CRANFORD, N.J. — Locally based brokerage firm Hudson Atlantic Realty has negotiated the $14.6 million sale of Riverside Gardens, a 46-unit apartment complex located in the Northern New Jersey community of Cranford. The sales price equates to roughly $318,000 per unit. The property was originally constructed in the 1940s and offers one- and two-bedroom apartments, as well as onsite parking and laundry facilities. The buyer and seller were not disclosed.
AVON, MASS. — DH Property Holdings has purchased a 70,337-square-foot industrial property located at 54 Bodwell St. in Avon, a southern suburb of Boston. Brockton Furnace & Duct Distributors Inc. formerly owned and occupied the facility, which sits on 4.6 acres and is currently vacant. Building features include a clear height of 16 feet, 13 loading docks, two drive-in doors and 85 parking spaces. The new ownership plans to implement a value-add program.
TUCSON, ARIZ. — Sheiner Group/Living Well Homes has completed the disposition of Eastyn Park, an apartment property in Tucson. Greenwater Investments acquired the asset for $42.5 million, or $152,329 per unit. Hamid Panahi, Clint Wadlund, Art Wadlund, Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Constructed in 1973, Eastyn Park features 279 apartments averaging 895 square feet per unit spread across 33 residential buildings. The community features a fitness center, two swimming pools, business center and picnic areas with barbecue grills. Apartments offer all-electric kitchens, wood-style plank flooring and oversized closets.
PHOENIX — Cushman & Wakefield has arranged the sale of a single-tenant office building in Phoenix’s Camelback Corridor. McCarthy/MRL Properties Arizona sold the asset to a joint venture between Crowne Point Equity, Corsair Management and A-1 Legacy Properties for $14.5 million. Located at 6225 N. 24th St., McCarthy Building Cos. fully occupies the three-story, 41,982-square-foot building. The property features a shaded garden-level patio with picnic tables; outdoor cooking and seating; multiple conference, break and recreation/game rooms; and a fully equipped kitchen. Eric Wichterman and Mike Coover of Cushman & Wakefield’s private capital team, in collaboration with Mark Seale of Avison Young, represented the seller in the transaction.
ENGLEWOOD, COLO. — CBRE has arranged the sale of Inverness Business Park at 35 Inverness Drive East in Englewood, a southeast suburb of Denver. Terms of the transaction were not released. Teledyne Technologies, a manufacturer of air quality monitoring instrumentation and software, fully leases the 65,000-square-foot property, which it has occupied since 2004. Built in 1980, the multi-use building has a single-story warehouse and a two-story office space. The warehouse space includes a loading dock with five overhead rolling doors. The property also features a tenant cafeteria area and outdoor patio space. Patrick Devereaux, James Brady and Campbell Davis of CBRE represented the undisclosed seller in the deal. The name of the buyer was not released.
DALLAS — Chicago-based brokerage firm Triad Real Estate Partners and Worldwide Commercial have arranged the sale of McCallum Communities, a 419-unit multifamily property in North Dallas. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground and outdoor grilling and dining areas. A Texas-based private investment firm sold the property to a New Hampshire-based owner-operator for an undisclosed price.
CHARLOTTE, N.C. — Ram Realty Advisors has purchased South End Business Park, a 377,000-sqaure-foot office park located in Charlotte’s South End district. Patrick Nally, Hunter Barron and Alexis Kaiser of JLL arranged the transaction on behalf of the seller, Stockbridge. Built in phases from 1979 to 1984, the property was expanded in 2017 with the addition of a new, 50,000-square-foot building. Ram Realty plans to redevelop the business park but did not disclose a timeline.
LUTZ, FLA. — SRS Real Estate Partners has arranged the sale of a 4,854-square-foot, single-tenant retail building in Lutz, approximately 15 miles north of Tampa. Chick-fil-A occupies the property via a ground lease and plans to open next month. Patrick Nutt and William Wamble of SRS represented the seller, Ferber Development, in the $2.7 million transaction. A private Florida-based investor acquired the property, which is located at 17693 Harpers Run and is an outparcel to Cypress Ranch, a 164-acre mixed-use development project.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of a 54,678-square-foot industrial building located at 8100 N. County Road W. in the West Texas city of Odessa. According to LoopNet Inc., the single-tenant property was built on 5.6 acres in 1959 and features 29-foot clear heights. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.
BOUND BROOK, N.J. — Locally based development and investment firm Reynolds Asset Management has sold Mosaic on Main, a 63-unit apartment complex in the Northern New Jersey community of Bound Brook, for $22 million. Mosaic on Main rises five stories, houses studio, one- and two-bedroom units and includes 1,650 square feet of ground-floor retail space. The property also offers a fitness center, landscaped courtyards and package concierge services, as well as proximity to public transit lines. The undisclosed buyer completed the deal via a 1031 exchange.