MOUNT LAUREL, N.J. — Colliers International has brokered the sale of Bloom Court, a 43,000-square-foot office building located in the Southern New Jersey township of Mount Laurel. Evan Zweben, Marc Isdaner and Ian Richman of Colliers represented the seller, The Bloom Organization, in the transaction. The buyer was an affiliate of locally based, full-service real estate firm Needleman Management Co. The sales price was not disclosed.
SHAWNEE, KAN. — An investment group headed by Block & Co. Inc. Realtors has sold Monticello Center, an 8,000-square-foot retail building in Shawnee. The sales price was undisclosed. The property is fully leased to Chipotle, Farmers Insurance, Domino’s, Lush Nail Spa and Yoga Fit. Block & Co originally developed the building in 2004 and has remained its leasing and property management company. David Block and Larry Graves of Block & Co. represented the seller. Cory DeLong of AREA Real Estate Advisors represented the undisclosed buyer.
SACRAMENTO — Tampa-based DeBartolo Development and SKK Developments have completed the disposition of The Press at Midtown Quarter, an apartment community located in Sacramento’s Midtown district. San Rafael-based Oakmont Properties acquired the asset for $118 million. Marc Ross of CBRE brokered the sale, while Andrew Behrens of CBRE’s Debt and Structured Finance group arranged financing for the buyer. Completed in June 2020, The Press at Midtown Quarter features 277 apartments and 8,600 square feet of ground-floor retail space. Amenities include a two-level coworking space; fitness center and yoga studio; rooftop lounge; pet spa and run area; bike lounge with repair and wash stations; car wash; and car charging stations. Additionally, the property offers an acre of outdoor community space with a heated swimming pool, community garden, bocce court, outdoor kitchens and fire tables with lounge seating.
CHATTANOOGA, TENN. — The RADCO Cos. has sold Radius Mountain Creek, a 296-unit multifamily community in Chattanooga, for $32 million. The Atlanta-based investment firm recently renovated the property to include a pool, sundeck, firepit, dog park, tennis courts, fitness center and a playground. The asset is situated at 936 Mountain Creek Road, five miles north of downtown Chattanooga. A real estate fund managed by Covenant Capital Group LLC acquired the community. CBRE brokered the transaction.
SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of a creative office building located at 324 S. State St. in downtown Salt Lake City. Hamilton Partners and Cantor Equities sold the asset to Mortenson Cos., the real estate investment arm of M.A. Mortenson Cos., for an undisclosed price. The recently renovated, five-story building features 221,145 square feet of creative office space. The property features large floorplates, scenic views, fitness center, adjacent parking structure, collaborative common areas and signage. Additionally, the building features ground-floor retail space that Ginger Street restaurant occupies. At the time of sale, the asset was 75 percent leased to a variety of tenants, including Ancestory.com, Spectrum Engineers and Utah’s Department of Financial Institutions. Kevin Shannon, Ken White, Rick Stumm and Bryce Blanchard of NKF brokered the transaction.
LIVERMORE, CALIF. — Crow Holdings Industrial, the industrial development arm of Crow Holdings, has completed the sale of Bay Area Commerce Center I – Hawthorne, located at 7600 Hawthorne Ave. in Livermore. Black Creek Group, a Denver-based real estate investment management firm, acquired the asset for an undisclosed price. The newly constructed property features 241,591 square feet of warehouse space, 32-foot clear heights and parking for 190 cars and 18 trailers. At the time of sale, the facility was 70 percent leased to a mattress retailer. Situated within the Tri-Valley submarket, Bay Area Commerce Center I – Hawthorne provides easy access to Interstate 580 and the greater Bay Area, including the Port of Oakland and Oakland International Airport.
PALM BEACH GARDENS, FLA. — Gatsby Enterprises has acquired DiVosta Towers, a two-building office campus in Palm Beach Gardens, for $80 million. The buildings comprise 220,000 square feet and offer 889 parking spaces. The buildings also feature 10-foot ceilings, floor-to-ceiling windows, car charging stations and a full-time concierge. The seller, Gardens Corporate Center LLC, which is an affiliate of DiVosta Investments, delivered the campus in 2019. The asset was 70 percent leased at the time of sale to tenants including JP Morgan and Comiter, Singer, Baseman & Braun LLP. The New York City-based buyer has hired Jon Blunk of Tower Commercial Real Estate to oversee leasing for both buildings. DiVosta Towers is located at 3874 Kyoto Gardens Drive, 12 miles north of downtown West Palm Beach.
LOVELAND AND WINDSOR, COLO. — Woodward Inc. has completed the disposition of its research and development campus located at 3800 Wilson Ave. in Loveland. Concurrently, the company purchased a facility located at 753 Champion Drive in Windsor. The new campus is adjacent to Woodward’s existing Rocky Mountain Technology and Innovation Center (RMTIC). Southgate One sold the Windsor property to Woodward and acquired the Loveland facility. Terms of the transactions were not released. Peter Kast of CBRE’s Fort Collins, Colo., office represented Woodward in the trade. Woodward originally purchased the Loveland campus in 1991. Situated on 39.7 acres, the campus features 209,000 square feet of space. The campus was home to Woodward’s Air Valves Engineering & Testing department, which will relocate to the Windsor facility. Woodward is an independent designer, manufacturer and service provider of equipment for the aerospace and industrial sectors.
LEWISVILLE, TEXAS — Arkansas-based BSR REIT has acquired Aura Castle Hills, a 276-unit apartment community located in the northern Dallas suburb of Lewisville, for $51.8 million. Built in 2019, the property features one-, two- and three-bedroom units with stainless steel appliances, granite countertops and private patios and balconies. Amenities include a pool, fitness center, resident clubhouse with a coffee bar, courtyards with grilling areas, business center and a pet park. The seller was not disclosed.
FORT WAYNE, IND. — The Boulder Group has brokered the sale of a 2,400-square-foot property occupied by Arby’s in Fort Wayne for $1.2 million. Located at 10112 Maysville Road, the building serves as an outparcel to a Walmart Supercenter. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based partnership. A Southeast-based buyer purchased the asset. The cap rate of 4.58 percent represents a record-setting low cap rate for an Arby’s-leased property, according to Boulder.
