HADDONFIELD, N.J. — Markeim Chalmers Inc. has negotiated the sale of a 6,400-square-foot office building in Haddonfield, a southeastern suburb of Philadelphia. Located at 116 N. Haddon Ave., the two-story property offers multiple spaces for small office tenants as well as ground-floor retail space. Kevin Burns of Markeim Chalmers represented the seller, Hutchinson Engineering LLC, in the transaction. Haddon Equities LLC was the buyer.
DAYTON, OHIO — Marcus & Millichap has arranged the sale of Needmore Road Self Storage, a 61,750-square-foot self-storage facility in Dayton. The sales price was undisclosed. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.
BRANFORD, CONN. — G&G Investment Group, a New Haven-based investment firm, has acquired a 33,270-square-foot industrial and office building in Branford, an eastern suburb of New Haven. The sales price was $1.7 million. Located at 32 Commerce Drive, the building comprises approximately 10,000 square feet of office space and a 24,000-square-foot warehouse. The property also features a 16,576-square-foot covered loading and vehicle parking area which can be enclosed for additional warehouse space. Bill Clark of The Geenty Group represented G&G Investment Group in the transaction. Frontier Communications was the seller.
OLD LYME, CONN. — Gofsco LLC has sold nine acres zoned for light industrial development in Old Lyme, located approximately 40 miles southeast of Hartford. The site located at 50 Hatchetts Hill Road was vacant at the time of sale and offers convenient access to Interstate 95. Ron Lyman of Lyman Real Estate represented Gofsco LLC in the transaction. A private investor purchased the property for an undisclosed price.
AZUSA, CALIF. — Rexford Industrial has completed the purchase of an industrial asset located at 720-750 N. Vernon Ave. in Azusa, within the Los Angeles – San Gabriel Valley market. An undisclosed seller sold the property for $15.5 million, or $59 per land square foot. The property was acquired through a sale-leaseback transaction underwritten on a land-value basis. The 71,692-square-foot property is fully leased on a long-term basis. The buyer plans to collect cash flow from the in-place lease and, upon lease expiration, to redevelop the property by constructing a new, larger Class A warehouse/distribution facility.
TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been approved, as well as emergency funding for dealing with the COVID-19 pandemic. ESI represented the seller in the transaction. “The new buyer will be able to leverage their experience in the nursing home industry to improve the financials and continue to build upon an already great culture in the building,” says Jeremy Stroiman, CEO of ESI.
EUGENE, ORE. — Marcus & Millichap has arranged the sale of a restaurant property located at 950 Seneca Road in Eugene. A limited liability company sold the net-leased asset to an undisclosed buyer for $1.9 million. Since the building delivery in 2003, Izzy’s Pizza has occupied the 6,000-square-foot property and has 10 years remaining on its lease. The Albany, Ore.-based franchise currently operates 10 locations throughout Oregon and Washington. Scott Logan of Marcus & Millichap’s Portland office represented the seller in the transaction.
ELK GROVE VILLAGE, ILL. — STREAM Capital Partners LLC has arranged the sale of a 200,000-square-foot industrial building in Elk Grove Village, located adjacent to O’Hare International Airport, for an undisclosed price. Material Sciences Corp., a technology provider of metal solutions, fully occupies the property on a net-lease basis. Adam English, Phil DiGennaro and Chelsea Mandel of STREAM represented the seller, a partnership between Jera Partners LLC and a fund managed by DRA Advisors LLC. Miami-based Midtown Capital Partners LLC purchased the asset.
ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. An undisclosed real estate investment trust sold the property. The operating partner plans to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
YORBA LINDA, CALIF. — Avison Young has arranged the purchase of Yorba Linda Business Center, a four-building industrial asset located in Yorba Linda. An Orange County-based private investor acquired the property from a Bay Area-based investment company for an undisclosed price. Built in 1998 on 9.1 acres, the 115,760-square-foot Yorba Linda Business Center features 14-foot clear heights, 66 ground-level doors and 400 car parking spaces. At the time of sale, the asset was 93 percent occupied by a diverse mix of industrial, office and flex users. Alan Pekarcik and Chris Smith of Avison Young represented the buyer, while CBRE represented the seller in transaction.