FLORHAM PARK, N.J. — Colliers has arranged the $13.2 million sale of Westminster Corporate Center, a 158,583-square-foot office campus in the Northern New Jersey community of Florham Park. The campus, which was 57 percent leased at the time of sale, comprises two three-story buildings on a 15.3-acre site. Jacklene Chesler, Patrick Norris and Joe Lane of Colliers brokered the deal. The buyer, Pentaurus, plans to implement a value-add program that will upgrade the lobby and existing fitness facilities, as well as add pickleball and basketball courts.
PITTSBURGH — Northmarq has brokered the $7.1 million sale of a 13,575-square-foot restaurant building in downtown Pittsburgh. The freestanding building is located within the Southside Works development and is leased to The Cheesecake Factory, which has occupied the property since its original construction in 2004. Asher Wenig of Northmarq represented the buyer and seller, both of which were New York-based firms that requested anonymity, in the transaction.
ROSEMONT, ILL. — Colliers has brokered the $13 million sale of Rosemont Corporate Center in the Chicago suburb of Rosemont. Jon Connor and Francis Prock of Colliers represented the seller, KORE Investments. The Village of Rosemont purchased the 121,000-square-foot office building with plans to renovate it before moving municipal employees to the property in 2023. KORE acquired the building in 2021 from the original developer, Ryan Cos., for $6.5 million. Mark Offit of Braden Real Estate represented the Village of Rosemont.
CHICAGO — CBRE has negotiated the sale of a 14,378-square-foot development site at 863 N. Orleans St. in Chicago’s River North neighborhood for $4.2 million. Tom Svoboda of CBRE represented the seller, BlitzLake. The buyer, Draper and Kramer Inc., plans to build a multifamily project at the transit-oriented development site.
CHICAGO — Kiser Group has arranged the sale of an 18-unit multifamily property at 7224 N. Rockwell St. in Chicago’s Rogers Park neighborhood for $2.7 million. The property has been partially renovated and houses four dorm units for the Hebrew Theological College. The building comprises a mix of one-, two- and three-bedroom units. Danny Logarakis of Kiser brokered the sale. The buyer, a local investor, also recently purchased another building nearby with 40 units.
NASHVILLE, TENN. — Dairy Farmers of America (DFA), represented by Tarek El Gammal and Vincent Lefler of Newmark, has sold a 3.2-acre parcel in Nashville. Bosa Development acquired the land for $66 million. Located at 1401 Church St., the site is part of the Midtown submarket and will be developed as a mixed-use property. John Shaunfield, Kyle Jett and Chris Murphy of Newmark’s Dallas office also provided transactional support. Details about the construction timeline or project design were not disclosed.
PENSACOLA, FLA. — JLL has arranged the sale of Pensacola Square, a 142,767-square-foot shopping center located in Pensacola. Brad Peterson and Whitaker Leonhardt of JLL represented the seller, an affiliate of Atlanta-based RCG Ventures LLC. Pensacola Square, which was 95 percent leased at the time of sale, is anchored by Big Lots and shadow-anchored by Hobby Lobby. Tenants at the property include American Freight Outlet, Beall’s Outlet and Petland. A private Florida-based family office acquired the shopping center for an undisclosed price.
VIRGINIA BEACH, VA. — Matthews Real Estate Investment Services has brokered the sale of a 13,225-square-foot store located at 1701 Independence Blvd. in Virginia Beach. The single-tenant property was leased to CVS/pharmacy at the time of sale Preston Schwartz and Chad Kurz of Matthews represented the private seller in the transaction. Jason Maier of Stan Johnson Co. represented the undisclosed buyer, which acquired the property for $10.6 million. CVS/pharmacy has a little over 12 years remaining on the lease.
SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of SeventyOne15 McDowell, an apartment property in Scottsdale. The asset traded for $150 million, or $547,445 per unit. The buyer and seller were not disclosed. Completed in 2022, SeventyOne15 McDowell features 274 apartments, a swimming pool and spa, private cabanas, a rooftop lounge with fire pits, two-story fitness center, direct-access parking garage, rooftop deck, electric charging stations and 24-hour parcel package concierge. Alliance Residential developed the property. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the transaction.
POWAY, CALIF. — Lee & Associates has brokered the sale of an industrial property located at 13535 Danielson St. in Poway. The freestanding building traded for $11 million in an off-market transaction. The single-tenant, 30,667-square-foot building is fully temperature controlled and offers two dock-high doors, one grade-level door and 26-foot clear heights. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates North San Diego County represented the undisclosed seller, while Ryan Earnhart of Lee & Associates Ontario represented the undisclosed buyer in the deal.