EDISON, N.J. — Federal Business Centers has acquired two industrial assets at 300 Columbus Circle and 400 Raritan Center Parkway in Edison. High Street Realty sold the properties, which total 204,440 square feet, for $25 million. At the time of sale, the adjacent, multi-tenanted properties were 90 percent occupied by tenants. Gary Gabriel, Andrew Merin, David Bernhaut, Brian Whitmer, Kyle Schmidt and Andrew Siemsen of Cushman & Wakefield brokered the deal.
REDLANDS, CALIF. — An unnamed buyer has purchased the 188-unit Tesoro Apartment Homes in Redlands for $27.7 million. The community is located at 106 W. Pennsylvania Ave., about a mile from the University of Redlands. Tyler Leeson and Alex Mobin of Marcus & Millichap represented the buyer, while IPA’s Alexander Garcia, Stewart Weston, Christopher Zorbas, David Sperling and John Montakab represented the unnamed seller.
SAN DIEGO — 2100 Fifth Avenue LLC has purchased a 10,976-square-foot medical office building in San Diego for $4 million. The building is located at 5776 Ruffin Road. Paul Braun and Chris Ross of JLL Healthcare Practice Group represented the buyer. Don Mitchell and Ryan Mitchell of Cresa San Diego represented the seller, AMEN Ruffin Road LLC, in this transaction.
MIAMI — Cushman & Wakefield has brokered the $68 million sale of a five-building office portfolio at Waterford at Blue Lagoon Business Park in Miami. Built between 1982 and 1988, the portfolio totals 357,466 square feet. Mike Davis, Scott O’Donnell, Michael Lerner, Rick Brugge, Dominic Montazemi and Miguel Alcivar of Cushman & Wakefield represented the seller, a fund managed by DRA Advisors LLC, in the transaction. Ivy Realty acquired the portfolio, which was 79 percent occupied at the time of sale with nearly 60 percent of the tenancy consisting of national and regional companies. Jason Hochman, Michael Ryan and Brian Linnihan of Cushman & Wakefield arranged $50.5 million in acquisition financing through CIBC World Markets on behalf of Ivy Realty. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings.
PHOENIX — Weidner Apartment Homes has acquired The Reserve at Arrowhead, a 472-unit multifamily asset in Phoenix, for $64.5 million. The community is located at 7701 W. St. John Road. Mark-Taylor Inc. developed the property between 1998 and 1999. The Reserve at Arrowhead is within walking distance of Arrowhead Towne Center, a 1.2 million-square-foot super-regional mall. Notable employers in the area include Joseph’s Westgate Medical Center, Luke Air Force Base, AAA, the City of Glendale, Honeywell, Humana Healthcare, Midwestern University, Conair Corp. and the Thunderbird School of Global Management. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group represented both the buyer and the seller, an institutional investment management firm, in this transaction.
DENVILLE, N.J. — Cushman & Wakefield has arranged the sale of Franciscan Oaks, a continuing care retirement community located at 19 Pocono Road in Denville. Springpoint Senior Living acquired the entrance-fee property for an undisclosed sum. Situated on 14 acres, the property features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility. Allen McMurtry, Megan Fetter and David Kliewer of Cushman & Wakefield represented the seller, Catholic Health Initiatives, in the transaction.
COLUMBIA, S.C. — Berkadia has brokered the $24.5 million sale of The Crossroads Apartments, a 622-unit apartment community located at 716 Zimalcrest Drive in Columbia. Built in 1979, the property was 95 percent occupied at the time of sale. Apartment units include fully equipped kitchens, carpeting, hardwood floors, cable and wireless internet access and fireplaces and washer and dryer connections in select units. Community amenities include two swimming pools with sundecks, four tennis courts, two picnic and playground areas, a clubhouse, fitness center and a laundry facility. David Oakley, David Etchison, Mark Boyce and Blake Coffey of Berkadia brokered the transaction between the buyer, Asia Capital Real Estate Management LLC, and the seller, AMAC I Crossroads LLC.
SKOKIE, ILL. — Mid-America Real Estate Corp. has arranged the sale of the multi-tenant portion of Touhy Marketplace, an 18,700-square-foot retail property located in the Chicago suburb of Skokie. Ben Wineman of Mid-America arranged the sale on behalf of the seller, a private developer. An undisclosed private investment group acquired the property. Tenants at Touhy Marketplace, which is shadow-anchored by a Walmart Supercenter, include Sleepy’s, Supercuts, T-Mobile, Jimmy John’s, Moe’s Southwest Grill and M Burger. The PNC Bank, Just Tires and Jollibee locations at the center are separately owned and were not included in the sale.
NEW YORK CITY — Benchmark Real Estate Group has sold a residential and retail building located at 885 10th Ave. in Manhattan’s Midtown West neighborhood. A private family acquired the 37,000-square-foot property for $47.5 million. The six-story building features 36 newly upgraded apartment units, a roof deck, laundry facilities, bike/general storage and a smartphone-based intercom system. Additionally, the building features two ground-floor retail spaces that are fully leased and 20,000 square feet of buildable air rights. Eric Anton, Jeff Julien and Steven Rutman of HFF represented the seller in the deal.
MESA, ARIZ. — IMT Capital has purchased the 340-unit Sienna at Riverview apartment complex in Mesa for $53.8 million. The community is located at 711 N. Evergreen Road. It was developed in 1999. Marina Heights, Arizona’s largest office development, is currently being developed on the south bank of Tempe Town Lake, less than three miles from Sienna at Riverview. Steve Gebing and Cliff David of Marcus & Millichap’s National Multi Housing Group, represented both the buyer and seller, LCOR, in this transaction.
