MOUNT POCONO, PA. — JLL has arranged the sale of an 85-acre industrial development site in Mount Pocono, located in the northeastern part of the state. The buyer, Newland Capital Group, will construct a 1.2 million-square-foot warehouse and distribution center at the site and has already secured an undisclosed tenant for a full-building lease. Completion of the facility, which will feature four drive-in doors and parking for 359 trailers and 426 cars, is scheduled for the first quarter of 2024. Jeff Lockard, Ryan Barros and Kevin Lammers of JLL represented Newland Capital in the land deal. The trio also worked with Casey Mungo of DAUM Commercial to arrange the sale and negotiate the lease. Steve Cooper, also with JLL, represented the land seller.
DARIEN, CONN. — CBRE has brokered the $21.1 million sale of a 70,928-square-foot office building located at 9 Old Kings Highway S. in the southern coastal Connecticut city of Darien. The transit-served property is located in the city’s downtown area and was 84 percent leased at the time of sale. Jeffrey Dunne, Steve Bardsley, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, Hall Investments, in the transaction. The buyer was not disclosed.
FAIRVIEW, N.J. — Global investment management firm Realterm has acquired a 66,504-square-foot warehouse located at 83 Broad Ave. in the Northern New Jersey community of Fairview. The property sits on 4.7 acres and features 10 dock-high doors. Torsten Thaler, Tom Tucci and Steve Shoemaker of Cushman & Wakefield brokered the deal, the seller of which was not disclosed.
MINNEAPOLIS — JLL Capital Markets has brokered the $13 million sale of an 18-property industrial portfolio totaling 105,500 square feet across four Midwest states. The majority of the buildings are in Minnesota, while three are in Iowa, two are in Wisconsin and one is in North Dakota. The properties were constructed between 2007 and 2021 as build-to-suit facilities for Frito-Lay, a subsidiary of PepsiCo. Matt Hazelton and Cory Villaume of JLL represented the seller, Ebert Construction. Essjay Investment Co. was the buyer.
OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.
LAS VEGAS — Gerrity Group has sold Craig Marketplace, a 119,280-square-foot retail center in Las Vegas, for $41.2 million. Gleb Lvovich and Daniel Tyner of JLL Capital Markets represented both Gerrity and the California-based buyer in the 1031-exchange transaction. John Marshall, Jordan Leake and Carl Beardsley, also of JLL, secured acquisition financing on behalf of the buyer. Anchored by Albertsons, the center was 94.5 percent leased at the time of sale to tenants including Jack in the Box, Popeyes Louisiana Kitchen, Starbucks Coffee and Subway. Situated at 7101-7181 W. Craig Road, the property was built in 2002.
SACRAMENTO, CALIF. — Cushman & Wakefield has arranged the off-market sale of Executive Commons, a two-story office building in Sacramento. 350 University Partnership sold the asset to Sacramento-based Bardis & Miry Development for $9 million. Located at 350 University Ave., the property features 47,000 square feet of multi-tenant office space. At the time of sale, the building was 95 percent leased. Kevin Partington and Ben Corfee of Cushman & Wakefield represented the seller in the transaction.
LYNNWOOD, WASH. — Chicago-based Pearlmark has received a $7 million mezzanine debt investment as part of its purchase of Northview Center, an office property in Lynnwood. The 182,009-square-foot building is close to a new light rail station that will provide easy access to downtown Seattle. The investment was made on behalf of Pearlmark Mezzanine Realty Partners V LP. Prime Finance provided the senior loan. Nitze-Stagen is the manager for the borrower. Bill Swackahmer of Pearlmark arranged the transaction.
LAS VEGAS — CBRE has brokered the sale of two freestanding commercial buildings at 2829 Losee Road in Las Vegas. Bob Beylik acquired the asset from Jaramillo Trust for $5.1 million. Built in 1989, the property includes a 4,500-square-foot office space and a 10,000-square-foot industrial warehouse facility on a 3.4-acre secured plot. The two buildings are located near the Interstate 15 interchange, North Fifth Street and Cheyenne Avenue. Tyler Ecklund and James Griffis of CBRE represented the seller in the deal.
HOUSTON — A partnership between two investment firms, Florida-based DLP Capital and metro Houston-based ORP Investments, has purchased Elan Memorial Park, a 297-unit multifamily property in Houston’s River Oaks neighborhood. Built in 2016, the property houses 17,000 square feet of retail space and was 92 percent occupied at the time of sale. Units come in one- and two-bedroom floor plans, and the amenity package comprises a pool, fitness center, coffee bar and a clubhouse with a gaming area. The new ownership plans to upgrade the building’s painting, siding and landscaping. The seller was not disclosed.