ORANGEBURG, N.Y. — CBRE has brokered the $12 million sale of a 38,400-square-foot life sciences facility located at 25 Corporate Drive in Orangeburg, about 25 miles north of Manhattan. Charles Berger, Elli Klapper, Mark Silverman and Jeremy Wernick of CBRE represented the seller, an entity doing business as 25 Corporate Drive LLC, in the transaction. The team also procured the buyer, Solomon Builders, which acquired the property via a 1031 exchange. At the time of sale, the property was fully leased on a triple-net basis to Scapa North America, a subsidiary of global engineering firm Schweitzer-Mauduit International.
NEW HYDE PARK AND NEW YORK CITY, N.Y. — Legacy Realty Group Advisors LLC, a commercial real estate brokerage with offices in New York, has brokered the sale of 146 stores in the Southeast leased to Dollar General. The seller, a privately held real estate developer, sold the portfolio to the buyer, a net-lease REIT, for approximately $200 million. Both parties requested anonymity. Jacob Baruch and Daniel Baruch of Legacy Realty Group represented both the buyer and seller in the off-market transaction.
SARASOTA, FLA. — JBM Institutional Multifamily Advisors has secured the $115 million sale of Longitude 82, a 360-unit apartment community located in Sarasota. Irvine, Calif.-based Passco Cos. sold the community to an undisclosed buyer. Built in 2017 on 32.6 acres, Longitude 82 includes units with open floor plans averaging 971 square feet. Amenities include a resort-style, saltwater pool; 24-hour fitness center with Precor equipment; dog park; package lockers; valet trash; shaded children’s playground; car care center; and garages available for rent. This is the second time JBM has brokered the sale of the apartment community.
DALLAS — Cushman & Wakefield has arranged the sale of a portfolio of seven industrial buildings totaling approximately 759,889 square feet in Dallas-Fort Worth. The properties are scattered throughout the metroplex in municipalities including Richardson, Lewisville, Irving, Farmers Branch, Coppell and Arlington. Jim Carpenter, Jud Clements, Robby Rieke, Taylor Starnes, Madeleine Supplee and Trevor Berry of Cushman & Wakefield represented the undisclosed seller in the transaction. New Jersey-based investment firm Faropoint acquired the portfolio, which was fully leased at the time of sale, for an undisclosed price.
DALLAS — Granite Properties, in partnership with publicly traded REIT Highwoods Properties (NYSE: HIW), has acquired McKinney & Olive, a 507,000-square-foot office building in Uptown Dallas. Designed by architect Cesar Pelli and completed in 2016, the building includes 50,000 square feet of retail space and was 99 percent leased at the time of sale. Other amenities include a fitness center, rooftop terrace, lounge and a conference center. Andrew Levy and Todd Savage of JLL represented the seller and developer, institutional investors advised by J.P. Morgan Asset Management, in the transaction.
SAN JOSE, CALIF. — WF Batton Management Co. has acquired Valley Research Center, a R&D campus in North San Jose, for $41.5 million. The name of the seller was not released. Joe Moriarty, Scott Prosser and Jack DePuy of CBRE Capital Markets represented the seller in the transaction. Valley Research Center comprises two 64,512-square-foot buildings, which were renovated in the last two years with a new lobby, collaborative work areas, fitness center and outdoor recreational areas. Harmonic Inc. fully occupies the building at 2590 Orchard Parkway and FIT Electronics (Foxconn) leases 26 percent of 2580 Orchard Parkway.
TUCSON, ARIZ. — SRS Real Estate Partners has arranged the sale of Silverbell Plaza, a shopping center located at 2480-2500 N. Silverbell Road and 2106-2180 W. Grant Road in Tucson. An Arizona-based private investor sold the asset to a Washington-based private investor in a 1031 exchange for $22 million. Situated on 8.4 acres, Silverbell Plaza features 97,540 square feet of retail space. At the time of sale, the property was 97 percent leased. Current tenants include Walgreens, Safeway, Anytime Fitness, Leslie’s Poolmart, PNC Bank, Wingstop, H&R Block and 14 other local, regional and national businesses. John Redfield and Alan Houston of SRS represented the seller, while Gary Gallelli Jr. and Adam Rainey of Gallelli Real Estate represented the buyer in the transaction.
LIVERMORE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a single-tenant restaurant property located at 1754 N. Livermore Ave. in Livermore. Meridian sold the property to an Alameda County-based buyer in a 1031 exchange for $10.4 million. Chick-fil-A occupies the 4,821-square-foot, built-to-suit property on a 20-year initial net lease term. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller in the deal.
RENTON, WASH. — Clarion Partners has completed the disposition of Renton Logistics Center, a Class A industrial building located at 2501 E. Valley Road in Renton. An institutional buyer acquired the asset for an undisclosed price. Brett Hartzell and Paige Morgan of CBRE National Partners in the Pacific Northwest represented the seller in the deal. Built in 1996, the 459,349-square-foot, cross-dock facility features 30-foot clear heights, 75 dock-high doors, trailer parking, heavy power, recent upgrades to ESFR and energy-efficient lighting. At the time of sale, three tenants fully leased the property: Graybar, Swire Coca-Cola and Sealed Air.
STEAMBOAT SPRINGS, COLO. — Blue West Capital has brokered the sale of a single-tenant property located at 2717 S. Copper Passage in Steamboat Springs. A Colorado-based private investor sold the asset to a Denver-based buyer for $5 million in an all-cash transaction. FedEx has operated at the property since 2000 and recently signed a long-term, net-lease extension. Brandon Gayeski of Blue West Capital represented the seller in the deal.