DUMONT, PALISADES PARK AND BELLEVILLE, N.J. —Redwood Realty Advisors has brokered the sales of three apartment buildings, totaling 49 units and $6.5 million, in New Jersey. In Dumont, a 22-unit apartment building sold for $3 million and a cap rate of 5.9 percent. In Palisades Park, an 11-unit property sold for $2 million, or $184,000 per unit, and a cap rate of 5.7 percent. Finally in Belleville, a 16-unit garden complex property sold for $1.4 million and a cap rate of 6.5 percent. Michael Scrima and Jeremy Wernick of Redwood Realty Advisors handled the transactions. The names of the sellers and buyers were not released.
ASTORIA, N.Y. — Marcus & Millichap has brokered the sale of an apartment building located at 25-22 38th St. in Astoria. The three-unit apartment building sold for $1.6 million. Shaun Riney, James Saros and Daniel DeGiovanni of Marcus & Millichap’s Brooklyn office represented the seller, a developer, while Riney, Saros, DeGiovanni and Robert Hunter, also of Marcus & Millichap, secured and represented the buyer, a developer, in the transaction.
NEW YORK CITY — Kalmon Dolgin Affiliates has arranged a 9,000-square-foot lease for Izzy Rodriguez at 2302 Neptune Ave. in Brooklyn’s Coney Island neighborhood. The asset is comprised of a 5,000-square-foot building and a 4,000-square-foot parking lot. The property, which renovated after Superstorm Sandy, also features two portable lifts and air compressors. Izzy Rodriguez specializes in the restoration and refurbishing of exotic cars. Robert Klein of Kalmon Dolgin Affiliates represented the owner, Jeff Cohen, and the tenant, Izzy Rodriguez, in the transaction.
SAN DIEGO — Westcore Properties has acquired an eight-building industrial portfolio from MetLife for $69.4 million. The properties contain a total of 634,289 square feet throughout four projects in Southern California. The acquisition includes a 300,896-square-foot business park in Buena Park that is leased to tenants like Isuzu Motors and Hochiki America Corp.; a 165,070-square-foot, single-tenant warehouse/distribution building in San Dimas that’s leased to Western Pacific Storage; an 88,323-square-foot, multi-tenant industrial building in Ontario leased to NGOC Hoang Gia LLC and Kelleher Corporation; and an 80,000-square-foot, single-tenant industrial building leased to Spartech Polycom. CBRE’s Darla Longo and Barbara Emmons represented MetLife in the transaction. San Diego-based Westcore Properties now owns more than 2.5 million square feet of commercial space throughout Southern California.
LAS VEGAS — A 145,000-square-foot retail property in the Las Vegas submarket of Summerlin has sold to an unnamed buyer for $51 million. The space is triple-net leased to Life Time Fitness. It is located at 10721 W. Charleston Blvd. The building was constructed in 2011. It is situated near Red Rock Casino & Resort, Downtown Summerlin Mall and Canyon Pointe. The private, high-end fitness center chain recently signed a new 20-year, triple-net, corporate-guaranteed lease with scheduled rental increases during the term. Matthew Mousavi and Patrick Luther of Faris Lee Investments represented both the buyer and institutional seller in this transaction.
LOS GATOS, CALIF. — WealthCap has purchased two newly built office campuses in the Silicon Valley submarket of Los Gatos for an undisclosed sum. The Class A properties are located at 121 and 131 Albright Way. Both buildings are leased to Netflix. They will serve as the global headquarters for the on-demand digital movie and television show streaming company. The acquisition also includes an interest in the surrounding 15-acre campus, including 664 surface parking spaces and shared use of a 930-space structured parking garage. CBRE Global Investors represented WealthCap in the transaction. This is the German-based company’s second acquisition in Silicon Valley over the past 12 months.
LAS VEGAS — MCA Realty has purchased a four-property industrial portfolio in Las Vegas for an undisclosed sum. The acquisition includes the 58,240-square-foot, two-building Aabacus Industrial Center; a 31,000-square-foot, multi-tenant industrial building in North Las Vegas; a 26,000-square-foot, single-tenant industrial property near McCarran International Airport; and a 21,807-square-foot, single-tenant industrial property that is also near the airport. MCA Realty’s portfolio now includes a total of 14 properties and more than 600,000 square feet of industrial space in Las Vegas.
GRAND JUNCTION, COLO. — Welbrook Senior Living and Embree Healthcare Group have started construction of a new transitional rehabilitation facility in Grand Junction, and have secured final financing for the project from CNL Healthcare Properties, a real estate investment trust (REIT) based in Orlando, Fla. The facility, the name of which was not released, will feature 50 private suites. Texas-based Embree is developing the facility, which California-based Welbrook will operate when complete. The companies expect to admit the first resident in the second half of 2016.
HOUSTON — Thor Equities has secured construction financing for Kirby Collection, a new mixed-use development at 3200 Kirby Drive in Houston. The 1 million-square-foot residential, office, retail and entertainment development is located in the River Oaks neighborhood of Houston, bounded by Kirby Drive and West Main, Colquitt and Lake streets. The project features a 25-story, 385,000-square-foot residential tower with 199 apartments comprising seven two-story townhomes and seven two-story loft spaces with private yards. The residences will overlook a deck with more than an acre of landscaped amenities, including a pool with cabanas, fire pits and a bar area. Kirby Collection’s 13-story, 210,000-square-foot, Class A office building is located near downtown Houston, the Galleria/Uptown District, Greenway Plaza and the Texas Medical Center. The development is scheduled to break ground in October and open in the fourth quarter of 2017. Richard Keating is the design architect for Kirby Collection, and Dianna Wong Architecture + Design is the interior designer. Houston-based Kirksey is the architect of record.
DALLAS — Chicago-based healthcare real estate investment company Stage Equity Partners LLC has purchased a 37,000-square-foot, multi-tenant medical office building in Carrollton, a northern suburb of Dallas. The property is Stage Equity’s fourth medical office acquisition in Dallas and its fifth overall in Texas. The single-story, Class A building was acquired in an off-market transaction from the physician owners of OrthoTexas, an orthopedic practice based in Dallas. As part of the transaction, OrthoTexas leased back the majority of the building under a long-term lease. MetroCrest Surgery Center — a joint venture between USPI, Baylor Scott & White Health and Tenet Health — leases the remainder of the building for the operation of an ambulatory surgery center. American Momentum Bank provided financing for the project. The property, located at 4780 North Josey Lane isfully leased. OrthoTexas has 27 physicians and more than 250 employees, and MetroCrest is a prominent surgery center in the region. The property is within 10 minutes of Baylor Carrollton Hospital and Texas Health Resources Presbyterian Plano Hospital.