PENNSAUKEN, N.J. — Colliers has brokered the $10.2 million sale of a 104,500-square-foot industrial flex facility located in Pennsauken, located just outside of Philadelphia in Southern New Jersey. The property was fully leased to American Furniture Rentals at the time of sale. The buyer was a private equity group with significant holdings in the Mid-Atlantic region. The seller was undisclosed. Eric Grad of Colliers represented both sides in the deal.
BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists has brokered the $3.3 million sale of the former Ovation 10 Entertainment Complex in the Chicago suburb of Bloomington. Located at 415 Detroit Drive, the property originally opened as Carmike Cinemas in 1999 and was renovated in 2015 to include a full-size kitchen and bar with in-theater dining service. The Ovation Cinema Grill closed at the start of the pandemic and never reopened after parent company, New Vision Theaters, filed for bankruptcy. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the seller, NV Propco Acquisition. Sherye Przybyla of Berkshire Hathaway Home Services represented the buyer, FMB Holding Inc.
OTTAWA, ILL. — Goodwill Industries of Northern Illinois has purchased a 17,295-square-foot retail building located at 501 W. Stevenson Road in Ottawa. Marc Hildenbrand of Friedman Real Estate brokered the sale. The seller and sales price were not disclosed.
ASHBURN, VA. — A partnership between American Real Estate Partners (AREP) and GreenBarn Investment Group has acquired a development site in Ashburn, located in Northern Virginia’s Loudoun County approximately 30 miles west of Washington, D.C. The site is fully approved for the construction of 200 build-to-rent homes. The price was $120 million. National homebuilder Dream Finders Homes originally acquired and entitled the site before selling it to the partnership. Genesis Capital, a subsidiary of New York City-based REIT Rithm Capital Corp., provided an $86.4 million loan to the partnership to fund both acquisition and construction costs. Rithm Capital is also an equity partner on the project. According to the property website, CityHouse Ashburn Station will consist entirely of three-bedroom units with an average size of 2,000 square feet. Preleasing for Phase I of the project is currently underway, and the development team expects to fully complete the community within the next 15 months. Residences will offer attached private garages, large island kitchens, full-size washers and dryers and various pieces of smart home technology. Residents will also have access to sports courts, communal green spaces, pet-friendly facilities and indoor/outdoor entertainment areas. Rents start at around $4,000 per month. “With this acquisition, …
BALTIMORE AND ELDERSBURG, MD. — KLNB has brokered the sale of two retail properties in metro Baltimore totaling 54,000 square feet. Don Schline and Ryan Wilner of KLNB represented the seller, Creative Holdings LLC, in both transactions. Located at 1848 Reisterstown Road in Baltimore, the first property totals 42,244 square feet. An undisclosed local investor acquired the property and plans to retenant the space with medical office, flex and retail tenants. Ryan Minnehan and Alex Shearer of KLNB will manage retail leasing at the site, and Colin McGonical of KLNB will lead the medical office leasing. Situated at 1720 Liberty Road in Eldersburg, the second property comprises 12,022 square feet and was fully leased at the time of sale to three tenants.
TUSCALOOSA, ALA. — Cushman & Wakefield has arranged the sale of The Gates at South Bend, a 147-unit multifamily community located in Tuscaloosa. Built in 1980, the property underwent significant renovations between 2017 and 2022. Ben Thomas and Parker Caldwell of Cushman & Wakefield represented the seller, an entity doing business as WGO LLC, in the transaction. ARC Multifamily Group acquired the property for an undisclosed price. Situated about three miles south of the University of Alabama, The Gates at South Bend features two- and three-bedroom townhomes.
SAN ANTONIO — The Milestone Group, an investment firm with offices in Dallas, Atlanta and South Florida, has acquired Archer Stone Canyon Apartments, a 228-unit multifamily complex in San Antonio. According to Apartments.com, the property was built in 2005 and offers one-, two- and three- bedroom units that range in size from 796 to 1,630 square feet. Amenities include a pool, fitness center, resident clubhouse and a playground. The seller and sales price were not disclosed. Milestone Group plans to implement a value-add program.
DALLAS — Global Real Estate Advisors (GREA) has negotiated the sale of Casa San Luis Apartments, a 63-unit multifamily complex in East Dallas. According to Apartments.com, the property was built in 1967 and offers one-, two- and three-bedroom units. Mark Allen of GREA represented the seller, Los Angeles-based Gomel Capital Partners, in the transaction. Allen also procured the undisclosed buyer.
SAN ANTONIO — Marcus & Millichap has brokered the sale of a 10,825-square-foot industrial building located at 12296 U.S. Highway 181 in San Antonio. According to LoopNet Inc., the single-tenant building was constructed on 2.8 acres in 1965. Adam Abushagur, Tyler Ranft and Ernesto Melgar Campos of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.
NEW YORK CITY — JLL has brokered the $7.7 million sale of a 15-unit apartment building located at 515 W. 47th St. in Manhattan’s Hell’s Kitchen neighborhood. The five-story building houses a mix of one-, two-, three- and four-bedroom units as well as a commercial space occupied by a coffee shop. The ground-floor rear apartments feature private outdoor spaces, and units on the fifth floor have private roof terraces. Jonathan Hageman, Hall Oster, Teddy Galligan, Braedon Gait, Jake Russell and Bob Knakal of JLL represented the seller, Corigin, in the transaction. The buyer was RockSolid Ventures.