TOTOWA, N.J. — Rochelle Park, N.J.-based Tulfra Real Estate has purchased Totowa Business Center, a 225,000-square-foot, Class A mixed-use building at 930 North Riverview Dr. in Totowa from a New York-based investment group for $13 million. The property was constructed in 1962 and redeveloped in 1998. It is located on 17.38 acres at Interstate 80 and routes 46 and 23. Tulfra plans more than $5 million of improvements for the property, which includes the 105,000-square-foot, two-story mixed-use portion fronting on Riverview Drive and a 120,000-square-foot section facing on Taft Road, as well as 800 parking spaces. The Riverview space will be retrofitted to attract technical, quasi-retail and recreational tenants. According to the company, the 65,000-square-foot first floor encompasses four units of that would work for tenants such as child and adult daycare, a gym or fitness center, kids’ amusements, or other retail-type recreational uses. The 40,000-square-foot second floor would work well for training, trade and polytechnic schools, an art gallery, or mini-storage. The one-story section of the building houses tenants Tyco, RDD and Passaic County.
EAST HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the $21.05 million sale of Stony Brook Village, a 165-unit luxury apartment community located at 140 Mill St. in suburban East Haven. HP Stony Brook LLC sold the property to Par Stony Brook LLC. The sales price equates to $127,500 per unit. Units average 980 square feet and 70 percent have two bathrooms. Community amenities include a fitness center and swimming pool with sun deck area; a resident clubhouse with community room, business area, and library; a leasing center with private offices, and a designated dog walk and exercise area. Steve Witten and Victor Nolletti of IPA and Wes Klockner of Marcus & Millichap were the sole brokers in the transaction.
WAKEFIELD, MASS. — Walker & Dunlop has closed a $19.52 million Fannie Mae fixed-rate loan for True North Capital Partners’ acquisition of Wakefield Vista Apartments, a 114-unit property located in Wakefield. The property, which was built in 2013, is located 12 miles north of Boston and features one- and two-bedroom units, with 25 percent of the units set aside for families earning less than 80 percent of the area’s median income. Property amenities include a fitness center, garage parking, in-unit washers and dryers, and a community room with a fireplace and lounge area. Steve Natale and Bill Battaglia led the Walker & Dunlop team that worked with Fannie Mae to structure a 12-year fixed-rate loan with four years of interest-only, with a 77 percent loan-to-purchase price ratio. This is the borrower¹s fifth acquisition in the Boston area.
SHELTON, CONN. — CBRE Group has arranged the $16.73 million sale of 6 Armstrong Rd. in Shelton on behalf of an entity controlled by Marcus Partners Inc. New York-based Windsor Management Corp. purchased the property, a 163,287-square-foot office building located between exits 11 and 12 off Route 8. The property was 87 percent leased at the time of sale. Occupancy increased from the 50 percent mark 12 months earlier, thanks to a $2.2 million capital investment program that included HVAC, restrooms, lobby and common area upgrades as well as expanded parking. Jeffrey Dunne and Steven Bardsley of CBRE’s Institutional Properties team negotiated the transaction; CBRE also procured the buyer.
New York City — Lev Mavashev of Alpha Realty represented both the seller and buyer in the $5.6 million sale of 3315 and 3401 Avenue H in the Flatbush Section of Brooklyn. The corner buildings are located across the street from each other at the intersection of Avenue H and East 34th Street. The two properties together total 14,350 square feet with a total of 10 commercial units. Total buildable space for the two lots is 52,000 square feet, making the properties a future development play.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of All Star Self-Storage, a 72,775-square-foot self-storage facility located in Fort Worth. Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Karr also secured the buyer, another private investor. All Star Self-Storage is located on two parcels totaling five acres at 7400 N. Blue Mound Road. The property, which was built in 2008, consists of eight single-story buildings and one two-story management office/residence. The property includes perimeter fencing and lighting, wide concrete driveways, video surveillance and personalized keypad gated entry.
AUSTIN, TEXAS — ARA Newmark has arranged the sales of the 450-unit Villages of Sage Creek and the 460-unit Park at Walnut Creek, in Austin. The properties were jointly marketed as the “North Austin 2000’s Portfolio.” Pat Jones of ARA Newmark represented the seller, Dallas-based Whole Life Management Co. The buyer in both transactions was Montgomery, Ala.-based B&M Management Co. Constructed in the early 2000s, Villages of Sage Creek and Park at Walnut Creek are Class A communities located in Austin’s Far North submarket. Amenities for both communities include swimming pools, fitness centers, volleyball courts and pet parks. The Villages of Sage Creek has 11 floor plans ranging from 636-square-foot, one-bedroom plans to a 1,441-square-foot, three-bedroom design. The Park at Walnut Creek includes 14 floor plans ranging from a 696-square-foot, one-bedroom to a 1,630-square-foot, three-bedroom design.
GRAND PRAIRIE, TEXAS — Crow Holdings Industrial (CHI) has leased 143,000 square feet of Class A distribution space to Dart Warehouse Corp. The space is located in Regency 1, a 419,520-square-foot building located at 1025 Post and Paddock St. in Grand Prairie. Holmes Davis of Binswanger’s Dallas office handled the transaction for the tenant. Michael Spain of Bradford Commercial Real Estate Services handled the transaction for CHI. Dart Warehouse Corp. owns and operates more than 7 million square feet of industrial property nationwide and offers supply chain services including order fulfillment and e-commerce, transportation, third-party management, public and dedicated warehousing, cross dock services and property management and development.
LEAGUE CITY, TEXAS — Public Storage has opened a new self-storage facility in League City. The facility is located on Highway 96 and the Gulf Freeway at 1250 W. League City Parkway. The 716-unit storage facility was acquired from High Point Storage. Self-storage options at the location include covered parking spaces and climate-controlled storage on-site.
CHICAGO — ASB Real Estate Investments has sold its nine-building, 174-unit Elaine Place apartment portfolio in the Lakeview neighborhood of Chicago, located blocks from Wrigley Field, for $50.5 million. The sale was made on behalf of ASB’s Allegiance Fund, a $5 billion core investment vehicle, which owned the property in a joint venture with Marc Realty/Chicago Apartment Finders. The portfolio was purchased by New York-based CLK Properties.