CLINTON, N.J. — Woodmont Industrial Partners has completed the sale of I-78 Logistics Center. Located at 111 Cokesbury Road in Clinton, the distribution center sold for $28 million or $38.50 per square foot. The 729,000-square-foot facility recently underwent a $4 million capital improvements program that included the addition of 36 new loading dock positions, T-5 lighting and new HVAC and sprinkler systems, as well as a parking lot expansion. The name of the buyer was not released.
PHILADELPHIA — Gebroe-Hammer Associates has arranged $14.1 million in multifamily sales in Philadelphia. The Livingston, N.J.-based firm recently brokered the sales of The Julien in northwest Philadelphia and Avondale Apartments in northeast Philadelphia. Located at 5600 Ogontz St., The Julien consists of seven mid-rise buildings offering a total of 206 studio, one- and two-bedroom apartments. Avondale Apartments, located at 4628 Leiper St., consists of five mid-rise buildings offering a total of 113 residential units. Eli Rosen of Gebroe-Hammer negotiated both transactions.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has brokered the sale of a Dunkin Donuts location and a two-family residential property on Route 22 in North Plainfield. The 3,900-square-foot asset sold for $1.45 million. Dunkin Donuts recently signed a 20-year absolute triple-net lease for the location. Michael Lombardi and Robert Angus of Marcus & Millichap’s New Jersey office represented the seller, a private investor, and the buyer in the transaction.
NEW HAVEN, CONN. — Press/Cuozzo Commercial Services has brokered the sale of a seven-property mixed-use portfolio located at 455-459 Orange St. in New Haven. 451 Orange Street Associates LLC purchased the portfolio for $1.05 million from Orange Bradley Realty LLC. The asset includes 455 Orange St., which features a first-floor medical office and a three-bedroom duplex apartment; and three residential units at 459 Orange St. Joel Nesson of Press/Cuozzo represented the seller and procured the buyer for the transaction.
BAYTOWN, TEXAS — TGS Cedar Port Partners LP has acquired the assets of Cedar Crossing Industrial Park in Baytown. The acquisition includes 10,897 acres, a 312,000-square-foot warehouse and an industrial complex including a shortline railroad with 57 miles of track. The industrial park is served by both Union Pacific Railroad and BNSF and has access to the Chambers County Improvement District barge dock on Cedar Bayou. TGS Cedar Port is the largest industrial park in the greater Houston market. The TGS Cedar Port Railroad has the capacity to store more than 2,000 rail cars and the partnership intends to expand capacity to 3,000 cars by 2018. Cushman & Wakefield represented the seller in the transaction.
CORPUS CHRISTI, TEXAS — Marcus & Millichap has arranged the sale of Cliff Maus Village Apartments, a 110-unit apartment complex in Corpus Christi. Mike Moffitt Jr. and Zar Haro of Marcus & Millichap’s Austin and San Antonio offices marketed the property on behalf of the seller, a partnership. Moffitt and Haro also secured the buyer, a private investor. Cliff Maus Village Apartments was built in 1968 and is located at 1458 W. Point Road. The 110-unit complex consists of 24 two-bedroom and 86 three-bedroom floor plans. Amenities include a basketball court, playground, community center, laundry facilities and courtyard.
FORT WORTH, TEXAS — HFF has secured joint venture equity for the development of Waterside, a $75 million mixed-use development in Fort Worth. HFF worked on behalf of the developer, Trademark Property Co., in sourcing the capital from Sarofim Realty Advisors. Equity proceeds will be used to develop the first phase of the project. Waterside will be anchored by a Whole Foods and will be located on 52 acres at the intersection of Bryant Irvin Road and Arborlawn Drive on the former Lockheed Martin Recreation Association site. The development will include 1.5 miles of Trinity River waterfront and 190,000 square feet of retail and restaurant space.
CHICAGO — Golub & Co., in a partnership with Boston-based Alcion Ventures, has acquired Oak Brook Executive Plaza, a 389,000-square-foot office in Oak Brook, a Chicago suburb. Bank of America provided financing for the transaction. The purchase price was undisclosed, but according to Crain’s Chicago the joint venture agreed to pay about $57 million, or $150 per square foot, for the property. The office complex is located on West 22nd St. across from Oak Brook Center Mall and is visible from I-88. Chicago-based Golub and Alcion plan to reposition the property as high-quality office space for corporate and creative firms. The redevelopment plans include enhanced curb appeal, updated office interiors and common areas and new tenant amenities.
HOUSTON — Q10 Kinghorn, Driver, Hough & Co. has secured a fixed-rate loan for the 356-unit Oaks on Bissonnet Apartments located in southwest Houston. The buyer plans to renovate both the interior and exterior of the property.
HOBART, IND. — Marcus & Millichap has arranged the $11.3 million sale of Hampshire Park Apartments, a 186-unit apartment community in Hobart, approximately 45 minutes southeast of the Chicago Loop. Built in 1972 on less than 20 acres, the property is located at 400 N. Lake Park Ave. and includes a mix of one- and two-bedroom units. The apartment community is adjacent to open prairie and near parks, lakes and outdoor recreational areas. The historic Hobart lakefront district, located in downtown Hobart on Lake George, is less than one mile from the property. Scott Harris of Marcus & Millichap’s Oak Brook office in suburban Chicago represented the seller, a private investment company in Merrillville, Ind. The buyer is Chicago-based Tricap Residential Group.