NEWARK, N.J. — Regal Hospitality Inc. has acquired the 191-room Holiday Inn Newark Airport hotel in Newark for an undisclosed price.. The property is adjacent to Newark Liberty International Airport and is located approximately 12 miles from the 80,000-seat MetLife stadium. Mark Rousseau of HREC Investment Advisors and Connie Mong of First Choice Real Estate represented the seller, a partnership between RJB Associates LP and Fundamentals Inc.
SAN PEDRO, CALIF. — Jupiter Holdings has completed the sale of Topaz, a Class A office building located at 222 W. Sixth St. in San Pedro. Harbor Associates acquired the asset for $43.5 million. Situated along the waterfront, the 11-story building features 292,540 square feet of office space, 13,244 square feet of retail space and an adjacent seven-story parking structure. The seller invested more than $10 million in building renovations at the property, which was constructed in 1990. Kevin Shannon, Ken White and Scott Schumacher of Newmark Knight Frank represented the seller in the transaction.
PARK FOREST AND UNIVERSITY PARK, ILL. — JLL has arranged the sale of Central Park Apartments and Governor’s House Apartments for $25.7 million. David Gaines, Wick Kirby, Mark Barnes and Kevin Girard of JLL represented the seller, a joint venture between Buligo Capital Partners and Ferndale Realty Group. Bender Cos. was the buyer. Jason Bond and Trent Niederberger of JLL originated $20.5 million in acquisition financing through Fannie Mae. The 220-unit Central Park Apartments is located at 11 Fir St. in Park Forest and the 96-unit Governor’s House Apartments is located at 871 Burnham Drive in University Park. Both communities are approximately 30 miles south of downtown Chicago.
SHERBURN, MINN. — Environmental Liability Transfer Inc. (ELT) has purchased the retired Fox Lake generating station from Alliant Energy. The purchase price was not disclosed. The transaction included the purchase of real estate assets, machinery and equipment and the assumption of legacy environmental liabilities associated with the site. ELT will oversee the decommissioning and demolition process as well as environmental remediation obligations going forward. The facility is located in Sherburn along the south bank of Fox Lake. Coal-fired operations began at the plant in 1950 before it was converted to natural gas in the 1990s. The generating station provided power to more than 100,000 homes in Martin County before it was retired in 2017. The timeline for completion of environmental remediation and demolition projects is three years, at which point the site will be marketed for reuse.
MAPLE GROVE, MINN. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a two-tenant retail building in Maple Grove for $9.2 million. Bank of America and Crave American Kitchen & Sushi Bar occupy the newly built property, which is situated at the intersection of Elm Creek Boulevard and Main Street. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp. Jim Batlle of Coldwell Banker Commercial NRT represented the buyer, a California-based private investor. The sales price represents a cap rate of 5.66 percent.
TROY, MICH. — L. Mason Capitani CORFAC International has arranged the sale of the Coventry Place office property in Troy for an undisclosed price. The building is located on West Big Beaver Road and is fully occupied by 23 tenants. Mason L. Capitani and Al Shulin of L. Mason Capitani represented the seller, Summit Coventry LLC. Mason L. Capitani represented the buyer, California-based LSTC. L. Mason Capitani will continue to oversee leasing at Coventry Place while the firm’s affiliate company, Liberty Property & Asset Management, will manage the property.
JERSEY CITY, N.J. — CenterPoint Properties has acquired 101 Linden Avenue East, a 74,304-square-foot industrial building in Jersey City, a western suburb of New York City. The site offers 50 automobile spaces and comes with an extra 1.5 acres of land that can accommodate parking spaces for 55 delivery vehicles and includes a 3,000-square-foot vehicle maintenance facility. Additionally, the property possesses approximately 30,000 square feet of temperature-controlled warehouse. Stan Danzig, Steve Elman, Jules Nissim and Michael Terranova of Cushman & Wakefield represented the undisclosed seller in the transaction.
CEDAR GROVE, N.J. — Cushman & Wakefield has arranged the sale of Zephyr Ridge, a 24-unit apartment community in Cedar Grove, located approximately 20 miles west of New York City. Completed in 2018, Zephyr Ridge comprises two three-story residential buildings and offers two-bedroom units. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Ryan Dowd and Mark Phillips of Cushman & Wakefield represented the buyer, Garrubbo Properties, in the transaction. The team also represented the buyer, Alfred Sanzari Enterprises, which acquired the asset via a 1031 exchange.
HOUSTON — Berkadia has arranged the sale of Lakes of 610, a 276-unit multifamily asset in Houston. Built in 1983, the property is located at 2701 W. Bellfort Ave. in the Willowbend area and features one- and two-bedroom units with mirrored closet doors and private balconies and patios. Amenities include a pool, spa and 24-hour maintenance service. Jennifer Ray and Ryan Epstein of Berkadia represented the seller, Starwood Capital Group, in the transaction. Andy Hill of Berkadia secured a $19.7 million Freddie Mac acquisition loan on behalf of the buyer, Western Wealth Capital, which plans to implement a value-add program at the property.
LAS VEGAS — Colliers International – Las Vegas has arranged the sale of Village at Desert Lakes, an apartment community in Las Vegas. MG Properties acquired the asset from Hamilton Zanze for $36.5 million. Located at 9155 W. Desert Inn Road, Village at Desert Lakes features 184 apartments in a mix of one-, two- and three-bedroom layouts with private patios or balconies. Community amenities include two swimming pools and a fitness center. Christopher Bentley, Jeff Swinger and Shalonda Hughes of Colliers represented the seller in the transaction.
