PHILADELPHIA — Coldwell Banker Commercial Realty has brokered the $14 million sale of a 136,000-square-foot office building located at 399 Market St. in Philadelphia’s Old City neighborhood. According to LoopNet Inc., the building rises five stories and was originally constructed in 1977. Peter Rothberg and Jonathan Dubrow of Coldwell Banker represented the seller, Colonial Penn Life Insurance, in the transaction. OCF Realty purchased the property in an off-market transaction. Coldwell Banker is also the building’s leasing agent.
SEDONA, ARIZ. — Oak Creek Hospitality has acquired Oak Creek Mobilodge, a manufactured home community in Sedona, approximately 30 miles south of Flagstaff. Creekfront Holdings LLC sold the property for $5.3 million. Located at 1156 AZ-179, Oak Creek Mobilodge features 62 manufactured home spaces. Richard Butler of Marcus & Millichap represented the seller, while Lee Jeans of Coldwell Banker procured the buyer in the deal.
SAN JOSE, CALIF. — Marcus & Millichap has arranged the sale of an apartment building located at 544 S. Sixth St. in San Jose. A limited liability company sold the asset to an undisclosed buyer for $4.3 million. Situated on a 11,868-square-foot parcel, the 7,970-square-foot building features 10 two-bedroom apartments with in-unit washers and dryers. Nine of apartments have been remodeled to include new wood flooring, stainless steel appliances, updated kitchens and granite countertops. Built in 1969, the asset also features on-site parking and storage. Eymon Binesh, Adam Levin and Robert Johnston of Marcus & Millichap represented the seller in the deal.
MONTROSE, COLO. — The Boulder Group has arranged the purchase of a single-tenant medical office building located at 2011 Market St. in Montrose, a city of approximately 20,000 residents in the southwest quadrant of the state. A Colorado-based investor acquired the asset from a Midwest-based real estate investment and development company for $2.5 million. Heartland Dental occupies the newly constructed property on a new 10-year net lease. The lease includes 10 percent rental increases every five years and is corporately guaranteed. Heartland Dental has more than 1,700 locations across 38 states nationwide. The company is primarily owned by KKR. Zach Wright and Brandon Wright of The Boulder Group represented the buyer in the transaction.
ELMIRA, N.Y. — Time Equities Inc. (TEI) has purchased Big Flats Commons, a 44,635-square-foot shopping center located in the upstate New York community of Elmira. Target anchors the property, which was built in 2007. Other tenants include Best Buy, Maurice’s, Five Guys, Panera Bread, Vitamin Shoppe and Papa John’s. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI in the transaction on an in-house basis. Kenneth Brownwell of Vanguard-Fine represented the seller, NNN REIT.
PORTLAND, ORE. — Norris & Stevens has arranged the sale of a mini-storage warehouse, located at 5620-5622 S. Kelly Ave. in Portland. Ronald A. Buss and Teresa McCurdy sold the asset to Macadam Moving LLC for $1.6 million. Constructed in 1964 as a warehouse and renovated into a self-storage facility in 1998, the 17,322-square-foot property offers 168 individuals storage units, four office/retail spaces and a freight elevator. Greg Nesting and Gabe Schnitzer of Portland-based Norris & Stevens represented the seller, while Jason Kennedy of RE/MAX Equity Group represented the buyer in the deal.
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Stop & Shop to Close 32 Stores in the Northeast
QUINCY, MASS. — Stop & Shop, a grocery store chain based in the Boston suburb of Quincy, has announced plans to close 32 locations by the end of this year. Situated throughout the Northeast, the stores — described in a press release as “underperforming” — are located in Connecticut, Massachusetts, New Jersey, New York and Rhode Island. According to the grocer, the affected stores will shutter on or before Nov. 2. Associates at the locations will be offered other employment within the company. “As we announced in May, Stop & Shop has evaluated its overall store portfolio and made the difficult decision to close underperforming stores to create a healthy base for the future growth of our brand,” says Gordon Reid, president of Stop & Shop. The company has remodeled 190 stores since 2018, and Reid notes that the remodeled stores are performing better than the stores selected for closure. Accordingly, Stop & Shop plans to focus on “growth through price investments and store remodels.” Following the closures, Stop & Shop’s portfolio will comprise more than 350 stores across five states, with 81 stores in Connecticut, 115 in Massachusetts, 47 in New Jersey, 91 in New York and 25 in …
NOLENSVILLE, TENN. — CBRE has secured $38.6 million in construction financing for the development of Village Green, a 90,525-square-foot shopping center currently underway in Nolensville, roughly 20 miles outside Nashville. Upon completion, the development will comprise nine buildings situated on a 17-acre site at the intersection of Nolensville and Rocky Fork roads. Publix will anchor the center. Other tenants at the property will include Heartland Dental, Club Pilates, Jersey Mike’s, Waxing the City, Hand & Stone Massage and Facial Spa and Physicians Urgent Care. Richard Henry, Mike Ryan, Brian Linnihan and Taylor Crowder of CBRE arranged the loan through ServisFirst Bank on behalf of the borrower, Watkins Real Estate Group. Construction is scheduled for completion in summer 2025.
RICHMOND, VA. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a senior living community located at 9801 Harmony Woods Way and 2422 University Blvd. in Richmond. Totaling 219 units, the property features independent living, assisted living and memory care residences situated on one contiguous campus. Amenities include restaurant-style dining, a Legends club and bar, wellness center, movie theater, concierge services and programming, including lectures, fitness classes and onsite therapy. The property was 93 percent occupied at the time of financing. Ryan Stoll and Taylor Mokris of BWE secured the financing on behalf of the borrower, an undisclosed private equity investor.
MARLBORO, MD. — Cushman & Wakefield has brokered the $14.5 million sale of 8520 Pepco Place, an industrial warehouse located in Marlboro, approximately 15 miles southeast of Washington, D.C. Jonathan Carpenter, Graham Savage, Dawes Milchling and James Check of Cushman & Wakefield represented the seller, TSI Corp., in the transaction. EQT Exeter was the buyer. TSI Corp. developed the facility in 2011. Totaling 75,000 square feet, the property features 25- to 26-foot clear heights, 120 parking spaces, five drive-in doors, two dock doors and a 125-foot building depth. The warehouse was fully leased to Harris Co., a national mechanical contractor, at the time of sale.