CARLSTADT, N.J. — HFF has brokered the $7.7 million sale of a 71,745-square-foot industrial building in Carlstadt. Located at 463 Barell Ave., the 3.5-acre property features two loading doors, six drive-in doors and clear heights of up to 21 feet. Jose Cruz, Jordan Avanzato, Marc Duval, J.B. Bruno, Kevin O’Hearn, Steve Simonelli and Michael Oliver of HFF represented the undisclosed seller in the transaction. The buyer was Penwood Real Estate.
JERSEY CITY, N.J. — Marcus & Millichap has negotiated the $4.1 million sale of a 22-unit apartment building in Jersey City. Located at 86-88 Charles St., the property is less than onemile from the 9th Street light rail station. Fahri Ozturk and RichardGattoof Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.
OGDENSBURG, N.Y. — Rafinia Property Group has arranged the $2.2 million sale of Seaway Shopping Center, a 102,796-square-foot retail strip in Ogdensburg. The single-story strip center is configured to fit 15 retail spaces and is occupied by Save-A-Lot food stores, Peebles, Family Dollar and a mix of local and regional tenants. The property was constructed in 1960 and significantly upgraded in 2018. Evan Rafinia of Rafinia Property Group represented the undisclosed seller in the transaction. The buyer was a private investor based in New York City.
PHOENIX — A joint venture between Barker Pacific Group and Iron Point Partners has purchased City Square, an office complex in Phoenix, for an undisclosed price. The 736,809-square-foot asset comprises three office towers, two street-level retail buildings and a shared plaza. City Square is the joint venture’s second foray into the Phoenix area. The partnership originally entered the market in 2017 with the acquisition of Mesa Tower. Brett Abramson, Chris Beal and John Bonnell of JLL is the leasing team for the property. The name of the seller was not released.
DENVER — CBRE has negotiated the sale of The Grammercy Apartment Homes, a multifamily property located at 9600 E. Girard Ave. in southeast Denver. Carmel, Ind.-based BH Acquisitions acquired the asset from San Francisco-based FPA The Glen, an affiliate of FPA Multifamily, for $25.8 million. David Potarf, Dan Woodward, Matthew Barnett and Jake Young of CBRE represented the seller. Built in 1974, The Grammercy features 156 studio, one- and two-bedroom units across 13 buildings on 5.3 acres. The community offers an outdoor pool and deck, laundry facilities, reserved parking and a parcel packaging system. Approximately two-thirds of the apartments were recently upgraded with new appliances, flooring, fixtures, hardware, interior paint and resurfaced countertops.
LOS ANGELES — FourPoint Investment Sales Partners has arranged the sale of Chateau Sera and Tropicana, two student housing communities totaling 60 beds near the University of Southern California in Los Angeles. Both buildings were recently renovated and feature exterior and interior upgrades throughout. Chris Epp, Chris Bancroft, Craig Miller and Meredith Wolff of FourPoint arranged the transaction on behalf of the seller, NB Private Capital. A California-based regional operator acquired the portfolio. Terms of the sale were undisclosed.
PHOENIX — Newmark Knight Frank Multifamily has arranged the sale of Cabana at the Pointe, a garden-style community located at 1829 E. Morten Ave. in central Phoenix. Colorado-based JM Logan LLC acquired the property from Arizona-based Cornerstone – Deco Cabana Pointe LLC for $22.2 million. Brad Goff, Brett Polachek and Chris Canter of Newmark Knight Frank Multifamily represented the buyer in the deal. Constructed in 1980 and last renovated in 2013, the property features 180 apartments in a mix of studio, one- and two-bedroom layouts with patios/balconies, ceiling fans, walk-in closets and newer appliances. Community amenities include a resort-style pool, outdoor fire pit, fitness center, bike storage area, two laundry facilities and a dog park.
SCOTTSDALE, ARIZ. — Velocis, a private equity real estate fund manager, has completed the disposition of Camelback Square, an office building located in Old Town Scottsdale. City Office REIT acquired the property for an undisclosed price. Located at 6991 E. Camelback Road, the three-story asset features 175,268 square feet of Class A office space. At the time of sale, the property was 84 percent leased to a variety of tenants, including Digital Airstrike, Zocdoc, Regus and Echo. Velocis acquired the building in 2015 and completed a total repositioning of the property. Renovations included a new tenant lounge, upgrades to corridors, elevator lobby refresh, new roof, restroom improvements and a new conference center. Barry Gabel, Chris Marchildon and Will Mast of CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller in the deal.
HOUSTON — Hines has broken ground on The Preston, a 46-story residential project located at the corner of Preston and Milam streets in downtown Houston. The tower will offer 373 for-rent residences and 6,800 square feet of ground-floor retail and restaurant space. The property will be situated near multiple public transit lines and adjacent to Hines’ 1 million-square-foot office project at 800 Texas Ave. The Preston will also be located within walking distance of about 50 bars and restaurants. Amenities will include a pool, cabanas, yoga lawn, fitness center, coworking office space and multiple social lounges with coffee bars. The project team includes design architect Munoz + Albin, landscape architect TBG, interior architect Ragni Studio and general contractor Harvey Builders. JLL arranged construction financing and equity for the project, completion of which is scheduled for the third quarter of 2022.
FARMERS BRANCH, TEXAS — Wood Partners, a multifamily investment and development firm with offices around the country, has opened Alta at Mercer Crossing, a 260-unit community located in the northern Dallas metro of Farmers Branch. The property offers one-, two- and three-bedroom units ranging in size from 638 to 1,500 square feet and featuring walk-in closets, maple shaker cabinets, in-unit laundry connections, quartz countertops and private yards. According to apartments.com, rents at Alta at Mercer Crossing range from $1,140 per month for a studio apartment to $2,076 for a three-bedroom unit. Communal amenities include a pool, fitness center, grilling area, entertainment kitchen and a game room.