Acquisitions

Big V Property Group Acquires 180,845 SF Shopping Center in Richmond

by Alex Tostado February 1, 2019

RICHMOND, VA. — Big V Property Group has acquired Pocono Crossing, a 180,845-square-foot shopping center located at 10400 Midlothian Turnpike in Richmond for $12.3 million. Situated about 11 miles west of downtown Richmond, Pocono Crossing was 84 percent leased at the time of sale to tenants including Burlington, Tuesday Morning, Chuck E. Cheese’s, Catherines, Hong Kong Buffet and Boost Mobile. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

February 1, 2019

Acquisitions Industrial New Jersey Northeast

JLL Arranges $61M Sale of Former Ballantine Brewery in Newark, New Jersey

by David Cohen February 1, 2019

NEWARK, N.J. — JLL has arranged the $61 million sale of the former Ballantine Brewery in Newark. Located at 424 E. Ferry St., the 1.1 million-square-foot industrial property includes five buildings across 22 acres in the Ironbound section of Newark. The property was originally owned and operated by P. Ballantine & Sons. Currently, the property is approximately 85 percent leased to 30 tenants ranging in size from 2,500 to 159,287 square feet. Thomas Walsh, Joseph Garibaldi and Katelyn Borovsky of JLL represented the seller, RAR Development Associates, in the transaction. The buyer was a joint venture between Turnbridge Equities and institutional investors advised by J.P. Morgan Asset Management.

February 1, 2019

Acquisitions Development Lee & Associates Multifamily New York Northeast

Lee & Associates Orchestrates $11.5M Sale of Development Site in Queens

by David Cohen February 1, 2019

NEW YORK CITY — Lee & Associates has arranged the $11.5 million sale of a 25,473-square-foot development site in the Astoria neighborhood of Queens. Located at 26-24 and 26-26 4th St., the property consists of two lots, which are zoned residential. One of the lots features a 20,000-square-foot warehouse. The properties allow for a total of 67,982 buildable square feet. Alfonso Holloman of Lee & Associates represented the buyer, Bruman Realty, and the undisclosed seller, in the transaction.

February 1, 2019

Acquisitions Industrial New Jersey Northeast

NAI Mertz Brokers Sale of 46,000 SF Warehouse in New Jersey

by David Cohen February 1, 2019

BURLINGTON TOWNSHIP, N.J. — NAI Mertz has brokered the sale of a 46,000-square-foot warehouse in Burlington Township. The price was not disclosed. Located at 308 Connecticut Drive, the property features 21-foot clear heights and is situated alongside Interstate 295. Jonathan Klear of NAI Mertz represented the buyer, Burton Real Estate, in the transaction. The seller, Merchant & Evans Industries, will remain as a tenant in the building.

February 1, 2019

Acquisitions Mixed-Use New York Northeast

Marcus & Millichap Negotiates $1.2M Sale of Mixed-Use Property in Brooklyn

by David Cohen February 1, 2019

NEW YORK CITY — Marcus & Millichap has negotiated the $1.2 million sale of a 3,500-square-foot mixed-use building in Brooklyn. The property is located at 1001 39th St. John Brennan and Samuel Finkler of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 1, 2019

Acquisitions Office Texas

Granite Properties Buys Office Complex in Houston’s Energy Corridor for $78.4M

by Taylor Williams February 1, 2019

HOUSTON — Plano, Texas-based investment firm Granite Properties has purchased Eldridge Place, a three-building, 824,632-square-foot office complex in Houston’s Energy Corridor area, for $78.4 million. Granite Properties will invest $20.6 million in capital improvements to the lobbies, mechanical systems and amenity spaces, which include a conference center, fitness center and a café. Jeff Hollinden and Marty Hogan of HFF represented seller, TIER REIT Inc. (NYSE: TIER), in the transaction. Scott Martin and Paul Bennett represented Granite Properties internally.

February 1, 2019

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Facility in Texarkana, Texas

by Taylor Williams February 1, 2019

TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of Payless Storage Inc., a 587-unit facility located at 927 N. Robison Road in Texarkana, located near the Arkansas border. Situated on 15 acres, the property spans two buildings offering 87,600 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap’s Karr Self Storage team represented the seller, a locally based limited liability company, and procured the buyer, a New York City-based private investor. Both parties requested anonymity.

February 1, 2019

Acquisitions Mixed-Use Texas

Stream Realty Partners Acquires 194,332 SF Mixed-Use Building in Dallas

by Taylor Williams February 1, 2019

DALLAS — Stream Realty Partners has acquired The Quadrangle, a 194,332-square-foot mixed-use building in Uptown Dallas. Originally built on four acres in 1966, the eight-story property features office and retail space and is located within walking distance of more than 75 restaurants and 55,000 multifamily units in various stages of development. HFF represented the seller, American Realty Advisors, in the transaction. HFF also represented Stream in securing acquisition financing. The sales price was not disclosed.

February 1, 2019

Acquisitions California Industrial Western

Newcastle Partners Divests 260,000 SF Industrial Spec Development in Riverside, California

by Amy Works February 1, 2019

RIVERSIDE, CALIF. — Newcastle Partners, in partnership with Sun Life Assurance Company of Canada, has completed the sale of a speculative industrial property nearing completion in Riverside. Situated on 13 acres at 21822 Opportunity Way, the 260,000-square-foot facility is situated within Meridian Business Park. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-docked design that includes up to 185-foot truck courts. The facility is the third and final phase of activity within Meridian Business Park, a 70-acre site with 1.37 million square feet of industrial space. Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.

February 1, 2019

Acquisitions California Office Western

M & J Wilkow, National Real Estate Advisors Sell 112,208 SF Office Building in San Francisco

by Amy Works February 1, 2019

SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.

February 1, 2019

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