NEW YORK CITY — Marcus & Millichap has brokered the sale of 377 Manhattan Avenue in Brooklyn. The six-unit apartment building sold for $1.65 million. Shaun Riley, James Saros and Michael Salvatico of Marcus & Millichap’s Brooklyn office listed the property on behalf of the seller, a private investor, and represented the buyer, a private investor, in the transaction.
PLANTATION, FLA. — CBRE has brokered the $52 million sale of The Manor in Plantation, a newly developed 197-unit apartment community. The mid-rise and townhome residential asset is located at 601 N.W. 82nd Ave. in Plantation. The Manor LLC purchased the apartment community from Veranda II Apartments LLC and Veranda II Townhomes LLC. The Manor’s rents have been averaging $1.99 per square foot and the property was 90 percent occupied at the time of sale. Amenities include a beach entry pool with a hot tub, clubroom with flat screen TV and WiFi loft, billiards and poker room, private dining room, business center with conference room, theater and a fitness center. Robert Given, Zachary Sackley, Gerard Yetming and Neal Victor of CBRE represented the seller in the transaction. Related Group of Florida delivered The Manor in 2013.
SANDY SPRINGS, GA. — Oak Coast Properties and IMG have purchased Legacy Key Apartments, a 350-unit, Class B multifamily community in Sandy Springs, a northern suburb of Atlanta. Oak Coast and IMG purchased the asset from DRA Advisors LLC. Oak Coast is planning a $2 million capital improvement program for the property that includes a rebranding. Units average 959 square feet and are configured in both garden-style and townhome formats. Legacy Key’s amenity package includes controlled access gates, a clubhouse, business center, fitness center, two swimming pools, two lighted tennis courts, gazebo, picnic and grilling areas, car care center and a laundry facility.
RICHMOND, VA. — The Simpson Organization has acquired Westerre I and II, a Class A office portfolio in the Westerre Office Park in Richmond, for $22 million. The office assets total 163,290 square feet and are 92.1 percent leased to 26 tenants, including Tridium Inc., Interbake Foods LLC, Comcast and Batzli Stiles Butler Law Firm. Eric Robison of Cushman & Wakefield | Thalhimer’s Richmond office represented the undisclosed seller in the transaction. The Simpson Organization has hired Dean Meyer and Mac Wilson of Cushman & Wakefield | Thalhimer to lease the properties going forward.
ARLINGTON, VA. — ARA has brokered the sale of Infinity Apartments, a 227-unit, mid-rise apartment community in Arlington. Washington, D.C.-based Capital Investment Advisors acquired the property from San Francisco-based Carmel Partners for an undisclosed price. Drew White, Mike Marshall and Ryan Ogden of ARA represented Carmel Partners in the transaction. Capital Investment Advisors plans to make upgrades to the common areas of the apartment community, which was constructed in 1959 and renovated in 2011. Occupancy at the time of the sale was 96.7 percent.
GOODYEAR, ARIZ. – A 45,000-square-foot retail building in Goodyear that is triple-net leased to LA Fitness has sold to a private family trust from Los Angeles for $12 million. The property is located at 1382 South Cotton Lane. LA Fitness is on a long-term, 15-year lease with about 11 years remaining on the initial term. The building was originally constructed in 2009. The 1031 exchange buyer was represented by Republic Commercial Real Estate. The seller, DTD – Devco 9 LLC, was represented by Chris Tramontano, Patrick Luther and Matthew Mousavi of Faris Lee Investments.
CONCORD, CALIF. – The 48-unit Diablo Villas Apartments in Concord has sold to WaveCrest Capital Management for $8.8 million. The community is located at 4265 Clayton Road. It is fully occupied. The community will be rebranded as CityPlace Apartments. It was originally built in 1964. The seller, a local Bay Area lender affiliate, foreclosed on the property in late 2010. Acquisition financing was provided by American West Bank. WaveCrest was represented by Patrick Nash and Chris Sparacino of Bay Apartment Advisors.
LOS ANGELES – An 8,900-square-foot industrial building in Los Angeles has sold to E.R. Mehr-Grand LLC for $3 million. The building is located at 1314-1320 S. Grand Ave. E.R. Mehr-Grand was represented by William O. Morrison and Thomas M. Williams of Heger Industrial. The seller, South Grand LLC, was represented by Mollie Dietsch, Jim Halferty and Mike Smith of Lee & Associates-Commerce.
DENVER – Gladstone Commercial Corporation has acquired a 189,210-square-foot industrial building in Denver for $10 million. The building is located in an industrial park near Downtown Denver. It is fully leased to Premium Pet Health (PPH) through December 2024. The building serves as PPH’s headquarters, as well as its manufacturing and distribution center. PPH specializes in the sourcing, production, sales and distribution of all proteins used by the pet care industry. PPH is a wholly owned subsidiary of Smithfield Foods.
CORONA, CALIF. – A 31,068-square-foot industrial building in Corona has sold to CFA LLC for $3.7 million. The building is located at 369 Meyer Circle. The property was purchased by the existing tenant, which has occupied the building since 2010. CFA was represented by Larry Null of Lee & Associates. The seller, Maddie LLC, was represented by Scott Smith of the same firm.
