JUNO BEACH, FLA.— Bucksbaum Properties has acquired Plaza La Mer, a 111,000-square-foot shopping center in the coastal South Florida town of Juno Beach. Built in 1988, the property comprises five buildings on 10 acres. Tenants at the center include Dunkin, Trustco Bank and Loggerhead Fitness. The seller and sales price were not disclosed.
FORT MYERS, FLA. — Marcus & Millichap has arranged the $38 million sale of a retail and entertainment property located in Fort Myers. Topgolf occupies the asset, which totals 48,000 square feet, on a triple-net-lease basis. Constructed in 2021, the property is situated on 14 acres off of Interstate 75. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap arranged the transaction on behalf of the seller, a Miami-based family office. The buyer was not disclosed.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.
MEMPHIS, TENN. — Atlanta-based Robinson Weeks Partners (RWP) has sold Southridge Crossing, a 234,36-square-foot industrial building located in Memphis. Pattillo Industrial Real Estate acquired the property for an undisclosed price. Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman brokered the sale. An undisclosed tenant has signed a full-building lease at the development, which was completed in May.
JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.
SPRING HOPE, N.C. — Legacy Realty Group Advisors has brokered the $4.8 million sale of Spring Hope Commons, a retail center located in Spring Hope, approximately 35 miles northeast of Raleigh. Food Lion anchors the 47,950-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, neither of which were disclosed, in the transaction.
HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.
CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.
OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.
WEST HOLLYWOOD, CALIF. — HQ Development, led by Robert Herscu, has purchased a vacant property at 825 N. San Vincente Blvd. in West Hollywood. Hilldale Property Owner sold the asset for $19 million. Christopher Bonbright and Jonathan Larsen of Avison Young handled the transaction on behalf of the seller, the property’s original owner and developer. Avison Young positioned the building as an opportunity for redevelopment, as the site is located between Sunset and Santa Monica boulevards near famous and popular venues like The Comedy Store, The Viper Club, The Troubadour and Whiskey A Go Go. Built in 1984 and renovated in 2014, the three-story property features 28,512 square feet of space and parking for 135 cars. According to Avison Young, the asset satisfies West Hollywood’s parking and zoning requirements for office, medical, co-working, health club and hospitality uses, including a boutique hotel and restaurant.
