DUNCANNON, PA. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $3 million sale of a property in Duncannon, a northern suburb of Harrisburg, that consists of 31 residential units and 47 self-storage units. Arbor Manor Apartments & Storage was originally built on 5.5 acres in 1980. Matt Wolf of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
PHOENIX — Rise48 Equity has acquired Spring, a 186-unit multifamily community in Phoenix. Living Well Homes sold the garden-style property for $42 million. Cliff David and Steve Gebing of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the transaction. Brian Eisendrath, Cameron Chalfant, Jake Vitta and Tyler Johnson of IPA Capital Markets arranged an undisclosed amount of acquisition financing. Built in 1984, Spring comprises 18 two-story buildings across nine acres. Community amenities include a pool, courtyard and a fitness center. Individual apartments feature washers and dryers, dishwashers, walk-in closets and patios or balconies. The average unit size is 830 square feet.
CARSON, CALIF. — Partners Capital has purchased a five-building industrial portfolio in Carson, a city 17 miles south of Los Angeles. The portfolio contains five buildings for a total of 38,152 square feet. Known as Carson Business Park, the asset is located on a two-acre site at 401 to 409 Gardena Blvd. The park was fully leased at the time of sale to 16 unique tenants with a weighted average lease term of about 0.8 years. In-place rents are about 61 percent below market rates. Scott Schumacher, Aaron Banks, Kevin Shannon, Andrew Briner and Anthony Muhlstein of Newmark represented the seller, an entity doing business as Carson Five LLC, in the transaction. The seller and sales price were not disclosed.
WAUKEGAN, ILL. — CBRE has arranged the sale of a 116,500-square-foot office building located at 2100 Norman Drive in the Chicago suburb of Waukegan. The sales price was undisclosed. The property is net leased to UCC Environmental, a provider of environmental solutions for power generation and industrial application worldwide. The asset was constructed in 1989 as a build-to-suit for the company. Gary Nussbaum and Maury Vanden Eykel of CBRE represented the seller, Woodlark Investments LLC. A partnership between ICP Funds and Fulcrum Asset Advisors was the buyer.
APPLETON, WIS. — Blue West Capital has brokered the sale of a single-tenant industrial building totaling 46,862 square feet in Appleton for an undisclosed price. Located at 3009 N. Zuehlke Drive, the property is fully leased to Hajoca Corp., which operates as Able Distribution at this location. The tenant is a wholesale distributor of plumbing, heating and cooling, pool and industrial supplies. Carly Kelly of Blue West Capital represented the buyer, a private real estate investment fund based in the Midwest. A Wisconsin-based real estate company was the seller.
CHICAGO — SRS Real Estate Partners has negotiated the sale of a single-tenant retail property occupied by US Bank in Chicago’s Chinatown neighborhood for $2.8 million. Constructed in 1991, the 5,400-square-foot building is located at 2131 S. China Place. US Bank has more than nine years remaining on its lease at the property, which is situated within Chinatown Square, a nearly 162,000-square-foot outdoor mall that offers authentic cuisines, stores and traditional artwork. Sean Lutz and Dan Elliot of SRS represented the seller, a California-based private investor. Zoe Zhu of Century 21 represented the buyer, a Chicago-based private investor. The transaction represented a cap rate of 4.6 percent.
CLARKSVILLE, TENN. — Northmarq has brokered the $40 million sale of Addison at Rossview, a 205-unit apartment community located at 200 Holland Drive in Clarksville, about 45 miles northwest of Nashville. David Stollenwerk, Bryan Schellinger, Ben Crawford and Brenden Bercaw of Northmarq represented the seller, a locally based developer, and procured the buyer, Timberland Partners, in the transaction. Daniel Trebil and Jesse Lemos of Northmarq arranged a 10-year, fixed-rate Fannie Mae acquisition loan on behalf of Timberland. Built in 2016, Addison at Rossview features one-, two- and three-bedroom apartments, as well as a saltwater swimming pool, playground, dog park, coffee bar, community clubhouse, business center, four-acre park and walking trail and garages.
DECATUR, GA. — Greystone has provided a $10.4 million Fannie Mae loan for the acquisition of Park Estates, a 100-unit apartment community located in the Atlanta suburb of Decatur. Dan Sacks and Avi Kozlowski of Greystone’s New York office arranged the non-recourse, fixed-rate loan on behalf of the borrower, an entity doing business as Park Estates FO LLC. Meridian Capital – New York acted as correspondent on the deal. The five-year loan featured full-term interest-only payments. Built in 1985, Park Estates comprises 13 garden-style buildings housing two-bedroom apartments.
CHATTANOOGA, TENN. — Ziff Real Estate Partners has sold East Brainerd Shopping Center, an 18,156-square-foot retail strip center located at the intersection of East Brainerd and Jenkins roads in Chattanooga. The buyer and sales price were not disclosed. The property’s tenant roster includes East Brainerd Wine & Spirits, Marco’s Pizza, Tobacco Mart of Chattanooga and Good World Goods. The center includes a gas station and Food City grocery store that Ziff is not including in the sale.
AUSTIN, TEXAS — The Nord Group, a private equity firm with offices in New York City and Houston, has acquired The Park at Crestview, a 248-unit apartment community in North Austin. Built in 1970, the property consists of 37 two-story buildings on a 13-acre site. Residences come in one-, two- and three-bedroom floor plans, and amenities include a pool, playground and a dog park. Austin Marshak of New York City-based brokerage firm Rosewood Realty Group represented Nord Group in the transaction. Mike Kerwin and Scott Bernstein, also with Rosewood, represented the seller, Houston-based investment firm Nitya Capital.