SAYREVILLE, N.J. — Marcus & Millichap has brokered the $6.7 million sale of QuickChek Plaza, a 25,800-square-foot retail center in Sayreville. The property is located at 881 Main St. Alan Cafiero, Brent Hyldahl, Ben Sgambati, and Michael DeVita in Marcus & Millichap’s New Jersey office represented the seller, a developer, in the transaction. The buyer was a limited liability company.
FAIRFIELD, N.J. — Avison Young has arranged the sale of a 42,000-square-foot industrial facility in Fairfield. The sales price was not disclosed. Located at 2 Gardener Road, the property is the former headquarters of security inspection systems company Autoclear LLC. Matthew C. Turse, Timothy J. Cadigan and John Recchia of Avison Young represented the seller, Autoclear, in the transaction. The buyer was Third Wayne LLC. Avison Young also secured a five-year lease for Autoclear at a new 21,888-square-foot facility located at 10A Bloomfield Ave. in Pine Brook, New Jersey.
MINNEAPOLIS — Altus Properties has sold a four-building, 612,960-square-foot industrial portfolio in metro Minneapolis for $40.4 million. A fund managed by DRA Advisors LLC purchased the portfolio. All four buildings are fully occupied. The properties include a 118,125-square-foot building within Nicollet Business Center in Burnsville; a 322,752-square-foot facility within Boone Avenue Distribution Center in Brooklyn Park; a 50,400-square-foot structure within Cedar Lake Business Center in St. Louis Park; and a 121,684-square-foot building within Bloomington Business Center in Bloomington. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller.
OAK CREEK, WIS. — National Health Investors Inc. (NHI) has agreed to finance the development of Ignite Medical Resort Oak Creek, a 144-bed skilled nursing facility just south of Milwaukee in Oak Creek. NHI’s commitment totals $25.4 million. Construction on the facility is underway, with an expected completion of second-quarter 2020. A tenant entity owned by affiliates of Villa Healthcare and Ignite Medical Resorts will operate the community once completed. A 12-year lease term begins post-construction with two 10-year renewals and a 2 percent annual escalator. In addition, there is a $2 million earn-out based on the operator meeting certain operating metrics in 2024 and 2025.
INDIANAPOLIS — JVM Realty Corp. (JVM) has completed the renovation of the common areas at Circa Apartments, a 265-unit luxury apartment community that it owns in downtown Indianapolis. The new features at Circa include an expanded pet park, a new pet washing station, automated package room, upgraded fitness center and co-working lounge. The renovation also included a redesigned clubhouse and new furniture for the pool and resident lounge. Holt Construction was the contractor for the project and Laura Braucher of Studio 5 Interiors Inc. was the designer.
WARREN, MICH. — SunTrust Banks Inc. has originated a $16.3 million bridge loan for the acquisition of Hoover Square in Warren, a suburb of Detroit. The 342-unit multifamily property, built in 1965, features one- and two-bedroom units. The asset is 90 percent occupied. Evan Hom of SunTrust originated the two-year, floating-rate loan on behalf of the Michigan-based borrower.
KYLE, TEXAS — Majestic Realty Co. has begun work on Kyle Crossing Business Park, a two-building, 535,113-square-foot industrial project in Kyle, a city located off Interstate 35 in between Austin and San Antonio. The first building will total 307,840 square feet and feature 36-foot clear heights, 89 dock-high doors, 383 auto parking spaces and 136 trailer parking spaces. The second building will span 227,273 square feet and feature 32-foot clear heights, 56 dock-high doors, 269 auto parking spaces and 85 trailer parking spaces. Both buildings are expected to be complete by the third quarter of 2019. JLL is serving as the exclusive leasing partner on this project, with senior vice presidents Ace Schlameus and Zane Cole leading the effort.
DALLAS — New York City-based investment firm JMC Holdings LLC has acquired Lakeside Square, a 410,000-square-foot office tower located along the Lyndon B. Johnson Freeway in north Dallas. The Class A, 18-story property was built in 1985 and offers amenities such as a fitness center, a deli and multiple conference rooms. JMC Holdings will invest more than $20 million in capital improvements to the building. The seller was California-based Younan Properties. The sales price was not disclosed.
CARLSBAD, CALIF. — A joint venture between SteelWave and funds managed by Angelo Gordon has purchased a former Hughes Aircraft Co. facility, located at 2051 Palomar Airport Road in Carlsbad. Palomar Acquisitions Partners sold the single-story, multi-tenant property for an undisclosed price. Situated on more than 13 acres, the property was originally developed as a build-to-suit campus for Hughes Aircraft Co. in the early 1980s, with a series of renovations over the decades. The buyer plans to convert the 208,904-square-foot asset into a modern creative office/R&D campus. Renovations will include exterior upgrades and improved amenities, as well as a re-branding that will both honor the property’s history and embrace its future use as a creative environment for tech, biotech and creative industry tenants. Upgrades will include a new full-service fitness center, a bistro with indoor/outdoor seating, contemporary architecture, common areas with gaming and lounge areas, and multiple outdoor patios and workspaces. Aric Starck and Rick Reeder of Cushman & Wakefield’s San Diego office represented the seller in the deal.
SAN ANTONIO — Koontz Corp., a San Antonio-based developer, has broken ground on Palmetto Pointe, a 328-unit apartment community in San Antonio. The community will be situated on 15.2 acres on the northwest side near the city’s two largest private employers, USAA and South Texas Medical Center. Floor plans call for one- and two-bedroom units. Koontz aims to complete the entire 13-building complex in approximately 24 months. The leasing office and clubhouse are expected to open in July 2019, when the first units become available for occupancy.