PISCATAWAY, N.J. — BlackRock Realty Advisors has purchased 330 S. Randolphville Road, an approximately 300,000-square-foot industrial facility in the Northern New Jersey community of Piscataway, for $80 million. According to LoopNet Inc., the property was built on 7.9 acres in 1969, renovated in 2021 and features a clear height of 36 feet. At the time of sale, the facility was fully leased to General Plumbing Supply. Matthew Schnurr of Lee & Associates represented BlackRock Realty Advisors in the transaction. The seller was not disclosed.
CARLSBAD, CALIF. — Luminous Capital Management, in partnership with Austin, Texas-based Virtus Real Estate Capital, has completed the sale of 2290 Cosmos Court, an industrial/R&D property in Carlsbad. Hazard Jr Enterprises LP, a family-owned entity advised by San Diego-based Commercial Facilities, acquired the asset for $18.6 million, or $501 per square foot. REEF, a global manufacturer of beach-inspired footwear and apparel, occupies the 37,200-square-foot building on a 10-year lease, which was signed in early 2022. Rusty Williams, Chris Roth and Jake Rubendall of Lee & Associates represented the seller in the deal. The team also handled the lease with REEF.
ST. AUGUSTINE, FLA. — Northmarq has brokered the $24.1 million sale of Parkway Village, a 52,070-square-foot shopping center located at 170 Village Commons Drive in St. Augustine, a suburb of Jacksonville. The property was fully leased at the time of sale to tenants including Publix GreenWise Market, Starbucks Coffee, Orangetheory Fitness and Supercuts. The seller was an undisclosed developer based in Fort Lauderdale. Jason Maier of Northmarq’s New York office represented the buyer, a private 1031 exchange investor based in New York, in the transaction.
RALEIGH, N.C. — JLL has arranged the sale of Wakefield Crossing, a 75,927-square-foot shopping center in Raleigh anchored by Food Lion. An entity doing business as Wakefield Wellons purchased the property for an undisclosed price. Tom Kolarczyk led the JLL team that represented the undisclosed seller in the transaction. Located at 13200 Falls of Neuse Road, Wakefield Crossing’s tenant roster includes Tuesday Morning, Subway, Dante’s Italiano, Wakefield Tavern and Wake Health Medical Group. Food Lion has been an anchor of the shopping center since 2001 and occupies 50 percent of its gross leasable area.
GAITHERSBURG, MD. — Edge Commercial Real Estate has secured the $4.1 million sale of a 32,000-square-foot office building located at 811 Russell Ave. in Gaithersburg, a suburb of Washington, D.C. Joe Friedman, Joshua Norwitz and Ken Fellows of Edge represented the seller, an affiliate of Finmarc Management Inc., in the transaction. Larry Rosen of Commercial & Investment Realty Associates LLC represented the buyer, an entity doing business as Russell Plaza LLC. Built in 1997 near I-270, the three-story suburban office building was leased to both office tenants and retail businesses at the time of sale.
LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 West 15th Place. Terms of the transaction were not released. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness and yoga studios, gardening plots, a sky lounge, electric vehicle charging stations and a pet park. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset.
NEWPORT NEWS, VA. — Cushman & Wakefield has brokered the $25 million sale of Hickory Point, a 175-unit, townhome-style rental community located at 399 Hickory Point Blvd. in Newport News. Jorge Rosa and T.J. Liberto of Cushman & Wakefield represented the seller, AION Partners, in the transaction. The buyer was not disclosed. Hickory Point comprises two- and three-bedroom apartments with private entrances, modern kitchen and bathrooms, built-in microwaves and washer and dryer connections. Amenities include a swimming pool and cabana.
NEW PORT RICHEY, FLA. — Franklin Street has arranged the sale of a 104,201-square-foot, single-tenant retail property located in New Port Richey, roughly 40 miles northwest of Tampa. Built in 1987 and situated within the Pasco Square shopping center, the building is fully occupied by retailer Bealls. Grant Equities LLC acquired the property for $7.2 million. Bryan Belk, John Tennant and Zack McNamara of Franklin Street represented the seller, an affiliate of Vanguard Associates Inc., in the transaction. McNamara previously negotiated a new, long-term lease with Bealls on behalf of the landlord, and Michael Conlon of Franklin Street Insurance Services secured the property, casualty and flood insurance policies on behalf of the buyer.
PANAMA CITY BEACH, FLA. — SRS Real Estate Partners’ National Net Lease Group has negotiated the $1.5 million sale of a retail property in Panama City Beach triple-net leased to Green Dragon, a chain of retail cannabis dispensaries in Florida and Colorado. The 5,164-square-foot store is located at 917 Harrison Ave. and has a new 10-year lease in place. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a Florida-based private investor, as well as the buyer, a private 1031 exchange buyer, in the transaction. Both parties requested anonymity. The sale of the Panama City Beach Green Dragon is the 17th transaction of a cannabis dispensary that SRS has brokered in the state of Florida, for a total of just under $50 million.
LAKEWOOD, COLO. — The Bascom Group, in partnership with Artemis Real Estate Partners, has purchased Avenida Lakewood, an active adult apartment property in Lakewood. Restricted to residents age 55 or older, the community is located at 11001 W. 15th Place. Terms of the transaction were not released. Ryan Maconachy and Courtney Crowder of Newmark brokered the transaction. Brian Eisendrath, Cameron Chalfant, Jesse Zarouk and Jake Vitta of Institutional Property Advisors arranged debt financing for the acquisition from Santander Bank. Apartment Management Consultants will provide property management services for the asset. Constructed in 2019, Avenida Lakewood features 230 apartments with quartz countertops, stainless steel appliances, oversized cabinetry, custom lighting and faux wood flooring. Community amenities include a clubhouse, game room, arts studio, theater, salon, pool, spa, fitness studio, yoga studio, gardening plots, sky lounge, electric vehicle charging stations and a pet park.