UNION, N.J. — Marcus & Millichap has facilitated the sale of a retail property located at 1929 Morris Ave. in Union. A private investor sold the property for $1.1 million. The property features 7,360 square feet of retail space. Michael Lombardi and Marc Karlin of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.
GREEN OAKS, ILL. — Colliers International has brokered the sale of Green Oaks Business Center in Green Oaks, about 40 miles north of Chicago. The sales price was not disclosed. The three-building industrial portfolio totals 462,300 square feet. The facilities feature clear heights of 24 to 28 feet, ESFR sprinkler systems, 48 docks and parking for 270 autos. At the time of sale, the portfolio was 86 percent occupied by five tenants. Jeff Devine and Steve Disse of Colliers represented the seller, New York Life Investment. A comingled fund managed by Dermody Properties was the buyer.
NORWELL, MASS. — NAI Hunneman has arranged the sale of a retail property located at 22 Pond St. in Norwell. McLaren Auto, the building’s current tenant, and its owner, BMD LLC, exercised a purchase option in its lease and acquired the property from Herb Chambers for $5.6 million. The 22,084-square-foot property features a showroom, automotive operations space, six drive-in doors, wet and dry sprinkler systems and parking for up to 175 cars. Cathy Minnerly and Over Osvold of NAI Hunneman represented the seller, while Kathy Doyle of Curran Capital represented the buyer in the deal.
PFLUGERVILLE, TEXAS — Retail Solutions has brokered the sale of Creekside at Dessau, a 13,750-square-foot strip retail center located at 16051 Dessau Road in the Austin metro of Pflugerville. Built in 2009, the center is leased to tenants such as Baylor Scott & White, Tree House Kids and Moi Vietnamese Grill. Alan Rust of Retail Solutions represented the seller in the transaction and Steve Tong of Home Direct Realty represented the buyer. Both requested anonymity.
LOS ANGELES — The Magellan Group has sold two Los Angeles-area properties for a total of $77.6 million. The transaction includes Commerce Business Center and Magellan Storage – Commerce, both located in the Commerce submarket. Blackstone Property Partners acquired Commerce Business Center, a 290,000-square-foot industrial facility. The project included 90,000 square feet of new construction built by Magellan to meet demand for smaller tenant spaces in the market. U.S. Storage Centers purchased Magellan Storage – Commerce, a 1,348-unit, 144,000-square-foot self-storage facility. Magellan’s value-add strategy for the project entailed the redesign and redevelopment of a former industrial building. NKF represented Magellan on the business center sale, while Cushman & Wakefield represented the seller on the self-storage transaction.
GREENWOOD VILLAGE, COLO. — A joint venture between Cress Capital and Revesco Properties has purchased a Orchard Pointe, a 120,873-square-foot office building in Greenwood Village, for an undisclosed sum. The building is situated within the Denver Technology Center. Orchard Pointe was originally built in the 1980s. The JV plans to implement improvements, including cosmetic enhancements to the lobby, elevators and corridors, as well as improvements to building amenities. The seller is TA Realty. Revesco will provide property management services through its subsidiary, Revesco Property Services.
PETALUMA, CALIF. — Senior Living Investment Brokerage Inc. has arranged the sale of Adobe House of Petaluma, a 40-unit memory care community in Petaluma, approximately 40 miles northwest of San Francisco. Constructed in 1996, Adobe House totals 26,000 square feet and sits on 1.68 acres. TIC Investor Group sold the community to a regional operator based in Southern California. The new operator plans to invest considerable capital into the building. Although the sale price was not disclosed, the price per unit was $240,000, which translates to $9.6 million. Jason Punzel, Brad Goodsell and Vince Viverito of Senior Living Investment Brokerage handled the transaction.
IMPERIAL BEACH, CALIF. — Retail Insite has arranged the $7.2 million sale of a Grocery Outlet store in the San Diego submarket of Imperial Beach. Retail Insite and HFF arranged the transaction on behalf of the seller, Sudberry Palm Avenue LLC. Tri Star Hotel Investments Inc. acquired the asset. Grocery Outlet anchors Breakwater Town Center, which is home to tenants such as Starbucks Coffee, Chipotle Mexican Grill, Five Guys, Wing Stop, Baskin Robbins, T-Mobile, Great Clips and Poke 1-2-3.
CHICAGO — Chicago-based Brennan Investment Group LLC, in a joint venture with Arch Street Capital Advisors LLC, has acquired a 2.3 million-square-foot industrial portfolio located throughout four states in a sale-leaseback transaction. The sales price was not disclosed. The four buildings were net-leased back to the seller, BlueLinx Corp., a building and industrial product distributor. The buildings are located in Boston, Raleigh-Durham, Atlanta and Washington, D.C. Since 2011, Brennan and Arch Street have acquired more than $1 billion of single-tenant, net-leased industrial assets.
LONG ISLAND, N.Y. — Ripco Real Estate has arranged the sale of an apartment complex located at 26 Stephen Oval in Long Island’s Glen Cove. The 100-unit garden-style property sold for $19.5 million. Mark Kaplan of Ripco represented the undisclosed buyer and seller in the transaction.
