TORRANCE, CALIF. — Totai America has purchased an industrial building located at 19675 Mariner Ave. in Torrance. Kung Fu Dragon sold the property for $7.6 million. Totai America plans to relocate its headquarters to the 21,337-square-foot property. Founded in 1981, Totai America offers full-service rotogravure printing/converting services. Todd Taugner of The Klabin Company, in collaboration with Takashi Sugita of Relo Redac, represented the buyer in the deal.
IRVINE, CALIF. — Irvine-based real estate investment trust HCP (NYSE: HCP) has entered into a definitive agreement to form a new $605 million joint venture with Morgan Stanley Real Estate Investment (MSREI) on a 2 million-square-foot medical office building portfolio. MSREI will provide cash to the joint venture for a 49 percent stake, while HCP will contribute nine wholly owned medical office buildings valued at approximately $320 million. These assets, located primarily in Texas and Florida, comprise 1.2 million square feet of leasable space and are 80 percent occupied. The joint venture will use the cash contributed by MSREI to fund the $285 million acquisition of a medical office portfolio in Greenville, S.C. Healthcare Trust of America Inc. (NYSE: HTA) has agreed to sell the Greenville portfolio, which includes 16 medical office buildings totaling approximately 856,000 square feet. HTA originally acquired the portfolio in 2009 for $163 million as part of a sale-leaseback transaction. HCP and MSREI will immediately market for sale three of the smaller assets within the Greenville portfolio, leaving the venture with a combined 832,000 square feet of leasable space. Greenville Health System, the largest health system in South Carolina, occupies 94 percent of the portfolio’s square …
NEEDHAM, MASS. — NKF Capital Markets has brokered the $96.5 million sale of a 247,542-square-foot office building in Needham. The property, located at 89 A Street, is approximately 12 miles southwest of Boston. The recently renovated building features a two-story lobby, two interior courtyards, a cafeteria and a fitness center. NKF Capital Markets represented the sellers, Normandy Real Estate Partners and Westbrook Partners, in the transaction. MetLife Investment Management purchased the property. The global headquarters of SharkNinja, a household cleaning and kitchen appliance company, anchors the building.
NEW YORK CITY — Dane Real Estate has negotiated the $17 million sale of the Paul Robeson Houses, a two-building residential portfolio located in Central Harlem. The Paul Robeson Houses are comprised of two residential buildings with a total of 80 residential units. The buildings are both Section 8 properties. Dane Real Estate represented the undisclosed seller in the transaction. LIHC Investment Group purchased the portfolio.
SCRANTON, PA. — Geisinger Health Systems has acquired the Mt. Pleasant Medical Center, a 30,750-square-foot medical office building in Scranton for $6.4 million. Geisinger purchased the property from a private partnership. Healthcare Real Estate Group, Marcus & Millichap and Hinerfeld Commercial RE represented both parties in the transaction. Located at 521 Mt. Pleasant Drive, the property was built in 2011 and is fully occupied by a tenant roster that includes Commonwealth Health Physician Network, LabCorp and Valley Oral & Maxillofacial Surgery PC.
MORRISTOWN, N.J. — HFF and Transwestern have arranged the $5 million sale of a 20,000-square-foot office building in downtown Morristown. Located at 62 Elm St., the three-story building was built in 2006 and features a brick façade, flexible floorplates and 40 parking spaces. HFF and Transwestern represented the seller, Cornerstone Family Programs, in the transaction. A private buyer purchased the property.
AURORA, ILL. — Essex Realty Group Inc. has brokered the sale of a single-tenant retail property occupied by Walgreens in Aurora for $7.5 million. The property is located at 1180 Farnsworth Ave. Walgreens has approximately 12 years left on its initial lease term. Steven Livaditis and Joe Scheck of Essex represented the buyer, CIMA Investors LLC, in the transaction. The seller was not disclosed.
ATKINSON, ILL. — Love’s Travel Stops has purchased a 13-acre site at the northwest corner of I-88 and South State Street in Atkinson in northwestern Illinois. The purchase price was not disclosed. Love’s plans to open a location at the property in 2019. Dave Schmidt and Linda Kost of Realty Metrix Commercial represented Love’s in the transaction. JMP Atkinson Petroleum Inc. was the seller.
MASON CITY, IOWA — Marcus & Millichap has arranged the sale of the Quality Inn & Suites in Mason City in northern Iowa for an undisclosed price. The 60-room hotel is located at 410 5th St SW. Jake Erickson of Marcus & Millichap brokered the transaction with assistance from Barry A’Hearn. Neither the buyer nor the seller were disclosed.
SPRING, TEXAS — The LeClaire Group, a division of Marcus & Millichap, has arranged the sale of AAA Spring Storage, a 673-unit self-storage facility located in the northern Houston metro of Spring. Built in 2005, the property totals 79,778 net rentable square feet and includes 77 rentable outdoor parking spaces and 14 climate lockers. Dave Knobler and Charles LeClaire of The LeClaire Group represented the undisclosed seller in the transaction. The buyer was also not released.
