OLD BRIDGE, N.J. — SETS Hybrid Training, a fitness concept that offers customizable strength and conditioning programs, has signed a 3,000-square-foot retail lease at Route 9 Plaza in the Central New Jersey community of Old Bridge. Kendal Hand-Freda of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Justin Goodman of Sitar Realty Co. represented the tenant. Other tenants at the 26,000-square-foot center include AutoZone and Tots & Blocks Academy.
TALLAHASSEE, FLA. — GBT Realty Corp. has sold Governor’s Marketplace, a 243,000-square-foot power retail center located on a 34.7-acre site along Governor’s Square Boulevard in Tallahassee. The buyer, an undisclosed private investor, purchased the property for $34 million. Brad Peterson of JLL represented Brentwood, Tenn.-based GBT Realty in the transaction. The shopping center was 96 percent leased at the time of sale to tenants such as Marshalls, Michaels, Urban Air, Old Navy, Ulta Beauty, Petco and David’s Bridal. The center had 10,000 square feet of space available at the time of sale. Also included in the sale was a nearly two-acre parcel at the southeast corner of Magnolia Avenue and Governor’s Square Boulevard that has two existing buildings on the site.
Miller Construction Breaks Ground on Two Warehouse Projects in Palm Beach County Totaling 318,000 SF
LAKE PARK AND WEST PALM BEACH, FLA. — Miller Construction Co. has broken ground on two warehouse projects totaling approximately 318,000 square feet in South Florida’s Palm Beach County. The developer of both facilities is Dalfen Industrial. The projects include a 184,880-square-foot warehouse located at 1100 Old Dixie Highway in Lake Park and a 133,075-square-foot facility located at 2850 Ranch House Road in West Palm Beach. The design-build team for both projects includes IBI Group’s RLC Architects, Puga & Associates Inc., DDA Engineers and Kimley-Horn & Associates. The developments represent a total investment of $29 million.
ALBEMARLE, N.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.2 million sale of First Street Station, a 52,230-square-foot, grocery-anchored shopping center located at 801-819 N. First St. in Albemarle, about 40 miles east of Charlotte. Ed Laycox of SRS represented the seller, a North Carolina-based private investor, in the transaction. The buyer was a Charlotte-based private investor who was in a 1031 exchange and paid all-cash. Built in 1989 on a six-acre site, First Street Station was 91 percent leased at the time of sale to tenants including Harris Teeter, Roma Pizza and Napa Auto Parts, among others.
MESA, ARIZ. — A joint venture between Trammell Crow Co. (TCC) and CBRE Investment Management has completed construction of Elliot Gateway, a four-building, Class A logistics park on 40.5 acres at 9020 E. Elliot Road in Mesa. Elliot Gateway features a 151,239-square-foot Building A, a 124,611-square-foot Building B, a 186,000-square-foot Building C and a 54,640-square-foot Building D. Building C is fully leased to a mechanical and electrical construction company, while the other buildings are available for lease. Graycor Consrtuction Co. served as general contractor and Butler Design Group served as architect for the project. Evan Koplan and Serena Wedlich of CBRE are marketing and leasing the property on behalf of TCC and a fund sponsored by CBRE Investment Management.
PHOENIX — ABI Multifamily has arranged the sale of Dimension on 27th Apartment Homes in Phoenix. An Arizona-based seller sold the asset to a California-based buyer for $49.7 million, or $191,346 per unit. Built in 1982, the property features 23 residential buildings offering a total of 260 units in a mix of studio, one-bed/one-bath and two-bed/one-bath layouts with stainless steel appliances, vinyl wood flooring and a patios/balconies. Common area amenities include a swimming pool, playground, laundry facilities and onsite maintenance. Alon Schnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.
LOS ANGELES — Lowe as developer and manager, along with Ware Malcomb as architect/designer and Swinerton as general contractor, has completed construction of a nine-story creative office building located at 2130 Violet St. in Los Angeles’ Arts District. Totaling more than 113,000 square feet, the building includes 109,100 square feet of office space, 3,400 square feet of ground-floor retail space, four levels of parking for 275 vehicles, outdoor spaces including private terraces, and a 3,000-square-foot rooftop deck/lounge. The building offers 27,000-square-foot open floorplates, high ceilings, energy-efficient building systems and HVAC.
SACRAMENTO, CALIF. — Trion Properties has purchased Courtyard at Artisan Square, an apartment community located at 1503 Fulton Ave. in Sacramento. A private seller sold the asset for $23.6 million. Constructed in 1970, the property features 104 one-, two- and three-bedroom apartments averaging 830 square feet with open floorplans. The community comprises 11 two-story residential buildings totaling more than 86,000 square feet. Current amenities include a fitness center, pool deck and high-end upgrades throughout the property. The previous owner fully renovated the property’s exterior and all unit interiors to include quartz countertops, in-unit washers/dryers, dual-pane windows, new roofs, full patio replacement, asphalt and concrete walkways.
MESA, ARIZ. — HJ Red Mountain LLC, an entity formed by Jakosky Properties, has completed the disposition of Red Mountain Plaza, a retail center at the northwest corner of Power and McKellips roads in Mesa. Red Mountain Plaza, a Washington LLC, acquired the asset for $16.4 million. Situated on eight acres, Red Mountain Plaza offers 69,270 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Michaels and PetSmart. Ryan Schubert and Michael Hackett of Cushman & Wakefield in Phoenix represented the seller in the deal.
CHICAGO — Interra Realty has negotiated the sale of a 36-unit, transit-oriented multifamily property in Chicago’s Fulton River district for $11 million. Located at 851 W. Grand Ave., the building features seven studios, 20 one-bedroom units and nine two-bedroom units. Amenities include a bike room, dry-cleaning pickup, tenant storage, a package room and onsite parking. Constructed in 2017, the property was 95 percent leased at the time of sale. The building is situated one block from the Chicago Transit Authority (CTA) Grand Blue Line station and is also in proximity to several CTA bus routes. David Goss, Jon Morgan and Harrison Pinkus of Interra represented the seller, Monroe Residential Partners. Brad Feldman of Interra represented the buyer, a local private investor.