HOUSTON — Chicago-based Brennan Investment Group has acquired a portfolio of seven industrial buildings in Houston totaling 123,800 square feet in Houston. The properties are located in the city’s Northwest, Southeast and North industrial submarkets. The tenant roster has a weighted average lease team of 4.68 years and includes users in the industrial equipment, industrial services, consumer goods, energy and construction industries. The seller and sales price were not disclosed.
ISELIN, N.J. — California-based investment firm KBS has sold Woodbridge Corporate Plaza, a 629,189-square-foot office complex in Iselin, located in the northern part of the Garden State, for $88 million. Kevin Welsh, Brian Schulz, Jason Emrani, Maria Betancourt and Jamie Drummond of Newmark represented KBS, which originally purchased the asset in 2005 and implemented a multimillion-dollar renovation program, in the transaction. Amenities include a 6,000-square-foot fitness center, full-service café and shuttle service to the nearby Metropark transit hub. The buyer was New York-based Northeast Capital Group. The six-building property was 90 percent leased to a roster of 64 tenants at the time of sale.
WASHINGTON, D.C. — EagleBank, a community bank in the Washington, D.C., area, has provided $26 million in acquisition financing for the revitalization of Mazza Gallerie, a landmark retail space in D.C.’s Friendship Heights neighborhood. The borrower, Tishman Speyer, a real estate developer and owner based in New York City, will use the loan to fund both the purchase of the property and the ground-up construction of approximately 350 apartments and 26,000 square feet of ground-floor retail at the site. Barb Mackin, Sameera Rizvi and Jeniffer Mejia of EagleBank originated the loan, the terms of which were not disclosed. Mazza Gallerie is situated on the Wisconsin Avenue retail corridor and is adjacent to the Friendship Heights Metro rail station. The property has access to walkable outdoor amenities and 440,000 square feet of shops and restaurants.
HAMBURG, PA. — Colliers International has negotiated the sale of a 37,840-square-foot retail center located at 552 State St. in the Lehigh Valley city of Hamburg. Pennsylvania-based grocer Weis Markets anchors the center. Scott Horner and Derek Zerfass of Colliers represented the seller, private investor Linda King, in the transaction. The duo also procured the buyer, Sar & Co.
ALPHARETTA, GA. — Dalfen Industrial has bought three Class A industrial properties in Alpharetta, adding 284,000 square feet to its metro Atlanta portfolio. The properties are located less than two miles from Ga. Highway 400. The price and the seller were not disclosed. Built in 2016 to 2019 by Childress Klein, the properties were fully leased at the time of acquisition to tenants including Ericsson and ABC Supply. The buildings have amenities including 24 foot clear heights, rear-load configuration, 100 dock-high doors and one drive-in door, as well as parking.
GAITHERSBURG, MD. — Harbor Group International LLC (HGI) has sold The Gateway, a 748-unit apartment community in Gaithersburg, a Maryland suburb of Washington, D.C. The buyer was Bridge Investment Group and the sales price was not disclosed. The Gateway was previously known as Jefferson at Orchard Pond. HGI acquired the property in 2015 and instituted a capital improvement program that included an HVAC conversion project to decrease net utility costs of the property, as well as addressing deferred maintenance, improve curb appeal and renovating the interiors of 200 units. HGI also added outdoor kitchen stations and two dog parks, as well as improvements to the property’s clubhouse, tennis courts and other common spaces. Completed in 1975, The Gateway is located in Montgomery County, an area known as a hub for large biotechnology firms clustered around the National Institutes of Health (NIH). The apartment community is situated close to the Metropolitan Grove MARC rail station and near the Shady Grove Metro Station. The property is also close to Interstates 270 and 370.
OXFORD, MISS. — DLP Real Estate Capital has acquired Lafayette Place, a 234-unit multifamily property located in Oxford. Lafayette Place has been renamed as DREAM Oxford. The sales price and seller were not disclosed. Built in 2009, Lafayette Place is located less than one mile from the University of Mississippi campus. The community sits on 9.3 acres and includes both one- and two-bedroom units with an average size of 723 square feet. Community amenities include a resort-style saltwater pool, beach volleyball court, 24-hour fitness center with a clubhouse and an outdoor grilling area.
WATERTOWN, WIS. — The Boulder Group has brokered the $3.2 million sale of a retail property net leased to Piggly Wiggly in Watertown, about 50 miles west of Milwaukee. The 27,000-square-foot building is located at 1330 Memorial Drive next to Watertown Regional Medical Center. Jimmy Goodman and John Feeney of Boulder represented the seller, a Wisconsin-based private investor. The buyer was also a Wisconsin-based investor. Piggly Wiggly’s lease expires in December 2029. There are more than 530 Piggly Wiggly stores in 17 states.
MIAMI BEACH, FLA. — ALTO Real Estate Funds has purchased a 7,142-square-foot retail property located in Miami Beach for $18.9 million. The property is situated along Lincoln Road, Miami Beach’s high street retail corridor. The seller was Gombinski Properties, who bought the property in 1985. Ran Ziv and Sean Shahar Ziv of GLT Group Brokerage represented the seller and the buyer. The property comprises two suites located at 900 and 904 Lincoln Road, at the corner of Jefferson Avenue. The corner building underwent a complete renovation in 2016 and now has restored façades, high ceilings and large glass storefronts. The 900 suite is leased to Aerie, the underwear and activewear subsidiary of American Eagle Outfitter. Dallas-based ALTO expects to lease the vacant 904 store by next year. Jonathan Carter of Colliers International South Florida is in charge of leasing. Lincoln Road is a one-mile corridor located close to the Miami Beach Convention Center, hotels, restaurants and beaches. It features brands such as Nike’s only flagship store in Florida, the largest H&M and Zara stores in the Southeast and an Apple store. Lincoln Road features more than 800,000 square feet of retail and restaurants space.
SAN FRANCISCO — PG&E Corp., parent company of Pacific Gas and Electric Co., has agreed to sell the company’s San Francisco headquarters complex, located at 77 Beale St. and 245 Market St., to Hines Atlas US for $800 million. Under the terms of the sale agreement, the transaction closing is contingent on California Public Utilities Commission’s (CPUC) approval of the sale. PG&E will propose distributing approximately $390 million to $420 million to customers resulting from the gain on sale over a five-year period to offset future customer rates. CBRE’s San Francisco Capital Markets team represented PG&E in the transaction. PG&E is on track for a phased move to its new headquarters at 300 Lakeside Drive in Oakland, beginning in the first half of 2022. The company expects the move to Oakland to result in substantially lower headquarters costs over a long-term period. The company also plans to consolidate two other East Bay satellite offices – 3410 Crow Canyon Road in San Ramon and 1850 Gateway Blvd. in Concord – into the new Oakland headquarters.