QUINCY, MASS. — An affiliate of Portland, Ore.-based Gerding Edlen has acquired Neponset Landing, a high-rise apartment community located in Quincy. Northwestern Mutual Real Estate sold the 280-unit property for $89.5 million. Built in 2007, the 12-story property features 100 one-bedroom units, 42 one-bedroom with den units, 119 two-bedroom units and 19 two-bedroom with den apartments. Simon Butler and Biria St. John of CBRE/New England represented the seller and procured the buyer in the deal.
SHOREWOOD, ILL. — Mid-America Real Estate Corp. has negotiated the sale of Shorewood Crossings in Shorewood, about 40 miles southwest of Chicago. Phillips Edison & Co. purchased the 173,981-square-foot retail center. Located at the northeast corner of Route 59 and Black Road, the center is anchored by Mariano’s. Joe Girardi of Mid-America represented the seller, Regency Centers Corp. and its co-investment partner.
EAGAN, MINN. — CBRE has brokered the sale of Lexington Hills in Eagan, 15 miles south of St. Paul. The 168-unit property is located at 4116 Lexington Ave. South. The seven-building community recently underwent a $1.8 million renovation including clubhouse expansion with an outdoor lounge, community room, fitness center and outdoor swimming pool. Abe Appert, Keith Collins, Ted Abramson and Laura Hanneman of CBRE represented the seller, Lexington Hills-Minneapolis LLC, an entity controlled by Bellevue, Wash.-based Curtis Capital Group. The buyer was an affiliate of Miami-based Monument Capital Management.
PALO ALTO, CALIF. — Marcus & Millichap has arranged the sale of a 18,555-square-foot neighborhood shopping center located at 2615-2699 Middlefield Road in Palo Alto’s Midtown district. A private family ownership group sold the property to a local investor for $15.3 million, or $822 per square foot. Kirk Trammell, David Cutler and Joshua Johnson of Marcus & Millichap represented the seller in the transaction.
LIBERTYVILLE, ILL. — Entre Commercial Realty LLC has arranged the sale of a 49,516-square-foot industrial building in Libertyville, a suburb of Chicago, for $3.2 million. The building is located at 1600-1648 Northwind Blvd. and features 26-foot clear heights, four docks and three drive-in doors. World Bioproducts, a manufacturer of microbiology testing products for the food industry, acquired the facility as part of an expansion and relocation from nearby Mundelein, Ill. Brian Bocci of Entre Commercial represented the buyer, while Dan Tobin of CTK represented the undisclosed seller.
UPLAND, CALIF. — Planet Fitness has leased retail space at 1028 N. Mountain Ave. in Upland from Smart & Final. The tenant plans to open a 21,178-square-foot gym at the location, which is adjacent to Smart & Final Extra! Pablo Velsaco of Progressive Real Estate Partners represented the landlord, while Lauren Dressler of Oak Place Partners represented the tenant in the deal.
VOORHEES TOWNSHIP AND MATAWAN, NEW JERSEY — CBRE has brokered the sale of two freestanding retail properties located in New Jersey for a combined total of $25.5 million in two separate transactions. In the first deal, an institutional buyer acquired a 168,599-square-foot Lowe’s Home Improvement Warehouse, located at 144 NJ-73 in Voorhees Township, from a regional developer. Matthew Gorman and Michael Shover of CBRE represented both parties in the transaction. In the second deal, a regional developer sold a newly constructed 12,705-square-foot Walgreens, located at 339 Matawan Road in Matawan, to an undisclosed buyer. Gorman and Shover represented the seller in the transaction.
SAN DIEGO — Kearny Real Estate Company has purchased the 364,000-square-foot office component of Emerald Plaza in San Diego for $91.7 million. The office component features four hexagonal towers ranging from 20 to 30 stories. Emerald Plaza includes a connected 436-room hotel operated by Westin Hotel, which was not part of the transaction. Emerald Plaza encompasses a full city block at 402 W. Broadway in downtown San Diego. The plaza, which Deutsche Bank has owned since 2005, was 70 percent leased at closing. Local developer and entrepreneur Sandy Sharpery built the property in 1990. HFF’s Ryan Gallagher, Nick Psyllos, Nick Frasco and Michael Leggett represented Deutsche Bank. CBRE’s Ryan Grant, Matt Carlson and Jeff Oesterblad will head up the leasing efforts at Emerald Plaza.
RENO, NEV. — SmartStop Asset Management LLC has acquired The Summit, a 709-bed student housing community located near the University of Nevada, Reno campus for $70 million. The seven-building, LEED Silver-certified property offers fully furnished units with washers and dryers. Community amenities include a two-story clubhouse, fitness center, game lounge, pool, spa, computer room and business center, campus shuttle service, common area barbecues, a tanning room and private study rooms. John Strockis, senior vice president of acquisitions for SmartStop Asset Management, facilitated the transaction on behalf of a SmartStop affiliate.
INDIANAPOLIS — Colliers International has arranged the sale of the 700,981-square-foot Crosslake Industrial Portfolio in Indianapolis. Partially developed by Duke Realty, the portfolio includes 14 light industrial/flex assets in the Park 100 area. Colliers marketed the property on behalf of Crosslake Partners, a Chicago-based real estate investment group. Nevada-based Shear Property Group purchased the portfolio. Alex Cantu and Jason Speckman of Colliers Indianapolis led the transaction along with Steven Disse and Jeff Devine of the Colliers Chicago office.
