NEWARK, N.J. — Cushman & Wakefield has negotiated the sale of a portfolio of five industrial buildings totaling 113,743 square feet in Newark. The portfolio, which comprises spaces ranging in size from 2,500 to 13,500 square feet, is currently leased to 22 tenants. Gary Gabriel, Kyle Schmidt, David Bernhaut and Ryan Larkin of Cushman & Wakefield represented the seller, Sitex Group, in the transaction. A joint venture between affiliates of Westbrook Partners and Camber Real Estate Partners acquired the portfolio for an undisclosed price.
SALT LAKE CITY — GO Industrial, in partnership with a real estate fund advised by Crow Holdings Capital, has completed the disposition of 5600 | Logistics, a two-building logistics campus in Salt Lake City. Terms of the transaction were not released. Totaling 505,692 square feet, 5600 | Logistics features a 265,120-square-foot building with 32-foot clear heights, 50 dock-high doors, four grade-level doors, 177 employee parking spaces and 72 trailer parking spaces, as well as a 240,654-square-foot building with 32-foot clear heights, 46 dock-high doors, four grade-level doors, 159 employee parking spaces and 62 trailer spaces. CBRE | National Partners negotiated the deal for the seller.
APPLETON, WIS. — Colliers Wisconsin has brokered the sale of a 70,414-square-foot shopping center in Appleton for $12.9 million. The fully leased property is situated adjacent to the Fox River Mall near Highway 41. Some of the tenants include JoAnn Fabrics, Dollar Tree, Kirkland’s and Chili’s. Adam Connor, Mark Pucci and Heather Dorfler of Colliers represented the seller, an Appleton-based investor group. Prairie Hill Holdings, a Chicago-based private real estate investment firm, was the buyer.
BOYNTON BEACH, FLA. — PEBB Enterprises and joint venture partner Banyan Development have sold Mainstreet at Boynton, a grocery-anchored retail center in Boynton Beach that the companies delivered in 2021. The co-developers sold the 52,152-square-foot property to an entity doing business as West Parkway Realty LLC for $33 million. Danny Finkle and Eric Williams of JLL represented PEBB and Banyan in the sale, which does not include other components of the mixed-use Mainstreet development, such as its 158-unit Congregate Living Facility and numerous outparcels occupied by tenants including Wawa, Aspen Dental and Synovus Bank. Located at 6405 W. Boynton Beach Blvd. in South Florida’s Palm Beach County, Mainstreet at Boynton was fully leased at the time of sale to tenants including Sprouts Farmers Market, AT&T, Crown Wine & Spirits, F45, Capitol Carpet & Tile and GoodVets.
ALEXANDRIA, VA. — American Real Estate Partners (AREP) has acquired 1101 King Street, a 200,000-square-foot office building in Old Town Alexandria, a historic neighborhood in metro Washington, D.C. The McLean, Va.-based investor purchased the office condominiums within the building simultaneously from seven individual owners for an undisclosed price. AREP plans to convert the property to 200 apartments, with 17,500 square feet of commercial space on the ground floor, as well as amenities including a club room, fitness center and a rooftop terrace. The firm restructured the office leases to allow for the conversion program and is keeping existing retail tenants Orangetheory Fitness and Paris Baguette throughout the redevelopment process. AREP has selected Cooper Carry to lead the project redevelopment design and RD Jones for the interior work. Construction is set to begin in July 2023.
CHANTILLY, VA. — JLL has arranged the sale of Independence Center II, a 115,563-square-foot office building located at 15040 Conference Center Drive in Chantilly. Jim Meisel, Matt Nicholson, Andrew Weir, Dave Baker and Kevin Byrd of JLL marketed the property on behalf of the seller, Tritower Financial Group. The buyer and sales price were not disclosed. Independence Center II is situated in Northern Virginia’s cyber-intelligence hub of Westfields. Completed in 2006, the property is fully leased to tenants that have invested in high-value infrastructure upgrades, including SCIF (Sensitive Compartmented Information Facility) rooms, data centers and backup generators. The property is proximate to Route 28, I-66, Route 50, Dulles Toll Road and Dulles International Airport.
NEW YORK CITY — AEW Capital Management has sold 830 Third Avenue, a 147,068-square-foot office building in Midtown Manhattan, for $72 million. The property was constructed in 1958 and renovated in 1994. AEW Capital Management originally acquired the 13-story building in 2001 and implemented a series of capital improvements. Andrew Scandalios, David Giancola, Vickram Jambu and Jennifer Zelko of JLL represented the seller in the deal. Aaron Niedermayer, Max Herzog, Marko Kazanjian, Robert Tonnessen, Jackie Ferrer and Joy Dracos, also with JLL, arranged $53.2 million in acquisition financing through Truist on behalf of the buyer, a joint venture between Empire Capital Holdings and Namdar Realty Group.
CHICAGO — Quantum Real Estate Advisors Inc. has negotiated the sale of a 12-unit multifamily building located at 3137 W. Wellington Ave. in Chicago for $2.8 million. Clay Maxfield of Quantum represented the seller, which purchased the asset in 2018. The property sold to a California-based buyer completing a 1031 exchange.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
GREENVILLE, S.C. — Monument Capital Management, an A-Rod Corp. company, has sold Park West Apartments in Greenville. Tai Cohen of Cushman & Wakefield represented the seller in the $39 million transaction. The buyer was not disclosed. Located on 20 acres at 357 Hillandale Road, the 359-unit Park West Apartments comprises 305 one- and two-bedroom garden-style residences and 54 two-bedroom townhomes. Monument Capital Management originally purchased the community in 2016 and immediately upgraded unit interiors, amenities and common areas.