COHOES AND SARATOGA SPRINGS, N.Y. — New York City-based brokerage firm Adirondack Capital Partners has arranged the $142.5 million sale of a portfolio of three multifamily properties totaling 415 units in Upstate New York. The first property in the portfolio is a 222-unit community located at 100 Waters View Circle in Cohoes, located outside of Albany. The other two properties, the 48-unit Pavilion Grand Executive Apartments and the 145-unit Hamlet at Saratoga Springs, are located north of the state capital in Saratoga Springs. Locally based investment firm Prime Cos. sold the portfolio to Aker, an investment firm based in Beacon, New York.
PISCATAWAY, N.J. — Indianapolis-based Duke Realty (NYSE: DRE) has acquired a 469,600-square-foot warehouse in the Northern New Jersey community of Piscataway. Constructed on 65 acres in 2019, the property serves as a storage and distribution center for Kiss Nail Products Inc. Building features include a clear height of 40 feet, 100 dock doors and 130-foot truck court depths. Thomas Kirczow of NAI DiLeo-Bram represented the undisclosed seller in the transaction. The sales price was also not disclosed.
LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased an office building located at 3400 W. Mayflower Ave. in Lehi. Terms of the transaction were not released. Younique, a health and wellness direct sales firm, fully occupies the 125,000-square-foot property on a lease basis through 2026. Situated on 7.1 acres, Stack Real Estate developed the asset in 2016 as a fully amenitized corporate campus and showcase property for Younique. The property features 25,000-square-foot floor plates, a full-size commercial kitchen, cafeteria, lounge, outdoor seating, auditorium, five balconies with seating, full-service salon and R&D lab.
STONECREST, GA. — The Palomar Group has arranged the sale of Turner Hill Marketplace, a 124,294-square-foot shopping center in Stonecrest, about 21.4 miles east of downtown Atlanta. A joint venture between Miami-based firms M Street Holdings and Highline Real Estate Capital acquired the property for $16.8 million. The Palomar Group represented the seller, Atlanta-based RCG Ventures, in the transaction. Built in 2001 and renovated in 2017, Turner Hill Marketplace is fully occupied by tenants such as Burlington, American Signature Furniture and Chapel Beauty. There are seven years remaining on the Burlington lease, and the American Signature Furniture and Chapel Beauty locations have new 10-year leases. Located on 2918 Turner Hill Road, Turner Hill Marketplace has access to Interstate 20 is situated 27 miles from Hartsfield-Jackson Atlanta International Airport.
LAKE CITY, GA. — Marcus & Millichap has brokered the $11.9 million sale of Lake City Commons, a 91,494-square-foot, Kroger-anchored shopping center in Lake City. Zach Taylor of Marcus & Millichap’s Taylor-McMinn Retail Group represented the seller, New York City-based SomeraRoad. The buyer, Forge Capital, a private real estate fund based in Tampa, completed an assumption of existing CMBS debt on the property. “Selling property with existing CMBS debt that must be assumed is historically difficult, but with the demand for well-located, grocery-anchored centers as high as it has ever been, there were many bidders competing for Lake City Commons,” says Taylor.
FRANKLIN, TENN. — Matthews Real Estate Investment Services has negotiated the $11.8 million sale of Carothers Crossing, a shopping center located in Franklin. Hutt Cooke and Clay Smith of Matthews Real Estate Investment Services represented the undisclosed seller in the transaction. The buyer was also not disclosed. Carothers Crossing is fully occupied by tenants such as Starbucks, FirstBank and Pacific Dental. The property includes an outparcel occupied by Life Time Fitness. The property also includes seven triple net leases. Located at 5040 Carothers Parkway, the property is situated off Interstate 65 and is 21.8 miles from Nashville.
NORTH LAS VEGAS, NEV. — Newport Beach, Calif.-based CapRock Partners has completed the disposition of CapRock Interchange Industrial Center, a Class A industrial campus located at 5345-5445 E. Centennial Parkway in North Las Vegas. Terms of the transaction were not released. Developed in 2020 and 2021, CapRock Interchange Industrial Center features 684,000 square feet of Class A industrial space spread across two warehouses. The 174,000-square-foot Building 1 features 32-foot clear heights, 39 dock-high doors, two grade-level doors and 105 parking spaces. The 510,000-square-foot Building 2 features a cross-dock design, 36-foot clear heights, 89 dock-high doors, four grade-level doors, 115 trailer parking stalls and 249 parking spaces. At the time of sale, the property was 100 percent leased to BarkBox, Boxabl and Evanesce Packaging Solutions. Andrew Briner and Brett Hardy of Newmark represented CapRock in the transaction, while Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock as local market experts.
MILFORD, MASS. — An affiliate of Boston-based DSF Group has acquired Rolling Green Apartments, a 304-unit multifamily community located about 40 miles southwest of Boston in Milford, for $87 million. Built in 1970, the 29-building community offers one-, two- and three-bedroom units. About 30 percent (88) of the residences are townhomes that average 1,060 square feet. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of metro Boston-based Philmor Real Estate Investments, in the transaction.
MOUNT PLEASANT, S.C. — Baltimore-based Continental Realty Corp. has acquired The Six Apartments, a 92-unit multifamily community located in Mount Pleasant, for $28.3 million. Tai Cohen of Cushman & Wakefield represented the undisclosed seller in the transaction. The asset was purchased via Continental Realty Fund V LP, a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. Developed by an affiliate of Origin Development Partners LLC, the Six offers studio, one- and two-bedroom floorplans ranging from 574 to 1,154 square feet of space. Built in 2018, unit features include granite kitchen and bathroom countertops, custom cabinetry, hardwood flooring, tile backsplashes, pendant lighting, walk-in closets, ceiling fans throughout, in-unit washers and dryers, stainless steel appliances, garden tubs and balconies. Community amenities include an outdoor pool, clubhouse with conference center, health and fitness center, pet park, bike and kayak storage area, private garages and a recreational area with an outdoor kitchen, movie screen wall and firepit. The three-story community was 97 percent occupied at the time of sale. Located at 2170 Snyder Circle, the property is situated near top employers including Joint Base Charleston, Medical University of South Carolina, The Boeing Co. and …
KENNESAW, GA. — CBRE has brokered the $28.1 million sale of a medical office building located at 187 Chastain Road NW in Kennesaw, about 26.7 miles north of downtown Atlanta. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Sabrina Solomiany and Zack Holderman of CBRE represented the seller, PLSQ Chastain, an entity comprising investors from Quintus and Pope & Land Real Estate. Renasant Bank provided acquisition financing on behalf of the undisclosed buyer. Piedmont Healthcare Inc. fully occupies the entire property on a new long-term lease. CBRE represented Piedmont Healthcare in the lease transaction. In 2021, Pope & Land developed the 39,642-square-foot building as a build-to-suit for Piedmont. The property includes a linear accelerator and includes imaging, infusion and radiation and oncology suites for cancer treatment on the first floor. The second floor includes more than 30 exam rooms for multiple specialties. Brasfield Gorrie was the contractor for the facility, and EYP was the architect.