MONTVALE, N.J. — JLL has brokered the $14.7 million sale of a 119,089-square-foot office building in the Northern New Jersey community of Montvale. The two-story building sits on a 16.5-acre site at 5 Paragon Drive and houses amenities such as a cafeteria and a fitness center. Jeremy Neuer, Jose Cruz and Kevin O’Hearn of JLL represented the seller, Dallas-based Nessel Development, in the transaction. The buyer was Exclusive Management, an investment firm based in New York’s Hudson Valley region. The building was 76 percent leased at the time of sale.
DURANGO, COLO. — Armstrong Capital Development has purchased Durango Town Center, a shopping center located at 1125, 1145 and 1185 S. Camino Del Rio in Durango. A local private investor sold the asset for $14.5 million. At the time of sale, Durango Town Center was 98 percent leased to 20 tenants. A Walmart Supercenter shadow anchors the property. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, while Bowlby also sourced the buyer in the transaction.
PHOENIX — ViaWest Group has acquired a single-tenant industrial building, located at 2727 W. Grovers Ave. in Phoenix’s Deer Valley submarket, for an undisclosed price. Gary Cornish and Geoffrey Turbow of CBRE handled the off-market transaction with the undisclosed seller. The 23,000-square-foot property features six dock-high trailer positions, four grade-level doors and 1.4 acres of gated outdoor yard space. A wholesale distributor of specialty building products currently occupies the building.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $3 million sale of a 31-unit multifamily property located in the Morrisania area of The Bronx. The property at 988-992 Boston Road consists of two contiguous, five-story buildings that were originally constructed in 1910. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of Rosewood represented the seller, Brooklyn-based HK Organization, in the transaction and procured an undisclosed private investor as the buyer. The sale also included an adjoining, undeveloped lot.
PARK HILLS, MO. — Hilliker Corp. has brokered the sale of a 515,000-square-foot manufacturing plant in Park Hills, about 65 miles south of St. Louis. The sales price was undisclosed, but the list price was $10 million. The 42-acre development, one of the largest manufacturing plants in the state, features 18 dock doors and six drive-in doors. H. Meade Summers, Scott Martin and Jeff Price of Hilliker represented the seller, Piramal Glass Flat River LLC USA, which is part of an international corporation based in India. The plant formerly manufactured glass bottles. Phoenix Investors LLC was the buyer.
PORT ST. LUCIE, FLA. — Berkadia has arranged a $37.5 million forward acquisition loan for Tavalo Tradition, a 216-unit build-to-rent development underway in Port St. Lucie. The buyer, an investment vehicle managed by GTIS Partners, is purchasing the townhome-style development from K. Hovnanian, which will deliver units through mid-2024. Scott Wadler and Matt Nihan of Berkadia arranged the financing through an unnamed national bank on behalf of GTIS, which will obtain the capital in draws. Tavalo Tradition will be situated within the 2,500-acre Tradition master-planned community. Units will come in two- and three-bedroom townhomes and average 1,387 to 1,494 square feet in size. Amenities will include pickleball courts, a fitness center, swimming pool, dog park, over 500 acres of lakes and 300 acres of parks.
SINGER ISLAND, FLA. — Pebb Capital has sold Ocean Walk, a 65,908-square-foot shopping center located at 2401 N. Ocean Ave. in Singer Island, for $19.2 million. The Boca Raton, Fla.-based investment firm purchased the center in 2017 for nearly $7.6 million, at which time the center was 53 percent leased. The property is now fully leased to tenants including Wings Beachwear, 7-Eleven, Mulligan’s Beach House and Johnny Longboats. Situated on 10.5 acres, Ocean Walk features 492 surface parking spaces, four retail structures and 873 feet of unobstructed oceanfront. Danny Finkle, Jorge Portela, Eric Williams and Kim Flores of JLL represented the seller in the transaction. The buyer was not disclosed.
CLEMSON, S.C. — Core Spaces has acquired Clemson Lofts, a 233-unit, 641-bed student housing community in Clemson. GEM Realty Capital joined Core Spaces as equity partner, and KKR provided financing. The seller and price were not disclosed. Clemson Lofts is positioned directly north of Tiger Boulevard, which is the main entryway into Clemson University and includes the most popular retail and restaurants. The property is spread across 19 acres and includes 14 separate residential buildings and a clubhouse. The floor plans include one-bedroom through four-bedroom units, each fully furnished with modern furniture and appliances. Features include high-end finishes, spacious living areas and ample storage areas. The community also boasts a variety of amenities, including a resort-style pool and hot tub, fitness center, outdoor yoga space, dog park, communal clubhouse and private study rooms. Clemson Lofts was originally built in 2015, and amenity spaces and select unit renovations started in 2021. Core and GEM plan to renovate the remaining units in summer 2024. “The growth of our acquisitions platform is predicated on finding great communities in Tier 1 university markets,” says Brendan Miller, chief investment officer of student housing at Core Spaces. “We believe the value-creation opportunities at Clemson Lofts amidst …
MIDLAND, TEXAS — Extract Production, an equipment manufacturer for the oil and gas industry, has sold a 50,000-square-foot industrial flex property in the West Texas city of Midland for $10 million. The property was built in phases on 14 acres between 2018 and 2022. Kyle Fant, Britt Raymond, Matthew Mousavi and Patrick Luther of SRS Real Estate Partners represented Extract Production, which also occupies the building and will lease the space back for the next 15 years, in the all-cash transaction. The team also procured the buyer, an undisclosed, publicly traded REIT.
HOUSTON — Locally based investment firm Wu Property Management has purchased Cypresswood Court Shopping Center, a 103,047-square-foot retail property located in the northern Houston suburb of Spring. Target, Best Buy and dd’s DISCOUNTS are the anchor tenants at the center, which was built on 11.3 acres in 1985, according to LoopNet Inc. Wu Property Management has appointed Sturbridge Commercial as the leasing agent.