The firm’s Adeel Amin arranged acquisition financing for the deal.
HOLLISTER, CALIF. — The De Jong | Becher Self Storage Team at Colliers has arranged the sale of Hannigan’s Mini Storage facility in Hollister. Mechanics Banks, as trustee for the John A Maki Trust, sold the asset to National Storage Affiliates for $6.5 million. Located at 180 San Felipe Road, the fully stabilized self-storage facility features 330 units in 29,926 rentable square feet. The property will transition to Right Space Storage management and branding at close.
PARKER, COLO. — Trevey Commercial Real Estate has arranged the sale of a retail property located at 12810 Stroh Ranch Court in Parker. Journey Church Colorado acquired the asset from AKM Family LLP for $5.5 million. Situated on 1.5 acres, the building, which is currently leased by La-Z-Boy, offers 20,375 square feet. David Marulli, Tommy Daher and Mitch Trevey of Trevey Commercial Real Estate represented the seller, while Tom Omdal and Katie Hummer of Kin Commercial represented the buyer in the deal.
HAMPTON, N.H. — Regional brokerage firm The Stubblebine Co. has arranged the $31.5 million sale of Appleton Oaks, a 113-unit apartment complex in Hampton, located near the Maine-New Hampshire border. The two-building complex was constructed in phases between 2004 and 2005. Specific information on floor plans and amenities was not disclosed. David Berman, James Stubblebine, David Stubblebine and Zack Hardy of The Stubblebine Co. represented the undisclosed seller in the transaction and procured the buyer, Seabrook Real Estate Partners.
WEST PALM BEACH, FLA. — Bradford Allen Investment Advisors has acquired One Clearlake, an 18-story office tower located at 250 S. Australian Ave. in downtown West Palm Beach. The Chicago-based buyer plans to invest $10 million to fully renovate the 221,661-square-foot property to include a new roof, updated elevator system and fitness center, reimagined tenant lounge and a newly constructed conference center. Additionally, Bradford Allen plans to build four move-in-ready spec suites on one floor that will be ready for delivery by the fourth quarter. Situated near South Florida’s Tri-Rail and Brightline rail services, One Clearlake was originally built in 1986 and is LEED Gold- and Energy Star-certified. Christian Lee, Amy Julian, Andrew Chilgren, Tom Rappa, Matthew Lee and Sean Kelly of CBRE’s National Office Partners of Florida represented the seller in the transaction. Bradford Allen will provide asset and property management services at the property, while Jon Blunk and Laurel Oswald of TCRE will handle leasing negotiations. The transaction marks Bradford Allen’s second office acquisition in South Florida following its purchase of 350 and 450 E. Las Olas Blvd. in Fort Lauderdale in February.
CHARLOTTE, N.C. — Cushman & Wakefield has arranged the sale of Carmel Village, a 53,615-square-foot retail center located in Charlotte. Situated at 7510 Pineville-Matthews Road, the center was 91 percent leased at the time of sale to tenants including Bonefish Grill, Mathnasium, Eye Care Partners, Chick-O-Rice, NY Old School Bagels and QC Tea Bar. Margaret Jones, Lane Breedlove and Miguel Alcivar of Cushman & Wakefield represented the seller, Raptor Realty Investments, in the transaction. The buyer was not disclosed.
RICHMOND, KY. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 49-unit assisted living community located in Richmond, roughly 35 miles southeast of Lexington, Ky. A Midwest-based private equity group acquired the property, which was built in 2009, for an undisclosed price. Kyle Hallion, Connor Doherty and Ryan Kelly of Blueprint represented the seller, a New York-based owner-operator, in the transaction. Both parties requested anonymity.