MANSFIELD, MASS. — Locally based investment firm Berkeley Partners has acquired a 215,575-square-foot warehouse in the southern Boston suburb of Mansfield. At the time of sale, the building was fully leased to an affiliate of global automotive manufacturer Stellantis, which also owned the facility and has agreed to lease back the space. Michael Restivo, Joe Fabiano, Dave MacDonald and Lenny Pierce of JLL negotiated the sale-leaseback. Brett Paulsrud, also with JLL, arranged acquisition financing for the deal.
VINCENNES, IND. — Northmarq has arranged the $5.2 million sale of Kimmell Crossing, a 44,962-square-foot retail center in Vincennes, a city in Southwest Indiana. Located on Kimmell Road and built in 1997, the property was fully leased to 10 tenants at the time of sale. Some of the tenants include Dollar Tree, Maurices, Sally Beauty Supply, T-Mobile and CATO. Ryan Roedersheimer of Northmarq represented the seller, DPPM Management, which acquired the asset in early 2022 from Regency Properties. A local investor completing a 1031 exchange was the buyer.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of Mt. Scott Industrial Park, an industrial asset located at 7402-7410 SE Johnson Creek Blvd. in Portland. Frith Investments 3 acquired the asset from Mt. Scott Industrial Park LLC for $7.6 million. Nick Chessar and Scott Finney of Portland-based Norris & Stevens represented the seller, while Tyler Dean of Macadam Forbes represented the buyer in the transaction. Constructed in 1971 and 1976 on 3.6 acres, the 35,000-square-foot industrial park features office space in each suite, 48 parking spaces, eight grade-level doors and eight drive-in doors. Mt. Scott Industrial Park was 100 percent occupied at the time of sale.
LUTZ, FLA. — Birmingham, Ala.-based Fairway Investments has acquired Livingston Market Place, a 64,441-square-foot shopping center located in the northern Tampa suburb of Lutz. Situated on 32.8 acres at 2701-2801 E. County Line Road, the property is anchored by Publix. Other tenants at the center, which was completed in 2022 and fully leased at the time of sale, include Heartland Dental, Papa John’s, Prime Barber and 40 Thieves Irish Pub. Bryan Belk and John Tennant of Franklin Street arranged the sale on behalf of the seller/developer, a partnership between Tampa-based Dunphy Development and Atlanta-based Batson-Cook Development Co. The sales price was not disclosed.
GLEN BURNIE, MD. — Locally based St. John Properties has acquired Aviation Business Park, a three-building commercial portfolio comprising 120,000 square feet in Glen Burnie, approximately 10 miles south of Baltimore. St. John acquired the properties — located at 6956, 6958 and 6960 Aviation Blvd. — from Miami-based Adler Real Estate Partners for $13.3 million. The buildings were roughly 63 percent leased at the time of sale. St. John plans to invest $1.5 million to reposition one of the properties to flex/R&D space. Graham Savage, Jonathan Carpenter and Dawes Milchling of Cushman & Wakefield represented the seller in the transaction. St. John was self-represented. This marks the second significant acquisition for the company in recent months, following the purchase in November of Triangle Business Park, a 95 percent occupied, four-building portfolio in metro Baltimore comprising 74,000 square feet.
GULFPORT, MISS. — Marcus & Millichap has brokered the $4.4 million sale of a Super 8 Motel located in Gulfport along the Gulf of Mexico. Comprising 95 rooms, the property underwent a $1 million renovation in 2021, including installation of a new roof and air conditioning units in 75 rooms, interior and exterior painting and new signage. Ahmed Kabani, Lucas Mondino and Suraj Dalal of Marcus & Millichap represented the seller, an entity doing business as NH Hotel LLC, in the transaction. The team also secured and represented the buyer, Shreeji Hotels LLC, an individual trust. William Davis, Marcus & Millichap’s broker of record in Mississippi, assisted in closing the transaction.
PORTLAND, ORE., AND SEATTLE — Pacific Union Investors has purchased a nine-property, garden-style apartment portfolio totaling 2,195 units in the Seattle and Portland metropolitan areas. Terms of the transaction were not released. The Washington assets include The Gates of Redmond and Olde Redmond Place in Redmond, Madison Sammamish in Sammamish and Crystal Creek in Vancouver. The Oregon communities include Golf Creek and Meridian at Murrayhill in Beaverton, Orenco Gardens and The Jones in Hillsboro and Forest Rim in Tualatin. Built between 1982 and 2013, the communities offer comprehensive amenity sets, green space with an average density of 16.7 units per acre, and units averaging 900 square feet. This acquisition expands Pacific Union Investors’ Northwest portfolio to 4,915 units across 23 properties.
MENIFEE, CALIF. — Tourmaline Capital has completed the disposition of Center Pointe, a newly developed shopping center located at 27281 Newport Road in Menifee. A private 1031 exchange buyer acquired the asset for $24.6 million. Sprouts Farmers Market, Wendy’s, Olive Garden, Tacos & Tequila and Paris Nails are tenants at the 41,461-square-foot property. At the time of sale, the retail center was 96 percent leased. Gleb Lvovich, Daniel Tyner and Geoff Tranchina of JLL Retail Capital Markets represented the seller in the deal.
NORTH RIVERSIDE, ILL. — The Feil Organization, the owner and operator of North Riverside Park Mall, has acquired the vacant Carson’s store at the mall. The attached Carson’s property rises two stories and totals 180,588 square feet. In 2018, Bon-Ton Stores Inc. filed for Chapter 11 bankruptcy protection and liquidated all 256 of its Bon-Ton, Bergner’s, Boston Store, Elder-Beerman, Herberger’s, Younkers and Carson’s stores. Feil says it is in the process of finalizing redevelopment plans. Feil purchased North Riverside Park Mall in 2004. Located in the western Chicago suburb of North Riverside, the mall is home to 130 stores, services and eateries.
HOUSTON — A joint venture between two Houston-based investment firms, LandPark Advisors and Sunset Capital, has acquired a portfolio of eight self-storage facilities totaling approximately 1,440 units. The facilities span 237,735 net rentable square feet and are scattered across several markets in East Texas, including Wylie, Hallsville, Flint, Longview and Carthage. The new ownership plans to implement a value-add program and has tapped Right Move Storage LLC to lead that initiative and manage the portfolio. Brandon Karr of Marcus & Millichap represented the seller, a private investment group based in East Texas, in the transaction, and procured the joint venture as the buyer. The sales price was not disclosed.