HOUSTON — Metro Philadelphia-based CenterSquare Investment Management has acquired a portfolio of four industrial service buildings totaling 244,946 square feet in Houston. The portfolio, which was 88 percent leased at the time of sale, consists of 55 suites with an average size of 4,454 square feet with oversized grade-level doors and 17- to 18-foot clear heights. CenterSquare plans to implement a value-add program that will involve minor roof repairs, concrete repairs and adding HVAC where needed. The seller and sales price were not disclosed.
HURST, TEXAS — Prudent Growth Partners, a North Carolina-based private equity real estate firm, has purchased a 47,364-square-foot retail center in Hurst, located in the northern-central part of the metroplex. Melbourne Plaza, which sold for $7.8 million, was 97 percent leased to 17 tenants at the time of sale. The seller was not disclosed.
NEW YORK CITY — Locally based investment and development firm AmTrustRE has entered into an agreement to buy 260 Madison Avenue, a 22-story office building in Midtown Manhattan, for roughly $217 million. The approximately 570,000-square-foot building was constructed in 1952 and was roughly 68 percent leased at the time of sale. Tenants include Hanesbrands, MGM, Regus, McLaughlin & Stern and Marcus & Millichap. AmTrust plans to invest between $60 million and $70 million in capital improvements to the building. The seller was The Sapir Organization.
MAMARONECK, N.Y. — Chicago-based brokerage firm Kiser Group has negotiated the $76 million sale of the 250-bed Sarah Neuman Skilled Nursing Facility in Mamaroneck, roughly 30 miles northeast of New York City. According to Kiser Group, the property was initially under contract for $84 million, but the first buyer had to withdraw from the transaction due to rising interest rates. Mark Myers led the Kiser Group team that arranged the sale. The seller was an undisclosed religious nonprofit organization. Myers also arranged interim financing on behalf of the buyer, including a $5 million loan, throughout the approval process.
NEW YORK CITY — Marcus & Millichap has brokered the $17.5 million sale of a 26,624-square-foot retail building in the Bushwick area of Brooklyn. The building at 321 Starr St. houses 10 units, and tenants include MetroRock, 48 Cypress and New York Film Lab. Shaun Riney, Michael Salvatico, Scott Plasky and Alexander Arustamanian of Marcus & Millichap represented the seller and procured the Canadian buyer in the transaction. Both parties requested anonymity.
RENO AND SPARKS, NEV. — Hamilton Zanze has expanded its regional footprint from 176 units to 1,224 units with the purchase of Kromer Portfolio, a three-property apartment portfolio in Reno and Sparks. Terms of the transaction were not released. Totaling 1,048 apartments, the portfolio includes: Ken Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the buyer in the deal.
CITY OF INDUSTRY, CALIF. — Bridge Logistics Properties has acquired San Jose 2-Pack, a two-building, 450,000-square-foot industrial portfolio in City of Industry within Los Angeles’ San Gabriel Valley submarket. Terms of the transaction were not disclosed. The fully leased complex includes a 250,000-square-foot facility and a 200,000-square-foot facility. Patrick Nally, Evan Moran, Ryan Spradling, Makenna Peter and Rustin Mork of JLL represented the undisclosed seller in the the transaction.
GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing for the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel hardware, vinyl wood plank flooring, stainless steel appliances and subway tile backsplashes. JLL Capital Market’s investment sales team was led by Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke.
SAN JUAN CAPISTRANO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9.2 million sale of Rancho Ortega Plaza, a 23,122-square-foot retail strip center located in San Juan Capistrano, roughly 55 miles south of Los Angeles. Starbucks Coffee anchors the two-story property, which was 89 percent leased at the time of sale. Other tenants include Tannins Wine Bar & Restaurant, Bella Nails and Ortega Dental Care. Rancho Ortega Plaza was built in 2004 on 2.2 acres. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller, an Orange County, Calif.-based private investor. Michael Asarch of Asarch Commercial Endeavors represented the buyer, a Los Angeles-based private investor, in the transaction.
CHICAGO — Interra Realty has brokered the sale of Low-Line Commons, a 95-unit apartment complex in Chicago’s Lakeview neighborhood. Joe Smazal and Mark Dykstra of Interra represented the seller, a joint venture between Wildwood Investments and Contemporary Concepts, and the buyer, Highland Real Estate Partners. The building was 98 percent leased at the time of sale. Constructed in 2024, the property features amenities such as a lounge, coworking space, fitness center, storage lockers, a pickleball court and rooftop deck. Located on North Ashland Avenue, the asset features studio, one-, two- and three-bedroom units.