JAMESBURG, N.J. — Lee & Associates has brokered the $4.4 million sale of Forsgate Commons, a 26,295-square-foot office building in Jamesburg, a northeastern suburb of Trenton. The building was originally constructed in 1930 as Jamesburg High School and converted to multi-tenant office use in the 1980s. Beth Chezmar of Lee & Associates represented the seller in the transaction, and Dan De Palma of North American Realty represented the buyer. Both parties requested anonymity.
HOMESTEAD, FLA. — Mast Capital, in partnership with Angelo Gordon, has sold Seascape Pointe, a townhome community located in Homestead, roughly 40 miles southwest of Miami. IMC Equity Group purchased the property for an undisclosed price. Located on 31.7 acres at 1140 S.E. 24th Road, the Seascape Pointe features 54 buildings comprising 306 two-story, direct-access townhomes. Residences range in size from 1,387 square feet to 1,501 square feet in three- and four-bedroom layouts. Amenities include a clubhouse, swimming pool, outdoor fitness area, playground, dog park and 24-hour gated entrance. Mast Capital and Angelo Gordon originally acquired the community as a joint venture in 2020 and instituted capital improvements, as well as the addition of 14 new townhomes.
BLOOMINGTON, IND. — Gray Capital has acquired Echo Park Apartments in Bloomington for an undisclosed price. The company says its business plan includes improving onsite management and reducing expenses. Amenities at the property include a bark park, resort-style pool, trash pickup and in-unit washers and dryers. Gray Capital’s property management company, Gray Residential, is now managing Echo Park as well as nearby apartment property Forest Ridge. Echo Park is the fourth property within Gray Capital’s $100 million multifamily investment fund, The Gray Fund. Previous acquisitions include Sycamore Terrace in Terre Haute, Ind.; Club Meridian in Lansing, Mich.; and Stonybrook Commons in Indianapolis. Gray Capital maintains roughly $775 million in assets under management.
NILES, MICH. — Marcus & Millichap has brokered the $4.2 million sale of Village West in Niles, a city in Southwest Michigan. The 54-unit apartment building is located at 746 Colony Court. Renovations made to the property in 2020 and 2021 included a new roof, windows and gutters, as well as upgraded electrical and HVAC systems. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap represented the seller, a limited liability company that plans on using proceeds from the sale and a 1031 exchange to buy another multifamily asset in Indiana or Florida. The Marcus & Millichap trio also represented the buyer, a limited liability company that secured agency financing with five years of interest-only payments.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of The Beverly On Fifth, a residential property in Tucson. Beverly On Fifth Owner LLC acquired the acquired the asset from Dry Desert LLC for $6.7 million. Located at 5601 E. 5th St., The Beverly On Fifth features 35 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
SAN TAN VALLEY, ARIZ. — Marcus & Millichap has arranged the sale-leaseback of a retail property located at 1732 W. Hunt Highway in San Tan Valley. A limited liability company sold the property to an undisclosed buyer for $6.1 million. Super Star Car Wash occupies the 4,517-square-foot on a net-leased basis. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller. Ryan Sarbinoff of Marcus & Millichap served as the Arizona broker of record in the deal.
HIALEAH, FLA. — Terreno Realty Corp. (NYSE: TRNO), a San Francisco-based REIT, has acquired an industrial development site in the South Florida city of Hialeah for $173.6 million. The seller was not disclosed. The 121-acre site, which formerly housed a landfill, is located within Countyline Corporate Park and is fully entitled for the development of 2.2 million square feet of industrial space across 10 buildings. In addition, the site is adjacent to seven Terreno-owned buildings within Countyline Corporate Park, all of which are fully leased. The location provides users with quick access to the Florida Turnpike and the southern terminus of I-75. Construction is already underway on a 191,000-square-foot rear-load building and a 506,000-square-foot cross-dock building. At the time of sale, those buildings were approximately 30 percent preleased. Terreno expects to fully complete construction sometime in 2025. At that time, the buildings will offer a combined 660 dock-high doors, 22 grade-level loading positions and parking for 1,875 cars. The company estimates that the total price tag for the project will be about $491 million. The stock price of Terreno Realty Corp. opened at $63.79 per share on Monday, Feb. 27, down slightly from $69.69 per share a year ago. — …
VIRGINIA BEACH, VA. — Blackfin Real Estate Investors has purchased Waterford Apartments on Lake Smith in Virginia Beach for $55.4 million. Built in 1980, the community comprises 376 units and was previously renovated to feature walk-in closets, custom maple cabinets, granite countertops, updated lighting and fixtures and dishwashers. The property was fully occupied at the time of sale. Hank Hankins, Victoria Pickett, Charles Wentworth and Garrison Gore of Colliers represented the undisclosed seller in the transaction.
BRYAN, TEXAS — Aphorio Carter, a division of Tampa-based investment firm Carter Funds, has acquired a data center and office complex located in the Central Texas city of Bryan for $55 million. The complex consists of two data center buildings and one office building totaling 69,788 square feet. At the time of sale, the facility was fully leased to colocation services provider Fibertown, which recently entered into a 20-year net lease at the property. The seller was not disclosed.
LOCKHART, TEXAS — Marcus & Millichap has arranged the sale of Alliance Self Storage, a 532-unit facility located in the Central Texas city of Lockhart. The facility was built on five acres in 2002 and totals 70,750 net rentable square feet. Jon Danklefs of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies that requested anonymity, in the transaction.