PLAINFIELD, N.J. — R.J. Brunelli & Co. LLC has brokered the sale the sale of a vacant 30,000-square-foot retail building in Plainfield, a western suburb of New York City. The property is located at 165 E. Front St. and includes 10,000 square feet of space on each of three floors, plus a basement. Alan Gott of R.J. Brunelli represented the buyer, Paramount Assets, in the transaction. Gott also represented the seller, Abeco Management.
RANCHO CORDOVA, CALIF. — CBRE has arranged the sale of an office building, located at 2882 Prospect Park Drive in Rancho Cordova, a suburb 15 miles east of Sacramento. Lafayette, Calif.-based Prospect Park LLC sold the asset to San Jose, Calif.-based Prospect Park Drive LLC for an undisclosed sum. Matt Post, Stuart Wright and Randy Getz of CBRE’s Sacramento office represented the seller in the deal. Built in 1999, the four-story, 112,511-square-foot property was 88 percent leased at the time of sale. The asset is located within the Highway 50 Corridor submarket, which has a total of 11.4 million square feet of office space.
TEMPE, ARIZ. — Security Properties has purchased The Rev Apartments, a Class C, garden-style multifamily property located in Tempe, for $28.2 million. Originally constructed in 1972 on 11 acres, The Rev features 172 units spread across 16 residential buildings. The previous owner fully renovated the property, including new dual-pane windows and slider glass doors, exterior paint, roof upgrades/repairs and the addition of in-unit washers/dryers and above-range microwaves. Community amenities include a fully renovated leasing office and fitness center, as well as an outdoor heated swimming pool and spa. Security Properties has a light upgrade planned for the property, including adding a number of supplemental items to unit kitchens and strategic improvements to the community’s amenity package. Security Properties Residential, an affiliate of Security Properties, will manage the asset. With this acquisition, Security Properties now owns 122 assets totaling approximately 24,000 units across its portfolio, including eight properties and more than 3,200 units in the Phoenix market.
DENVER — Unique Properties/TCN Worldwide has brokered the sale of Park Cheesman Apartments, a multifamily property in Denver. A Los Angeles-based multifamily office acquired the asset from an undisclosed seller, which owned the property for the last 42 years. This price was $30 million, or $340,909 per unit. Located at 1177 Race St. adjacent to Cheesman Park, the property features 88 units with balconies, two stories of parking and a rooftop deck with views of the city. At the time of sale, Park Cheesman was 98 percent occupied. Marc Lippitt and Justin Herman of Unique Properties/TCN Worldwide handled the transaction.
PUEBLO, COLO. — Pinnacle Real Estate Advisors has facilitated the sale of Royal Plaza, an apartment complex located at 85 Scotland Road in Pueblo. An undisclosed buyer acquired the property for $6.2 million. The complex features 100 units in a mix of studio, one- and two-bedroom layouts. The undisclosed seller owned the property for four years and maintained 100 percent occupancy during its ownership. The buyer plans to replace the property’s roofs and continue renovating the units. Mike Krebsbach of Pinnacle Real Estate Advisors represented the buyer and seller in the transaction.
CORONA, CALIF. — JJRE Properties has completed the disposition of an industrial building in Corona. An undisclosed buyer acquired the property for $2.7 million. Located at 508 Bateman Circle, the property features 14,380 square feet of industrial space. Greg Diab of Lee & Associates’ Orange, Calif., office represented the seller in the deal.
NEW YORK — National self-storage investment firm Clutter has purchased The Storage Fox, a smaller self-storage firm based in New York, acquiring four-property self-storage portfolio in for $152 million. The acquisition included 5,240 storage units across four properties located at 5601 Foster Ave. in Brooklyn; 3046 Northern Blvd. in Long Island City; 1 Holland Ave. in White Plains; and 280 Fullerton Ave. in Yonkers. Combined, the properties comprise approximately 500,000 square feet with a rentable area of 320,000 square feet.
SPRINGFIELD, OHIO — Marcus & Millichap has brokered the sale of Springfield Plaza for an undisclosed price. The 156,630-square-foot shopping center is located at 1510-1608 Upper Valley Pike in Springfield, about 25 miles northeast of Dayton. Dunham’s Sports and Ollie’s Bargain Outlet anchor the property. Other tenants include JoAnn Fabrics, Sherwin-Williams, CosmoProof and The Reserves Network. The center was 70 percent leased at the time of sale. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap marketed the property on behalf of the Illinois-based private seller. The team also procured the buyer, a Maryland-based private investment group.
GLENDALE, ARIZ. — Fore Property has completed the disposition of Summerly at Zanjero, an apartment community located in Glendale. An undisclosed buyer acquired the property for $78.5 million. Located at 7375 N. Zanjero Blvd., the asset comprises 32 two- and three-story buildings spread across an 18.6-acre site. Constructed in 2018, Summerly at Zanjero features 340 units in a mix of one-, two- and three-bedroom layouts. Community amenities include two swimming pools with barbecues and fireplaces, a fitness center with yoga and spin room, a dog park, playground and parcel lockers. At the time of sale, the property was 95 percent occupied.
LONG BEACH, CALIF. — Advanced Real Estate Services (ARES) has purchased a multifamily property located near California State University, Long Beach in Long Beach for an undisclosed amount. The name of the seller was not released. ARES plans to rebrand the property as The Circle Apartments at Long Beach. Additionally, ARES plans to invest more than $6 million in upgrades at the 235-unit community. Renovations will include new windows, pool area upgrades, added business center and paint scheme. Interior unit upgrades will include new flooring, paint, fixtures and smart locks. Some of the non-renovated units will also receive new cabinets and countertops. Community amenities include three swimming pools, a fitness center and lounge. Kevin MacKenzie and Greg Brown of JLL’s Newport Beach, Calif., office arranged $46.8 million in Freddie Mac financing for the buyer. The 10-year loan features interest-only payments.