HACKENSACK, N.J. — The Kislak Co. Inc. has negotiated the $38.5 million sale of 22 Sussex, an 88-unit apartment building in the Northern New Jersey community of Hackensack. The property consists of 22 studios, 51 one-bedroom units and 15 two-bedroom units. Residences average 883 square feet and feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, rooftop deck and a gaming area. Andrew Scheinerman of Kislak represented the seller and developer, an entity doing business as 22 Sussex Street Urban Renewal LLC, in the transaction. Scheinerman also procured the buyer, Lusia Realty Corp.
SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Golden Sands Plaza, a retail property located at 1090 W. Highland Ave. in San Bernardino. Built in 1962, the 10,057-square-foot property was 90.3 percent leased at the time of sale. A Northern California-based limited liability company sold the asset to another Northern California-based limited liability company for $1.1 million. Julia Evinger of Marcus & Millichap’s Indianapolis office represented the seller and secured the buyer in the deal. Adam Christofferson of Marcus & Millichap’s Los Angeles office served as broker of record for the transaction.
BEAUMONT, TEXAS — Marcus & Millichap has arranged the sale of Storage Depot, a 507-unit self-storage facility in Beaumont. The property spans 59,120 net rentable square feet. Dave Knobler, Brandon Karr and Danny Cunningham of Marcus & Millichap represented the undisclosed, Texas-based seller in the transaction. The trio also procured the buyer, El Paso-based Riverbend Development. The sales price was not disclosed.
CUTLER BAY, FLA. — Electra America and BH Group have formed a joint venture to purchase Southland Mall, a 808,776-square-foot shopping mall in the Miami suburb of Cutler Bay. The buyers purchased the 80-acre site for $100.4 million with plans to reposition the mall and develop new Class A apartments on the campus. The joint venture is working closely with the Town of Cutler Bay on the redevelopment project. Located at 20505 S. Dixie Highway, Southland Mall was 80 percent leased at the time of sale to more than 100 tenants, including JC Penney, Macy’s, T.J. Maxx, LA Fitness, Regal Cinemas, Old Navy, Sephora, Kay Jewelers and Applebee’s. According to the buyers, Southland Mall is the only enclosed regional mall servicing southern Miami-Dade County through the Florida Keys. Michael Fay, John Crotty, David Duckworth and Brian de la Fé of Avison Young represented Electra America and BH Group in the land deal. The seller(s) was not disclosed. Southland Mall includes a former Sears department store and auto center that were not part of the transaction.
MISSOURI AND ILLINOIS — Berkadia has arranged the sale of The Saint Louis Five, a five-property multifamily portfolio totaling 716 units in Missouri and Illinois. The sales price was undisclosed. The properties include: the 360-unit Norwood Court Redfield Apartments in St. Louis; the 120-unit Delrado Apartments in Florissant, Mo.; the 100-unit Senate Square in St. Louis; the 112-unit Caroline Place Apartments in St. Louis; and the 24-unit Chesapeake Apartments in Marion, Ill. Andrea Kendrick, Ken Aston and Bobby Mills of Berkadia represented the seller, Missouri-based Baumann Property Co. Inc. New York-based David Stern Management was the buyer.
HONOLULU — SRS Real Estate Partners has arranged the leasehold ownership sale of a single-tenant life sciences property located at 93-193 Aiea Heights Drive in Honolulu. iStar, a REIT based in New York City, sold the asset to a private investor for $50.3 million. John Redfield of SRS’ National Net Lease Group represented the buyer and seller in the deal. Built in 1975 and renovated in 2016, the four-story, 81,596-square-foot property sites on 2.7 acres. Clinical Labs of Hawaii occupies the property on a long-term, triple-net lease whereby the buyer acquired the leasehold interest subject to a long-term ground lease.
MACON, GA. — Marcus & Millichap has brokered the sale of two multifamily properties in Macon that were sold for a total of $26.2 million. Mason Taylor and John McCalla of Marcus & Millichap represented the seller, New York-based Exact Capital Group LLC, in the transaction. Glenn Cove Group LLC purchased the property. The two properties included Hidden Lakes, a two-story, 144-unit apartment community located at 180 Hidden Lakes Court on 12 acres, and Shadowood West, a two-story, 152-unit apartment community located at 4394 W. Highland Drive on 19 acres. Both properties were 96 percent occupied at the time of sale. Community amenities at both properties include swimming pools, fitness centers, onsite management teams, 24-hour emergency maintenance, clubhouses, laundry centers, playgrounds, sand volleyball pits and fishing ponds.
HUTTO, TEXAS — JLL has negotiated the sale of Innovation Business Park, a 361,467-square-foot industrial development located in the northern Austin suburb of Hutto. The two-building complex was constructed in 2019 and 2020 and is leased to Western Industries, Three Way Logistics and Barnsco. Building features include 30- to 32-foot clear heights, 96 dock-high doors, a shared 200-foot-deep truck court, 536 parking spaces and ESFR sprinkler systems. Trent Agnew, Dustin Volz, Dom Espinosa, Josh Villarreal and Matthew Barge of JLL represented the seller, a partnership between Ledo Capital Group and St. Clair Commercial Real Estate, in the transaction. Chicago-based investment firm CenterPoint Properties purchased the asset for an undisclosed price.
NEW HAVEN, CONN. — New York-based investment firm Paredim Partners has acquired Taft Apartments, a 194-unit multifamily complex situated across from Yale’s Old Campus (the oldest portion of the campus) in New Haven. Originally constructed as a hotel in 1912 and converted to residential use in 1978, the 14-story building houses studio, one- and two-bedroom units. Victor Nolletti, Eric Pentore and Wes Klockner of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, an entity doing business as Taft Realty Associates LLC, in the transaction. The trio also procured Paredim Partners, which plans to implement a value-add program, as the buyer.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the sale of a 31,067-square-foot office building in the Milwaukee suburb of Brookfield for $3.2 million. Nu-Art Dental Lab occupies the net-leased property, which is located at 160 Bishops Way within the Bishop’s Woods Office Park. Nu-Art has occupied the building since 2013. The Rowlett Group of Marcus & Millichap’s Milwaukee office represented the seller, a private investor. The Rowlett Group and Tom Gommels of Marcus & Millichap’s Minneapolis office represented the buyer, an out-of-state limited liability company. The tenant had more than seven years remaining on its lease term at the time of sale.