BRIDGEWATER, N.J. — Cushman & Wakefield has brokered the sale of a 192,741-square-foot office building in Bridgewater. Located at 721 U.S. Highway 202/206, the four-story property is situated on nearly 16 acres. The property was vacant at the time of sale. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer and Frank DiTommaso of Cushman & Wakefield’s New Jersey capital markets team represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was a local developer.
NASHVILLE, ILL. — Stan Johnson Co. has brokered the $15.5 million sale of a 276,887-square-foot manufacturing facility in Nashville, about 55 miles east of St. Louis. Grupo Antolin, an automotive parts supplier, has occupied the building for 30 years and recently completed an expansion and renovation. Mike Sladich and Mollie Alteri of Stan Johnson Co. represented the seller, Agracel Inc. Jason Powell and Colin Couch of Stan Johnson Co. represented the buyer, a Blufton, S.C.-based private investment group managed by David Strong and Nick Dzendzel.
MESA, ARIZ. — Santa Barbara, Calif.-based Pacifica Real Estate Group has acquired Pecos Gateway Business Park in Mesa from Mesa-based Boomerang Capital Partners for $14.6 million. Located at 8743 E. Pecos Road, the three-building, multi-tenant property features 125,896 square feet of industrial space. Built in 2008 and situated on 10.5 acres, the asset features 18-foot to 23-foot clear heights, 11 dock-high loading doors, 29 grade-level loading doors and suites ranging in size from 2,000 square feet to 17,500 square feet. At the time of sale, the property was 100 percent occupied. Bob Buckley, Tracy Cartledge and Steve Lindley of Cushman & Wakefield’s Phoenix office represented the seller in the deal.
PLEASANT PRAIRIE, WIS. — Doheny’s has entered into a sale-leaseback agreement with STAG Industrial Holdings LLC for a 195,415-square-foot property in Pleasant Prairie. STAG purchased the industrial building for $16 million. Doheny’s, a swimming pool supply company, signed a long-term lease with the new ownership. Sam Badger, Whit Heitman, Brad Weiner and Jared Paff of CBRE represented Doheny’s in the transaction. Doheny’s has eight distribution centers nationwide.
ELGIN, ILL. — The Boulder Group has arranged the sale of a single-tenant property net leased to Jewel-Osco in Elgin for $14.8 million. The 69,129-square-foot building, located at 1660 Larking Ave., was remodeled in 2009. Jewel-Osco has approximately 19 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented both parties in the transaction. A Los Angeles-based real estate firm completing a 1031 tax-deferred exchange purchased the asset. A Southwest-based private real estate investment company was the seller.
OMAHA, NEB. — Investors Realty has negotiated the sale of the Financial Plaza office building in Omaha for $8.9 million. Located at 9140 W. Dodge Road, the 85,604-square-foot building is 81 percent leased. Tenants include TIAA-CREF, Travelex Insurance Services, Verizon Business Services and Hugo Enterprises. Ember Grummons of Investors Realty and Martin Panzer and Kurt Weeder of Cushman & Wakefield/The Lund Company represented the seller, an affiliate of Jasper Stone Partners. The buyer, an affiliate of Lockwood Development, plans to extensively renovate the interior and exterior portions of the building.
RIVER FOREST, ILL. — Interra Realty has brokered the sale of 7772 Central Ave., a 13-unit apartment building in River Forest, about 10 miles west of downtown Chicago. The private buyer purchased the asset for $2 million. Built in 1927, the property comprises nine one-bedroom units and four two-bedroom units. The property was 85 percent occupied at the time of sale. Patrick Kennelly represented both parties in the transaction.
JERSEY CITY, N.J. — HFF has brokered the sale of a 134,500-square-foot vacant industrial facility in Jersey City. The sales price was undisclosed. Located at 21 Caven Point Ave., the five-acre property is seven miles from New York City and nine miles from Port Newark-Elizabeth Marine Terminal and Newark Liberty International Airport. The facility includes a solar panel system and 13 docks. Michael Oliver, Jose Cruz, Marc Duval, Jordan Avanzato, Kevin O’Hearn and Steve Simonelli of HFF represented the private seller in the transaction. The Avidan Group and Elberon Development Group purchased the property.
NEW YORK CITY — Ashford Hospitality Trust Inc. (NYSE: AHT) has acquired the Embassy Suites by Hilton New York Midtown Manhattan for $195 million, or $629,000 per room. The 41-story, 310-room hotel is located on 37th Street between 5th and 6th avenues, near Bryant Park and Times Square. While the seller was not disclosed, The Real Deal reports that AIG Global Real Estate owned the majority stake in the property. This is Ashford’s first direct hotel investment in New York City. According to data analytics firm STR, the number of hotel rooms in Manhattan that opened in 2018 was down 32 percent from 2017. Furthermore, for the first time since 2013, demand outpaced supply in both 2017 and 2018. “The hotel is a high-quality, well-positioned asset that we expect will benefit from the positive trends occurring in the dynamic Manhattan market,” says Douglas Kessler, Ashford’s president and CEO. “Having recently opened in 2018, the property is still ramping up operations, and we believe there is significant growth and upside to occur.” Indeed, Ashford reports that there are several new development projects in Midtown that are expected to fuel growth in the area. On a trailing three-month basis ending Dec. 31, 2018, the …
SAN BERNARDINO, CALIF. — HFF has brokered the sale of a vacant industrial building in San Bernardino. Bixby Land Co. acquired the Class A asset for $33 million. The newly built, 340,000-square-foot property is located at 4982 Hallmark Parkway within the Inland Empire. The acquisition is part of a joint venture with AXA Investment Managers – Real Assets to aggregate $400 million of industrial assets across the Western United States. Andrew Briner and Michael Roberts of HFF represented the buyer, while CBRE represented the undisclosed seller in the transaction.
