SOUTH PLAINFIELD, N.J. — Lee & Associates has brokered the $36.5 million sale of a 200,000-square-foot industrial property located at 18-20 Harmrich Road in South Plainfield, about 40 miles south of Manhattan. The two-building property sits on 18 acres and features clear heights of 28 feet, multiple loading docks and additional outdoor storage space. Rick Marchisio, Crista Governara and Drew Maffey of Lee & Associates represented the undisclosed seller and the buyer, Boston-based investment firm Marcus Partners, in the off-market transaction.
NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $8 million sale of a 17,900-square-foot vacant industrial building in Brooklyn’s Red Hook neighborhood. Dan Marks, Daniel Lebor and Jackson O’Neill of TerraCRG represented the seller, an entity doing business as Buttermilk Warehouse LLC, in the transaction. The name of the locally based buyer was not disclosed.
DURHAM, N.C. – CBRE Investment Management, on behalf of a separate account client, has acquired Park Point, a 662,607-square-foot life sciences campus located within Research Triangle Park in Durham. Although the seller and price were not disclosed, Triangle Business Journal reports that Starwood Capital sold the asset for $288 million. Starwood, along with Trinity Capital and Vanderbilt, acquired Park Point in 2019 as a vacant, single-tenant industrial building, implementing a $190 million adaptive reuse project at the 95-acre site. The property now offers flexible space solutions for office, life sciences and manufacturing tenants. Located at 4001 NC Highway 54, campus amenities include a fitness center, cafe, indoor/outdoor common areas, athletic fields, walking trails, 2,546 parking spaces and a conference and training center. Park Point also has new, efficient systems that reduce energy and water consumption and enhance indoor air quality. Electric vehicle charging stations are slated to be installed at the property. “Today’s life sciences end-users have very specific and sophisticated needs for lab and research spaces,” said Sondra Wenger, head of Americas commercial operator division for CBRE Investment Management. “We believe that Park Point meets those needs and fits well with our investment strategy. This uniquely amenitized asset benefits …
HOUSTON — Berkadia has arranged the sale of 5 Oaks, a 228-unit apartment complex in North Houston. The property offers one- and two-bedroom units that range in size from 464 to 1,043 square feet and feature in-unit washers and dryers and private balconies/patios. Amenities include a clubroom with social areas, pool with a sundeck and cabanas, resident kitchen with a coffee bar, dog park, fitness center, business center and package lockers. Chris Curry, Todd Marix, Chris Young, Joey Rippel and Kyle Whitney of Berkadia represented the seller, Los Angeles-based Haven Realty Capital, in the transaction. Johnny King of Berkadia originated acquisition financing on behalf of the buyer, New York-based Lone Star Capital.
GREENVILLE, S.C. — Investors Management Group Inc. (IMG) has purchased Millennium Apartments, a 305-unit multifamily community in Greenville, for $64.4 million, or $211,000 per unit. The seller was not disclosed. Andrea Howard of Northmarq brokered the transaction. Additionally, Northmarq provided a non-recourse, fixed-rate Freddie Mac loan that carries a seven-year term and a four-year interest-only period. In addition to the debt financing, IMG raised $35 million in equity from over 200 investor clients across 20 states to finance the acquisition. Built in 2008, Millennium features one-, two- and three-bedroom units. IMG plans to invest $2.5 million in capital improvements at the property.
FORT WORTH, TEXAS — Locally based developer M2G Ventures has sold The Foundry District, a 98,000-square-foot mixed-use property in Fort Worth’s Cultural District. M2G Ventures acquired the former industrial site in 2015 and redeveloped it to feature office, retail and restaurant space, as well as showrooms and an art gallery. The buyer was Charlotte-based Asana Partners. Cushman & Wakefield’s Chris Harden and Kris Von Hohn brokered the transaction.
PANAMA CITY BEACH, FLA. — The Radco Cos., an opportunistic real estate investment firm based in Atlanta, has purchased three hotels in Panama City Beach totaling 281 rooms. The properties include a Home2 Suites, adjacent Fairfield Inn & Suites and a Hampton Inn. All three hotels will be managed by LBA Hospitality. Hospitality Real Estate Counselors (HREC) served as brokers for the Home2 Suites and Fairfield Inn properties, with Hunter Hotel Advisors brokering the Hampton Inn deal. The sellers and sales price were not disclosed. The new ownership plans to make capital improvements to the three hotels. Radco launched a hotel investment division in early 2021 in response to disruptions to the hospitality industry caused by the COVID-19 pandemic.
JERSEY CITY, N.J. — Walker & Dunlop has arranged an $85.4 million bridge loan for the refinancing of City Line East and City Line West, two adjacent apartment complexes totaling 342 units in Jersey City. Both properties are located within the University Place mixed-use development and feature studio, one- and two-bedroom units and Class A amenities. John Banas, Kris Wood, Christopher Philipps, John Wilson, Rhett Saltiel and Erik DiGirolamo of Walker & Dunlop arranged the two-year, fixed-rate loan through an undisclosed debt fund on behalf of the New Jersey-based borrower.
NEW YORK CITY — Cushman & Wakefield has brokered the $40 million sale of a 63-unit multifamily property located at 223 Fourth Ave. in Brooklyn’s Park Slope neighborhood. The newly constructed, 13-story building houses 18 studios, 34 one-bedroom units, nine two-bedroom apartments and two duplexes. Residences are furnished with quartz countertops, stainless steel appliances, dishwashers and in-unit washers and dryers. Amenities include a lounge with coworking space, rooftop terrace, media room and bike storage space. HUBB NYC acquired the property from Greystone Development. Dan O’Brien, Adam Spies, Adam Doneger and Avery Silverstein of Cushman & Wakefield brokered the deal.
POMONA, CALIF. — Stos Partners has completed the disposition of a Class A industrial distribution facility in Pomona to Denver-based EverWest Advisors for $45.9 million. Jeffrey Cole, Jeffrey Chiate, Bryce Aberg, Brad Brandenburg, Mike Adey and Zachary Harman of Cushman & Wakefield’s National Industrial Advisory Group represented the buyer in the transaction. Stos Partners was self-represented in the deal. Originally built in the 1950s and renovated in the 1970s, the 182,275-square-foot distribution facility features 7,200 square feet of office space, 18 dock-high and 12 grade-level doors, 19- to 21-foot clear heights, a fenced yard and rail service. A leading provider of packaging and protective products fully occupies the property. The property is situated on 8.5 acres at 159 N. San Antonio Ave.