HOUSTON — ARA represented AvalonBay Communities Inc. in the sale of Archstone Memorial Heights to the Midway Cos. and The Lionstone Group. Archstone Memorial Heights occupies 23.4 acres with frontage along Washington Ave. The apartment complex consists of 556 units, which were recently upgraded. The complex was 93 percent occupied at the time of sale.
REDMOND, WASH. – Berkshire Income Realty has acquired the 134-unit Elan Redmond Town Center apartment complex for an undisclosed sum. The community is located at 16325 Cleveland Street in Redmond. It was built in 2013. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community. The seller was Greystar and equity partner Resmark Apartment Living.
DOWNEY, CALIF. – A 26,877-square-foot industrial building in Downey has sold to MT Real Estate LLC for $3.7 million. The building is located at 11899 Woodruff Ave. The building will serve as an automotive storage warehouse. MT Real Estate was represented by Voit’s Joe Winklemann. The seller, the Prichard Family Trust, was represented by John M. Bowman of Heger Industrial and Dennis Slattery of Charles Dunn.
FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale and acquisition financing for an industrial building in Fairfield. Located at 300 Fairfield Road, the 418,000-square-foot property sold for $51.6 million, making it the largest single industrial asset sale in Northern New Jersey this year. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the property from Fairfield BAB Group LLC. Constructed in 2006, the single-story building features 28-foot ceiling heights, 34 loading doors and 398 parking spaces. The property is fully leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.
NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.
ATLANTA — Ackerman & Co., in partnership with The Meddin Co., has brokered the $11 million sale of Glenwood Park Retail in Atlanta. The seven-building, 48,515-square-foot property was more than 83 percent occupied at the time of sale to tenants such as Gunshow, Vickery’s and The Shed. Shea Meddin of Ackerman & Co., along with Stuart Meddin of The Meddin Co., represented the seller, Glenwood Park Builder LLC. The buyer was Coro Realty Advisors LLC.
RALEIGH, N.C. — Insite Properties has brokered the sale of a 37,000-square-foot office building located at 5811 Glenwood Ave. in Raleigh. Built in 2000, the three-story office building was fully occupied by three tenants at the time of sale. Ben Kilgore and Jeff Glenn of CBRE | Raleigh, along with Ashton Williamson of CBRE | Hampton Roads, represented the seller, EOR-5811 Glenwood Avenue LLC. Insite Properties represented the buyer, an unnamed investment brokerage client, in the transaction.
PERRYSBURG, OHIO — Reichle Klein Group has arranged the lease of a 30,000-square-foot retail building for Planet Fitness in Perrysburg, approximately 11 miles southwest of Toledo. The building is located within the Shoppes at South Boundary shopping center at 100 E. South Boundary St. The new fitness facility will open in the first quarter of 2015. Duke Wheeler and Kurt Pollex of Reichle Klein Group represented the tenant in the transaction.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Garden Park Apartments, a 252-unit apartment property located in Arlington. Garden Park Apartments is located at 1609 Sherry Lane in Arlington with access to I-20 and I-30. Amenities at the complex include laundry facilities, 24-hour maintenance, a playground and school bus pickup. Garden Park was built in 1968 on 11 acres. Mark Allen, Alexander Skotarek and John Barker of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Allen, Barker and Joshua Ross of the firm’s Encino office represented the buyer, a private investor.
WACO, TEXAS — Let’s Gel Inc., an Austin-based company, has acquired a 64,000-square-foot manufacturing facility on Precision Drive in Waco. The company, a developer of gel-filled floor comfort mats, plans to manufacture internally as part of a strategy to move toward vertical integration. A third-party manufacturer previously provided the company’s production services The company is investing $3.5 million in the building, including the purchase price, for improvements along with machinery and equipment. Let’s Gel plans to create 35 jobs over a three-year period.. H. Bland Cromwell brokered the transaction.