RUNNEMEDE, N.J. — CBRE has arranged the $29.3 million sale of Runnemede Corporate Center, a seven-building, 304,077-square-foot light industrial portfolio in Runnemede, located outside Philadelphia in Southern New Jersey. The sale included four development parcels with the capacity to house 125,000 square feet of new product. Michael Hines, Brian Fiumara, Brad Ruppel and Lauren Dawicki of CBRE represented the seller, Richards & Robbins, in the transaction. The buyer was industrial investment firm Faropoint. Tenants at the property include Stryker Orthopaedics, Cintas Corp., Scotts Lawn Service, GardaWorld and United Rentals Realty.
TUCSON, ARIZ. — Meridian, in partnership with an institutional investor, has acquired El Dorado Medical Plaza for an undisclosed price. Located at 1400 N. Wilmot Road, the three-story property features 187,690 square feet of Class B medical office space, plus surgery and hospital services. Meridian plans to implement a renovation program for the property, with completion slated for the end of 2021. Ben Tashakorian, David Benjamin, Trent Carvolth, Bradley Peters and Kelly O’Dea of Marcus & Millichap represented the seller, Houston-based Clarion Properties. Meridian was self-represented in the deal.
MCALLEN, TEXAS — Marcus & Millichap has arranged the sale of Texan Mobile Home Park, a 280-site manufactured housing property in the Rio Grande Valley city of McAllen. The community spans 880,783 square feet. Jeff Taylor and Will Shealy of Marcus & Millichap represented the seller, a partnership, in the transaction. The duo also procured the buyer, a limited liability company. Additional terms of sale were not disclosed.
BROOKFIELD, WIS. — Marcus & Millichap has arranged the $6.5 million sale of a Pick ’n Save-anchored retail center in Brookfield, a suburb of Milwaukee. The 70,235-square-foot property, located at 17295 W. Capitol Drive, was fully leased at the time of sale. Other tenants include Club Pilates, Domino’s, CBD Store, Choice Dry Cleaning and Sola Salons. Jeff Rowlett of Marcus & Millichap marketed the property on behalf of the seller, a developer. The Rowlett Group procured the buyer, a California-based limited liability company.
COOPER CITY, FLA. — Cushman & Wakefield has arranged the $15.3 million sale of The Centre at Stirling & Palm, a two-building office campus in Cooper City. The assets span 64,436 square feet and were 94 percent leased at the time of sale to tenants including BS Hair Shop, Progressive Insurance, Embassy Loans and Sushi Sago. The property is situated at 9900 and 10000 Stirling Road, 25 miles north of downtown Miami. Scott O’Donnell, Greg Miller, Mike Ciadella, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, The Centre at Stirling & Palm Inc., in the transaction. Jason Hochman of Cushman & Wakefield arranged $9.5 million in acquisition financing through an undisclosed lender on behalf of the buyer, an entity doing business as 9900 Building LLC.
SANFORD, FLA. — BlueScope Properties has sold Sanford Logistics Center, a 113,149-square-foot industrial facility in Sanford, for $14.1 million. The property was delivered in April 2020 and is situated at 2152 Martin Luther King Jr. Blvd., 22 miles north of downtown Orlando and four miles east of Interstate 4. The facility features 32-foor clear heights, ESFR sprinklers and a 130-foot truck court with a 60-foot concrete apron. Sanford Logistics Center was 50 percent leased at the time of sale to Marine Fasteners. Mike Davis, Rick Colon, Rick Brugge, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the Kanas City, Mo.-based seller in the transaction. Dallas-based Dalfen Industrial acquired the asset.
REDMOND, WASH. — JLL has arranged the sale of 9805 Willows, a single-tenant office property located in Redmond. A joint venture between Graymark Capital and Blue Vista Capital Management sold the asset to Invesco Real Estate for an undisclosed price. Originally built in 1998, the 80,980-square-foot building, which features 14-foot ceilings, is currently undergoing an extensive renovation. Logan Greer, Gerry Rohm, Michael Leggett and Kaden Eichmeier of JLL Capital Markets represented the seller and procured the buyer.
ORANGE CITY, FLA. — Crossman & Co. has brokered the $15.4 million sale of Orange City Marketplace, a 172,079-square-foot retail center in Orange City. The property was leased to Orange City Racing & Card Club, Planet Fitness and Dollar General, as well as other national and local tenants at the time of sale. The asset is situated at 816 Saxon Blvd., 30 miles north of downtown Orlando. Brian Carolan of Crossman & Co. represented the sellers, Scott Crossman and Daryl Carter, in the transaction. The buyer was Saglo Development.
SAN JOSE, CALIF. — KBS Real Estate Investment Trust II has completed the sale of an office property located within District 237, an eight-building, 415,492-square-foot office/R&D complex in San Jose. Thor Equities acquired the asset for $50.5 million. Located at 350 Holger Way, the three-story, 96,502-square-foot building was fully renovated in 2019 and is currently 100 percent leased through 2027. The building offers extensive glass lines and efficient floor plates, as well as an outdoor amenity area and upgraded exteriors, landscaping and parking lot. Joe Moriarty, Scott Prosser, Jack DePuy, Russell Ingrum, Brad Zampa and Mike Walker of CBRE Northern California Capital Markets team brokered the transaction. Bruce Fischer, Howard Chu and Amanda Kennedy of Greenberg Traurig LPP’s Orange County office represented KBS as legal counsel in the disposition.
MASSAPEQUA, N.Y. — Urban Edge Properties (NYSE: UE) has acquired Sunrise Mall, a 1.2 million-square-foot regional shopping and dining destination in the Long Island city of Massapequa. Urban Edge acquired the mall from Unibail-Rodamco-Westfield for $29.7 million. At the time of sale, the 77-acre property was 65 percent occupied, with Macy’s, Sears and Dick’s Sporting Goods serving as the anchor tenants. A JLL team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller in the transaction. The new ownership is planning a redevelopment plan, details of which were not disclosed.