POTTSVILLE, PA. — Namdar Realty Group has sold Cressona Mall, a 283,553-square-foot shopping center in Pottsville, about 100 miles northwest of Philadelphia. The center was 90 percent leased at the time of sale to tenants such as Giant Food, Planet Fitness, Ollie’s, Staples and Dollar General. The buyer and sales price were not disclosed. Jonathan Abda and Andrew Ebrani of Namdar represented the firm on an internal basis in the transaction. Cale Powers of Trinity RE Investment Services brokered the deal.
MADISON, ALA. — Cushman & Wakefield has arranged the $67.2 million sale of The Alexandria, a 258-unit apartment community located in Madison. Andrew Brown, Craig Hey and Jimmy Adams of Cushman & Wakefield represented the seller, Florence, Ala.-based Bobo Development Group, in the transaction. The buyer was not disclosed. Built in 2021, The Alexandria offers one-, two- and three-bedroom floorplans with a unit size range of 654 to 1,356 square feet. The units feature in-unit washers and dryers, storage units, double vanities, granite countertops, stainless steel appliances, tile floors, walk-in closets and a balcony and deck. Community amenities include a car wash, cardio and yoga rooms, clubroom with kitchen, coworking business center, CrossFit center, dog grooming facility, bark park, electric car chargers, enclosed garages, package lockers and a swimming pool with poolside grilling area. The monthly rent ranges from $1,135 to $1,770, according to Apartments.com. Located at 1028 Balch Road, The Alexandria is situated off Highway 72. The property is 6.9 miles from Oakwood University, and 0.3 miles from the Madison Hospital.
MIAMI GARDENS, FLA. — Marcus & Millichap has brokered the $47 million sale of a two-property, 198,885-square-foot retail portfolio in Miami Gardens. The properties in the portfolio include Las Villas Market Square and Miami Gardens Shopping Plaza. Drew Kristol and Kirk Olson of Marcus & Millichap represented the seller, a private Miami Beach-based ownership group. Olson and Kristol also procured the buyer, a Brooklyn-based private investment group. Located on seven acres at 4705-4895 NW 183rd St., Las Villas Market Square is an 84,543-square-foot retail and service center anchored by Dollar General. The previous owners completed a remodeling project involving a new design façade, parapet sign improvements, new canopy roof, parking lot restriping and sealcoat resurfacing, new exterior LED lighting and landscaping improvements. Built in 1974, the property was 93 percent leased at the time of the sale to tenants including Subway, Peñate Medical Center, Trulieve and Florida Department of Health-WIC. Built in 1960, Miami Gardens Shopping Plaza is a 114,342-square-foot retail center that has been anchored by Price Choice Supermarket, a grocery chain, since 1997. The center is located on 11 acres at 4500-4698 NW 183rd St. and is situated at the same intersection as Las Villas Market Square. The …
ALEXANDRIA, VA. — 29th Street Capital (29SC) has acquired The Shelby, a 240-unit luxury apartment community in Alexandria near the Potomac River, for $82 million. The seller was not disclosed. Drew White and Carter Wood of Berkadia brokered the sale, and Mitch Sinberg, Brad Williamson and Wes Moczul of Berkadia arranged acquisition financing on behalf of Chicago-based 29SC. Built in 2014, The Shelby offers one- and two-bedroom floorplans with a unit size range of 573 to 1,263 square feet. The units feature in-unit washers and dryers, granite countertops, stainless steel appliances, hardwood floors and kitchen islands. Community amenities include 24/7 maintenance, a pool table, dog washing station, dog park, outdoor gas grilling station, bike storage, swimming pool and an electric car charging station. Located at 6200 N Kings Highway, The Shelby is about 1.4 miles from the Huntington Metrorail Station, 11.4 miles from Washington, D.C. and 5.8 miles from Ronald Reagan Washington National Airport. 29SC plans to make select interior and exterior upgrades to the property. 29SC’s in-house property management company, Haven Residential, will oversee management and leasing.
FAIRFAX, VA. — Galloway Group has purchased Spring Street Business Park, a 53,268-square-foot industrial property in Fairfax. Malcolm Shaw and Bill Wrench of Washington, D.C.-based Phillips Realty Capital secured $7.5 million in debt financing from Fairfax-based FVCbank as part of an $11 million capitalization. Multiple equity investors raised the funds, and Audeo Partners provided a major portion of the equity. Next-Realty Mid-Atlantic represented the Galloway Group in the transaction. Built in 1988, Spring Street Business Park is fully leased and features three adjacent buildings on a 2.9-acre parcel. The properties encompass a mix of industrial uses including warehouse, light industrial and service industrial. The park features 18-foot to 22-foot high ceilings with overhead insulated roll-up garage doors, tempered glass paneled entrance doors, tempered fixed windows and bays spanning approximately 2,180 square feet.
WEST PALM BEACH, FLA. — CBRE has arranged the $6.5 million sale of Palm Beach Place, a 33,196-square-foot retail center in West Palm Beach. David Donnellan and Patricia Friend of CBRE represented the seller, Florida-based Harland Properties, in the disposition of the property to an undisclosed private investor. Built in 1981, Palm Beach Place was formerly known as West Palm Beach Merchandise Mart. The property is fully leased to tenants including L&D Beauty Supply Inc., Dan’s Fan City, Sherwin-Williams, Uniforms of WPB, Quantum Benefit Group Inc and Hospice of PB County Foundation. Located at 4833 Okeechobee Blvd., the property is situated 4.2 miles from downtown West Palm Beach and approximately 4.2 miles from Palm Beach International Airport.
EL CAJON, CALIF. — Northmarq has brokered the sale of a four-property multifamily portfolio located in El Cajon. Swanson Real Estate Solutions sold the property to El Cajon Investor 1 and El Cajon Investor 2 for $22 million. The portfolio includes the 28-unit Easter Manor Apartments, the 23-unit East Winds, the 19-unit Sunshine Manor Apartments and the 19-unit Sunshine Villas. The four buildings offer a total of 89 apartments. Erik Anderson and Kyle Pinkalla of Northmarq San Diego represented the buyer and seller in the deal.
MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.
MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. (Starwood REIT) has acquired a 15,460-unit multifamily portfolio from Strata Equity Group for an undisclosed price. Scott Wittman and Andrew Gordon of Strata Equity were responsible for the structuring and execution of the transaction. The portfolio includes 62 communities located across 10 states — primarily in the Southeast states of Georgia, Tennessee and North Carolina. The portfolio’s units are priced affordably with high-quality amenities, according to Starwood REIT. The Miami Beach-based firm will retain Strata Equity to manage the portfolio under terms of the transaction. As of Sept. 30, Starwood REIT’s portfolio had a total asset value of $12.6 billion across 246 properties. Starwood Capital Group manages Starwood REIT via a subsidiary doing business as Starwood REIT Advisors LLC. Strata Equity Group is a San Diego-based, privately held real estate investment and management company. The firm has sold in excess of $4 billion worth of multifamily assets this year through multiple transactions.
BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.