BENSALEM, PA. — Velocity Ventures, a Philadelphia-based firm, has acquired a 51,181-square-foot industrial building in Bensalem, a southwestern suburb of Trenton. The sales price was $2.4 million. Located at 1296 Adams Road, the property features a roughly 18-foot clear height and offers quick access to Interstates 276 and 95. The building was approximately 80 percent leased at the time of sale. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Velocity Ventures in the transaction. DM Ventures LLC was the seller.
WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.
ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.
FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of 4001 Nicolet, a fully upgraded multifamily community in Fremont. The property traded for $12.2 million. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the undisclosed seller and procured the undisclosed buyer in the deal. Originally constructed in 1972, the property features 30 units in a mix of one- and two-bedroom floor plans. The units were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets and hardwood flooring. Community amenities include private balconies, private storage and an on-site laundry facility.
EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.
ENGLEWOOD, COLO. — AQYRE Real Estate Advisors has negotiated the sale of an opportunity zone development site located at 3560-3590 S. Clarkson St. in Englewood. Terms of the transaction were not released. The 45,580-square-foot opportunity zone site is zoned M2, which allows for mixed-use medical, office, high-density residential and limited retail development. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the buyer and seller in the deal.
DEVINE, TEXAS — Marcus & Millichap has brokered the sale of a 35,183-square-foot industrial building located along the Interstate 35 corridor in Devine, a suburb of San Antonio. A national oilfield services firm currently occupies the property. Brennan Foley and Joshua Murphy of Marcus & Millichap represented the seller, a private investor, in the transaction. Other terms of sale were not disclosed.
NEW YORK CITY — Marcus & Millichap has brokered the $10.4 million sale of a 5,029-square-foot office and retail asset in the SoHo neighborhood of Manhattan. Located at 52 Greene St., the property features a ground-level retail space and two office units. Matt Fotis and Colton Traynham of Marcus & Millichap represented the seller, a local private owner. The duo also procured the buyer, an international investor.
GRANADA HILLS, CALIF. — Los Angeles-based Universe Holdings has acquired a three-building multifamily portfolio in Granada Hills. An undisclosed seller sold the asset for $25 million. Janet Neman of Kidder Mathews represented the buyer in the off-market transaction. The portfolio includes Boardwalk & Park Place Apartments, a 56-unit building at 16860-16900 Chatsworth St.; Devonshire Apartments, a 38-unit complex at 16700 Devonshire St.; and Granada Pine Apartments, a 28-unit property located at 16930 Blackhawk St. Universe Holdings plans to implement a renovation strategy and will invest nearly $2.7 million in property upgrades. The three buildings were constructed in the 1960s.
MESA, ARIZ. — Orange County, Calif.-based KB Investment Development has purchased Superstition Canyon, a Class A multifamily community located in East Mesa. Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch of CBRE’s Phoenix office brokered the sale. The name of the seller and acquisition price were not released. Located at 1247 S. 96th St., the low-density, garden-style property features 200 apartments. Phoenix-based Maverick Residential Co. will manage the asset. The acquisition includes a vacant 1.7-acre parcel that will provide additional development potential. The transaction is KB Investment’s fifth large multifamily community acquisition in metro Phoenix — totaling 1,432 units — since the company entered the market in 2015.