BOSTON — Atlantic Capital Partners, a division of Boston-based Atlantic Realty, has negotiated the $70 million sale of a portfolio of four grocery-anchored retail assets in Massachusetts and Rhode Island. The properties, all of which are master-leased to regional operator Stop & Shop, total 272,542 square feet and are located in the Massachusetts communities of Framingham, Malden and Swampscott, with the fourth in Bristol, R.I. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the buyer and seller, both of which requested anonymity, in the transaction.
KAILUA, HAWAII — Watumull Properties Corp. has purchased Niumalu Marketplace, a 205,000-square-foot retail center located in Kailua on O’ahu, for $66 million. Safeway anchors the property, which is situated on 20 acres. Wendell Brooks and Kimo Greenwell of JLL will handle leasing at the center, and Big Island Colliers’ Hawaii office will provide property management services.
DENVER — Essex Financial Group has secured $32 million in financing for the purchase of 2nd & Josephine, a 105,253-square-foot mixed-use property in Denver. Comprising four buildings, the development was fully leased at the time of sale. Bank of America anchors the property, which features retail and office space, as well as 260 parking spaces. Paul Donahue, Cooper Williams, Nate Schneider and Andrea Mehlem of Essex arranged the seven-year, fixed-rate loan through an undisclosed life insurance company on behalf of the buyer.
MONTCLAIR, CALIF. — Longpoint has acquired Cardenas Marketplace, a shopping center in Montclair, roughly 30 miles east of Los Angeles, for $22.7 million. Built in 2020 and anchored by Cardenas Market, the property was 91 percent occupied at the time of sale. Other tenants at the center include AT&T and Wendy’s. Alan Krueger, Vanessa Haddad and Masih Waliyar of CBRE represented Longpoint in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $16 million sale of a 47-unit apartment building located at 153 Norfolk St. on Manhattan’s Lower East Side. The six-story, elevator-served building houses one- and two-bedroom units. Michael Tortorici and Shimon Shkury of Ariel Property Advisors represented the buyer in the transaction. Michael DeCheser and Bryan Hurley of Cushman & Wakefield represented the seller. Both parties requested anonymity.
DURHAM, N.C. — Oxford Properties Group has finalized its acquisition of 78 TW Alexander in Durham, a biomanufacturing facility in Durham comprising 95,000 square feet with expansion capabilities up to 190,500 square feet. Oxford first entered into a forward-purchase agreement with the developer, Davidson Craven, in the fourth quarter of 2021. CBRE|Raleigh arranged the transaction. Construction of the facility, which features 36-foot clear heights, seven loading docks and robust power and water systems, was fully completed in February of this year.
PALM BEACH, FLA. — Cushman & Wakefield has arranged an $8.6 million acquisition loan for the purchase of an office building located at 100 Ave. of Champions in Palm Beach. Totaling two stories and 42,090 square feet, the property served as PGA of America’s headquarters since its construction more than 50 years ago prior to the organization’s relocation to Frisco, Texas. Jason Hochman and Ron Granite of Cushman & Wakefield secured the financing through a local bank on behalf of the borrower, Blue Water Advisors LP, which plans to convert the property to a multi-tenant building.
COLORADO SPRINGS, COLO. — An affiliate of the Axton Group and the Bascom Group have divested two multifamily complexes in Colorado Springs for a total of $74.1 million. The sale includes the 374-unit Park at Penrose and the 112-unit Park at Palmer. The communities are located at 3802 and 3903 Half Turn Road, respectively. Formerly known as Summer Grove and Tanglewood, the Axton/Bascom partnership purchased the properties for $41.2 million in June 2019. The companies then completed a multi-year renovation program to upgrade the apartment units and community amenities.
WEST VALLEY CITY, UTAH — Westcore has purchased Raceway Commerce Center in West Valley City for $52.2 million. The two-building, 397,894-square-foot industrial property is located at 6075 W SR-201 Frontage Road and 2234 South 5900 West. The brand-new, tilt-up construction center is 33 percent pre-leased to three tenants. Westcore plans to build out improvements for the tenants, and potentially build out two more spec office suites, one per building. Westcore represented itself in the transaction. Phillip Eilers and Jon Schreck of Cushman & Wakefield represented the seller, Brennan Investment Group.
CHANDLER, ARIZ. — ViaWest Group and its institutional joint venture partners have sold Chandler Crossroads I & II, a Class A industrial project totaling 216,322 square feet in Chandler. Developed in 2016 and 2022, respectively, the Southeast Valley portfolio consists of two buildings located at 2800 and 2900 S. Gilbert Road. The project was 78 percent leased at the time of escrow, but was fully leased to seven tenants by the time the deal closed. An undisclosed investor acquired the asset for $40.1 million. Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt and Callahan Conway of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented ViaWest in the deal.