ALLENTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center in the eastern Pennsylvania city of Allentown. German discount grocer Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and J.P. Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center.
ISELIN, N.J. — Cushman & Wakefield has negotiated a 40,000-square-foot office lease renewal in the Northern New Jersey community of Iselin. The building at 99 Wood Ave. S is located within the six-building Centerline at Metropark campus and totals 271,988 square feet. Todd Elfand, Kevin Carton, Paul Giannone and Brody Strickland of Cushman & Wakefield represented the landlord, Opal Holdings, in the lease negotiations. The representative of the tenant, law firm Greenbaum Rowe Smith & Davis, was not disclosed.
TRENTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $3 million sale of Riverbank Commons, a 30-unit apartment complex in Trenton. The three-story building houses three efficiency apartments, 12 one-bedroom units and 15 two-bedroom units. Barry Waisbrod of Kislak represented the seller, River Bank Rentals LLC, in the transaction. The buyer was an entity doing business as NJ Mercer Investments Realty LLC.
MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.
AURORA, ILL. — JLL Capital Markets has brokered the sale of Aurora Commons, a 125,826-square-foot, open-air shopping center in Aurora. The sales price was undisclosed. Built in 1988, the property is 75 percent leased to tenants such as Ross Dress for Less, DD’s Discounts, Five Below, Dollar Tree, T-Mobile and H&R Block. Cermak Fresh Market shadow anchors the center, which is located at 1272 N. Lake St. Michael Nieder, Keely Polczynski and Caity Tirakian of JLL represented the seller, IRC Retail Centers. Sperry Equities was the buyer.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.
PAPILLION, NEB. — Aldi is opening a new 20,000-square-foot grocery store at Settlers Creek in Papillion. Completion is slated for spring 2024. The store, which will be situated between Sam’s Club and Hobby Lobby, marks Aldi’s 12th location in Nebraska and first in Papillion. Settlers Creek is a 250,000-square-foot shopping center owned and developed by The Lerner Co. and RED Development.
OMAHA, NEB. — Colliers Nebraska has negotiated a 12,598-square-foot office lease at Farnam Executive Center in Omaha. Adam Marek of Colliers represented the tenant, a national law firm focused on assisting government agencies with improving service delivery. Chris Mensinger, Justin Spooner and Lizzie Mensinger of Colliers represented the landlord, White Lotus Group. Recently purchased by White Lotus Group, Farnam Executive Center rises four stories and totals 92,242 square feet.
MESA, ARIZ. — McCarthy Building Co., as general contractor, and SmithGroup, as designer, have broken ground on Interdisciplinary Science and Technology Building 12 (ISTB12), a $185 million project at Arizona State University’s Polytechnic campus in Mesa. The multi-level research and education building will provide a centralized location for Ira A. Fulton Schools of Engineering’s new School of Manufacturing Systems and Networks. The 173,194-square-foot building will consist of three floors and 128,828 programmable square feet for office, meeting, industrial, research and collaboration spaces. The facility will also offer specific spaces and labs specializing in additive manufacturing; robotics for smart manufacturing and industry automation; cyber manufacturing and operations research; semiconductor manufacturing; and manufacturing systems for the energy sector. Completion is slated for November 2025. Partners on the project include WOODPATEL, PK Associates and Speedie & Associates, as well as additional integrated design services performed by SmithGroup, including MEP engineering, lab planning and landscape architecture.
GLENDALE, ARIZ. — Fore Property Co. has completed the sale of Cuvee, an apartment property located at 7200 N. 91st Ave. in Glendale. Pillar Communities acquired the Class A asset for $86 million. Completed in 2023, Cuvee features 310 apartments; two resort-style pools; a two-story, club-style fitness center; and a residential clubhouse with TV lounges, a game room, coffee bar and business center. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.