BERNARDSVILLE, N.J. — Cushman & Wakefield has brokered the sale of a 54,845-square-foot office building located at 150 Morristown Road in Bernardsville, about 45 miles west of New York City. David Bernhaut, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, Denholtz Properties, and procured the buyer, an entity doing business as 150 Morristown Road LLC, in the transaction.
MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.
COLORADO SPRINGS, COLO. — Quantum Commercial has brokered the sale of a retail property located at 723-725 E. Filmore St. in Colorado Springs. Next Genesis LLC sold the asset to 725 E. Filmore LLC for $1.3 million. The property features 5,512 square feet of retail space. Andrew Oyler of Quantum Commercial Group represented the seller, while Simon Penner of Miramount Commercial represented the buyer in the transaction.
YORKVILLE, ILL. — Northmarq has arranged the $27 million sale of a multifamily portfolio in Yorkville, about 50 miles southwest of Chicago. The two-property portfolio totals 164 units. Parker Stewart and Alex Malzone of Northmarq represented the seller, a long-term owner and operator. York Meadow, built in 2003, contains 92 units. The seller was the original developer of the community. Yorkville Apartments, built in 1977, features 72 units. The seller renovated about 20 percent of the units. An East Coast-based buyer purchased the portfolio.
NORTHBROOK, ILL. — JRW Realty has brokered the sale of a 90,408-square-foot retail property occupied by Mariano’s grocery store in the Chicago suburb of Northbrook. The sales price was undisclosed. Christopher Thompson of JRW brokered the sale on behalf of one of the company’s institutional buyers. Cushman & Wakefield represented the undisclosed seller. Mariano’s is a subsidiary of Kroger and operates 45 stores in Illinois.
DU QUOIN, ILL. — Mumford Co. has negotiated the sale of the Fairgrounds Inn hotel in Du Quoin, a city in southern Illinois. The sales price was undisclosed. The property rises two stories with 59 rooms and a swimming pool. The asset is situated adjacent to the Du Quoin County Fairgrounds. George Arvanitis of Mumford represented the seller, Sunrise Hotels LLC. Maakrupa Hospitality Inc. was the buyer.
MENASHA, WIS. — Bowlero Corp. (NYSE: BOWL) has acquired the Sabre Lanes bowling alley in Menasha, about 37 miles southwest of Green Bay. The purchase price and seller were undisclosed. The transaction represents Bowlero’s third acquisition in Wisconsin this year. Sabre Lanes is home to 48 lanes, event spaces, a full kitchen and multiple bars. Bowlero assumed management and operation of the property beginning Saturday, Nov. 5.
CHADDS FORD, PA. — San Francisco-based investment firm FPA Multifamily has acquired Valleybrook at Chadds Ford, a 352-unit multifamily property located about 30 miles southwest of Philadelphia, for $96.5 million. Built in 2002, the property offers one-, two- and three-bedroom units with an average size of 992 square feet. Residences feature stainless steel appliances, quartz and granite countertops and individual washers and dryers. Amenities include a pool, fitness center, business center, outdoor grilling and dining areas and a resident clubhouse. Mark Thomson, Carl Fiebig, Francis Coyne and Tyler Margraf of JLL represented the seller, a fund advised by Crow Holdings Capital, in the transaction. FPA Multifamily plans to implement a value-add program.