SAN JACINTO, CALIF. — Progressive Real Estate Partners has brokered the sale of Dollar General Town Center, located at 700-728 San Jacinto Ave. in San Jacinto. A private family trust acquired the 27,112-square-foot property from a private investor for $4.9 million. Anchored by Dollar General, the property was 100 percent occupied at the time of sale. Greg Bedell of Progressive Real Estate Partners represented the seller, while Rob Sauser of PMZ Commercial represented the buyer in the deal.
PALO ALTO, CALIF. — Marcus & Millichap Capital Corp. has arranged $4 million in debt to refinance a 4,600-square-foot mixed-use building in Palo Alto. Behzad Boroumand of Marcus & Millichap arranged the debt placement for the undisclosed borrower. The financing, which equates to $869 per square foot, has a 10-year total term, five-year fixed-term and 30-year amortization schedule.
STOCKTON, CALIF. — Hanley Investment Group Real Estate Advisors has facilitated the sale of a single-tenant, absolute net-leased restaurant property located at 627 N. Wilson Way in Stockton. Santa Monica, Calif.-based TB Stockton sold the 1,644-square-foot property to M&M Trust of Sacramento for $1.4 million, or $882 per square foot. Taco Bell occupies the property and has a 48-year operating history at the location. Pat Kent and Corey Olson of Hanley Investment represented the seller, while Stephen Harper of Veritas Investment Realty Investors represented the buyer in the transaction.
LOS ANGELES — Kennedy Wilson has closed three 10-year leases with major national retailers at South Park by Windsor, a mixed-use property located at 201 W. Olympic Blvd. in downtown Los Angeles. The leases bring the property’s retail space to 100 percent occupancy. The new retailers — Chipotle, Loit and Aveda Lifestyle Salon & Spa — will occupy more than 12,500 square feet at the development. Chipotle and Loit have already opened and Aveda is slated to open this fall. Lee Shapiro and Justin Weiss of Kennedy Wilson negotiated the leases.
SOUTH PORTLAND, MAINE — The RAM Companies has completed the disposition of RiverPlace, an apartment complex located at 1 River Place Drive in South Portland. RiverPlace Properties LLC acquired the 136-unit property for an undisclosed price. Situated on 11 acres, the four-building complex features apartments with private decks and central A/C, a waterfront pool, tennis courts, a clubhouse with fitness center, a private dock for canoes and kayaks, gated access and covered parking. Simon Butler of CBRE represented the seller, while Jim Harnden of Harnden Commercial Brokers represented the buyer in the transaction. RiverPlace was opened by developer Howard A. Goldenfarb and his team at RAM in 2003.
BRIDGETON, N.J. — WinnCompanies has begun an $18.7 million rehabilitation of Bridgeton Villas Apartments in Bridgeton. The project will modernize the community, improve energy efficiency and expand resident services. Constructed in 1966 and 1969, the community features eight buildings housing 28 one-bedroom, 92 two-bedroom and 36 three-bedroom units with an on-site leasing and management office. WinnDevelopment will oversee the first phase of the renovation project, which will improve five buildings totaling 100 units. Interior work will include mechanical system upgrades along with complete kitchen and bathroom overhauls, including the installation of EnergyStar appliances and sustainable plumbing fixtures. Exterior improvements include the beautification of building facades, new entryways, complete roof replacement, landscape work and parking lot repair. Along with the overall rehabilitation, five units will be brought up to ADA compliance and 10 units will be set aside as special needs housing for homeless individuals and families. WinnCompanies will partner with Gateway Community Action Partnership to deliver supportive services for residents occupying the designated units. WinnCompanies acquired Bridgeton Villas in March 2017.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of an apartment building located at 316 E. 55th St. in Manhattan. An undisclosed buyer acquired the seven-story 25,040-square-foot building for $17 million, or $678 per square foot. The elevator-serviced building features 41 rent-regulated apartments, a laundry room and 1,000 square feet of amenity space. The buyer plans to implement a significant renovation program at the building. Clint Olsen, Alex Woodlief and Will Conrad of Cushman & Wakefield represented the undisclosed seller in the deal. George Samarjian of Lineaire Group served as advisor to the seller.
ROSELAND, N.J. — CBRE has arranged the sale of an office building located at 4 Becker Farm Road in Roseland. An undisclosed buyer purchased the 281,762-square-foot building for $16.7 million. At the time of sale, the building was 95 percent leased to a variety of tenants, including KMPG and CohnReznick. Jeffrey Dunne, Jeremy Neuer, Patrick Arangio, Jack Howard and Nick Savage of CBRE represented the seller, a special servicer, in the transaction.
NEW YORK CITY — Besen & Associates has arranged the sale of a mixed-use building located at 151 Bruckner Blvd. in the South Bronx’s Port Morris section. The five-story building features 12 apartment units and four retail spaces. A group led by Steven Satz (151 Realty LLC) acquired the property for an undisclosed price. Amit Doshi and Shallini Mehra of Besen & Associates represented the undisclosed seller in the deal.
NEW YORK CITY — Madison Realty Capital (MRC) and Artemis Real Estate Partners have acquired two adjacent industrial buildings in the Jamaica neighborhood of Queens for $78 million. A long-term family ownership sold the properties, which total 613,000 square feet and are located at 184-10 and 186-60 Jamaica Ave. The joint venture plans to upgrade both buildings, including enhancing the building envelope, mechanical infrastructure and elevators. At the time of sale, the properties were 75 percent occupied by several warehouse and manufacturing tenants such as French Connection, Hanky Panky and Gotham Greens. Originally built in 1923 and 1953, the buildings feature five freight elevators, two passenger elevators and 500 feet of frontage along Jamaica Avenue. Additionally, the property features 12 loading docks and a 30,000-square-foot parking lot with more than 100 parking spaces. Adam Doneger, Adam Spies, Josh King and Avery Silverstein of Cushman & Wakefield sourced Artemis as the equity partner in the transaction. Decio Baio, Fredric Stein, Steve Nadel and Paul Bralower of Pinnacle Realty represented the seller in the deal. New York-based MRC is a real estate investment firm that pursues equity and debt investments. The firm has invested in approximately $6 billion of transactions in the multifamily, …
