SOMERSET, N.J. — JLL Capital Markets has brokered the $33.5 million sale of Atrium Corporate Park in Somerset. Located at 300, 400 and 500 Atrium Drive, the 679,251-square-foot office park consists of three buildings and is situated on more than 47 acres. Joseph Garibaldi, Thomas Walsh, Heather Lombardi, Katelyn Borovsky and Nick Vanderslice of JLL represented both the buyer and seller, who were undisclosed, in the transaction.
EAST NORRITON, PA. — HFF has negotiated the $12.3 million sale of Norriton Medical Center, a 74,212-square-foot medical center in the Philadelphia suburb of East Norriton. Located at 160-190 W. Germantown Pike, the four-building complex is currently 92 percent leased and is anchored by Einstein Orthopedics and Moss Rehab. Ben Appel, Jim Cadranell, Doug Rodio and Brett Segal of HFF represented the seller, an indirect wholly owned subsidiary of Franklin Realty Development Corp., in the transaction. The buyer was undisclosed.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a vacant 3,750-square-foot industrial building in the Hunts Point neighborhood of the Bronx. The sales price was $975,000. Located at 1318 Oak Point Ave., the property consists of 2,500 square feet of industrial space with 14-foot ceilings on the ground floor, five roll-up garage doors and 1,250 square feet of space on the second floor. Jonathan Squires, Michael Fioravanti, Josh Neustadter and Addison Berniker of Cushman & Wakefield represented the undisclosed seller in the transaction. The buyer was an Opportunity Fund formed by My Tool Rental, a Brooklyn-based tool rental firm that is expanding into the Bronx.
BOTHELL, WASH — Investcorp has completed the sale of Highlands Campus Tech Centre, a technology campus located at 21520, 21312 and 21222 30th Drive SE in Bothell. Equus Capital Partners acquired the asset for an undisclosed price. The 201,766-square-foot campus features two flex/R&D buildings and one office building. Kevin Shannon, Nick Kucha, Ken White, Michael Moll and Bill DeLacy of Newmark Knight Frank represented the seller in the deal.
COMMERCE, CALIF. — Rexford Industrial Realty has purchased a multi-tenant industrial property in Southern California for $18.2 million, or $245 per square foot. Located at 6100 Sheila St. in Commerce, the 74,527-square-foot freezer/cooler building sits on 4.3 acres. The 22-foot clear height building features 40 dock positions with units from 6,000 square feet to 18,000 square feet. At the time of sale, the property was 100 percent leased to seven tenants. Rexford plans to improve the building’s functionality and energy efficiency with the potential to roll in-place leases to higher market rates. The name of the seller was not disclosed.
CHICAGO — Interra Realty has brokered the sale of a 61-unit multifamily building in Chicago’s South Shore neighborhood for $3.2 million. Located at 7131-7151 S. Bennett Ave., the property includes a mix of studios, one-, two- and three-bedroom units. The buyer plans to make capital improvements to the units. At the time of sale, the units were 80 percent leased. Lucas Fryman of Interra represented both parties.
RALEIGH, N.C. — PN Hoffman has purchased Seaboard Station in the north end of downtown Raleigh from William Peace University (WPU) for $34 million. The Washington, D.C.-based developer plans to build a $250 million, 800,000-square-foot mixed-use development consisting of approximately 650 apartments, 150 hotel rooms and 135,000 square feet of retail space. The development sits on seven acres and will be built in three phases, though a timeline was not disclosed. TradeMark Properties represented WPU in the sale. The liberal arts college will remain an active voice in the future of Seaboard Station, according to PN Hoffman.
NEW YORK CITY — New York City-based real estate investment owner/operator Savanna has acquired a 12-story, 126,256-square-foot office and retail building in the NoMad neighborhood of Manhattan. The sales price was $100 million. Located at 48 W. 25th St., the property was built in 1920. Savanna plans to implement a $21 million capital improvement plan at the property, which will include a complete lobby renovation as well as roof and façade repairs. Adam Spies, Adam Doneger and Josh King of Cushman & Wakefield represented the seller, a longtime family owner, in the transaction.
JERSEY CITY, N.J. — Marcus & Millichap has brokered the $3.6 million sale of a net-leased BP gas station in Jersey City. The property is located at 1505 John Fitzgerald Kennedy Blvd., directly off I-78, a major highway connecting Pennsylvania, New Jersey and New York. Preet Sabharwal, Dan Corcoran and Michael Grunberg of Marcus & Millichap’s Manhattan office represented the undisclosed seller in the transaction. The buyer was also undisclosed.
LEWISVILLE, TEXAS — Tampa-based multifamily owner-operator American Landmark has acquired Emery Bay at Lakepointe, a 360-unit multifamily community located in the northern Dallas metro of Lewisville. Built in 1997, the property offers one-, two- and three-bedroom units and amenities such as a pool, fitness center, spa, business center, dog park and a volleyball court. American Landmark will invest $3.5 million in capital improvements to the unit interiors and amenity spaces. Mitch Sinberg, Matt Robbins, Robert Falese and Matthew Cullison of Berkadia secured a $36.5 million Fannie Mae acquisition loan on behalf of American Landmark for the transaction. The seller was not disclosed.
