LAUREL, MD. — Edge has brokered the $15.7 million sale of a 106,000-square-foot flex warehouse and office building in Laurel. The building was constructed in 1984 as the headquarters for Ritz Camera, which filed for bankruptcy in 2012. Earlier this year, Edge brokered a 37,000-square-foot lease at the property for Advanced Collision, an auto body repair shop. Other tenants at the time of sale included Rolling Green Landscaping and Sans Institute. Edge handled leasing activities on behalf of the seller, an affiliate of Bethesda, Md.-based Bristol Capital Corp., since 2016. The building is located 17 miles northeast of downtown Washington, D.C. Joe Friedman, Kenneth Fellows and Rob Pugh of Edge represented the seller in the transaction. The team also procured the buyer, an undisclosed 1031 exchange investor that Mid-Pacific Advisors represented in the sale.
ST. CLOUD, MINN. — KW Commercial | AMK Properties has arranged the sale of a three-property office and retail portfolio in St. Cloud near Minneapolis for $5.1 million. Named the Heritage Centre Portfolio, the assets include Heritage Market I, Heritage Business Centre and Heritage Professional Building. They range in size from 8,600 square feet to 25,300 square feet. Matthew Klein and Anthony Passanante of KW represented the buyer, Heritage Retail Partners LLC. Amy Senn, Bob Pounds, Tim Prinsen, Pete Tanis and Lori Pounds of Newmark represented the undisclosed seller.
GARY, IND. — Marcus & Millichap has brokered the $4.1 million sale of Melody Lane Mobile Home Park in Gary, about 25 miles southeast of Chicago. Located at 3625 Calhoun St., the property consists of 154 home sites, 54 of which are park-owned homes. There is also an onsite office. Andrean Angelov, Ryan Engle and Brad Kreppel of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured and represented the buyer, an out-of-state limited liability company.
LA HABRA, CALIF. — SBH Real Estate Group has completed the disposition of a single-tenant retail property located on 1.9 acres at 250 N. Harbor Blvd. in La Habra. Engineering Model Associates acquired the building for $6.5 million. Harbor Freight Tools, a discount tool and equipment retailer, occupies the 22,297-square-foot property on a long-term, triple-net lease. Daniel Tyner and Adam Friedlander of JLL Retail Capital Markets represented the seller in the deal.
NORWALK, CONN. — JLL has negotiated the $53 million sale of Sheffield SoNo, a 136-unit waterfront apartment community in Norwalk that includes ground-floor office space. Built in 2007, the property features one- and two-bedroom units with stainless steel appliances, quartz countertops, individual washers and dryers and private balconies in select units. Amenities include a heated pool, 24-hour fitness center, outdoor grilling area, resident clubhouse and concierge services. Jose Cruz, Michael Oliver, Steve Simonelli, Michael Oliver, Kevin O’Hearn, Drew Saunders and Nicholas Stefans of JLL represented the seller, a partnership between Avenue Realty Capital and Spirit Investment Partners. The buyer was not disclosed.
MEMPHIS, TENN. — A fund sponsored by CBRE Global Investors has acquired Memphis Global Crossing, a 421,470-square-foot logistics facility in Memphis. DHL leases a majority of the asset, which is situated on 24 acres at 6200 Global Drive, 12 miles southeast of Memphis International Airport. The property features 32-foot clear heights, 125 dock doors, two drive-in doors, ESFR sprinklers and 119 trailer spaces. The seller was not disclosed, though Atlanta-based Robinson Weeks Partners delivered the facility in 2019. The sales price was also not disclosed.
WHITESTOWN, IND. — JLL Income Property Trust has purchased Whitestown Distribution Center in Whitestown, a northwest suburb of Indianapolis, for $62 million. The two-building distribution center spans 720,000 square feet. Completed this year, it is now fully leased. The larger of the two buildings is 440,000 square feet and is leased to an undisclosed investment-grade tenant, while the second building spans 280,000 square feet and is leased to a third-party logistics company servicing the healthcare industry. This acquisition brings JLL Income Property Trust’s aggregate industrial allocation to more than $850 million across 36 properties in 12 markets. The seller was undisclosed.
PHOENIX — NorthMarq has brokered the sale of Meadows Apartments, a multifamily property located at 17602 N. Cave Creek Road in Phoenix. GFT Investments I LLC, an entity formed by trustee Roger Grove, sold the asset to Phoenix-based 3rd Ave Investments LLC, led by Zev Hendeles, for $25.5 million. Built in 1985, Meadows Apartments features 165 units in a mix of studio, one- and two-bedroom layouts. Trevor Koskovich, Jesse Hudson and Bill Hahn of NorthMarq’s Phoenix Investment Sales team represented the seller and buyer in the deal. Brandon Harrington, Bryan Mummaw and Tyler Woodard of NorthMarq’s Phoenix Debt and Equity team arranged a $18.9 million Freddie Mac acquisition loan for the buyer.
EASTVALE AND RIVERSIDE COUNTY, CALIF. — Orbis Real Estate Partners has completed the sales of two industrial projects totaling 88.5 acres and approximately $140 million in the Inland Empire. Reno, Nev.-based Dermody Properties acquired The Homestead, a 47-acre logistics park in Eastvale. Orbis redeveloped an existing dairy into a six-building, Class A logistics campus. The buildings range from 48,315 square feet to 501,649 square feet and offer concrete tilt-up construction; 40-foot minimum clearance heights in the larger buildings; large, secured truck courts; ample parking with excess approved trailer stalls; and dock-high and grade-level loading for each building. Additionally, Orbis sold Riverside Logistics Center in Riverside County to Denver-based Black Creek Group. Situated on 41.5 acres, the logistics center features 938,685 square feet of industrial space. Bill Heim of Lee & Associates, along with Barbara Perrier, Eric Cox and Darla Longo of CBRE, represented Orbis Real Estate Partners in the transactions.
PLAIN CITY, OHIO — Monmouth Real Estate Investment Corp. has acquired a 487,900-square-foot industrial facility located at 8341 Industrial Parkway in Plain City, located about 25 miles northwest of Columbus. The purchase price was $73.3 million. FedEx Ground Packaging System Inc. occupies the building on a 15-year net lease. The 100-acre property is situated near I-270. The seller was undisclosed.