CHANNELVIEW, TEXAS — National brokerage firm Matthews Real Estate Investment Services has arranged the sale of a 56,248-square-foot industrial outdoor storage facility in Channelview, an eastern suburb of Houston. Locally based investment firm Triten Real Estate Partners acquired the 4.8-acre property from Alpha Omega & Equipment via a sale-leaseback for an undisclosed price. Murphy Sloan and Andrew Wiesemann of Matthews brokered the deal.
MCCOMB, MISS. — Marcus & Millichap has brokered the $2.6 million sale of Delaware West Shopping Center, a retail center located in McComb, about 80 miles south of Jackson. Harps Foods anchors the property, which totals 54,450 square feet and was leased to eight tenants at the time of sale. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a Tennessee-based developer, in the transaction. Mickey Davis, the firm’s broker of record, assisted in closing the sale. “The level of competition for this offering illustrated how difficult it is to find such a solid return on a grocery-anchored center,” says Taylor.
MORRISTOWN, N.J. — Locally based developer The Hampshire Cos. has sold Max on Morris, an 85-unit apartment complex located in the Northern New Jersey community of Morristown. Completed in 2023, Max on Morris offers studio, one- and two-bedroom floor plans. Amenities include an entertainment lounge, break room and an outdoor amenity deck with grilling stations. The property also houses four affordable housing units and 14 supportive housing units designed for residents with special needs. Cushman & Wakefield represented the seller and the private buyer in the deal.
MECHANICSBURG, PA. — CBRE has brokered the sale of a 57,000-square-foot office property in Mechanicsburg, located just outside Harrisburg. Built in 1988, the property at 5035 Ritter Road is situated within the 1.9 million-square-foot Rossmoyne Business Center and is leased to the Administrative Office of Pennsylvania Courts. Steve Marzullo and Adam Silverman of CBRE represented the undisclosed seller in the transaction. CBRE also procured the buyer, Triple Crown Corp.
NEWARK, N.J. — A partnership between Deugen Investment Group and Devli Real Estate has acquired a seven-acre industrial outdoor storage facility in Newark. According to LoopNet Inc., the facility at 449 Doremus Ave. was completed earlier this year and totals 30,000 square feet. The site formerly housed a cogeneration power plant, and the new ownership plans to renovate the interior and exterior of the existing structure and repave the site for trailer parking, outdoor storage and car parking uses. The seller was not disclosed.
OSWEGO, ILL. — First National Realty Partners (FNRP) has acquired Townes Crossing, a 105,731-square-foot shopping center in the western Chicago suburb of Oswego. The purchase price was undisclosed. A 65,000-square-foot Jewel-Osco grocery store anchors the property and has been a tenant for over 30 years. Additional tenants include Phenix Salon Suites, Oswego Dental, The UPS Store and Subway. Evan Halkias of Cushman & Wakefield represented the undisclosed seller.
DENVER — John Propp Commercial Group has arranged the sale of a single-tenant industrial building, located at 4695 N. Ironton St. in Denver. LVPA 4695 N Ironton Street OS Owner LLC acquired the asset from H.A.L. Construction for $5.4 million. Penske Truck Leasing occupies the 20,168-square-foot, multi-bay truck maintenance facility, which is situated on 3.4 acres and fully fenced. John V. Propp and Joshua Cohen of John Propp Commercial Group represented the seller, while Stream Realty represented the buyer in the transaction.
SPRING, TEXAS — Partners Capital, the investment arm of Partners Real Estate, has purchased Old Town Spring Business Center, a 196,000-square-foot industrial flex property located on the northern outskirts of Houston. The property consists of four 49,000-square-foot buildings with suites that range in size from 2,625 to 35,875 square feet, as well as two acres of undeveloped land for future expansion. Veritex Bank provided acquisition financing for the deal. The seller and sales price were not disclosed.
HOLLY LAKE RANCH, TEXAS — Dallas-based brokerage firm The Multifamily Group (TMG) has negotiated the sale of a 130-unit hospitality property in Holly Lake Ranch, a census-designated area located about 100 miles east of Dallas. Holly Lake Resort spans 100 acres and features one- and two-bedroom cabins with an average size of 708 square feet. Amenities include a restaurant, movie theater, activity center with a game room, fitness center, fishing piers, pools, a minigolf course and tennis, pickleball and basketball courts, as well as access to kayaking, canoeing and hiking trails. Jon Krebbs of TMG represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
D’IBERVILLE, MISS. — Red Oak Capital Holdings LLC has provided a $7.7 million loan for Ocean Shores Apartments, a 128-unit affordable housing community located at 10472 Gorenflo Road in D’Iberville, about three miles north of Biloxi. The fixed-rate loan is interest-only and carries a two-year term, with an all-in interest rate of 9.5 percent. Craig Hall of CBRE brought the opportunity to Red Oak Capital. Jeff Joyner, Hermann Wendorff and Jesus Martinez of Red Oak Capital originated the loan. The borrower, an entity doing business as Ocean Shores Property Owner LLC, will use the loan to acquire the garden-style property and complete renovations begun by the seller, including new flooring and paint, as well as HVAC maintenance, reglazing existing kitchen countertops and replacing appliances in most of the units. The property, which was 94 percent occupied at the time of financing, operates under a land use restrictive agreement (LURA) through 2047 that requires the units to be rented to households earning less than the area median income (AMI). After the renovations, the borrower plans to boost rental rates by using vouchers that allow for rents greater than those imposed by the LURA. Situated on 11 acres, Ocean Shores features one-, …