PASSAIC, N.J. — Locally based brokerage firm Gebroe-Hammer Associates has negotiated the $4.5 million sale of a 23-unit apartment complex located in the Northern New Jersey community of Passaic. The four-story building at 82 Paulison Ave. was constructed in the early 20th century and exclusively houses one-bedroom units. Debbie Pomerantz of Gebroe-Hammer represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW BRAUNFELS, TEXAS — Prudent Development has sold a 4,821-square-foot retail building in New Braunfels, a northeastern suburb of San Antonio, for $6.3 million. At the time of sale, the single-tenant building was leased on a triple-net basis to 7-Eleven. The store also features a Laredo Taco restaurant. Matthew Scow of Secure Net Lease represented the seller in the transaction. Mitch Stokes of Avison Young represented the buyer, a California-based investor that purchased the asset via a 1031 exchange.
CORPUS CHRISTI, TEXAS — Partners Real Estate has brokered the sale of a 66,196-square-foot office building located at 4646 Corona Drive in Corpus Christi. According to commercialcafé.com, the building was constructed on 3.3 acres in 1983. Gustavo Torres of Partners represented the seller, an entity doing business as 1950 Properties LLC, in the transaction. Additional terms of sale were not disclosed.
IRVING, TEXAS — Locally based brokerage firm STRIVE has arranged the sale of Irvingate Center, a 29,962-square-foot retail center in Irving. The property was 86 percent leased at the time of sale. Hudson Lambert and Jason Vitorino of STRIVE exclusively represented the Dallas-based seller and procured the buyer, a California-based investor, in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $86.7 million sale of Dunbar Apartments, a 538-unit historic apartment community in Harlem. The 10-building complex was constructed in 1928 and occupies a full city block. Locally based developer Fairstead sold the asset to private investor Isaac Herskovitz. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood, along with Steven Vegh of Westwood Realty Associates, brokered the deal, which traded at a cap rate of 7.67 percent. MF1 Capital provided $83 million in acquisition financing.
NORTH LAS VEGAS, NEV. — A joint venture between Ares Management Corp. and CapRock Partners has sold Tropical Logistics Phase II, an industrial warehouse complex in North Las Vegas. The 442,780-square-foot, Class A facility includes three single-tenant buildings. The buyer was institutional investor Stockbridge Capital Group. At the time of the sale, the property was fully leased to three tenants. Tropical Logistics Phase II is the joint venture’s third completed development. The firms have partnered in the development of Tropical Logistics Phase I, a 1.1-million-square-foot, Class A logistics facility that was completed and sold in the second quarter of 2022, and Spanish Ridge Industrial Park, a recently completed, partially leased, 230,899-square-foot industrial complex in Southwest Las Vegas. Cushman & Wakefield represented the seller, with local representation by JLL. The price was not disclosed.
WEST SACRAMENTO, CALIF. — Avanath Capital Management LLC has acquired Rivers Senior, a 120-unit affordable seniors housing community in West Sacramento, for $19 million. Constructed in 2008, Rivers Senior was built utilizing the California Tax Credit Allocation Committee’s Low-Income Housing Tax Credits (LIHTCs) along with bond financing via multiple agencies. Additionally, the asset benefits from the State of California’s Welfare Tax Exemption. The community features 96 one-bedroom and 24 two-bedroom units, 60 of which are reserved for residents earning up to 50 percent of area median income (AMI) and 59 units of which are reserved for residents at 60 percent of AMI. The property consists of nine two-story buildings situated on 4.8 acres, located approximately 2.5 miles west of downtown Sacramento, the main employment center for the city of Sacramento. The property, Avanath’s 19th acquisition in Northern California and its 13th in the greater Sacramento area, was purchased in an off-market transaction with the seller, from which Avanath has previously purchased numerous Sacramento-based multifamily assets. Avanath will manage the property internally and plans to implement several capital improvements at the property, including replacing the roofs and boilers. The firm will also incorporate ESG principles aligned with its mission, including upgrading …
WESTMINSTER, CALIF. — CBRE arranged the sale of Courtyard Apartments at La Pat Place, a 30-unit community in Westminster. A private investor purchased the property for $10 million. Courtyard Apartments at La Pat Place was built in 1963 and offers a mix of studio, one-, two- and three-bedroom floor plans. All 30 units were remodeled as part of the $1 million in renovations completed by the seller. Dan Blackwell and Andrew Boukather represented the buyer and undisclosed seller in this transaction.
PICO RIVERA, CALIF. — CapRock Partners has acquired Olive Tree Industrial, a 3.1-acre, value-add industrial outdoor storage property in Pico Rivera, just southeast of Los Angeles. The property features about 31,000 square feet of warehouse space and a large, secured storage yard. CapRock intends to transform the property into a modern and functional facility. The firm continues to seek value-add investment opportunities throughout the Western and Central U.S. Mark Repstad and Carla Chen with Southland CRE represented CapRock in the purchase transaction. They were also retained to market and lease Olive Tree Industrial’s available space.
SPICEWOOD, TEXAS — Dallas-based investment firm Hinze Capital has acquired a 222-unit self-storage facility in Spicewood, about 30 miles northwest of Austin. Spicewood Super Storage totals 83,510 net rentable square feet and includes spaces for boat and RV storage. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of self-storage brokerage firm Versal represented the Houston-based seller in the transaction. The team also procured Hinze Capital as the buyer.