NEW YORK CITY — Locally based brokerage firm TerraCRG has negotiated the $12.4 million sale of a portfolio of four multifamily buildings totaling 17 units in the Red Hook area of Brooklyn. The buildings are located within six blocks of each other along Van Buren Street and include two retail spaces. Daniel Lebor and Matthew Cosentino of TeerraCRG represented the seller, REDHOEK+, in the transaction. Blue Sky Diner Inc. was the buyer. The sales price translates to a cap rate of approximately 6 percent.
OWINGS MILLS, MD. — TruAmerica has acquired Arbor Ridge Apartments, a 348-unit community located at 9204 Appleford Road in Owings Mill, a suburb of Baltimore. Bill Roohan and Brian Margerum of CBRE brokered the transaction, while Ryan Greer and Maxi Leachman, also with CBRE, arranged the permanent financing. The seller, sales price and loan amount were not released. Built in 1999, Arbor Ridge Apartments offer one-, two- and three-bedroom floorplans, ranging in size from 673 to 1,204 square feet, according to Apartments.com. Amenities include a swimming pool, sundeck, fitness center, business center, clubhouse, grilling and picnic areas and a dog park. TruAmerica plans to renovate the property with interior upgrades and amenity improvements.
WOODBRIDGE, VA. — JLL Capital Markets has arranged the sale of 95 East Distribution Center, a 113,490-square-foot industrial building located in Woodbridge, roughly 20 miles south of Washington, D.C. Situated at 13600 Dabney Road, the facility features 32-foot clear heights, 14 dock doors and 13 knock-out panels, as well as 10,143 square feet of outdoor storage space. The property is fully leased to Goodwill of Greater Washington and Zippy Shell. Bill Prutting, Craig Childs, Chris Dale, Ginna Wallace, John Dettleff, Dan Coats, Robert Carey and Gus Caiola of JLL represented the seller, a partnership between D.C.-based The Pinkard Group and New York-based Cannon Hill Capital Partners, in the transaction. The buyer was an institutional pension fund advisor. The sales price was not disclosed.
MESA, ARIZ. — Rise48 Equity has expanded its Arizona footprint with the purchase of a 154-unit apartment property in Mesa. Terms of the transaction were not released. Rise48 Equity will rebrand the property, formerly known as Emparrado Apartments, as Rise Mountain Ridge. The company plans to renovate all of the units to its Diamond and Gold finish levels. Upgrades will include new stainless steel appliances, vinyl plank flooring, white Shaker cabinet doors, resurfaced countertops and modern plumbing and lighting fixtures. Additionally, 39 percent of the units (60 units) will receive in-unit washers and dryers. Rise48 will also implement exterior improvements, including updates to landscaping, pool and amenity spaces, signage and community branding.
PHOENIX — JLL Capital Markets has arranged the sale of Marigold Two-Pack, a two-building, 237,765-square-foot industrial portfolio in metro Phoenix. An Ares Real Estate fund acquired the asset for an undisclosed price. Ares Industrial Management will manage the portfolio, which consists of a 100,000-square-foot property in the Southwest Valley submarket and a 137,765-square-foot asset in the Airport Area submarket. The buildings offer secured and gated yards, 22- to 30-foot clear heights, ample dock-high and grade-level loading, excess parking and low office build-out. At the time of sale, the assets were fully leased to six tenants. Ben Geelan and Greer Oliver of JLL represented the undisclosed seller in the transaction.
THOUSAND OAKS, CALIF. — Marcus & Millichap has arranged the sale of a 51,401-square-foot industrial redevelopment site at 670 Lawrence Drive in Thousand Oaks. The asset traded for $1.3 million. The names of the buyer and seller were not released. Christian Desnoes of Marcus & Millichap represented both parties in the transaction.
BLOOMFIELD HILLS, MICH. — LREH Michigan LLC has acquired Square Lake Office Park II at 1750 S. Telegraph Road in Bloomfield Hills. The 74,500-square-foot, three-story office building features a lakefront setting and is fully occupied. Mason Capitani of L. Mason Capitani/CORFAC International represented the buyer, which maintains a portfolio in excess of 2 million square feet of Class A office space across metro Detroit. Liberty Property & Asset Management will provide property management services for the building moving forward.
ATLANTA — Locally based 26th Street Partners has acquired Krog Street Market, a 30,000-square-foot adaptive reuse food hall and market in Atlanta’s Inman Park district, according to the Atlanta Business Chronicle. Charlotte-based Asana Partners sold the property, along with the adjacent Atlanta Stove Works, SPX Alley and Butler and Gravel buildings. The sales price was not reported, but Asana purchased the Krog District buildings in 2018 for $45.8 million. Paces Properties originally redeveloped the 1920s-era warehouse that was also formerly used as the home of Tyler Perry Studios into Krog Street Market in 2014. The property’s tenant roster includes Hop City, Fred’s Meat & Bread, Jeni’s Splendid Ice Creams, Superica, Ticonderoga Club, The Collective and The Merchant. Additionally, Patagonia has a large store at Krog District and Yeti will soon open a shop at the property, according to the Chronicle.
MIAMI — Mast Capital and AEW Capital Management have sold Remi on the River, a new 342-unit apartment community in the Miami River District. Valeris Capital purchased the property for an undisclosed price, though multiple media outlets are reporting the community traded for $108 million. Robert Given, Troy Ballard and Michael Mulkern of CBRE brokered the transaction. Situated along the Miami River, Remi on the River features studios, one-, two- and three-bedroom apartments ranging in size from 465 to 1,334 square feet. Designed by Corwil Architects, the community opened in 2024 and features a resort-style swimming pool, aqua lounge, fitness center, clubroom, access-controlled parking and a resident lounge with coworking spaces.
HOMEWOOD, ALA. — Opelika, Ala.-based PHD Hotels Inc. has acquired Aloft Birmingham Soho Square, a 111-room hotel located at 1903 29th Ave. S in Homewood, a suburb of Birmingham. An institutional investor sold the hotel for an undisclosed price. Tim Osborne of Hunter Hotel Advisors’ Chattanooga office brokered the transaction. Aloft Birmingham Soho Square is a hospitality component within the Soho Square mixed-use campus and features meeting space, an indoor pool and a 24-hour fitness center, along with Re:fuel, a grab-and-go snack bar, and the W XYZ Bar, which offers craft cocktails and live music.