NEW YORK CITY — Cushman & Wakefield has brokered the $13.5 million sale of a three-story retail building in Midtown, Manhattan. John Ciraulo, Craig Waggner, Doug Blankrot and Lou Magarelli of Cushman & Wakefield represented the seller, who was undisclosed, in the transaction. The buyer was also undisclosed. Located at 976 Avenue of the Americas, the property is fully leased to a tenant roster that includes 5 Boro Burger and Red Rocket Tattoo.
WASHINGTON, D.C. — Aria Development Group has purchased a land parcel located at the corner of Florida Avenue and North Capitol Street N.E. in Washington, D.C., for an undisclosed price. The buyer is planning to develop a mixed-use building, including residential space, on the 25,000-square-foot site. The purchase represents the culmination of three years of assemblage activity to connect tree-lined P Street N.E. with Florida Avenue and North Capitol Street. Additional details of the transaction were not released. This acquisition represents Aria’s eighth multifamily or mixed-use investment in Washington, D.C.
FORT MYERS, FLA. — The Shopping Center Group has brokered the sale of Pelican Preserve, a grocery-anchored neighborhood center in Fort Myers. An affiliate of Baltimore-based Continental Real Estate purchased the property from an institutional seller for $12.2 million. Completed in 2007 and situated on 18.4 acres, Pelican Preserve features 69,500 square feet of retail space. At the time of sale, the property was 95.7 percent leased to a variety of tenants, including Winn-Dixie, H&R Block, Pizza Hut, Suncoast Credit Union and Great Expressions. Also included in the transaction is a city-approved plan for a second phase of the shopping center. Ready for immediate development, the plan includes two outparcels that can accommodate nearly 35,000 square feet of retail and restaurant space. Anthony Blanco and Lynn De Marco led The Shopping Center Group team that represented the seller in the deal.
ORLANDO, FLA. — Chicago-based Redwood Capital Group has completed the disposition of Reserve at Conway, an apartment community located at 3149 Landtree Place in Orlando. Virginia-based Chandler Residential acquired the property for an undisclosed price. Reserve at Conway features 220 garden-style apartments in a mix of one- and two-bedroom floor plans, averaging 748 square feet. At the time of sale, the property was 98.2 percent occupied. ARA Newmark brokered the transaction.
NEW BERLIN, WIS. — Founders 3 Real Estate Services has brokered the sale of Western Racquet Club’s 58,320-square-foot industrial building in New Berlin for $1.7 million. An affiliate of Milwaukee investor LCM Funds Real Estate LLC purchased the property with plans to renovate and re-lease the building. UNITS Moving and Portable Storage will partially occupy the facility. Brett Deter of Founders 3 represented the buyer and lessee.
FAIRFIELD, N.J. — Alexander Property Group has acquired a four-story, 48,000-square-foot office building in Fairfield. The sales price was undisclosed. Located at 700 Route East, the property is currently 98 percent leased. Alexander Property Group purchased the office building from Boston-based real estate development and management company the Davis Cos. and joint venture partner Rubicon Cos. The office building is located adjacent to the 204-room Fairfield Crowne Plaza Hotel.
DENVER AND WHEAT RIDGE, COLO. — NAI Shames Makovsky has arranged the sales of two retail properties located in metro Denver totaling $4.5 million. In the first transaction, Second and Broadway LLC sold a 4,821-square-foot property located at 141 Broadway in Denver. KRF Post LLC acquired the property for $3 million. Sandy Feld and Jake Malman of NAI Shames Makovksy represented both parties in the deal. In the second transaction, All Sacred Holdings LLC purchased a 7,205-square-foot property at 7700 W. 44th Ave. in Wheat Ridge. Patrick Nichols Associates LLC sold the property for $1.5 million. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the seller in the deal.
NEW YORK CITY — Ariel Property Advisors has brokered the $3.2 million sale of a six-story multifamily building in East Harlem. Located at 57 E. 130th St., the newly constructed property includes five units and spans 6,268 square feet. The units feature Bosch appliances and walnut cabinetry in the kitchens as well as marble tiling with Grohe and Toto finishes in the bathrooms. Matthew L. Gillis, Michael A. Tortorici, Victor Sozio, Marko Agbaba, and Daniel Mahfar of Ariel Property Advisors represented the seller, Yoori Oh of Verse Development LLC, in the transaction. The buyer was Joshua Lee.
HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of The Centre at Eagle’s Nest, a 23,511-square-foot retail property located at 5324 Atascocita Road in Humble, about 19 miles northeast of Houston. Nate Newman and Logan Kelly of Marcus & Millichap’s The Woodlands office represented the seller, a limited liability company, in the transaction. Newman also secured and represented the buyer, another limited liability company. The sales price was undisclosed. Built in 2005, The Centre at Eagle’s Nest was fully leased at the time of sale to tenants that Kelly describes as “Amazon-proof.”
FRISCO, TEXAS — Greysteel has arranged the sale and financing for Preston Trace, a 40-unit apartment community located at 8660 Preston Trace Blvd. in Frisco. Built in 1976, the garden-style property’s units are reserved for renters earning 50 percent or less of the area median income (AMI). Doug Banerjee, Boyan Radic, John Marshall Doss, Andrew Mueller, Andrew Hanson, Scott Simon and Jack Stone of Greysteel represented the undisclosed seller in the transaction. The Greysteel team also originated a Fannie Mae acquisition loan on behalf of the undisclosed buyer.
