BLUE BELL, PA. — JLL has negotiated the sale of a 199,532-square-foot office building located at 1400 Union Meeting Road in Blue Bell, a northwestern suburb of Philadelphia. The two-story building was originally constructed on 18.6 acres in 1961 and is now zoned for scientific, agricultural, industrial or research or development uses. Brett Segal and Matthew Blumberg of JLL represented the seller, Bridge Investment Group, in the transaction and procured the buyer, a foreign private investor. Specific plans for repositioning were not disclosed.
FRIDLEY, EAGAN AND BROOKLYN CENTER, MINN. — CBRE has negotiated the sale of an eight-building industrial portfolio totaling 941,564 square feet in metro Minneapolis for $88.5 million. The buildings, which range in size from 72,268 to 207,558 square feet, are located in Fridley, Eagan and Brooklyn Center. Judd Welliver, Bentley Smith, Mike Caprile, Zach Graham, Ryan Bain and Joe Horrigan of CBRE represented the seller, PCCP. The portfolio, which was 98 percent occupied at the time of sale, sold to a joint venture between Minnesota-based Capital Partners and Cincinnati-based Eagle Realty Group. Bill Mork led a JLL Capital Markets team that arranged $57.3 million in acquisition financing on behalf of the buyer. A life insurance company provided the five-year, fixed-rate loan, which featured a loan to value ratio of 65 percent.
INDIANAPOLIS — Morgan Properties has acquired Astoria Park Apartments in Indianapolis for an undisclosed price. The 470-unit multifamily community features amenities such as an outdoor pool, fitness center, tennis courts, playground, dog park and pet washing station. Morgan plans to invest $4 million in renovations, including upgrading unit interiors, expanding amenities and integrating smart home technology. The acquisition brings Morgan’s Indianapolis-area portfolio to more than 2,500 units.
CHICAGO — Kiser Group has brokered a Section 15 condominium deconversion sale of The Granville Tower Condominium Associated for $31.5 million. Situated immediately south of the Loyola campus, the property is located at 6166 N. Sheridan Road. Granville Tower was converted from apartments to condominiums in 1981. There are 154 units. Andy Friedman and Jake Parker of Kiser brokered the sale. Becovic Management Group was the buyer. With high dues and upcoming maintenance needs, properties like Granville Tower have faced challenges in resale, making a deconversion sale an attractive option, says Parker.
SPANISH FORK, UTAH — Colmena Group has completed the sale of a distribution center, located at 3065 N. 200 E. in Spanish Fork, to Caspian Investments for an undisclosed price. Young Living Essential Oils fully occupies the 280,800-square-foot, Class A facility. The property features 56-foot column spacing, 36-foot clear heights, cross-dock loading, a high level of security, a fenced truck court, 35 dock-high doors, four corner storefronts and skylights. Bryce Blanchard of Newmark represented the seller, while Skyler Peterson of Newmark represented the buyer in the transaction.
DENVER — MG Properties has purchased 4400 Syracuse Apartments, a multifamily community in Denver. Morgan Group and LaSalle Investment Management sold the property for an undisclosed price. Situated in the Denver Tech Center/Southeast Business Corridor, 4400 Syracuse Apartments features 316 units with modern finishes, functional floor plans and best-in-class amenity spaces. Jordan Robbins and Alex Possick of JLL Capital Markets represented the sellers in the deal. Charles Halladay, Rick Salinas, Brandon Smith and Annie Rice of JLL Capital Markets arranged an undisclosed amount of Freddie Mac financing for the transaction.
SAN DIEGO — ViaWest Group has completed the sale of an industrial distribution building in the Kearny Mesa submarket of San Diego to Southern California-based Burke Real Estate Group. Terms of the transaction were not released. Situated at 7440 Convoy Court, the property features 53,978 square feet of Class A industrial space. At the time of sale, the asset was fully leased Genuine Parts Co. (NYSE: GPC) and Hajoca Corp. Michael Kendall, Gian Bruno, Kenny Patricia, Louay Alsadek, Maddie Mawby, Eric Parra, Evan McDonald and Tucker Hohenstein of Colliers handled the transaction for both the buyer and seller.
LAWTON, OKLA. — Cushman & Wakefield has brokered the sale of Legend Park, a 360-unit apartment community in Lawton, located about 90 miles southwest of Oklahoma City. Built between 2010 and 2012, Legend Park offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, basketball court, dog park, business center, playground and outdoor grilling and dining areas. Martin Bynum, Craig Hey and Stephen Pestinger of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
MIAMI — CBRE has brokered the $49.3 million sale of Trail Plaza, a grocery-anchored shopping center located on 17 acres at the corner of SW 8th Street and SW 67th Avenue in west Miami. Boston-based Longpoint Realty Partners LP purchased the 181,558-square-foot shopping center from an unnamed client advised by MetLife Investment Management. Casey Rosen and Dennis Carson of CBRE represented the seller in the transaction. Built in 1987, Trail Plaza was 99 percent leased at the time of sale to tenants including grocer Fresco y Mas, Walgreens, Harbor Freight Tools, Party Depot and six outparcel tenants.
CHARLOTTE, N.C. — Berkadia has arranged the sale of a two-property multifamily portfolio in Charlotte. The assets include Hamilton Square, a 120-unit property located at 6017 Williams Road, and Heatherwood Trace, a 172-unit community located at 5600 Paces Glen Ave. Caleb Troop and Thomas Colaiezzi of Berkadia’s Charlotte office represented the seller, European Investment Management Corp. (EIMC), in the transaction. The buyer and sales price were not disclosed.