PHILADELPHIA — CBRE has arranged the $8 million sale of N15, a 75-bed student housing complex serving Temple University in Philadelphia. Built in 2012, the 36-unit, four-story building was 99 percent occupied at the time of sale. Adrian Sam and Spencer Yablon of CBRE represented the seller, North Broad Living, in the transaction. The buyer was an undisclosed private investor.
MOORESTOWN, N.J. — Colliers International has brokered the sale of a 22,500-square-foot warehouse located at 353 Crider Ave. in the Southern New Jersey city of Moorestown. A partnership between Quinlan Development Group and Atrium Real Estate Group purchased the building for an undisclosed price. The seller, Court Street Ventures, acquired the asset a year ago and implemented capital upgrades. Ian Richman of Colliers brokered the deal.
WOOLWICH TOWNSHIP, N.J. — Nevada-based developer Dermody Properties has broken ground on a LogistiCenter at Woolwich, an approximately 1.1 million-square-foot industrial project in Southern New Jersey’s Gloucester County. The Class A development will consist of three buildings totaling 262,200, 552,585 and 336,700 square feet. Building features will include clear heights of 36 to 40 feet, 50 to 110 dock-high doors, ESFR sprinkler systems and build-to-suit office space. CBRE is the leasing agent for the project. Construction of the first building is slated for a fall 2022 completion.
SELINSGROVE, PA. — JLL has negotiated the $44.8 million sale of Monroe Marketplace, a 372,794-square-foot retail power center in Selinsgrove, about 170 miles northwest of Philadelphia. Giant Food Stores anchors the property, and other soft goods retailers include T.J. Maxx, Dick’s Sporting Goods, Kohl’s, Ross Dress for Less, Michaels, Old Navy, PetSmart and Ulta Beauty. Restaurant users include Longhorn Steakhouse and Buffalo Wild Wings. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the undisclosed institutional seller in the transaction. Acadia Realty Trust purchased the asset for an undisclosed price.
NORTH PROVIDENCE, R.I. — Maryland-based investment and development firm Greenberg Gibbons has acquired North Providence Marketplace, a 112,497-square-foot shopping center in Rhode Island. Grocer Shaw’s is the anchor tenant of the property, which was 82 percent leased at the time of sale to tenants such as Dollar Tree, Sally Beauty Supply, H&R Block and EbLens. Justin Smith, Chris Peterson, Bryan Anderson, Ben Starr, Sam Koonce and Molly Lynch of Atlantic Capital Partners represented Greenberg Gibbons and the unnamed seller in the transaction. The sales price was not disclosed, but Greenberg Gibbons acquired the asset in conjunction with a 92,000-square-foot center in Maryland for a combined $34.6 million.
ELIZABETH, N.J. — Cushman & Wakefield has brokered the $34.5 million sale of a 240,000-square-foot industrial asset located within a Qualified Opportunity Zone in the Northern New Jersey community of Elizabeth. Building features include 58 loading positions, 185-foot truck court depths and an adjacent lot for tractors/employee parking. Gary Gabriel, Kyle Schmidt, Ryan Larkin, Eli Millstein, Chuck Fern and Gary Casaletto represented the undisclosed seller in the transaction. The buyer was also undisclosed. The property was fully leased to seven tenants at the time of sale.
BOSTON — JLL has brokered the $74.6 million sale of a 102,727-square-foot office building in Boston’s Seaport District that will soon be converted to a life sciences facility. The nine-story building at 51 Melcher St. was originally constructed in 1916 as a concrete masonry warehouse and renovated in 2013. Coleman Benedict, Scott Carpenter and Mike Shepard of JLL represented the seller, Zurich Alternative Asset Management, and procured the buyer in the transaction. JLL has also been retained to lease the property on behalf of the new ownership.
GLEN MILLS, PA. — Erickson Senior Living has completed Evergreen Pointe, an expansion at Maris Grove, a continuing care retirement community (CCRC) in the western Philadelphia suburb of Glen Mills. The project, which is part of a multi-year plan to grow and renovate the CCRC, added a 76,000-square-foot assisted living building to the property. In addition to its continuing care neighborhood, Maris Grove has three independent living neighborhoods, with more than 1,200 independent living apartments on an 87-acre campus. Evergreen Pointe’s designer was architectural firm SFCS.
WEST MAHONING TOWNSHIP, PA. — Regional Industrial Development Corp. of Southwestern Pennsylvania (RIDC) has partnered with the industrial development council of Armstrong County, located outside of Pittsburgh, to bring vertical development to Northpointe Industrial Park. The site spans more than 800 acres and is located adjacent to the Allegheny Expressway. Northpointe Industrial Park’s 115 shovel-ready acres can accommodate more than 500,000 square feet of new development. A construction timeline has not yet been established.
MILFORD, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has arranged the $9 million sale of a mixed-use building in Milford, located in the southern coastal part of the state. The sales price equates to $206 per square foot and a cap rate of 6.76 percent. Built in 1991 and renovated in 2015, the property consists of 21,799 square feet of residential space across 23 units and 21,359 square feet of commercial space across 10 suites. The buyer and seller were not disclosed. NEPCG represented both parties in the transaction.