NEW YORK CITY — Cushman & Wakefield has arranged the $1.9 million sale of a four-unit multifamily building in the NoLita neighborhood of Manhattan. Located at 172 Elizabeth St., the 2,700-square-foot property also includes a retail store on the ground floor. Robert Burton and Bobby Carrozzo of Cushman & Wakefield represented the seller, the estate of Russell Kolody, in the transaction. The buyer was David Zahabian.
EMERYVILLE, CALIF. — BioMed Realty, a Blackstone portfolio company, has purchased Emeryville Center for Innovation from an undisclosed seller for $135 million. Located in Emeryville, the property currently consists of a 250,000-square-foot, six-story life science office building and adjacent developable land parcels. As part of the transaction, Novartis will enter into a one-year leaseback on the existing building. During this time, BioMed Realty will advance redevelopment plans to transform the building into a Class A+, multi-tenant laboratory and office facility with integrated amenities. The asset also offers the potential to develop approximately 850,000 square feet of additional laboratory and office space on the campus through an existing development agreement with the City of Emeryville. This acquisition allows BioMed, an owner of approximately 4 million square feet of life science office space in the Bay Area, to continue capitalizing on the tenant demand in the San Francisco Bay Area.
VISTA AND SANTA CLARITA, CALIF. — Rexford Industrial Realty has acquired two industrial properties located in Southern California for a total of $12.2 million. Rexford purchased 2455 Ash St. in Vista within the North San Diego County submarket for $6.7 million, or $157 per square foot. Situated on 3.4 acres, the 42,508-square-foot property is fully leased to a single tenant. The building features dock-high loading, 22-foot clearance and a private yard. Additionally, the company acquired 25413 Rye Canyon Road in Santa Clarita within the San Fernando Valley submarket for $5.5 million, or $115 per square foot. Situated on 2.6 acres, the 48,075-square-foot property was currently 40 percent leased at the time of sale.
PERRIS, CALIF. — Progressive Real Estate Partners has brokered the sale of Shops at Ramona Expressway in Perris. A Riverside, Calif.-based private investor sold the asset to a Monterey Park, Calif.-based private investor for $3.5 million, or $352 per square foot. Built in 2007 and located at 780 Ramona Expressway, Shops at Ramona Expressway features 9,808 square feet of retail space. At the time of sale, the property was 100 percent occupied. Greg Bedell of Progressive Real Estate Partners represented the seller, while Shane Delaney of REeBroker Group represented the buyer in the transaction.
CHICAGO — JLL has acquired Corporate Concierge Services, a national provider of onsite tenant amenity and concierge solutions for retail, office, residential and hospitality properties. JLL says the acquisition is in line with its mission to bring the level of service that guests experience in the hospitality sector to the office, retail and residential sectors. Corporate Concierge Services adds more than 200 employees to JLL. The majority will continue to work in the buildings where they provide services for their tenants. Founded in 2001 by Tom Larance, Corporate Concierge Services has employees in 15 markets across the country. Services include conveniences in office buildings such as TSA Pre-Check, dry cleaning and pickup delivery, flu shots and yoga classes as well as concierge services in retail and multifamily buildings.
STURTEVANT, WIS. — Nordic Realty Partners has purchased a 19,500-square-foot industrial building located at 9900 Durand Ave. in Sturtevant, about 30 miles south of Milwaukee, for an undisclosed price. The property includes 5,000 square feet of office space and 14,500 square feet of warehouse space. Nordic plans to make capital improvements and lease the space to one or more tenants. Titan Inc., a machinery manufacturing and testing firm recently acquired by Burke Porter Group, formerly occupied the building. The company is relocating to a larger facility. NAI MLG Commercial represented the seller in the transaction.
KENNESAW, GA. — ESJ Capital Partners LLC has acquired Barrett Business Center, a four-building, 187,373-square-foot office park located at 2015 Vaughn Road in Kennesaw, for $24.3 million. The Miami-based firm plans to invest more than $1 million in capital improvements, focusing mainly on updating the park’s common areas and business systems. The seller, Pope & Land Real Estate, which originally developed the asset between 1999 and 2008, has been retained by ESJ to continue property management and leasing. The property was 92 percent leased at the time of the sale to tenants including Airgas and CarMax. MetLife provided acquisition financing. Justin Parsonnet and Ryan Reethof of CBRE represented the seller in the transaction.
NEW YORK CITY — JLL has arranged a $19 million acquisition loan for a mixed-use property in the SoHo neighborhood of Manhattan. Located at 489 Broadway, the five-story, 10,710-square-foot building was constructed in 1900. The property consists of eight residential and three retail units. Eliott Zeitoune, Michael Diaz, Aaron Appel, David Sitt and Brendan Collins of JLL secured financing on behalf of the borrower, Sherr Equities, through lender Morgan Stanley. Sherr Equities specializes in acquiring mixed-use assets with the intent to restore and redevelop them.
WAYNE, N.J. — Marcus & Millichap has arranged the $19.2 million sale of the BP Lubricants USA Inc. headquarters in Wayne. The 100,000-square-foot property sits on more than 10 acres of land and is occupied by BP Lubricants’ lab technicians, engineers, analysts, upper management and corporate services as well as the Castrol Oil top sales team. BP has made a significant investment in the building, including renovations to the second and third floors as well as the expansion of lab and testing operations spaces. Alan Cafiero and Ben Sgambati of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a private investor in a 1031 exchange.
EAST ROCK, CONN. — Northeast Private Client Group has brokered the $6.6 million sale of a two-building apartment portfolio in East Rock. The 33-unit portfolio consists of 420 and 431 Whitney Ave. Brad Balletto, Rich Edwards and Jeff Wright of Northeast Private Client Group represented the seller, Hadley Inc., in the transaction. The buyer was MOD Equities LLC.