LOS ANGELES — LAU Enterprises has relocated to a 32,356-square-foot warehouse distribution space in the Los Angeles submarket of North Hills. The new space is located at 8321 DeCelis Place. The wholesale picture frame distributor was previously located at Mission Industrial Park in Van Nuys. The new space will serve as the company’s warehouse and corporate headquarters. Matt Ehrlich of NAI Capital represented LAU Enterprises in this transaction.
NEW YORK CITY — Rosewood Realty Group has brokered the sale of an apartment building located at 42-15 Crescent St. in Queens’ Long Island City. World Wide Group acquired the 124-unit property from Meadow Partners for $70 million. Built in 1955, the 102,000-square-foot property recently underwent a conversion from an office and retail building to an 11-story apartment building with 124 market-rate rental apartments and two ground-floor retail spaces. Aaron Jungreis of Rosewood Realty Group represented the buyer and seller in the off-market transaction.
NORWALK, CONN. — Marcus & Millichap has brokered the sale of Affordable Self Storage, a self-storage facility located at 162 Bouton St. in Norwalk. The 77,760 net-rentable-square-foot facility sold for $19 million, or $242 per square foot. Situated on 3.9 acres and built in 1989, the property features 879 units, 477 of which are climate controlled. The units range in size from 25 square feet to 500 square feet, and on-site amenities include drive-up access to ground-level units, individual door alarms, complete fire protection and easy-to-use lifts. Brett Hatcher, Joseph Holloway and J.D. Parker of Marcus & Millichap represented the seller, Paul Hertz and John Hertz, and procured the undisclosed buyer in the transaction.
NEW YORK CITY — Castellan Real Estate Partners has completed the disposition of a multifamily building located at 511 W. 151st St. in Manhattan’s Hamilton Heights neighborhood. The five-story asset sold for $8.5 million, or $320 per square foot. The 26,630-square-foot building features 31 apartment units with an average size of 730 square feet. Robert Shapiro, Clint Olsen and Josh Lipton of Cushman & Wakefield represented the seller in the transaction. The name of the buyer was not disclosed.
FAIRFIELD, N.J. — The Stro Companies has acquired an industrial property, located at 161 Dwight Place in Fairfield, from an international owner/user for $3 million. The 35,000-square-foot facility features a 13,000-square-foot unit, a 22,000-square-foot unit, cross loading, abundant parking and 23-foot ceiling heights. The facility was vacant at the time of acquisition.
CLIFFSIDE PARK, N.J. — CBRE has brokered the sale of a mixed-use property located at 672-678 Anderson Ave. in Cliffside. The asset sold for $1.3 million. The 8,400-square-foot building features four street-level retail spaces and four multifamily units on the second story. Charles Berger, Mark Silverman and Elli Klapper of CBRE represented the undisclosed seller and procured the undisclosed buyer in the transaction.
LAKE JACKSON, TEXAS — Drever Capital Management has acquired The Villages at Lake Jackson, a Class A, 174-unit garden apartment community in Lake Jackson. Drever Capital Management bought the 96 percent occupied multifamily property from Spyglass Capital Partners of Demarest, N.J. The new owner is launching a property improvement program whereby the kitchen bar tops will be lowered to counter height with granite added throughout the kitchen and bathrooms. Stainless steel appliances, plank flooring and two-inch wood blinds will also be added, and the exterior will receive new landscaping, painting, an improved lighted monument sign and enlarged pool area with two gas grills and pool furniture. Tom Cabibi, who rejoined Drever Capital to head up acquisitions, led Drever’s efforts toward the purchase. Ryan Epstein of Berkadia’s Houston office brokered the transaction on behalf of the seller. Brant Smith of Berkadia Commercial Mortgage in Austin arranged acquisition financing through Freddie Mac.
RICHARDSON, TEXAS — ARA Newmark has brokered the sale of Jefferson Center, a new 360-unit, Class A apartment community in the Dallas suburb of Richardson. The property was 94 percent occupied at the time of sale. ARA Newmark’s Richard Furr, Brian O’Boyle Sr., Brian Murphy and Brian O’Boyle Jr. represented seller, JPI, in the transaction. California-based buyer Frankel Family Trust plans to rename the community Estates of Richardson. The Frankel Family Trust is adding a lighted tennis court and community building that will contain an indoor basketball court, racquetball court, fitness areas and table tennis. Constructed in 2015 by JPI, Jefferson Center fronts the George Bush Turnpike/Highway 190 and features a swimming pool with water features, two playgrounds, a jogging path, bocce ball court, horseshoe pit, sand volleyball court, dog park and an outdoor theater. Units average 943 square feet and feature one-, two- and three-bedroom options.
TEMPLE, TEXAS — Hank Crane of BMC Capital’s Austin office has arranged a $1.2 million loan for the purchase of Silver Park Apartments, a 48-unit multifamily property located in Temple. The loan features a seven-year term with a 4.6 percent fixed interest rate and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s corresponding agency relationships.
ROANOKE, TEXAS — Metropolitan Capital Advisors has arranged a $2.6 million construction loan for a 24,000-square-foot retail center located within the Roanoke Crossing Power Center in Roanoke. Walmart and Home Depot anchor the power center. The project is 100 percent pre-leased to Dollar Tree and PetSmart. Roanoke Crossing was originally developed in the early 2000s. The adjacent land tract was the final phase of the project. The project is located at the intersection of U.S. Highway 377 and Texas Highway 114, which has a combined traffic count of 155,000 vehicles per day.
