GRAND ISLAND, NEB. — Marcus & Millichap has brokered the sale of Continental Gardens in central Nebraska for $10.3 million. The 150-unit apartment property is located at 3111 College St. Built in 1977 with 120 units, the property was expanded in 2016 with an additional 30 units. Bradley Barham and Max Helgeson of Marcus & Millichap represented the seller, a private investor, and procured the buyer, a local private investment partnership.
WEST ALLIS, WIS. — CBRE has negotiated the sale of Lincoln Center II and III in suburban Milwaukee for $8 million. The two office buildings total 121,388 square feet. Lincoln Center II is located on a three-acre site at 2514 S. 102nd St., while Lincoln Center III is located at 10150 W. National Ave. The buildings were more than 87 percent occupied at the time of sale with tenants including Verizon, Acuity, Cognex and Eye Care Specialists. Eric Rapp and Patrick Gallagher of CBRE represented the seller, Somerset Properties. Sara Investment Real Estate LLC purchased the properties.
CHICAGO — Baum Realty Group has arranged the sale of a Chase Bank ground lease in Chicago for $4.5 million. The 4,195-square-foot retail property is located at 7180 W. Grand Ave. and includes four drive-thru lanes. Patrick Forkin and Brad Teitelbaum of Baum brokered the sale on behalf of the seller, a private West Coast investor. An institutional buyer purchased the property.
CHESTERLAND, OHIO — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property net leased to AutoZone in Chesterland, about 30 miles east of Cleveland, for $1.4 million. The lease has approximately 10 years remaining. Dan Cooper of Cooper Group represented the buyer, a private investor based in Ohio. The seller was a Louisiana-based private investment group.
NEW YORK CITY — Eastern Consolidated has negotiated the $100 million sale of a residential development assemblage in the NoMad neighborhood of Manhattan to the Rockefeller Group. The assemblage includes 170,000 square feet across three contiguous buildings at 30-36 E. 29th St. and includes surrounding air rights. The existing buildings will be razed to make room for a ground-up condominium development with just under 100 feet of frontage on East 29th Street. Eastern Consolidated’s Brian Ezratty represented the three sellers: Extell Development, the owner of 30-32 E. 29th St.; W Brothers, the owner of 34 E. 29th St.; and 29th Street Partners LLC, the owner of 36 E. 29th St. Ezratty and Eastern Consolidated’s Ron Solarz procured the buyer, the Rockefeller Group.
UNION, MOONACHIE AND FAIRFIELD, N.J. — The Stro Cos. has acquired five industrial buildings totaling 210,000 square feet in New Jersey for $14.7 million. The properties were purchased in separate transactions from different sellers including: 1110 Springfield Road, 50 Milltown Road and 60 Milltown Road in Union. The three-building, 128,000-square-foot industrial park is located near Route 22, I-78, The Garden Parkway and Newark Liberty Airport. The park is 98 percent occupied and features industrial units ranging from 10,000 to 30,000 square feet. Stro acquired the property for $7 million. Millington Bank financed the acquisition. 111 Moonachie Ave. in Moonachie. The 52,000-square-foot industrial building features seven units. Located in the Meadowlands, the property is directly across the street from Teterboro Airport. The property was acquired for $5.3 million with one 7,000-square-foot vacancy. Malvern Bank financed the acquisition. 18 Industrial Road in Fairfield. The multi-tenant industrial building spans 30,000 square feet. Stro plans to install upgrades to the exterior of the property, which is accessible from Route 46 and I-80. Bank of New Jersey financed the $2.4 million acquisition.
LIVINGSTON, N.J. — The Azarian Group has acquired Livingston Town Center in Livingston from an affiliate of Onyx Equities for $21.3 million. Livingston Town Center is located at the intersection of East Mount Pleasant Avenue and North Livingston Avenue and includes 65,000 square feet of retail space. Tenants include Destination Maternity, 7-Eleven, Anthony’s Coal Fired Pizza, Wells Fargo, Fit 36, Restore Cold Press Juices, X-Tend Barre and 19 others. Amenities include fountain and sitting areas, a parking garage and 114 attached townhomes. Livingston Town Center is 94 percent occupied.
LINDEN, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5.6 million industrial warehouse loan for a 161,000-square-foot building located at 601-721 W. Linden Ave. in Linden. Eric Seidel, a director in MMCC’s New Jersey office, arranged the debt placement.
NEWARK, N.J. — Cushman & Wakefield has brokered the $4.8 million acquisition of a 68-unit apartment portfolio in Newark. Cushman & Wakefield’s Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Ryan Dowd represented the buyer, a private investor. The portfolio includes two communities located one block from each other on Roseville Avenue. Both properties are three stories tall and were built in the early 1970s. The first, 467-479 Roseville Ave., contains 46 units and totals 37,000 square feet on 0.46 acres. The second, 385-391 Roseville Ave., includes 22 units and totals 17,600 square feet on 0.3 acres.
SAN DIEGO — American Assets Trust Inc., a San Diego-based REIT, has acquired Pacific Ridge, a 533-unit apartment complex near the San Diego coastline, for $232 million. The sale is one of the largest multifamily transactions in San Diego history, according to Berkadia, which brokered the transaction. Pacific Ridge is a Class A luxury community located on 15 acres with unobstructed ocean views. Carmel Partners developed the 577,147-square-foot property, which opened in 2010. Outdoor amenities include Moroccan-styled common areas, lounges, two saltwater pools and spas, an outdoor grill and dining pavilion, yoga deck, bocce court, fire pits, jogging trail and dog walk. Indoor amenities include a wine bar, coffee bar, demonstration kitchen, fitness center, tanning studio, board sport and bicycle storage, saltwater aquarium and concierge. The property is located near San Diego International Airport, SeaWorld San Diego and Petco Park, home of Major League Baseball’s San Diego Padres. Berkadia cited a declining unemployment rate — falling 60 basis points year-over-year to 4 percent at the end of February — as a reason for San Diego’s attractiveness as a market. Ed Rosen, John Chu, Kyle Pinkalla and Erin Dammen of Berkadia represented the seller, identified only as “a San Francisco-based entity,” …
