HAMILTON, N.J. — CBRE has negotiated the sale of Kuser Industrial Center, a 145,950-square-foot industrial property located just outside of Trenton in Hamilton, for $29.6 million. The property is under construction and is expected to be complete in February. Brian Fiumara, Michael Hines, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Scannell Properties, in the transaction. The buyer was Cohen Asset Management. CBRE will also handling leasing of the property.
BALA CYNWYD, PA. — Locally based investment firm Keystone Property Group has sold a 132,986-square-foot office building located at 150 Monument Road in Bala Cynwyd, a northeastern suburb of Philadelphia. The six-story building is situated on 6.5 acres and recently underwent a full renovation. Brett Segal and Doug Rodio of JLL represented Keystone Property Group in the transaction. The buyer, FLD Group, purchased the asset for an undisclosed price.
EAST HARTFORD, CONN. — Connecticut-based Goman + York has brokered the sale of a 57,000-square-foot property formerly known as William Seely School that is located near the junction of I-95 and State Routes 12 and 184 in East Hartford. The new owner, Connecticut-based DonMar Development, plans to redevelop the 14-acre property into a 280-unit apartment community. Goman + York represented the seller, the Town of Groton, in the transaction. A construction timeline for the redevelopment was not disclosed.
SOUTH BRUNSWICK, N.J. — An undisclosed wholesale distributor of home furnishings and housewares has signed a 192,000-square-foot industrial lease in South Brunswick, located in between Trenton and Newark. San Francisco-based Terreno Realty Corp. (NYSE: TRNO) owns the property. The lease term is 10 years.
LOS ANGELES — Waterton has purchased OLiVE DTLA, a seven-story mid-rise multifamily community located at 1243 S. Olive St. in downtown Los Angeles. Blake Rogers, Alexandra Caniglia, Hunter Combs, Javier Rivera and Kevin Sheehan of Walker & Dunlop represented the undisclosed seller in the deal. Justin Nelson and Allan Edelson, also of Walker & Dunlop, arranged acquisition financing for Waterton. Built in 2017, OLiVE DTLA features 293 apartments in a mix of studio, one- and two-bedroom floor plans. Units offer stainless steel appliances, subway tile backsplashes, European-style cabinets, quartz countertops, double pane floor-to-ceiling windows and wood-plank flooring. Additionally, select units feature balconies. Community amenities include a lobby, lounge, rooftop courtyard, resort-style pool area with sundeck, fire pit, grilling stations, business center, fitness center, on-site pet park and underground, controlled-access parking. The property also features 14,500 square feet of street-level retail space, 2,400 square feet of which Waterton plans to convert into 110 residential storage units. The company also plans to improve in-tenant technology access.
PHOENIX — Next Wave Investors has acquired The Grove on Glendale, a for-rent townhome community located in North Central Phoenix, for $25.5 million. Located at 917 W. Glendale Ave., the 56-unit property consists of two-story townhomes offering a mix of three-bedroom/two-and-a-half-bathroom and four-bedroom/three-and-a-half-bathroom layouts, averaging 1,840 square feet. Each residence includes walk-in closets, large bedrooms, in-unit washers/dryers, a two-car private garage and fenced-in backyard. Community amenities include a swimming pool. Alon Shnitzer, John Kobierowski, Rue Bax, Doug Lazovick and Eddie Chang of ABI Multifamily represented the buyer and seller, an Arizona-based private investment developer, in the deal.
MESA, ARIZ. — MIG Real Estate has purchased Gateway Technology Commerce Center, a multi-tenant industrial and warehouse project located at 7535 E. Ray Road in Mesa. Phoenix-based Orsett Properties, the original developer, sold the asset for $21.4 million. Built in 2019, the 138,692-square-foot, Class A project features dock-high and grade-level loading, 24- and 28-foot clear heights, a 180-foot secured gated truck court and ESFR sprinklers. At the time of sale, the property was 90.3 percent occupied. Steve Lindley, Eric Wichterman and Will Strong of Cushman & Wakefield’s Phoenix office represented the seller in the transaction. Ken McQueen and Chris McClurg of Lee & Associates provided leasing advisory services.
SACRAMENTO, CALIF. — McClellan Business Park, a privately-owned, 3,000-acre mixed-use project in Sacramento, has acquired Lions Gate Hotel, located at 3410 Westover St. in McClellan Park, a census-designated place in Sacramento County. Oceanic Victorville LP, which owned the property since 2017, will remain under contract to operate the historic hotel. From 1938 to 2000, the 112-room asset served as military housing for McClellan Air Force Base. The property was renovated in 2019 and is adjacent to The Officer’s Club, a restaurant and event center also owned by McClellan Business Park. The hotel features a business center, room service, a swimming pool, ample parking and proximity to the Sacramento McClellan Airport.
COLORADO SPRINGS, COLO. — USA Triathlon of Colorado has completed the disposition of a three-story office building located at 5825 Delmonico Drive in Colorado Springs. Dormie Capital Partners acquired the asset for $4.6 million. The buyer plans to modernize the 40,084-square-foot building’s common areas and add amenities to serve its tenant roster, which includes USA Triathlon of Colorado. Brian Wagner and Mark O’Donnell Jr. of Newmark represented the seller in the deal.
STOCKHOLM AND CONSHOHOCKEN, PA. — EQT AB, a private equity firm based in Stockholm, has agreed to purchase Exeter Property Group, an industrial real estate owner and developer based in the Philadelphia suburb of Conshohocken. EQT plans to purchase Exeter using $800 million in EQT shares and nearly $1.1 billion in cash for a total acquisition price of nearly $1.9 billion, including the refinancing of Exeter’s existing $300 million in debt. Founded in 2006, Exeter has approximately $10 billion in assets under management. In addition to industrial properties, Exeter also owns life sciences and office space in the United States and Europe. Exeter has 37 offices in North America, Europe and Asia. EQT expects Exeter’s revenue in 2020 to total $135 million. Exeter’s recent acquisitions include Creekview Corporate Center in metro Dallas, a 193,000-square-foot industrial building in Illinois and a new distribution center in Pennsylvania totaling 1.2 million square feet. The company also recently developed a 673,920-square-foot speculative industrial building in the St. Louis suburb of Edwardsville, Ill. Upon completion of the transaction, Exeter will operate as EQT Exeter and will be part of the EQT Real Estate Assets division, which comprises EQT Infrastructure and EQT Real Estate. EQT Exeter …
