DURHAM, N.H. — Colliers has brokered the $8.8 million sale of Mill Road Plaza, a 53,238-square-foot shopping center in Durham, located near the New Hampshire-Massachusetts border. Grocer Hannaford and Rite Aid serve as the anchor tenants of the two-building, 10.6-acre property. Abigail Bachman and David Choate of Colliers represented the seller, Colonial Durham Associates LP, in the transaction. The buyer was regional investment firm Torrington Properties.
PRINCETON, N.J. — Cushman & Wakefield has negotiated a 53,000-square-foot office lease at Princeton Point, a two-building office complex located within the university’s 2,000-acre business and research campus. The property offers an onsite café/restaurant, conference center and a courtyard with outdoor private seating. Kevin Carton and Todd Elfand of Cushman & Wakefield represented the landlord, Nuveen Real Estate, in the lease negotiations. Shawn Straka, also with Cushman & Wakefield, represented the tenant, pharmaceutical company Dr. Reddy’s Laboratories.
NEW YORK CITY — New York Cares, a nonprofit organization that coordinates volunteer opportunities throughout the city, has signed an 8,280-square-foot office lease at 39 Broadway in Manhattan’s Financial District. The 447,400-square-foot building is also home to tenants such as Waterfront Commission of New York Harbor and Food Bank for New York City. Carri Lyon and Jenna Catalon of Cushman & Wakefield represented the tenant in the lease negotiations. Brian Siegel of The Lawrence Group represented the landlord, Cammeby’s Management Co. LLC.
BOTHELL, WASH. — Panattoni Development, in partnership with PGIM Real Estate, has acquired North Creek Commerce Center at 18712 Bothell Everett Highway in Bothell. Development is currently underway on the 29-acre Class A flex/industrial park, which is slated for completion by July 2024. Zach Vall-Spinosa of Kidder Mathews, along with Ernie Velton and Reese Velton of JSH Properties, are the leasing agents for the project. The seller and price were not disclosed.
SURPRISE, ARIZ. — Echo Real Estate Capital has acquired an 11.6-acre land parcel at the northwest corner of Peoria and 132nd avenues in Surprise. The site is zoned and approved for four small-bay industrial buildings totaling 182,610 square feet. Slated for completion by the fourth quarter of 2024, Echo Park @ P132 will include four fully air conditioned buildings with 2,500 square feet of speculative office suites and secured concrete truck courts. Echo has partnered with Chicago-based Premier Design + Build to construct the project. This will be Echo’s second development in the submarket. Upon completion, Echo’s metro Phoenix portfolio will total nearly 850,000 square feet of Class A industrial space across six buildings. The company’s first development, two Class A warehouse/distribution facilities in Glendale, are on pace for completion later this year.
HENDERSON, NEV. — A joint venture between Los Angeles-based Partners Capital Inc. and Las Vegas-based CNR Retail has purchased Green Valley Corporate Center South, an office complex located at 2500 and 2550 Paseo Verde Parkway in Henderson. JMA Ventures and Blue Vista Capital Management sold the asset for $17.2 million, or $188 per square foot. Tyler Ecklund, Marc Magliarditi, Travis Landes, Michael Hsu, Brad Peterson, Darren Lemmon and Justin Witt of CBRE represented the sellers, while Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the buyers in the transaction. Built in 2000 and 2002, the two-building Green Valley Corporate Center South offers 91,742 square feet of Class A office space and is part of an eight-building office portfolio within the master-planned Green Valley corridor. At the time of sale, Green Valley Corporate Center South was 81.6 percent occupied. Current tenants include GK Properties Real Estate & Management, Thrive Aviation and Village Capital & Investment. The buyer plans to convert the existing single-story office buildings into a lifestyle center with a focus on crafted dining, retail, design, entertainment, health and wellness uses.
CALDWELL, IDAHO – Cushman & Wakefield has arranged the sale of a fully entitled, 12.7-acre industrial development site in Caldwell. An undisclosed transportation company acquired the asset from the Upson family for an undisclosed price. The shovel-ready site is located at Smeed Parkway and Skyward Street within Sky Ranch Business Park. The location provides access to the Caldwell Executive Airport, Highway 20/26 and Interstate 84. Additionally, the site features existing improvements, including sidewalks, curbs, gutters, multiple fire hydrants and onsite transformers. Stephen Fife of Cushman & Wakefield represented the seller, while Alison Castro of Cresa and Greg Gaddis of Tenant Realty Advisors represented the buyer in the deal.
TEMPE, ARIZ. — Gantry has secured a $16.5 million permanent loan to refinance the Lakeview at the Bay, an apartment complex in Tempe. Located at 995 E. Baseline Road, the 34-building community offers 370 apartments. The property was built in 1985. George Mitsanas, Tim Storey and Keegan Bridges of Gantry secured the low-leverage, 10-year, fixed-rate loan on behalf of the undisclosed borrower. Gantry will service the loan, which features interest-only terms for the life of the financing.
LANSING, MICH. — Waramaug Hospitality has opened the DoubleTree by Hilton Lansing, a 256-room hotel in Lansing. Waramaug acquired the property in 2021 and decided to rebrand it and renovate all guestrooms and corridors, the lobby, Made Market, restaurants and bar, meeting rooms and pre-function spaces. The hotel also features a fitness center and two-story indoor pool. The second floor of the property connects to the Lansing Center, the city-owned 125,000-square-foot convention center. The property marks the eighth within Waramaug’s portfolio that is under the Hilton umbrella.
JACKSON, MICH. — Marcus & Millichap has brokered the $8 million sale of a grocery-anchored retail center in Jackson, located about midway between Kalamazoo and Ann Arbor. Kroger and Big Lots are the anchor tenants. Ashish Vakhariya, Seth Haron and Darin Gross of Marcus & Millichap represented the all-cash buyer and seller. Additional terms of the transaction were not provided.