LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.
JACKSONVILLE, FLA. — Monmouth Real Estate Investment Corp., a public equity industrial REIT, has acquired a new 297,579-square-foot industrial building located at 13509 Waterworks St. in Jacksonville for $30.6 million. The property is net-leased to FedEx Ground Package System Inc. for 15 years. The distribution center is located on a 42.2-acre site near the Port of Jacksonville, as well as I-95 and I-10. The seller was undisclosed.
MIRAMAR, FLA. — Marcus & Millichap has brokered the $6.2 million sale of Shoppes at Monarch, a 13,466-square-foot retail property located at 12703 Miramar Parkway in Miramar. The property is part of the Monarch Professional Centre mixed-use development that features 64,000 square feet of medical and professional office space. Shoppes at Monarch is fully leased to tenants such as Little Caesars Pizza, Karate America, Nami Sushi and El Trebol. Douglas Mandel and Barry Wolfe of Marcus & Millichap’s Fort Lauderdale office represented the seller, a Coral Gables-based limited liability company, in the transaction. The buyer was a limited liability company based in Miami Beach.
HOUSTON — Gaia Real Estate, Menora Mivtachim Insurance and Amitim Senior Pension Funds have acquired a five-property, 1,376-unit portfolio located in Houston. Menora Mivtachim is an Israel-based insurance company and Amitim is Israel’s largest institutional organization. The Class B multifamily properties are concentrated amongst two locations in the Spring Branch/Bear Creek and Champions East submarkets. Amenities at the properties include swimming pools and spas, fitness centers, playgrounds, resident business centers, barbeque areas as well as covered parking. Gaia owns more than 16,500 residential units with 5,670 units spread throughout 19 properties in Houston. The company plans a comprehensive unit and exterior capital upgrade program and will rebrand some of the communities.
DALLAS — Marcus & Millichap has arranged the sale of Cockrell Hill Apartments, a 32-unit apartment property located in Dallas. Robert Denninger of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a limited liability company. An outside broker represented the buyer, a limited liability company. Cockrell Hill Apartments is located at 4355 Division St., just off North Cockrell Hill Road. The Class C asset is situated on nearly three acres and consists of eight two-story buildings with four one-bedroom/one bath-units and 28 two-bedroom/two-bath units. Since 2009, the asset has undergone renovations that have included the addition of a new roof, a parking lot expansion, HVAC replacements, both exterior and interior improvements and the implementation of a washer/dryer program.
ORLANDO, FLA. — NAI Realvest has brokered the $3.7 million sale of three industrial facilities totaling 63,000 square feet at the Airport Industrial Center. The assets, which are located at 7452-7466 Narcoossee Road in southeast Orlando, were fully leased at the time of sale. The purchase also included outdoor storage space. Drew Saphos, Christie Alexander, George Livingston, Michael Heidrich and Kristen Kemp of NAI Realvest represented the seller, Boston-based BIEL, REO LLC, in the transaction. The buyer was San Francisco-based IC BP III Holdings XII LLC.
SANDY SPRINGS, GA. — Coro Realty Advisors LLC has brokered the sale of Sandy Springs Crossing, a 133,324-square-foot retail center located at the intersection of Roswell and Abernathy roads in Sandy Springs, a suburb of Atlanta. LA Fitness anchors the center, and other tenants include Rockler Woodworking, Salons by JC, Gwinnett College, Hinton’s Wines, Bride Beautiful and Nori Nori Japanese Restaurant. G&I VII RCG Sandy Springs LLC, an investment fund advised by RCG Ventures, purchased the property for an undisclosed amount. Joe Montgomery and Tony D’Ambrosio of Colliers International represented the unnamed seller in the transaction. RCG Ventures was represented internally by Matt Klump.
LOS ANGELES – Planet Fitness has leased a 28,000-square-foot facility in Downtown Los Angeles. The space is located at 437 South Broadway Street. This lease represents the largest anchor tenant to come to Broadway since Urban Outfitters, according to Kennedy Wilson, which represented the landlord, Broadway Investments Group LLC. The property was built in 1942. It is currently 39 percent occupied. The remainder of the property includes two stories of available creative office space and 3,500 square feet of additional retail space aimed at fast-casual restaurant concepts like a juice bar or coffee house. Planet Fitness was represented by Lauren Smith-Hams Dressler of Crown Retail Services. The Kennedy Wilson team included Lee Shapiro and Justin Weiss.
WILMINGTON, DEL. — Odyssey Charter School, a Delaware public charter school, has acquired 36 acres of land located in Barley Mill Plaza in Wilmington. The acquisition and redevelopment of the new school campus was financed through the issuance of $34.7 million in bonds by The Delaware Economic Development Authority. Odyssey Charter School currently serves 933 students in grades kindergarten through seventh. The school plans to add grades eighth through 12th in successive years until to become a full K-12 school in the beginning of the 2019-20 academic year. Scott Matthews and Geoff Grosso of Tarabicos Group LLP served as legal counsel to Odyssey Charter School, while Emilie Ninan of Ballard Spahr LLP served as bond counsel in the transaction.
WEST NEW YORK, N.J. — Marcus & Millichap Capital Corp. (MMCC) has arranged $6.5 million in financing for the acquisition of a 32-unit apartment building in West New York. The 30-year loan features a 30-year amortization schedule, a 3.25 percent fixed rate and a 75 percent loan to value. Joseph Belgiovine of MMCC’s New Jersey office arranged the financing on behalf of the undisclosed borrower.