LAFAYETTE, COLO. — The Boulder Group has arranged the sale of a single-tenant retail property located at 825 US Highway 287 in Lafayette. The building traded for $6.8 million. Nashville, Tenn.-based Tractor Supply Co. occupies the 21,930-square-foot building on a net-lease basis. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the California-based 1031 exchange buyer, while Andrew Bogardus of Cushman & Wakefield represented the undisclosed seller in the transaction.
PALM DESERT, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed, single-tenant restaurant property at Monterey Crossing shopping center in Palm Desert. Newport Beach-based Fountainhead Development sold the asset to a Southern California-based private investor for $4.6 million. Located at 73320 Dinah Shore Drive, The Habit Burger Grill occupies the 2,700-square-foot drive-thru restaurant property. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller and developer, while John Costa, David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office represented the buyer in the transaction.
NEW YORK CITY — Avison Young has placed a $210 million loan for the refinancing of a 396-unit apartment building located in the Long Island City area of Queens. The borrower, locally based multifamily developer Rockrose, built the 31-story property in 2007. Amenities include an indoor pool, sauna, fitness center and a game room. Andy Singer and Kathleen McSharry of Avison Young placed the debt through Metlife Investment Management.
ROCHESTER, N.Y. — Apple Cinemas, a provider of luxury moviegoing experiences, will open a movie theater in the upstate New York city of Rochester. The number of screens and opening date were not disclosed. The space spans 27,452 square feet and is located within Pittsford Plaza. Don Mace of Massachusetts-based KeyPoint Partners represented the tenant in the lease negotiations. Apple Cinemas also recently opened two new theaters in the Hartford, Connecticut market, two in New Hampshire and two in Maine. The chain intends to open 100 new venues over the next decade.
NEW YORK CITY — New York City-based brokerage firm Invictus Property Advisors has negotiated the $18 million sale of a 22,500-square-foot industrial building in the Manhattanville area of West Harlem. The sale included the larger site on which the building is situated, which is zoned to support an additional 45,770 square feet of industrial development. Josh Lipton and Andrew Levine of Invictus Property Advisors represented the seller, a local family that had owned the existing building since 1986, in the transaction. The duo also procured the undisclosed buyer.
WELLESLEY, MASS. — Massachusetts-based owner-operator Linear Retail Properties has acquired two commercial assets in Wellesley, a western suburb of Boston, for a combined price of $12.2 million. The first building spans 11,000 square feet of retail, office and residential space, while the second building comprises 6,000 square feet of retail space. Marilyn Santiago of SVN | Parsons Commercial Group represented the undisclosed seller in the transaction.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $5.2 million sale of a 28-unit multifamily building located at 88 E. 111th St. in East Harlem. The property includes two commercial spaces. Victor Sozio, Mark Anderson and Michael Tortorici of Ariel Property Advisors brokered the deal. The buyer and seller were not disclosed.
WASHINGTON, D.C. — Avanath Capital Management LLC has acquired 2M Street Apartments, a 315-unit multifamily community in Washington, D.C., for $103.5 million. The seller was not disclosed. Built in 2014, 2M Street is an apartment community that offers studio, one- and two-bedroom floorplans. Unit features include fully equipped kitchens, balconies, breakfast nooks, granite countertops and washers and dryers in-unit. Community amenities include a basketball court, onsite maintenance, media center, movie theater, pool and a fitness center. The apartment community was designed to meet LEED Gold standards. Located at 2 M St. NE, the property is situated close to the Capitol Building and is 1.6 miles from downtown.
COLUMBUS, GA. — Atlanta-based Coro Realty has sold Cross Country Plaza, a 314,000-square-foot retail center in Columbus, for $42.6 million. The buyer was an affiliate of Hackney Real Estate Partners. Transwestern’s Southeast Investment Services Group represented Coro Realty in the transaction. Anchored by Publix, Cross Country Plaza was 90 percent occupied at the time of sale. Other tenants include T.J. Maxx, Burlington, Goodwill, Chipotle, Chuck E Cheese’s, Mattress Firm and 2nd & Charles. Located on Macon Road off Interstate 185, the property is 10.9 miles from Fort Benning, which is the third largest employer in Georgia. The property is also 42.6 miles from Auburn University. Built in 1956, the property was renovated in 2000 and then again in 2012.
CARY, N.C. — Merritt Properties has bought 142 acres in Cary for $9 million with plans to build Merritt RDU Business Park, a 738,750-square-foot industrial park. The transaction includes three parcels. Construction is expected to begin early 2023. The seller of the land was not disclosed. Merritt RDU Business Park will span up to 13 single-story buildings ranging from 8,400 to 108,225 square feet. The industrial park will offer clear heights from 18 to 32 feet, leasable bays starting at 1,500 square feet, traditional rear-loaded docks and drive-in capabilities and free surface parking. The first phase of the project will include three buildings on the western side of the site, near the corner of Nelson and Pleasant Grove Church roads. The park will be located three miles from RDU International Airport, and will be close to Interstates 540 and 40, as well as US Highway 70. The project will be Merritt’s’ sixth speculative industrial project in the state, as well as the company’s largest North Carolina project since 2020. Merritt has nearly 2 million square feet of leasable space that is developed, proposed or under construction across five other projects in the Triangle area.
