HOUSTON — Colliers has negotiated the sale of a 178,495-square-foot office building in West Houston. According to LoopNet Inc., the 10-story building at 2401 Fountain View Drive was built in 1981 and renovated in 2017 and offers amenities such as a conference center and an onsite restaurant. David Carter of Colliers represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
RIVERHEAD, N.Y. — New Jersey-based financial intermediary Cronheim Mortgage and Singer Financial have co-arranged a $16 million acquisition loan for Riverhead Medical Office Park on Long Island. Riverhead Medical Office Park consists of six single-story buildings totaling 101,949 square feet that were fully leased at the time of the loan closing. Andrew Stewart and Brandon Szwalbenest of Cronheim Mortgage, in conjunction with Gregg Singer of Singer Financial, arranged the fixed-rate loan on behalf of the owner, Miami-based Candor Capital. The direct lender was an undisclosed life insurance company.
READING, PA. — NAI Emory Hill, in partnership with NS Development Partners, has purchased a 105,000-square-foot industrial building in Reading, located northwest of Philadelphia. The site at 3030 Kutztown Road spans 8.3 acres, and the facility can support both manufacturing and warehousing uses. Building features include a clear height of 24 feet, seven loading docks, 140 parking spaces and 25,000 square feet of office space. The building was 80 percent leased at the time of sale, with industrial communications systems provider GAI-Tronics serving as the anchor tenant.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $12.4 million sale of a portfolio of four multifamily buildings totaling 17 units in the Red Hook area of Brooklyn. The buildings are located within six blocks of each other along Van Buren Street and include two retail spaces. Daniel Lebor and Matthew Cosentino of TeerraCRG represented the seller, REDHOEK+, in the transaction. Blue Sky Diner Inc. was the buyer. The sales price translates to a cap rate of approximately 6 percent.
OWINGS MILLS, MD. — TruAmerica has acquired Arbor Ridge Apartments, a 348-unit community located at 9204 Appleford Road in Owings Mill, a suburb of Baltimore. Bill Roohan and Brian Margerum of CBRE brokered the transaction, while Ryan Greer and Maxi Leachman, also with CBRE, arranged the permanent financing. The seller, sales price and loan amount were not released. Built in 1999, Arbor Ridge Apartments offer one-, two- and three-bedroom floorplans, ranging in size from 673 to 1,204 square feet, according to Apartments.com. Amenities include a swimming pool, sundeck, fitness center, business center, clubhouse, grilling and picnic areas and a dog park. TruAmerica plans to renovate the property with interior upgrades and amenity improvements.
WOODBRIDGE, VA. — JLL Capital Markets has arranged the sale of 95 East Distribution Center, a 113,490-square-foot industrial building located in Woodbridge, roughly 20 miles south of Washington, D.C. Situated at 13600 Dabney Road, the facility features 32-foot clear heights, 14 dock doors and 13 knock-out panels, as well as 10,143 square feet of outdoor storage space. The property is fully leased to Goodwill of Greater Washington and Zippy Shell. Bill Prutting, Craig Childs, Chris Dale, Ginna Wallace, John Dettleff, Dan Coats, Robert Carey and Gus Caiola of JLL represented the seller, a partnership between D.C.-based The Pinkard Group and New York-based Cannon Hill Capital Partners, in the transaction. The buyer was an institutional pension fund advisor. The sales price was not disclosed.
MESA, ARIZ. — Rise48 Equity has expanded its Arizona footprint with the purchase of a 154-unit apartment property in Mesa. Terms of the transaction were not released. Rise48 Equity will rebrand the property, formerly known as Emparrado Apartments, as Rise Mountain Ridge. The company plans to renovate all of the units to its Diamond and Gold finish levels. Upgrades will include new stainless steel appliances, vinyl plank flooring, white Shaker cabinet doors, resurfaced countertops and modern plumbing and lighting fixtures. Additionally, 39 percent of the units (60 units) will receive in-unit washers and dryers. Rise48 will also implement exterior improvements, including updates to landscaping, pool and amenity spaces, signage and community branding.
PHOENIX — JLL Capital Markets has arranged the sale of Marigold Two-Pack, a two-building, 237,765-square-foot industrial portfolio in metro Phoenix. An Ares Real Estate fund acquired the asset for an undisclosed price. Ares Industrial Management will manage the portfolio, which consists of a 100,000-square-foot property in the Southwest Valley submarket and a 137,765-square-foot asset in the Airport Area submarket. The buildings offer secured and gated yards, 22- to 30-foot clear heights, ample dock-high and grade-level loading, excess parking and low office build-out. At the time of sale, the assets were fully leased to six tenants. Ben Geelan and Greer Oliver of JLL represented the undisclosed seller in the transaction.
THOUSAND OAKS, CALIF. — Marcus & Millichap has arranged the sale of a 51,401-square-foot industrial redevelopment site at 670 Lawrence Drive in Thousand Oaks. The asset traded for $1.3 million. The names of the buyer and seller were not released. Christian Desnoes of Marcus & Millichap represented both parties in the transaction.
BLOOMFIELD HILLS, MICH. — LREH Michigan LLC has acquired Square Lake Office Park II at 1750 S. Telegraph Road in Bloomfield Hills. The 74,500-square-foot, three-story office building features a lakefront setting and is fully occupied. Mason Capitani of L. Mason Capitani/CORFAC International represented the buyer, which maintains a portfolio in excess of 2 million square feet of Class A office space across metro Detroit. Liberty Property & Asset Management will provide property management services for the building moving forward.
