NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $8.8 million sale of a 24-unit apartment building located at 109 Ludlow St. on Manhattan’s Lower East Side. The six-story building houses one-, two- and three-bedroom units, as well as two retail spaces. 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.
DOUGLASVILLE, GA. — Marcus & Millichap has brokered the $19.8 million sale of Douglasville Town Center, a 272,785-square-foot shopping center located at 5891-5989 Stewart Parkway in Douglasville, about 24 miles west of Atlanta. Tim Giambrone of Marcus & Millichap’s Atlanta office represented both the seller, a private capital partnership, and the buyer, an out-of-state private investment firm, in the transaction. Both parties requested anonymity. Douglasville Town Center’s tenant roster includes anchor BuggyBusters, a liquidation superstore, as well as Rogers Mechanical Contractors, Andy’s Wholesale and Cobb Douglas Community Services Board.
UNION, N.J. — Barnes & Noble will open a 15,000-square-foot bookstore at Union Plaza Shopping Center in Northern New Jersey. Chuck Lanyard and Marc Palestina of The Goldstein Group represented Barnes & Noble in the lease negotiations. Peter Robbins of Robbins Agency represented the landlord. Other tenants at Union Plaza Shopping Center include grocer ShopRite, Best Buy, Designer Shoe Warehouse and Marshalls.
FAYETTEVILLE, N.C. — Olympus Property has purchased King’s Quarter at Jack Britt, a 252-unit, garden-style apartment community located in Fayetteville. Built in 2014, the property features two- and three-bedroom units with upgraded interiors ranging from 1,150 square feet to 1,398 square feet. Units feature granite countertops, stainless steel appliances, walk-in closets and private balcony/patio areas with additional storage. Community amenities include a playground, pool area with cabanas, grilling stations, pet park, fitness center and garages. The seller and sales price were not disclosed.
PEORIA, ARIZ. — Colliers has brokered the $14.8 million sale of Crossroads Plaza, a 112,838-square-foot shopping center located in the Phoenix suburb of Peoria. The property was 91 percent leased at the time of sale to tenants including Harbor Freight, Dollar Tree, Goodwill, LA Crab Shack, Ta’ Carbon Mexican Grill, Odyssey Martial Arts and Iced Out Ice Cream Parlor. Mindy Korth, John Jackson, Caitlin Zirpolo and El Warner of Colliers represented the seller, a California-based firm. Maha Odeh Arnold of Regal Properties represented the buyer, a California-based private investor.
CALIFORNIA, MD. — A joint venture between AmCap Inc. and Encore Enterprises has acquired First Colony Center, a 98,179-square-foot shopping center in the Washington, D.C., suburb of California. The grocery-anchored center is leased to tenants including Giant, Michaels and Advance Auto Parts. Shadow anchors include Target, Lowe’s Home Improvement and BJ’s Wholesale Club. The seller and sales price of First Colony Center were not disclosed. The center represents the third joint venture acquisition between AmCap and Encore.
ROSWELL, N.M. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sunset Villa Care Center, a 52-bed skilled nursing facility in Roswell. The facility is located within three miles of two regional acute care hospitals. It was built in 1965, but “is very well maintained, and had strong recent and historical financial trends,” according to Blueprint. Blueprint’s marketing efforts focused on highlighting the facility’s high cash flows, operating margins, and the local submarket’s strength. At the time of marketing, the facility was running revenues of about $6 million. The buyer was a private owner-operator based in Los Angeles. The seller and price were not disclosed.
ALBANY, ORE. — Marcus & Millichap has arranged the sale of the 33-unit Sheridan Plaza apartments in Albany. A Portland-based private client group acquired the asset for $4.2 million. The community is located at 208 SE 5th Ave. and 205 SE 6th Ave. Albany is approximately halfway between Eugene and Salem. The undisclosed seller purchased the asset in 2021, at which time it made capital improvements to the property. This included new roofs and gutters, adding a garbage enclosure, resurfacing the parking lot, and new windows and sliders. The sellers were able to increase the cashflow by renovating several units and partnering with professional third-party management. The buyer plans to continue the renovation process and increase rents, according to Marcus & Millichap. The firm’s Georgie Christensen-Riley and Joshua C. Reynolds, along with the Christensen Group, represented the seller in the transaction.
CHARLOTTE, N.C. — Kingsmen Software, a custom software firm, has debuted its new 16,000-square-foot office at Camp North End, a mixed-use adaptive reuse development in Charlotte. The firm occupies the historic Gama Goat Building at 1801 N. Graham St., which was jointly developed by ATCO Properties & Management and Shorenstein Properties LLC. Designed by REDLINE Design Group, the new headquarters includes 14,500 square feet of space on the ground level and a 1,500-square-foot interior mezzanine. The layout incorporates team-based workstations and designated areas for flexibility and collaboration, as well as a podcast recording studio, a 12-foot video wall, “stairatorium” to the mezzanine, speakeasy pub and outdoor seating and work areas. In addition to day-to-day operations, Kingsmen will use the space to host events, conferences and industry meet-ups.
ALISO VIEJO, CALIF. — Eureka! has opened a 4,504-square-foot restaurant at The Commons at Aliso Viejo, a retail center in Aliso Viejo. Justin McMahon of JLL represented both the landlord, Buie Communities, and Eureka! in the lease negotiations.