KING OF PRUSSIA, PA. — BPG Properties has sold two office properties located in King of Prussia to an undisclosed buyer. Executive Terrace is a 132,089-square-foot, mid-rise office campus that was 91 percent leased at the time of its sale. King of Prussia Business Center consists of 14 one- and two-story buildings totaling 175,990 square feet. It was 72.6 percent leased at the time of closing. Eric Mattson of Newtown Square, Pa.-based Professional Realty Advisors brokered the deal.
LANCASTER, MASS. — Horn Packaging has purchased the former Rockport Factorty Stores manufacturing facility in Lancaster for the consolidation of its Boston-area operations. The Class A property is located at 580 Fort Pond Road. It contains 275,000 square feet of manufacturing and distribution space. Amenities include 34-foot ceilings, 23 exterior loading docks and 163 parking spaces. The UGL Services team of James Halepis, Roger Williams and Michael Cook represented the buyer in the deal. The seller, 580 Fort Pond LLC, was represented by Andrew Sacher of Parsons Commercial Group. Horn Packaging will take occupancy of the building in the second quarter.
BILLERICA, MASS. — Nova Biomedical has purchased an 80,000-square-foot manufacturing/warehouse facility in Billerica. Located at 39 Manning Road, the facility contains 14-foot ceilings, heavy power, distributed air lines, and ample loading docks and truck parking. Nova is relocating its manufacturing and warehousing operations to the new property from a smaller facility in Bedford, Mass. Jack Kerrigan of Grubb & Ellis arranged the deal between Nova and the undisclosed seller. The acquisition price was also not released.
NORTH HAMPTON, N.H. — EagleBridge Capital has arranged $2.48 million in acquisition financing for a New Hampshire shopping center. Dollar Tree Plaza is located at 26 Lafayette Road in North Hampton. It contains 21,000 square feet, which consists of a 10,000-square-foot Dollar Tree, an 8,000-square-foot AutoZone, and a 3,000-square-foot, freestanding building occupied by Optima Bank & Trust. Ted Sidel and Brian Sheehan of EagleBridge arranged the permanent financing on behalf of the undisclosed borrower through a regional financial institution.
NEW YORK CITY — The State Teachers Retirement System of Ohio has acquired the retail portion of the 15 Union Square West residential tower in New York City from Brack Capital Real Estate for $57.88 million. The condominium totals 14,494 square feet and consists of four spaces. Tenants include HSBC Bank, Lululemon Athletica and Sketchers. The fourth space is vacant. Bill Shanahan and Darcy Stacom of CB Richard Ellis represented the seller in the deal.
EAST WINDSOR, N.J. — Marcus & Millichap has brokered the sale of a New Jersey retail center for $14.5 million. Windsor Crossing is an 80,009-square-foot property located at 761 Route 33 West. The center has 14 tenants including Gold's Gym, The Learning Experience, New York Community Bank, a Japanese restaurant and a grocery store. It is part of a master-planned development that also includes The Home Depot, Walmart and 102 single-family homes. Brad Nathanson and Christopher Munley of Marcus & Millichap's Philadelphia office represented the seller, Windsor Crossing West #4 LLC. The pair also procured the buyer, a New York-based shopping center operator. Michael Fasano of Marcus & Millichap's New Jersey office assisted in the deal.
ATTLEBORO, MASS. — the former Kilmartin Industries/Roger Williams Mint has traded for an undisclosed amount. The 128,000-square-foot manufacturing facility is located within Northwest Attleboro Industrial Park at 79 Walton St. in Attleboro. The buyer is a realty company that plans to lease the property to Stergis Window & Doors Manufacturing. David Stubbledine and Donald Hampton of The Stubbledine Company represented the buyer. Gerry Surprenant of MG Commercial represented the undisclosed seller.
PISCATAWAY AND LOPATCONG, N.J. — A joint venture between Boston-based STAG Capital Partners and California-based GI Partners has purchased an industrial portfolio in New Jersey from Captive Realty Co. The two buildings are located at 251 Circle Drive North in Piscataway and 190 Strykers Road in Lopatcong. Both are rail served. They contain approximately 315,500 square feet of manufacturing and distribution space, and are fully leased to Captive Plastics, a subsidiary of Berry Plastics Corp. Jeffrey Dunne, Kevin Walsh and Brian Shultz of CB Richard Ellis' New York Institutional Group partnered with Samuel Buckley of the firm's Saddle Brook, N.J., office to represent the seller. The team also procured the buyer.
PENNSYLVANIA — Marcus & Millichap has brokered the sale of a Pennsylvania multifamily portfolio. The three properties consist of historic buildings that were renovated into apartments in the 1980s. Old City Hall is an 82-unit property located in Harrisburg that traded for $7 million at a 7.54 percent capitalization rate. Peach Alley Court is a 72-unit property located in Elizabethtown that traded for $5 million at an 8.27 percent cap rate. Finally, The Shoe Factory is a 41-unit property located in Palmyra that traded for $2.95 million at an 8.68 percent cap rate. Zachary Pierce of Marcus & Millichap's Philadelphia office represented the seller, Reinhold Residential. The buyers were three different private investors. Ken Wellar, also of Marcus & Millichap, assisted Pierce in procuring the buyers for the Elizabethtown and Palmyra deals.
LINDEN, N.J. — Two tenants have signed on to take all of the space at 55 Wildcat Way, a newly built, 385,000-square-foot distribution center located in Linden. Asian food distributor JFC International will occupy 203,000 square feet, and third-party logistics provider Horizon Logistics will occupy the remaining 182,000 square feet. Cushman & Wakefield's Stephen Elman partnered with former Cushman brokers Noah Balanoff to represented the landlord, The Morris Companies. The CB Richard Ellis team of Bill Waxman, Mindy Lissner and Masahiro Tanaka represented JFC International, and Chris Hile of Jones Lang LaSalle represented Horizon Logistics.