BOSTON — An affiliate of The Grossman Companies Inc. has acquired a self-storage facility in Boston’s Roslindale neighborhood. Located at 34-44 Lochdale Road, the 44,000-square-foot facility features 366 storage units, as well as 17,000 square feet of commercial space that is leased to two tenants. The property was purchased for $8.8 million, including a $6.4 million acquisition loan provided by Brookline Bank. The name of the seller was not released.
RAMSEY, N.J. — NAI Hanson has brokered the lease of 44,560 square feet of industrial space in Ramsey. Glebar Corp. will relocate to the industrial space at 565 Crescent Ave. from Franklin Lakes, N.J. The facility features five tailgates, one drive-in loading dock and 9,400 square feet of office space. Kenneth Lundberg and Patrick Lennon of NAI Hanson represented the property owner, West Essex Industrial Park LLC, while Craig Engelhardt of Savills Studley represented the tenant in the lease transaction.
GRAND PRAIRIE, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc., has arranged the sale of Arioso, a 288-unit apartment community in Grand Prairie. Will Balthrope and Drew Kile represented the seller, JPI, an Irving-based developer, builder and investment manager of Class A multifamily assets. Troy, Mich.-based The Hayman Co., a privately owned commercial real estate company, was the buyer. The apartment complex is located at the intersection of I-20 and State Highway 360 at 3030 Claremont Drive. Built in 2007 on 13.5 acres, Arioso has nine floor plans and 52 townhomes. The average unit size is 976 square feet. Apartments feature maplewood cabinets with nickel hardware and hardwood-style flooring in kitchens. Community amenities include a clubhouse, two swimming pools, a fitness center and an outdoor fireplace area with barbecue grills.
FRISCO, TEXAS — Colliers International North Texas has negotiated the sale of Stewart Creek Office Center II, a Class A office building in Frisco. Creighton Stark and Jack Minter of Colliers International represented the seller, Stewart Creek International Investors. Stewart Creek Office Center II is located at 5750 Genesis Court near the Dr. Pepper Ball Park, Frisco Convention Center and Toyota Stadium. The property was developed in 2006. The building is fully leased to 10 tenants.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of two residential towers located at 4101 and 4113 Broadway in Manhattan’s Washington Heights neighborhood. The two 12-story towers, totaling 126,005 square feet of commercial space and 125 residential units, sold for $42 million, or $333 per square foot, in an all-cash transaction. The properties feature a mix of 63 one-bedroom units, 36 two-bedroom units and 24 three-bedroom units, as well as seven ground-floor commercial units. Robert Shapiro and Bob Knakal of Cushman & Wakefield handled the transaction. The names of the buyer and seller were not released.
NORWALK, CONN. — The Beach House LLC has acquired a two-story building located at 370 Westport Ave. in Norwalk. 370 Westport Avenue LLC sold the property for $2.95 million, or $668 per square foot. Bankwell Financial Group (NASDAQ: BWFG) occupies the 4,413-square-foot property, which is situated on a 0.35-acre lot. Franco Fellah of HK Group brokered the transaction. Steven Siegelaub of Berkowitz, Trager & Trager provided legal services for the seller, while Steven Baron served as legal counsel for the buyer in the 1031 exchange.
CHATSWORTH, CALIF. – The California Resources Corporation (CRC) has relocated its headquarters to Chatsworth. The independent oil and gas exploration and production company will occupy 42,051 square feet at 9200 Oakdale Ave. The 10-story, Class A office building is situated within the West Valley Corporate Center, just west of Burbank. CRC will be relocating part of its Los Angeles office to the new facility in the earlier part of this year. Its other office is located at the Occidental Center in Westwood. CRC was represented by Steve Walbridge, David Gordon, Ian Zilla, and Jesse Danzig of Savills Studley in this seven-year lease transaction. The landlord, Omninet West Valley LP, was represented by JLL’s Michael Danielpour, Jim Lindvall and Dan Sanchez.
HOUSTON — TexWhouse Inc. has purchased two office/warehouse buildings in Houston. The two single-tenant buildings, spanning 6,000 square feet and a 10,000 square feet, are located at 3103 and 3113 Farrell Road, respectively. Mike Spears, Thomas Leger and Robert McGee of TNRG represented the buyer, TexWhouse, and the seller, Farrell Road Park North LLC.
RESTON, VA. — A partnership between Atlantic Realty Cos. and Angelo, Gordon & Co. has purchased four office buildings in Reston totaling roughly 500,000 square feet for $82 million. The portfolio was 50 percent leased to more than 40 tenants at the time of sale, including the Reston Association and Wal-Mart Stores Inc. Eastdil Secured brokered the transaction. The four properties include Reston Corner I at 12001 Sunrise Valley Drive, Reston Corner II at 12005 Sunrise Valley Drive, Reston Corner III at 12007 Sunrise Valley Drive and Parkridge V at 10780-10790 Parkridge Blvd. The new ownership plans to invest roughly $5 million to improve the properties’ interiors and outdoor common areas.
LAWRENCEVILLE, GA. — CBRE has brokered the $58.3 million sale of Madison at River Sound, a 586-unit apartment community located along Highway 316 in Lawrenceville, a suburb of Atlanta. The property is located within walking distance of Georgia Gwinnett College, the fastest growing four-year public college in Georgia. The complex features a two-tier swimming pool and a renovated clubhouse. Shea Campbell and Kevin Geiger of CBRE’s Southeast multifamily group represented the seller, a partnership owned by B&M Management and Madison International Realty LLC, in the transaction.
