PORTLAND, ORE. — BKM Capital Partners has purchased Airport Business Center in Portland for $37.3 million. The 11-building light industrial portfolio is located at 6756 NE Alderwood Road and 6620-7040 NE 79th Court in Portland’s Columbia industrial corridor. The 228,518-square-foot business park contains 41 units with an average size of 5,600 square feet. The spaces were 92 percent occupied at the time of the sale. BKM acquired the asset through a joint venture partnership with TerraCore Capital.
LOS ANGELES — Selective Eton Nordhoff LLC has acquired a 48,550-square-foot industrial property in the Chatsworth and Canoga Park communities of Los Angeles. Though the purchase price was not disclosed, the asset was listed at nearly $10.5 million and sold for above asking price. The multi-tenant industrial property was built in 1977. It has largely remained the same since that time, save for cosmetic updates over the years. Arthur Pfefferman of Coldwell Commercial Quality Properties represented both the buyer and the seller.
CARLSBAD, CALIF. — PSRS has arranged $5.9 million in financing for the acquisition of a 32,000-square-foot industrial property in Carlsbad. The deal closed in 35 days to meet the borrower’s 1031 exchange deadline. The non-recourse loan features a five-year term with a 5.55 percent interest rate and a 30-year amortization. Ryan Frankman and Ari Zeen of PSRS arranged the financing through an insurance company.
PRINCETON, N.J. — Rhode Island-based Gilbane Development Co. has sold Crossroads Corporate Center, a 100,925-square-foot office building in Princeton. The three-story building was constructed on 45 acres in 1991 and has been renovated multiple times over the ensuing years. Jeremy Neuer, Jose Cruz, Kevin O’Hearn, Thomas Romano, J.B. Bruno and Jason Lundy of JLL represented Gilbane in the transaction. A joint venture led by Simone Realty purchased Crossroads Corporate Center for an undisclosed price.
WASHINGTON TOWNSHIP, N.J. — Avison Young has arranged the $14 million sale of a 70,140-square-foot medical office building located in the Southern New Jersey community of Washington Township. The two-story building sits directly across from the Jefferson Hospital Washington Township campus. Gordon MAB Associates sold the building to New Jersey-based Atkins Cos., which plans to implement a capital improvement program. Scott Martin, Jim Kornick, Michael Wilson and Erik Foster of Avison Young represented both parties in the transaction.
ALEXANDRIA, VA. — A private REIT affiliated with Alexandria, Va.-based Bonaventure has acquired three multifamily communities totaling 601 units in Florida and Virginia in separate UPREIT transactions. (UPREIT, or Umbrella Partnership Real Estate Investment Trust, is a type of transaction where a seller trades to a REIT in exchange for an ownership stake in the REIT.) The Virginia assets include Cedar Broad Apartments in Richmond and East Beach Marina Apartments in Norfolk, which comprise 204 and 137 units, respectively. Cedar Broad features homes in one-, two- and three-bedroom layouts, with amenities including a breakfast/coffee concierge, rooftop terrace with full kitchen, electric vehicle charging station, covered parking and a gym. East Beach Marina offers apartments in one- and two-bedroom layouts. The Florida property is Shadetree Apartments in Ruskin. The property comprises 260 units in one-, two- and three-bedroom layouts. Amenities include private cabanas for entertaining, a clubhouse, swimming pool and a sauna.
NORTH MIAMI, FLA. — CBRE has brokered the $39 million sale of Biscayne Centre, a 156,446-square-foot office building located at 11900 Biscayne Blvd. in North Miami. Totaling eight stories, the property — which was 81 percent occupied at the time of sale — features ground-floor retail space and an attached multi-level parking garage. Amenities include front desk security, an in-house café and a day spa. An entity doing business as Biscayne Real Estate Holdings LLC purchased the property from an entity doing business as 11900 Biscayne LLC. Benjamin Silver and Charlie Manuel of CBRE represented the seller and procured the buyer in the transaction.
SARASOTA, FLA. — University Park, Fla.-based Benderson Development has acquired two properties in Sarasota. Located at 4001 South Tamiami Trail, the first property is a former Café Baci restaurant. The second property, which comprises 16,500 square feet, is located at the corner of Bee Ridge and Beneva roads and is leased to Walgreens. Additionally, Benderson opened a newly rebuilt Publix grocery store at retail center The Landings, which the company purchased in 2012 and has since renovated. 3Natives, Pacific Counter and Crumbl Cookies are also scheduled to join the tenant roster. Other tenants at the retail center include Florence and the Spice Boys, The Breakfast Company, Origin Craft Beer & Pizza Café, Apollonia Grill, Starbucks Coffee, Mantra Fitness, StretchLab, EoS Fitness, Daruma, DogPerfect and Tripletail Seafood & Spirits.
WASHINGTON, D.C. — Marcus & Millichap has arranged the $8 million sale of Carleton Terrace Apartments, a 32-unit multifamily community located at 2371-2377 Champlain St. NW in Washington, D.C. Built in 1915, the property, which has been owned by the seller’s family for over 100 years, totals 30,900 square feet and is situated on a 19,876-square-foot, RA-2 zoned lot. Units at the three-story building include 28 one-bedroom and four two-bedroom apartments. Dennis Cravedi and Marty Zupancic of Marcus & Millichap brokered the transaction on behalf of the seller, an entity doing business as Carleton Terrace LLC. The buyer, a private investor, purchased the property through a collaborative TOPA (Tenant Opportunity to Purchase Act) process with the current tenants.
DALLAS — JLL has negotiated the sale of Greenville Self Storage, a 741-unit facility located in the northern-central part of Dallas. CubeSmart operates the four-story, climate-controlled facility, which was built in 2019 and spans roughly 83,000 net rentable square feet. Brian Somoza, Steve Mellon, Matthew Wheeler and Adam Roossien of JLL represented the seller, Wentworth Property Co., in the transaction. Utah-based REIT Extra Space Storage purchased the facility for an undisclosed price. Greenville Self Storage was more than 90 percent occupied at the time of sale.