NEW YORK CITY — Cushman & Wakefield has brokered the sale of a four-building multifamily portfolio located at 212-218 East 85th St. on Manhattan’s Upper East Side. An investment group led by the Glick Family acquired the portfolio for $30 million. Totaling 37,500 square feet, the four contiguous buildings comprise 70 residential units, four office spaces and two retail units. The apartment units are in a mix of studio, one- and two-bedroom layouts. Paul Smadbeck, Thomas Gammino Jr., Hunter Moss and Bryan Smadbeck of Cushman & Wakefield represented the undisclosed seller in the transaction.
CLIFTON, N.J. — NAI James E. Hanson has arranged the sale of a 10,876-square-foot office space located at 1030 Clifton Ave. in Clifton. Realty Investment Associates sold the property for an undisclosed price. The space is located within a two-story, 21,734-square-foot office building. The undisclosed buyer acquired the entire second floor on a condominium basis and plans to renovate, upgrade and occupy the space as a medical office. Josh Levering and Nicholas DePaolera of NAI Hanson represented the seller in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a retail building located at 34-39 31st St. in the South Astoria section of Queens. JAVSE Realty Corp. sold the building to a private investor for $7.5 million. Built in 1956, the property features 16,000 square feet of retail space. Jack Zalta of Rosewood Realty represented the seller, while Jacob Setton, also of Rosewood Realty, represented the buyer in the deal.
NEW YORK CITY — GFI Realty has brokered the sale of a development site located at 203 Sutter Ave. in Brooklyn’s Brownsville section. A local investor acquired the site for $5.6 million. The parcel has a total of 57,648 buildable square feet, with approved plans for a 42-unit residential building. Yisroel Pershin and Eli Shilian of GFI Realty represented the seller, a local investor, while Sylvia Spielman, also of GFI, represented the buyer in the deal.
MURRIETA, CALIF. — HFF has arranged the $56.6 million sale of Murrieta Town Center, a 334,939-square-foot shopping center in the Southern California town of Murrieta. Bryan Ley, Gleb Lvovich and Justin Kundrak of HFF arranged the transaction on behalf of the seller, Jade Enterprises. An affiliate of U.S. Realty Partners acquired the asset. Murrieta Town Center was 81 percent occupied at the time of sale by Burlington, Rite Aid, Ross Dress for Less, Marshalls, Famous Footwear, Dollar Tree and Sizzler.
NORTH CHARLESTON, S.C. — Monmouth Real Estate Investment Corp., a New Jersey-based industrial REIT, has acquired a 121,683-square-foot industrial property located at 1892 Anfield Road in North Charleston for $21.9 million. The newly constructed building is net-leased to FedEx Corp. for 15 years. The property is situated on 16.2 acres and is located roughly two miles from the Charleston International Airport and 10 miles from the Port of Charleston. The name of the seller was not disclosed.
CHICAGO — Kiser Group has brokered the sale of a 41-unit multifamily property in Chicago’s Uptown neighborhood for $4.8 million. The property is located at 4866 N. Magnolia Ave. The building, constructed in the 1920s, consists of mostly studio apartment units. Ben Smith, Rick Ofman and Lee Kiser of Kiser Group brokered the transaction. Local private investor Sandy Kahn purchased the asset from another local investor.
WAUKEE, IOWA — Bellomy & Co. has negotiated the sale of Waukee Storage Masters in Waukee, about 20 miles west of Des Moines. The sales price was not disclosed. The 64,517-square-foot self-storage facility features 462 climate-controlled units. The Class A property is located near Grand Prairie Parkway and I-80. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. represented the Waukee-based seller. The team also procured the buyer, StorageMart.
IRVINE, CALIF. — HCP Inc. (NYSE: HCP) has unveiled a plan to “significantly reduce” its concentration of Brookdale-operated seniors housing communities. The plan includes HCP selling six Brookdale properties for an estimated $275 million, as well as selling its remaining 40 percent stake in a joint venture to Columbia Pacific Advisors for $332 million. The joint venture — RIDEA II — owns 49 seniors housing properties, of which Brookdale operates 46. Irvine-based HCP is one of the “Big Three” seniors housing REITs. Headquartered in Brentwood, Tenn., Brookdale is by far the largest owner and operator of seniors housing in the United States. Its operational portfolio includes 1,048 properties and 102,055 units, according to the American Seniors Housing Association, which is nearly triple the size of the next largest competitor. However, the company has struggled since its $2.8 billion acquisition of fellow seniors housing giant Emeritus in 2014. After initially experiencing a lift in the months following the merger, Brookdale’s stock price fell from $38.16 on March 2, 2015, to $11.80 on Feb. 8, 2016. The goal of HCP’s plan is to reduce its exposure to Brookdale-operated properties, increase its lease coverage of the Brookdale communities it will continue to own, …
HOBOKEN, N.J. — Funds managed by Greystar Real Estate Partners have acquired Observer Park, a multifamily property located at 51 Garden St. in Hoboken, for an aggregate purchase price of $70.3 million. The seller was Invesco. Constructed in 1991, the 12-story building features 115 units. On-site amenities include a fitness center, package concierge, terrace with gas grills and lounge areas, indoor parking, a hospitality bar with Starbucks Coffee, 24-hour laundry facilities, dry cleaning pickup and delivery, and controlled-access lobbies. Brian Whitmer, Andrew Merin, Adam Spies, David Bernhaut, Gary Gabriel and Ryan Dowd of Cushman & Wakefield represented the seller in the transaction.