NEW YORK CITY — Rosewood Realty Group has arranged the acquisition of Noonan Plaza, an affordable housing complex located at 105 W. 168th St. in the South Bronx’s Highbridge neighborhood. Spencer Equity acquired the property for $42 million. The seven-story, 335,000-square-foot asset features 283 residential units and eight retail units. Aaron Jungreis of Rosewood Realty Group represented the buyer and the seller, Joel Leder (Noonan Plaza LLC), in the transaction.
MADERA, CALIF. — Highpoint Capital Group LLC has acquired Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center located in Madera, for an undisclosed price. Bryan Ley and Justin Kundrak of HFF represented the seller, Weingarten Realty Investors, in the disposition. Peter Smyslowski and John Churchward of HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company. Food 4 Less anchors the center, which is 96 percent leased to tenants including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious.
CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.
HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the 10-year lease of a retail space located at 14135 Main St. in Hesperia. Kaiser Permanente will occupy the 8,000-square-foot space within the Topaz Marketplace. Paul Su of Progressive Real Estate Partners represented the undisclosed landlord, while Brian Denton of JLL and Joseph Brady of Bradco Co. represented the lessee.
RESTON, VA. — Rubenstein Partners LP has purchased a 180,000-square-foot office building located at 11493 Sunset Hills Road in Reston, about 20 miles west of Washington, D.C., in northern Virginia. Rubenstein plans to reposition and re-tenant the building and has selected Andy Klaff and Steve Hoffeditz of Newmark Grubb Knight Frank to lease the property. The renovations, which are set to wrap up by the end of 2017, will include fashioning higher ceilings within the floor plates, overhauling the HVAC and building management systems, renovating the lobby and restrooms, upgrading the aesthetic to a more “industrial-loft” design and enhancing the amenity package, including a new fitness center, conference center, food service and an outdoor deck. Built in 1988, the five-story building is the former home of Unisys Corp. and is situated within walking distance to the new Wiehle-Reston East Station on the Metrorail’s Silver Line, as well as a Whole Foods Market, Reston Station and Reston Town Center.
RICHLAND AND KENNEWICK, WASH. — Security Properties has purchased two multifamily assets in the Tri-Cities area of Washington State for a total of $41.3 million. The acquisitions include the 228-unit Riverpointe Apartments in Richland and the 200-unit Crosspointe Apartments in Kennewick. Both Class B assets are vintage/garden-style apartment communities built in 1996. Security Properties plans to renovate both communities, which were purchased for $22.3 million and $19 million, respectively. The communities were financed with assumed HUD mortgages at a 3.42 percent average fixed rate. Security Properties-affiliate Madrona Ridge Residential will manage the communities.
LANGHORNE, PA. — STAG Industrial Holdings Inc. has purchased an industrial property located within Bucks County Business Park at 121 Wheeler Court in Langhorne. A Boston-based pension fund advisor sold the 172,647-square-foot property for an undisclosed price. The building is leased to Silgan Plastics Corp. Joseph Hill, Robert Yoshimura and Eric Mattson of Cushman & Wakefield arranged the sale.
LOS ANGELES — Private investor James H. Tuggle has acquired The Olympic Residential Hotel, a 172-unit micro-apartment building in Los Angeles, for $12 million. The community is located at 725 S. Westlake Ave. The Olympic was built in the 1920s as a hotel, which was converted to residential apartments in 2013. The property is four stories tall, has a grand lobby entrance, an elevator and reinforced brick construction. The building also has 5,000 square feet of ground-level retail space on South Westlake Avenue. Ziv Kozaski and Michael Dixon of NAI Capital’s Multifamily Services Group represented the seller, Olympic Hotel LLC, in this transaction.
BROWNSVILLE, TEXAS — Marcus & Millichap has arranged the sale of Resaca Village, a retail power center located at 1601 E. Price Road in Brownsville. MIMCO acquired the 173,667-square-foot property for an undisclosed price. At the time of sale, the property was 96 percent occupied by Big Lots, Fallas, the University of Texas at Brownsville, CSL Plasma, Harbor Freight Tools, Family Dollar and Tuesday Morning. The asset was constructed in 1974 and 1994 and renovated in 2005 and 2014. Philip Levy of Marcus & Millichap represented the seller, an Austin-based partnership, in the deal.
STERLING HEIGHTS, MICH. — L. Mason Capitani CORFAC International has arranged a 26,128-square-foot industrial lease for Superior Cam, a sheet metal manufacturer, in Sterling Heights. The facility is located at 35120 Stanley Drive. Superior Cam is based in Madison Heights, Mich., and operates out of 200,000 square feet collectively. Jason Capitani of L. Mason Capitani CORFAC International represented the landlord on the multi-year lease transaction.
