ALPHARETTA, GA. — G&C Mansell Investors LLC, an affiliate of South Florida-based investment firm Grover Corlew, has purchased five office buildings within Mansell Court at Mansell Overlook in Alpharetta for $12.3 million. The portfolio originally sold in 2007 for $22 million. Totaling nearly 190,000 square feet, the office buildings were a combined 77 percent leased at the time of sale. The new ownership plans to invest $1 million in significant upgrades to the brick office buildings, which were constructed in 1987. Grover Corlew has awarded Heather Lamb of CBRE the leasing assignment for all five buildings.
NEWARK, N.J. — Cohen Financial has closed a $42 million loan for the refinancing of Centre Market Building in downtown Newark. Built in the 1960s, the building features 393,343 square feet of office space. The U.S. Customs and Border Protection, U.S. Drug Enforcement Agency and U.S. Social Security Administration occupy 90 percent of the building. Dan Rosenberg and Matt Terpstra of Cohen Financial secured the fixed-rate, 10-year CMBS loan for the borrower, an affiliate of Kaufman Jacobs.
AUGUSTA, MAINE — FD Stonewater has been awarded the exclusive rights to negotiate a 30-year lease contract with the State of Maine Bureau of General Services to acquire and redevelop the Maine Department of Transportation facility located at 109 Capitol St. in Augusta. Situated on 9.2 acres, the property features eight connecting buildings and other out-buildings. FD Stonewater plans to demolish the existing structures and construct an 89,000-square-foot facility for the Department of Health & Human Services. Construction is slated to begin in mid-2017. Alexandria, Va.-based HGS Architects and Maine-based Mark Mueller Architects are providing architectural services and Landry/French is serving as general contractor for the project.
BETHLEHEM, PA. — Berger-Epstein Associates has arranged an office lease at 2820-2830 Emrick Blvd. in Bethlehem. United Electric Supply Co. will occupy 8,180 square feet of office space at the property. Founded in 1965, United Electric Supply Co. is a general-line distributor of electrical supplies to local industrial, commercial and construction customers. Jonathan Epstein of Berger-Epstein Associates represented the undisclosed landlord in the deal.
BRENTWOOD, TENN. — Avison Young has arranged the $20.9 million sale of Horizon Center, a four-story, Class A office building located at 9020 Overlook Blvd. in Brentwood, a suburb of Nashville. Chicago-based TRP Investments LLC purchased the 104,899-square-foot building. Built in 1999, Horizon Center was fully leased at the time of sale to tenants such as OnLife (Blue Cross Blue Shield), Cross Country Education and Aerotek. Terry Smith, Dick Fleming, Ben Burns and Henry Trost of Avison Young represented TRP Investments in the transaction. TRP has retained Avison Young to lease and manage the property.
HOUSTON — Gupta Partners has acquired Beltway 8 Industrial Park, a nine-building flex property located at 5829 W. Sam Houston Parkway North in Houston, for an undisclosed price. The 276,000-square-foot property offers flex space ranging from 2,400 to 12,000 square feet for small businesses. Jace Auto Wheel and Tire Specialists and Lumber Liquidators, as well as retailers, professional offices, healthcare providers, technology/communications firms and wholesale service companies, occupy the property. Bradley Kovach of Moody Rambin represented the buyer, while Jim Authenreith, also of Moody Rambin, represented the seller, a California-based investment group, in the deal.
HOUSTON — Colliers International has arranged the sale of an office building located at 10555 Richmond Ave. in Houston. US Harmony LLC acquired the four-story, 49,865-square-foot building from Zenith Equity Group for an undisclosed price. At the time of sale, the multi-tenant building was fully occupied. David Carter of Colliers represented the seller in the deal.
GRAPEVINE, TEXAS — Crestone Group has decided to keep its Southwest regional commercial bakery and distribution center at Heritage Business Park in metro Dallas by leasing 70,531 square feet of commercial space at the property. The company signed a long-term lease for space at Heritage Building 6, located at 800 Industrial Blvd. in Grapevine. Michael Spain and Nick Talley of Bradford Commercial Real Estate Services represented the landlord, KTR DFW LLC, while Michael Stanzel of NAI Robert Lynn represented the tenant in the deal.
EVANSTON, ILL. — FD Stonewater has acquired a multi-tenant office building in Evanston, 13 miles north of Chicago. The Class A, 164,845-square-foot building is located at 1007 Church St. Architect Helmut Jahn designed the building. The property was 79 percent leased upon acquisition to tenants in the education, healthcare and technology sectors. The building has been renamed Evanston MetroCenter. FD Stonewater, based in Arlington, Va., plans to make building improvements at Evanston MetroCenter and expand tenant services.
WATERTOWN, MASS. — The Watertown Planning Board unanimously approved the development of Arsenal Yards, a mixed-use project at the former Arsenal Mall in Watertown. Developers Boylston Properties and The Wilder Cos. plan to add a mixed-use project featuring 350,000 square feet of retail and entertainment space and 500 residences to the existing 100,000 square feet of office space. Construction is slated to begin in six to eight months. The project will feature chef-driven restaurants, a specialty grocery, a wine superstore, a cinema, market-rate and affordable apartments, and a combination of boutiques and national retailers.