ATLANTA — Innova Solutions has acquired 1455 Lincoln Parkway, a 186,846-square-foot office building in Atlanta. The global talent and IT solution company plans to relocate its headquarters to the property and occupy two floors totaling 50,010 square feet. Florida-based Parmenter Realty Partners, which acquired the property in 2015, sold the building for an undisclosed price. Built in 1986, the building features an onsite café, conference center and a fitness center with shower and locker facilities. Innova Solutions will bring the property to 82 percent occupancy. Brian Howell and Jack Arnold of Bridger Properties will continue to manage leasing at the property on behalf of Innova Solutions. Jay O’Meara, Nima Ghomghani and Paul Holmes of CBRE represented the buyer in the transaction.
Acquisitions
MIAMI — JLL has brokered the $38.5 million sale of Milpa & Wesley Center, an industrial portfolio located at 6801-7500 N.W. 77th Ave. in Miami. The property, which was 91 percent occupied at the time of sale, comprises 182,575 square feet across six buildings. Cofe Properties LLC sold the portfolio to Miami Palmetto Property LLC, an entity co-sponsored by East Capital Partners and ABR Capital Partners’ GP Investment Program. Luis Castillo, Cody Brais, Wells Waller, Taylor Osborne and Aaliyah St. Louis of JLL represented the seller in the transaction. The property features 17- to 19-foot clear heights, 12 dock-high and 101 grade-level doors and 275 parking spaces.
BEB Provides $9.7M Acquisition Financing for Industrial Property in Lake Worth, Florida
by John Nelson
LAKE WORTH, FLA. — BEB Lending has provided a $9.7 million loan for the acquisition of an industrial property located at 1800 Hypoluxo Road in Lake Worth, a city in South Florida’s Palm Beach County. The 77,657-square-foot property is leased to a mix of small-bay and self-storage industrial tenants. Sean Silverbrook of BEB originated the 24-month bridge loan. Juda Hersh represented the borrower, Hersh Equity Group (HEG), on an in-house basis.
ARLINGTON, TEXAS — Locally based private equity firm Reap Capital has acquired Brookside Apartments, a 288-unit multifamily community in Arlington. Brookside comprises 22 buildings that house one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining stations, a business center, playground, pet park and onsite laundry facilities. Wesley Racht, Nick Fluellen, Bard Hoover and Chris Pearson of Marcus & Millichap represented the undisclosed seller in the transaction and procured Reap Capital as the buyer.
DALLAS — Lee & Associates has brokered the sale of a 148,538-square-foot industrial building in southwest Dallas. The building at 5050 Investment Drive was originally constructed in 1978 and features 21- to 24-foot clear heights. Colton Rhodes and Stephen Williamson of Lee & Associates represented the buyer, Boston-based Longpoint Realty Partners, in the transaction. The seller was an entity doing business as IMCD US. The sales price was not disclosed.
TEXAS CITY, TEXAS — Marcus & Millichap has brokered the sale of a 36,500-square-foot manufacturing facility in Texas City, about 40 miles southeast of Houston. The building was constructed on 3.5 acres at 101 N. Highway 146 in 1972 and most recently renovated in 2022. Adam Abushagur and Max Lozmack of Marcus & Millichap represented the undisclosed seller and former occupant of the building in the transaction. The buyer and sales price were not disclosed.
ISELIN, N.J. — Cushman & Wakefield has brokered the sale of a multifamily development site in the Northern New Jersey community of Iselin. The site at 186 Wood Ave. S. is located within the Centra at Metropark office campus. Andrew Merin, David Bernhaut, Gary Gabriel, Frank DiTommaso and Ryan Larkin of Cushman & Wakefield represented the seller, The Hampshire Cos., in the transaction. The buyer, Woodmont Properties, did not disclose specific plans for development but did say that the project would include seniors housing.
SADDLE BROOK, N.J. — JLL has negotiated the $16.1 million sale of a 62,504-square-foot grocery store in the Northern New Jersey community of Saddle Brook that is leased to ACME Markets, a subsidiary of Albertsons. ACME has occupied the property at 75 Mayhill St. since it was built in 1998. Jose Cruz, Kevin O’Hearn, J.B. Bruno and Austin Pierce of JLL represented the seller, Vision Real Estate Partners, in the transaction. The buyer was The Winter Organization.
CHICAGO — Kiser Group has brokered the $7.6 million sale of a 39-unit multifamily property in Chicago’s Edgewater neighborhood. Katie LeGrand and Jacob Price of Kiser represented the seller, Sam Grossman, managing partner of Fairchild Acquisition. Danny Logarakis of Kiser represented the undisclosed buyer. The seller completed a full renovation of the property in June 2020. The asset was more than 97 percent occupied at the time of sale. The buyer was able to assume debt at a low interest rate for another few years.
J Street Buys 390,609 SF Vacant Office Building in San Diego, Plans Redevelopment Project
by Amy Works
SAN DIEGO — J Street has acquired a fully vacant office building in San Diego, known as Tower 180, in a lender-facilitated, off-market transaction for an undisclosed price. The buyer plans to convert the 25-story building into hospitality and residential use. Brunson Howard and Rick Reeder of Newmark, along with Kevin Shannon, Tony Malk, Chris Benton and Anthony Muhlstein of Newmark’s U.S. capital markets team, represented the undisclosed seller. Located at 124 W. Broadway, the 390,609-square-foot asset primarily offers 10,000-square-foot floor plates. The asset is centrally located with easy access to Civic Center Trolley Station, Light Rail (MTS Station), Santa Fe Train Depot, San Diego International Airport, Interstate 5 and Highway 163.