Acquisitions

3419-Ritner-Highway-Newville-Pennsylvania

NEWVILLE, PA. — Los Angeles-based PCCP LLC has acquired a 1.2 million-square-foot industrial property in Newville, about 35 miles west of Harrisburg, for $141.6 million. Completed in 2020 on a 93-acre site at 3419 Ritner Highway, the building features a clear height of 236 feet, 120 dock-high doors (expandable to 241), 200-foot truck court depths and parking for 265 cars and 437 trailers. John Plower and Ryan Cottone of JLL represented the undisclosed seller in the transaction. JLL also arranged an $82 million acquisition loan through QuadReal Property Group on behalf of PCCP. The building was fully leased at the time of sale to Newell Brands, a Fortune 500 manufacturer and distributor of consumer and commercial products.

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GOLDEN VALLEY, MINN. — Brisky Net Lease has arranged the $10.3 million sale-leaseback of a single-tenant industrial property occupied by Process Displays in Golden Valley. Brian Brisky represented the buyer, while Jordan Greenberg of SpaceNet Equities LLC represented the seller. The user has a new 15-year absolute triple net lease with zero landlord responsibilities and annual rent increases. The property is situated within a well-established industrial park.  

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BELTON, MO. — Block & Co. Inc. Realtors has brokered the sale of Belton Center, a 9,500-square-foot retail strip center in Belton. Block & Co. principals played a key role in the property’s original development in 2002 and have served as the ownership and property management company since its completion. The seller was the original owner of the center, and this transaction marks the first sale of the fully leased property since it was built. Block & Co. will continue to provide leasing and property management services for the new ownership. David Block, Zachary Albrecht and Grant Summers of Block & Co. represented the seller. The buyer was an out-of-state investor.

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McCoy Logistics Center

PALM BEACH COUNTY, FLA. — Cabot Properties has acquired two logistics portfolios totaling 1.3 million square feet in Florida. The portfolios include the McCoy Logistics Center in Orlando, and a three-building logistics property in Palm Beach County. The seller and sales price were not disclosed. Spanning three buildings, the McCoy Logistics Center consists of two rear-load properties and one cross-dock facility totaling 837,115 square feet. Built between 2022 and 2023, the buildings feature dock-level loading, an average 34-foot clear height, 185-foot truck court depths, ESFR sprinkler systems, LED lighting and 555 car parking spaces. The Palm Beach County portfolio spans three rear-load distribution facilities that total 450,505 square feet. The fully leased buildings were built between 2021 and 2023 and include 32-foot clear heights, dock- and grade-level loading, ESFR sprinkler systems, LED lighting and 115- to 185-foot truck court depths.

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ZEPHYRHILLS, FLA. — Franklin Street has brokered the $6.4 million sale of Oakview Plaza, a 47,000-square-foot retail center located in Zephyrhills, roughly 30 miles northeast of Tampa. Justin Walker, Justin Sturdivant and Dylan Morse of Franklin Street represented the seller, South Florida-based Merrimac Ventures, in the transaction. New York-based New Hyde Park Fruit Corp. was the buyer. Originally built in 1990, the center will undergo façade improvements, parking lot enhancements and lighting updates. The property’s Winn-Dixie store is also being redeveloped into an Aldi that will act as co-anchor to Archwell Health, a senior-focused primary care provider. Both stores will operate on new 10-year leases upon opening.

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SUMMERVILLE, S.C. — Avison Young has brokered the sale of 479 Trade Center Parkway, a 448,765-square-foot warehouse and distribution facility located within Charleston Trade Center in Summerville. The facility’s sole tenant at the time of sale was IFA Rotorion, an automotive supplier of prop shafts and joint competencies for auto manufacturers such as BMW, Mercedes-Benz, Porsche and Ferrari. California-based Goldrich Kest purchased the 32-acre property for an undisclosed price. Erik Foster, Michael Wilson and Alex Irwin of Avison Young brokered the transaction. The seller was also not disclosed.

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Capitol-at-Stonebriar-Frisco

FRISCO, TEXAS — California-based investment firm Bascom Group has sold Capitol at Stonebriar, a 424-unit apartment community in Frisco. Developed in 2017 by JPI and acquired by Bascom Group shortly thereafter, Capitol at Stonebriar features one-, two- and three-bedroom units that are furnished with granite/quartz countertops, espresso cabinetry, kitchen islands and individual washers and dryers. Private balconies are available in select residences. Amenities include a pool, fitness center, business center, coffee bar, dog park, outdoor grilling and dining stations, clubroom and an indoor-outdoor lounge. Brian Murphy, Brian O’Boyle Jr. and Richard Furr of Newmark represented Bascom Group in the transaction. David Schwarz, also with Newmark, arranged acquisition financing on behalf of the undisclosed buyer. The property was 91 percent occupied at the time of sale.

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SPRING, TEXAS — Marcus & Millichap has brokered the sale of Cypresswood Crossing, a 107,185-square-foot retail and office complex in the northern Houston suburb of Spring. Cypresswood Crossing consists of two buildings on a 5.6-acre site: a 90,818-square-foot multi-tenant building with both retail and office space and a 16,367-square-foot retail center. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller, a Dallas-based private investment firm, in the transaction. Levy and Scott Abeel procured the buyer, a Houston-based private equity firm. Both parties requested anonymity.

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PEARLAND, TEXAS — Partners Real Estate has arranged the sale of a 13,600-square-foot retail property in the southern Houston suburb of Pearland. According to LoopNet Inc., the property at 11713 Shadow Creek Parkway was built in 2008. Marc Peeler and Peyton Nichols of Partners represented the undisclosed seller in the transaction. The buyer was Fondren Orthopedic Group.

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GREENCASTLE, PA. — JLL has brokered the sale of a 251,043-square-foot distribution center in Greencastle, located near the Pennsylvania-Maryland border. The cross-dock facility at 12316 Molly Pitcher Highway was built on a 32.8-acre site in 2023 at and was fully leased at the time of sale to U.S. government entities. Building features include a clear height of 32 feet, 45 dock-high doors, three drive-in doors, 130-foot truck court depths, parking for 125 cars and 300 trailers, vehicle repair and wash bays and climate-controlled storage areas. John Plower and Ryan Cottone of JLL represented the seller, Atapco Properties Inc., in the transaction.

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