NEWARK, DEL. — Atlantic Realty Cos., a Virginia-based development, investment and brokerage firm, has sold a 145,400-square-foot shopping center located at 230 E. Main St. in Newark for $33.5 million. Built in 1955 and renovated in 2017, the center was 93 percent leased at the time of sale to a roster of 31 tenants, with grocer Newark Natural Foods and Main Street Movies 5 serving as the anchors. Other retailers and restaurants include PNC Bank, Wing Stop, Dollar Tree, Goodwill, T-Mobile and Tropical Smoothie Café. Gil Neuman of Neuman Commercial Group represented Atlantic Realty in the transaction. The buyer was not disclosed.
LAKEWOOD, N.J. — New Jersey-based brokerage firm Sitar Realty Co. has negotiated the $7.7 million sale of a 38,762-square-foot warehouse in Lakewood, about 70 miles northeast of Philadelphia. The two-story building sits on 3.5 acres. Manasquan Bank sold the property to a locally based limited liability company. Douglas Sitar and Robert JanTausch of Sitar Realty brokered the deal.
BENSENVILLE, ILL. — Marcus & Millichap has brokered the $6.7 million sale of the Hartford Business Centre in the Chicago suburb of Bensenville. The 66,853-square-foot office complex sold at nearly full list price. The property’s three single-story buildings were constructed in 1975 and 1985 and renovated in 2022. At the time of sale, the property was 97 percent leased. Peter Doughty and Brent Holder of Marcus & Millichap represented the seller, a California-based private investor. Avison Young represented the buyer, a local private investment fund.
HOUSTON — Marcus & Millichap has brokered the sale of Advantage Storage, a 777-unit facility in Houston. The property sits on 4.2 acres and comprises one climate-controlled building and six modular drive-up buildings for a total of 68,839 net rentable square feet. The average unit size is roughly 100 square feet. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a New York-based limited liability company, in the transaction. Both the seller and the Florida-based buyer requested anonymity.
HOUSTON — Colliers has arranged the sale of a 27,150-square-foot warehouse located at 1612 Southcreek Lane in North Houston. According to LoopNet Inc., the single-tenant structure was built in 2014. The three-acre, crane-served site is situated within Candle Ridge Business Park. Jason Tangen of Colliers represented the seller, an affiliate of TRECAP Management, in the transaction. Todd Moore and Connor Duffy, also with Colliers, represented the buyer, an entity doing business as GBP II SIP.
FISHER ISLAND, FLA. — CBRE has brokered the sale of a 6.5-acre site on Fisher Island, an island city in Miami-Dade County. An unnamed private investor purchased the development site, the last available waterfront parcel on Fisher Island, for $122.6 million. No future development plans were disclosed, but CBRE says the parcel is approved for condominium development. Timothy Gifford and Nilmaris Negron with CBRE represented the seller, also a private investor, in the transaction. The site offers unobstructed views of the Atlantic Ocean, Miami Beach, Biscayne Bay and downtown Miami’s skyline. Reached only by yacht, private ferry or helicopter, Fisher Island represents the wealthiest zip code in the United States, according to Gifford. The island features a members-only country club with a 35-hole golf course and racquet club, as well as two deep-water marinas, a 15-room boutique hotel for members and the historic Vanderbilt Mansion Clubhouse.
CONYERS, GA. — A joint venture between M Street Holdings and Highline Real Estate Capital has acquired Conyers Commons, a 118,916-square-foot shopping center in the Atlanta suburb of Conyers. The undisclosed seller sold the property for approximately $17 million, or $142.53 per square foot. Chris DeCoufle, Kevin Hurley and Matt Karempelis of CBRE brokered the transaction on behalf of the seller, and BankUnited provided acquisition financing for M Street and Highline. Conyers Commons represents the joint venture’s second transaction in the Atlanta market this year. Anchored by Ross Dress for Less and Bealls Outlet, Conyers Commons’ tenant roster includes pOpShelf, Smoothie King, Mattress Firm, CitiTrends, Panda Express and Kirkland’s. The property is shadow-anchored by Target and is situated adjacent to a 240-unit single-family neighborhood under construction.
BURLINGTON, MASS. — Locally based investment firm FoxRock Properties has acquired 1 Van de Graaff Drive, a 157,229-square-foot office complex located in the northern Boston suburb of Burlington. The property, which was 73 percent leased at the time of sale, offers a cafeteria and a fitness center. Robert Griffin, Edward Maher, Matthew Pullen and Samantha Hallowell of Newmark represented the undisclosed seller and procured the buyer in the transaction. The sales price was also not disclosed.
WORCESTER, MASS. — CBRE has brokered the sale of a multifamily development site in the central Massachusetts city of Worcester that is approved for the construction of 210 market-rate units. Plans currently call for a five-story building to be constructed over a double podium parking garage. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a limited liability company, and procured the buyer, an affiliate of metro Boston-based SMC Management Corp., in the transaction.
HOLLAND TOWNSHIP, MICH. — JLL Capital Markets has brokered the $7 million sale of the former Huntington Bank headquarters located at 10717 Adams St. in Holland Township, about 30 miles southwest of Grand Rapids. Family Church purchased the 132,127-square-foot property for its third location in West Michigan. The three-story building, constructed in 1992, sits on nearly 42 acres. Family Church plans to use the main floor for both fellowship and sanctuary worship space, while the upper floor will be utilized as educational space. Plans for the lower floor are still being determined. The church expects to begin services at the building in 2023. Jeff Karger of JLL represented the seller, Charlotte, N.C.-based Arrowpoint Capital. Steve Sterken of Coldwell Banker Woodland Schmidt represented Family Church.