MALDEN, MASS. — Encore Real Estate Investment Services has negotiated the $5.3 million sale of a net-leased Walgreens Pharmacy in Malden. The property is located three miles from the massive Encore Boston Harbor casino project that is currently under construction. Danny Samona and James Roberts of Encore Real Estate represented the undisclosed seller in the transaction. The buyer was also undisclosed.
PAULSBORO, N.J. — Marcus & Millichap has brokered the sale of a 4,854-square-foot retail property occupied by Wawa in Paulsboro. The property, which is located at 51 Berkley Road, sold for $3.5 million at a 4.69 percent capitalization rate. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. The seller was undisclosed.
MIAMI — New York Life Real Estate Investors, on behalf of an institutional client, has acquired Brickell City Tower, a Class A office tower located in Miami’s Brickell office submarket, for $117 million. The buyer was not disclosed but media outlets have reported that the seller was a joint venture between Banyan Street Capital, Crocker Partners and Independencia Asset Management. The 33-story tower features 291,554 rentable square feet. Recently, the tower underwent a $6.4 million renovation, which included a redesigned and updated building lobby, common area upgrades and a full elevator modernization, as well as a new conference center and tenant lounge. The new ownership plans to continue the renovation program to the property’s common areas, including capital to activate a large terrace adjacent to the conference center and tenant lounge on the 17th floor for tenant use. Brickell City Tower’s notable tenants include Beacon Council, South Florida Business Journal, Uber Technologies, Max Borges, TMF USA Inc., Rumberger Kirk Caldwell and Regus. Chase Bank operates a bank branch on the ground floor.
ARLINGTON, VA. — HFF has arranged the sale of 672 Flats, a newly completed multifamily community located in Arlington’s Ballston submarket. The Chevy Chase Land Co. acquired the property from a joint venture between The Penrose Group and Clark Enterprises for $90 million. Walter Coker and Brian Crivella of HFF represented the seller in the deal. The buyer purchased the property free and clear of existing debt. Jamie Leachman, Chris Hew and Nicole Brickhouse of HFF’s debt placement team arranged a 12-year, fixed-rate acquisition loan through USAA Real Estate for the buyer. The six-story community features 173 apartment units, ranging from studio to two-bedroom loft- and flat-style floorplans, with open layouts, stainless steel appliances, custom cabinetry and pantries with built-in microwaves, fixed and movable kitchen islands, hardwood-style flooring and full-sized washers/dryers. Community amenities include a resident lounge with bar, game room with billiards, poker table shuffleboard, air hockey and gaming center; fitness room with cardio, free weights and boxing/kickboxing; cyber lounge/mail room with computer stations and coffee service; bike storage; and controlled-access garage parking.
CHARLOTTE, N.C. — Hunt Real Estate Capital has provided a $18.3 million Fannie Mae multifamily loan for the purchase of Fields at Archdale Station, a multifamily property located at 6614 Wisteria Drive in Charlotte. The borrower, Roseland, N.J.-based Gellar Associates, acquired the property from Elite Street Capital Grand Oaks Equity LP. The new loan has a 12-year term. Built from 1968 to 1975, Fields at Archdale Station features 243 apartments spread across 26 three-story apartment buildings. Situated on 14.6 acres, the garden-style community also features 489 parking spaces, a dog park, playground, outdoor kitchen, pavilion, picnic areas and a soccer field. Additional on-site amenities include a centralized laundry facility, on-site management and 24-hour emergency maintenance.
POMPANO BEACH, FLA. — Berkeley Partners, an industrial real estate operator and investment manager, has purchased three buildings within Park Central Business Park, an industrial campus located in Pompano Beach. An undisclosed seller sold the portfolio in Broward County for $15 million. Douglas Mande of Institutional Property Advisors and Tyler Kuhlman of Marcus & Millichap represented the seller and advised the buyer in the transaction. This transaction is Berkeley’s third acquisition in the market in 2018. At the time of sale, the 114,391-square-foot portfolio was fully occupied. Located between Sample and Copans roads and Interstate 95, the buildings feature clear heights ranging from 16 feet to 28 feet.
CHINO, CALIF. — CBRE has secured a $24.3 million loan for the refinance of Stater Bros. Plaza, a neighborhood retail center in Chino. Situated on 6.9 acres at 6989 Schaefer Ave., the property consists of 73,641 square feet of rentable space. Stater Bros. Market anchors the center, which was built in 2008. Other tenants include Chase Bank, Subway, Sprint, The UPS Store and Mountain Mike’s Pizza, among others. Marina Massari and Sharon Kline of CBRE’s Newport Beach, Calif., office arranged the five-year loan featuring 36 months of interest-only payments for the borrower, Euclid Plaza LLC. Buchanan Mortgage Holdings, a division of Buchanan Street Partners, provided the loan. Joseph Maehler of Buchanan Street Partners represented the lender in the financing.
REDWOOD CITY, CALIF. — Levin Johnston of Marcus and Millichap has negotiated the sales of two multifamily assets located in Redwood City. The combined sales price was $32.1 million. Adam Levin and Robert Johnston of Levin Johnston handled the transactions. In the first deal, a private equity investment firm sold 180 Flats, a 48-unit apartment community in Redwood City, for $21.7 million. Built in 1964, the property features studio, one- and two-bedroom apartments with open floor plans, walk-in closets, private balconies and state-of-the-art appliances. Community amenities include two open community courtyards with barbecue areas and a new dog park. Levin Johnston represented the seller in the deal. In the second transaction, Levin Johnston arranged the $10.4 million acquisition of a 23-unit apartment community located at 3520-3540 Farm Hill Blvd. in Redwood City. Built in 1959, the property is in close proximity to local schools, dining, shopping and entertainment.
LAKE FOREST, CALIF. — Harbor Associates has completed the sale of 71 at the Park, an office building located at 25371 Commercentre Drive in Lake Forest. An unidentified overseas buyer acquired the property for $11.7 million. The 37,090-square-foot property features abundant natural light, on-site amenities, a two-story lobby, exposed ceilings, flexible floor space and outdoor community areas. Anthony DeLorenzo, Gary Stache, Doug Mack, Jeff Carr and Brian Cole of CBRE represented the seller in the deal.
ORMOND BEACH, FLA. — Lake Mary, Fla.-based DIX Developments has completed the sale of Halifax Town Center, a mixed-use development site located in Ormond Beach. Dixie 95 OBD, a company related to O2G Capital of Ontario, Canada, purchased the 53-acre site for an undisclosed price. Situated in the southeast quadrant of Interstate 95 and Old Dixie Highway, the fully developed site is ready for immediate construction with storm water retention, surfaced roadways and utilities. Halifax Town Center is part of the golf course community Halifax Plantation. The planned mixed-use development in Volusia County has gone through a transition in ownership in the past few years. John Kurtz of Stirling International Real Estate represented the seller in the deal.