NEW YORK CITY — Vanbarton Group has acquired Riverdale Crossing, a shopping center located in the Bronx, for $133 million. The 159,037-square-foot center is anchored by the soon-to-be BJ’s Wholesale Club and 98 percent leased to nationally recognized retail tenants. Angelo Gordon & Co., in a joint venture with Metropolitan Realty Associates, developed and sold the property. Acquisition financing was provided by Northwestern Mutual. Eastdil Secured represented the seller, while Hunton & Williams LLP served as legal counsel for Vanbarton.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has brokered the sale of a retail property located at 3805 Concord Pike in Wilmington. C&J Commercial LLC sold the 2,400-square-foot property, which was formerly a four-bay auto repair shop, to Delaware-based Half Acre Cap LLC for $1 million. Charles Woods of Patterson-Woods represented the buyer, while Long & Foster represented the seller in the transaction.
PANTEGO, TEXAS — Marcus & Millichap has arranged the sale of a 41,806-square-foot industrial and office portfolio located in Pantego, a suburb of Dallas. Cody Payne of Marcus & Millichap’s Fort Worth office marketed the properties on behalf of the seller, an individual/personal trust. The buyer, a limited liability company, was also secured and represented by Payne. The portfolio includes two office buildings and two industrial buildings. Three of the buildings are located on Pioneer Parkway and West Pioneer Parkway. Pioneer Parkway includes a total of 24,034 square feet between the office building and industrial building. 3600 W. Pioneer Parkway is a 6,834-square-foot office building built in 1964. 2321 W. Arkansas Lane is a 10,938-square-foot office/industrial building built in 1980.
IRVING, TEXAS — CBRE Capital Markets’ Investment Properties has arranged the sale of Newport, a 308-unit multifamily community in the north Dallas suburb of Irving. The PPA Group, based in Austin, purchased the asset from Shreveport, La.-based Fortis Co. for an undisclosed price. Chris Deuillet of CBRE’s Dallas office represented the seller. The 238,784-square-foot asset, located at 3466 N. Beltline Road, was built in 1981. The Class B complex includes one- and two-bedroom units with an average size of 775 square feet. Newport was 96 percent occupied at closing. Two hundred units have been upgraded with modern wall texturing, customized kitchen cabinet doors, black appliances and faux-wood flooring in select areas of each unit. Other capital improvements were completed on the exterior and in common areas between 2010 and 2012. The buyer plans to complete the remaining unit remodels, add a dog park and increase the size of the play area.
DALLAS — Children’s Medical Center of Dallas has leased 10,950 square feet of office space located at 2620 N. Stemmons Freeway in Dallas. John Lancaster of NAI Robert Lynn represented the landlord, Pollock Realty LP, and Douglas Hinckley represented Children’s Medical Center in the transaction.
SCOTTSDALE, ARIZ. — Arc Construction and MacDonald Development have purchased a 17,711-square-foot building in Scottsdale that houses the Arizona School of Real Estate & Business for $7.7 million. The building is located at 7142 E. 1st St. The sale also included an adjacent parking lot on 40,623 square feet of land. Jon Rosenberg and Keri Davies of LevRose Commercial Real Estate represented the seller, Bill Gray, the school’s original founder.
BEVERLY HILLS, CALIF. — Beverly Hills-based BIG Shopping Centers USA and RED Development have added five retail assets totaling 1.5 million square feet to their recently launched joint venture BIG RED Portfolio LLC. Acquired properties include Chandler Festival, a 494,858-square-foot power center, Chandler Village, a 296,460-square-foot power center and Chandler Gateway, a 261,678-square-foot power center, all located in Chandler, Arizona; One Pacific Place, a 91,143-square-foot outdoor shopping center located in Omaha, Nebraska; and Greenway Station, a 291,315-square-foot lifestyle center located in Middleton, Wisconsin.
JACKSONVILLE, FLA. — Blue Rock Partners LLC and Konover South LLC have partnered to purchase a three-property, 1,040-unit multifamily portfolio in Jacksonville for $64.8 million. The properties include Madison at Bay Pointe located at 4500 Baymeadows Road, Madison at Savannah Oaks located at 60174 Roosevelt Blvd. and Madison at Spring Woods located at 445 Monument Road. The communities will be re-branded and marketed as The Park at Avellino, The Park at Marbella and The Park at Via Veneto, respectively. The partnership will invest another $8.5 million in interior and exterior upgrades, including updated fitness centers, internet cafés and upgraded landscaping. Dhaval Patel of CBRE brokered the transaction, and Equus Capital Partners was the seller. Wells Fargo provided acquisition financing on behalf of the partnership.
LAUDERHILL, FLA. — Marcus & Millichap has brokered the $12 million sale of Royal Palms at Inverrary, a 208-unit midrise apartment community located at 2900 N.W. 56th Ave. in Lauderhill. Built in 1978 on seven acres, Royal Palms at Inverrary features one-, two- and three-bedroom floor plans. Community amenities include a swimming pool, clubhouse and playground. Derek Gibbs and Daniel Cunningham of Marcus & Millichap’s Fort Lauderdale office represented the seller, a private investor, in the transaction. Felipe Echarte of Marcus & Millichap’s Fort Lauderdale office represented the buyer, also a private investor.
SAVANNAH, GA. — SEDA (Southeastern Development Associates), formerly Blanchard & Calhoun, has brokered the $11.5 million sale of Fort Howard Square, a 113,00-square-foot retail center located in Savannah. The property was 96 percent leased at the time of sale to tenants such as Goody’s, Fred’s, rue 21 and Hibbett Sports. Walmart shadow anchors the center. Ryan McArdle, David Rivers and Steve Collins of SEDA’s investment sales team represented the buyer, a publicly traded REIT, and the seller in the transaction.