VINELAND, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $18.3 million sale of Spring Gardens, a 130-unit apartment complex located in the Northern New Jersey community of Vineland. The property was built on 13.4 acres in 1974 and houses 64 one-bedroom units and 66 two-bedroom residences across 16 buildings. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
DENVILLE, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a 42,000-square-foot industrial building located in the Northern New Jersey community of Denville. The property sits on 3.4 acres, features a clear height of 18 feet and is currently leased to three tenants. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.
SHERWOOD AND BEAVERTON, ORE. — SR Watt Co. has acquired a two-property apartment portfolio, including Cannery Row at 22550 SW Highland Drive in Sherwood and Westline at 4545 SW Angel Ave. in Beaverton. Madison Park Financial Group sold the assets for $60 million. Built in 2013, Cannery Row features 101 apartments in a mix of studio, one-, two- and three-bedroom layouts with an average unit size of 840 square feet. Community amenities include a resident lounge, fitness center, community patios and pet grooming station. Constructed in 2017, Westline offers 87 studio, one- and two-bedroom units, with an average size of 737 square feet. Onsite amenities include 2,280 square feet of retail space, pet/bike wash station, fitness center and a rooftop deck with barbecue grills, fire pit and views of Mt. Hood. SR Watt Co. was self-represented, while Ira Virden, Carrie Kahn and Frank Solorzano of the JLL Capital Markets Investment Sales Advisory team represented the seller in the transaction.
BROOMFIELD, COLO. — New York City-based Lightstone has purchased an 11-building, multi-tenant industrial portfolio in Broomfield for $72 million. The name of the seller was not disclosed. Known as the Commander Industrial Portfolio, the asset totals 512,000 square feet on 31 acres, with suites ranging in size from 5,000 square feet to more than 68,000 square feet. At the time of sale, the portfolio was fully leased to 17 tenants. Peter Rotchford and Mark Robot of JLL Capital Markets arranged $40 million in acquisition financing through Wintrust Financial for Lightstone. With this transaction, Lightstone’s industrial portfolio now includes more than 7.5 million square feet of space in 16 markets across the country, including Chicago, Charlotte, Dallas and Tampa.
LAKEWOOD, WASH. — Orange County, Calif.-based MCA Realty has completed the disposition of Lakewood Business Park, a multi-tenant industrial park located at 10107 S. Tacoma Way in Lakewood, approximately 40 miles southwest of Seattle. A private 1031 exchange buyer acquired the asset for $32.9 million. Built in 1978/1981, the park features six buildings offering a total of 136,350 square feet of industrial space. The property is less than eight miles from the Port of Tacoma, and less than two miles from Lewis-McChord joint army and air force base. At the time of sale, the asset was 100 percent occupied. MCA Realty originally acquired the park in December 2020 for $18.2 million and implemented updates to the property, including new paint, asphalt, curbing, lighting repairs and landscaping. Brett Hartzell, Paige Morgan and Rebecca Perlmutter of CBRE, along with Nick Ratzk and John DeHan of Neil Walter, represented seller. Gary Stache, Anthony DeLorenzo and Bill Maher of CBRE represented the buyer in the deal.
CARSON CITY, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of 550 Mallory Way, a Class C industrial property in Carson City. Terms of the transaction were not released. The 119,500-square-foot building features 12- to 20-foot clear heights, dock-high doors and at-grade doors. The property also offers proximity to Highway 50, Highway 395 and I-580. Jack Brower and Wes Brogan of SVN | Gold Dust represented the undisclosed seller in the deal.
DUNWOODY, GA. — Dallas-based corporate development and investment firm KDC has acquired two office buildings totaling more than 1.6 million square feet in Park Center, a 17-acre master-planned, transit-oriented project in the northern Atlanta suburb of Dunwoody. Park Center Buildings 2 and 3 were acquired in a sale-leaseback deal with insurance giant State Farm, along with approximately 40,000 square feet of retail space, a parking structure with more than 4,000 parking spaces and a 2.6-acre parcel for future development. The price was not disclosed. Park Center Building 2 was completed in 2020 and comprises 621,000 square feet, including 39,000 square feet of retail space. Park Center Building 3 is a 440,000-square-foot office tower completed in 2021. KDC described the properties as “a state-of-the-arm, Class A office project.” KDC was the original developer of Park Center. The company purchased the property with its internal capitalization established with an investment by Cadillac Fairview in 2021, along with ongoing ownership and funding from KDC and Compatriot Capital. Northmarq’s Dallas debt and equity team, including Phillip Askew, Ronald Reese and Charlie Robinson, arranged financing for KDC’s acquisition through its life insurance company relationships. KDC has begun planning for future phases of Park Center. According …
HOUSTON — Southern California-based investment firm Magma Equities has purchased Village at Bellaire, a 580-unit apartment community in West Houston. Built in 1990, Village at Bellaire consists of 25 three-story buildings that house one- and two-bedroom units on a 14.4-acre site. Residences are furnished with stainless steel appliances, brushed nickel hardware, granite countertops and full-size washers and dryers. Select apartments also offer private balconies/patios. The amenity package consists of two pools, a fitness center, outdoor grilling and dining stations, clubhouse, game room, business center and package concierge services. Magma Equities, which acquired the asset in a joint venture with Walker & Dunlop Investment Partners and Pacific Life as part of a $189 million off-market portfolio deal, plans to upgrade the unit interiors and building exteriors. Moody National Cos. sold the property for an unspecified price.
DENTON, TEXAS — JLL has negotiated the sale of a 374,560-square-foot cold storage facility in the North Texas city of Denton. Delivered on a speculative basis in 2022, Cold Creek Solutions Denton features 45-foot clear heights, 60,000 pallet positions, 53 dock positions, 147 car parking spaces and 85 trailer parking stalls. The breakdown of the square footage translates to 306,240 square feet of freezer/cold storage space, a 59,320-square-foot refrigerated dock and 9,000 square feet of office space. An undisclosed institutional investment firm purchased the asset from developer Cold Creek Solutions for an undisclosed price. Dustin Volz, Stephen Bailey, Dom Espinosa, Wells Waller and Cole Sutter of JLL brokered the deal. The property was 50 percent leased to Southwest Warehouse Services at the time of sale.