PHILADELPHIA — Marcus & Millichap has arranged the $15.3 million sale of The Parkside Portfolio, a collection of retail and office buildings totaling 78,194 square feet in the West Parkside neighborhood of Philadelphia. The buildings are located at 5050, 4946, 4952-64 Parkside Ave. and are leased to national anchor tenants including Davita, Santander Bank and Goodwill. The office portion of the portfolio was fully leased to homecare, government and local professional tenants. Derrick Dougherty and Scott Woodard of Marcus & Millichap represented the seller, Rockland Capital, in the transaction. The team also represented the buyer, The Leser Group.
NEW YORK CITY — Cushman & Wakefield has brokered the $10 million sale of a 50-unit multifamily building in The Bronx. Built in 1955, the six-story, 57,558-square-foot building is located at 1150 Pelham Parkway near Albert Einstein College of Medicine, The Bronx Zoo and Fordham University. The building includes six four-bedroom units, 18 two-bedroom units and 21 one-bedroom units, as well as a 22-space parking garage. The surrounding area offers proximity to major hospitals and private medical facilities. Robert Shapiro, Jonathan Squires and Michael Fioravanti of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was also undisclosed.
CHICAGO — NAI Hiffman has brokered the sale of a 42,000-square-foot cold storage building in Chicago’s Brighton Park neighborhood for $7.5 million. In conjunction with the sale, NAI Hiffman also negotiated a six-year lease with the sole tenant, Moesle Meat Co. Built in 2016, the property is located at 5115 S. Millard Ave. John Basile of NAI Hiffman represented the buyer, Chicago-based Karis Cold Storage, a newly launched private investment and development company.
ATLANTA — AT&T informed CNN employees Monday that it will sell the CNN Center in downtown Atlanta, according to multiple media reports. AT&T took control of CNN in 2018 when it acquired Time Warner Media. Employees were notified that the move will not happen right away, as CNN will lease One CNN Center for another five years before moving to Time Warner’s Techwood campus in Midtown Atlanta. Ted Turner founded media giant at Techwood in 1980 before moving to downtown in 1987. It was not immediately clear if AT&T had a buyer lined up. CNN Center totals 150,490 square feet. The building includes a food court with tenants such as Starbucks, BurgerFi, Dunkin’, Moe’s Southwest Grill and Chick-fil-A. Retail tenants include the Atlanta Braves Dugout Store and Wells Fargo. The building is situated next to Mercedes-Benz Stadium, Centennial Olympic Park, State Farm Arena, Omni Hotel & Resort, the Georgia Aquarium, World of Coca-Cola and the College Football Hall of Fame.
FAYETTEVILLE, TENN. — Newmark Knight Frank (NKF) has arranged the sale of two industrial buildings totaling 773,800 square feet in Fayetteville. The first building, located at 1810 Wilson Parkway, is a 695,000-square-foot property that was fully leased at the time of sale. The tenant was not disclosed but according to LoopNet Inc., the tenant is Goodman Manufacturing Co., which also sold the building in a sale-leaseback transaction. The property spans 57.5 acres and features block and insulated metal construction, 26-foot and 34-foot clear heights, 44,374 square feet of air-conditioned office space and a drive-in truck loading dock with an overhead crane. The second building comprises 78,800 square feet and is located at 1700 Wilson Parkway. The building was vacant at the time of sale. It features a 64,800-square-foot warehouse with 20-foot clear heights, five dock doors and one drive-thru dock, as well as a 10,400-square-foot office on the ground level. BSD Properties purchased 1700 Wilson Parkway, and 1810 Wilson Parkway LLC purchased 1810 Wilson Parkway. Michael Reid and Bart Hardison of NKF represented both the buyer and seller in the transactions. The sales price was not disclosed. The seller and sales price of 1700 Wilson Parkway were not disclosed.
NEW YORK CITY — SL Green has agreed to sell a 126-unit multifamily building in the Sutton Place neighborhood of Manhattan for $62 million. Located at 400 E. 58th St., 16-story property also includes approximately 3,800 square feet of commercial space. The transaction is expected to close during the third quarter and generate net cash proceeds to SL Green of approximately $20 million. SL Green and an undisclosed joint venture partner acquired the building in 2012 as part of an eight-building portfolio of retail and multifamily properties. SL Green owns 90 percent interest in the joint venture. At the time of sale, the rental units were approximately 97 percent leased. Simon Ziff and Marc Sznajderman of Ackman-Ziff Real Estate Group represented SL Green in the transaction.
LEVITTOWN, PA. — Colliers International has arranged the sale of a 40,000-square-foot warehouse in Levittown, a southern suburb of Trenton, for an undisclosed price. The Class C building is located at 1901 Hartel St. and was constructed in 1969. The property offers immediate access to the Pennsylvania Turnpike and Interstate 95. Jim Scott of Colliers represented the buyer, family-owned tire service company McCarthy Tire. Scott also represented the undisclosed seller.
NEW YORK CITY — JLL has brokered the $19.8 million sale of a vacant, 19,991-square-foot residential development lot in the Dumbo neighborhood of Brooklyn. Located at 251 Front St., the property includes 39,982 square feet of developable land and is zoned for a boutique condominium or townhouse project. The space also includes 400 feet of retail visibility on three streets. Stephen Palmese and Brendan Maddigan led a JLL team that represented the seller, a private investor, in the transaction. The team also represented the buyer, CW Realty.
FORT WORTH, TEXAS — Marcus & Millichap has arranged the sale-leaseback of the U.S. headquarters of defense electronics firm Elbit Systems of America. The 215,729-square-foot manufacturing and office campus is located in Fort Worth. The property was built on 25 acres in 1980 and has been leased to Elbit Systems since 1993 on a triple-net basis. An undisclosed pension fund advisor purchased the campus from Elbit Systems as part of a portfolio sale that also included the defense contractor’s manufacturing plant in Roanoke, Va. Adam Abushagur of Marcus & Millichap handled the sale of the Texas facility.
SAN JOSE, CALIF. — Kennedy Wilson Fund VI has acquired a six-building R&D/office portfolio in South San Jose for $53.5 million. The name of the seller was not released. Totaling 257,000 square feet, the portfolio consists of five single-story R&D buildings and a two-story office building. The portfolio is currently 100 percent occupied by 15 tenants. The acquisition expands Kennedy Wilson’s presence in Silicon Valley and its growing portfolio of flex office assets across a global footprint. Kennedy Wilson has an 11 percent interest in Fund VI, which has a portfolio that includes 13 multifamily, office, retail and other commercial assets in markets in San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The assets have an aggregate purchase price of $1.1 billion.