CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.
LOS ANGELES — A joint venture between Douglas Emmett and the Qatar Investment Authority has purchased a 1.7-million-square-foot office portfolio in the Los Angeles submarket of Westwood for $1.3 billion. The portfolio contains four Class A office buildings within the Westwood Wilshire office corridor. Douglas Emmett plans to retain 20 percent to 30 percent of the joint venture equity. The remaining interest will be held by institutional partners. The JV obtained a $580 million, non-recourse, interest-only loan with a seven-year term. This acquisition will allow Douglas Emmett to control 74 percent of the Westwood Wilshire office corridor. The firm’s portfolio now contains a total of 66 office properties with 17.2 million square feet of space.
ATLANTA — Kroger has sold Bouldercrest Distribution Center, a three-building, 528,000-square-foot cold storage/food distribution center in southeast Atlanta, for $14.5 million. Highridge Provender purchased the property, which features a 374,155-square-foot dry grocery warehouse, a 132,184-square-foot freezer warehouse and a 21,119-square-foot truck maintenance building. Kroger has owned the property since 1992, but is in the process of relocating to the 1.2 million-square-foot, build-to-suit Gillem Logistics Center in Forest Park, Ga. Kroger will lease Bouldercrest from Highridge Provender for one year during the transition. Chris Cummings and Turner Wisehart of Colliers International’s Atlanta office represented the buyer in the transaction and will market the project for lease going forward.
JOHNSON CITY, TENN. — Windsor Aughtry Co. Inc. has brokered the $6.3 million sale of Hampton Inn Johnson City, a 77-room hotel located at 508 N. State of Franklin Road in Johnson City. Pleasantburg Hospitality Inc. sold the hotel, which it has owned since the hotel was built in 1995. Jay Alexander and Bill Fayssoux of Windsor Aughtry represented Pleasantburg Hospitality in the transaction.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a development site located at 123 Linden Blvd. in Brooklyn. New York Congregational Center for Community Life sold the property for $18.5 million, or $558 per square foot. The site currently consists of a four-story, 33,145-square-foot institutional building, which most recently served as office space for several community-based organizations. The site allows for approximately 248,949 residential buildable square feet or about 316,159 buildable square feet of community facility space, along with additional development rights that were transferred from 135 Linden Boulevard. James Nelson and Matt Nickerson of Cushman & Wakefield handled the transaction.
ARDSLEY, N.Y. — Colliers International has arranged the sale of a flex office building located at 466 Saw Mill River Road in Ardsley. G&G Instrument Corp. sold the 59,000-square-foot building to Avon Development Enterprises Corp. for $4.7 million. Developed in 1968, the three-story building was built slab-on-grade into the side of a hill and features dock access for all three levels. Ian Ceppos, Alex Jinishian, Al Gutierrez and Cameron Paktinat of Colliers represented the seller, while Alan Weisman of Lee & Associates represented the buyer in the transaction.
PASSAIC, N.J. — Redwood Realty Advisors has arranged the sale of a mixed-use property located at 102 Main St. in Passaic. The asset sold for $2.3 million. The building features 25 apartments and five commercial spaces. Thomas McConnell, Kevin McCrann, Jeremy Wernick and Marco Capozzoli of Redwood Realty brokered the transaction. The names of the seller and buyer were not released.
MAHOPAC, N.Y. — Northeast Private Client Group has arranged the sale of a mixed-use property located at 890-908 S. Lake Blvd. in Mahopac. A Westchester, N.Y.-based investor acquired the asset from a Manhattan-based private investor for $1.8 million, or $109 per square foot and a capitalization rate of 9 percent. Comprised of two adjacent buildings, the 16,400-square-foot property features street-level retail space and second-floor office and residential space with off-street parking. Anthony Watkins of Northeast Private Client Group represented the seller and procured the buyer in the transaction, which closed in February.
HUNTSVILLE, ALA. — Hunter Hotel Advisors has brokered the $14 million sale of Homewood Suites Downtown Huntsville, a 101-room extended stay hotel in downtown Huntsville. The hotel was built in 2014 within the Twickenham Square urban center. Hunter Hotel Advisors represented the seller, PHD Hotels, in the transaction. A New York-based investment firm was the buyer.
KENNESAW, GA. — Preferred Apartment Communities Inc., through its wholly owned subsidiary New Market Properties LLC, has acquired Wade Green Village in Kennesaw, roughly 25 miles outside of Atlanta. The 75,000-square-foot shopping center is anchored by a 47,814-square-foot Publix grocery store. The transaction involved the contribution of Wade Green Village in exchange for Class A units of the company’s operating partnership.