Property Type

S.L. Nusbaum Arranges $10.3M Sale of Hampton Roads Distribution Center

by John Nelson July 6, 2022

CHESAPEAKE, VA. — S.L. Nusbaum Realty Co. has arranged the sale of a 151,669-square-foot distribution center located at 101 Dexter St. W in Chesapeake, a Hampton Roads city situated near the Port of Virginia and the Norfolk Naval Shipping Yard. On Trading Corp. sold the asset to an entity doing business as Chesapeake Dexter St West LLC for $10.3 million. Sam Rapoport of S.L. Nusbaum represented the seller in the transaction. Situated on nearly 14 acres, the distribution center was fully leased at the time of sale to two tenants: The Empire Co. and Taylor Freezer Co.

July 6, 2022

Leasing Activity Office Texas

NAI Partners Negotiates 23,652 SF Office Lease in Houston’s Memorial City District

by Taylor Williams July 6, 2022

HOUSTON — NAI Partners has negotiated a 23,652-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Griff Bandy of NAI Partners represented the tenant, locally based oil and gas firm BW Energy USA Management, in the lease negotiations. Brad MacDougall and Warren Alexander of MetroNational represented the landlord on an internal basis.

July 6, 2022

Acquisitions Florida Retail Southeast

Marcus & Millichap Brokers $2.9M Sale of MedMen-Leased Store in Pensacola, Florida

by John Nelson July 6, 2022

PENSACOLA, FLA. — Marcus & Millichap has brokered the $2.9 million sale of a store located at 5048 Bayou Blvd. in Pensacola leased to MedMen, a national medical marijuana retailer. The single-tenant, triple-net-leased property in Northwest Florida opened in 2019 and was the fifth medical marijuana dispensary in Escambia County at the time. The MedMen store is an outparcel to Cordova Mall, which is within walking distance of Pensacola State College. Barry Wolfe and Alan Lipsky of Marcus & Millichap’s Wolfe-Lipsky team, which has brokered the sale of 22 medical marijuana dispensaries in the past 18 months, represented the seller in the transaction. The buyer was not disclosed.

July 6, 2022

Development Multifamily Northeast Pennsylvania

GMH Communities Completes 462-Unit Anova uCity Square Apartments in Philadelphia

by Taylor Williams July 6, 2022

PHILADELPHIA — GMH Communities has completed Anova uCity Square, a 462-unit apartment community in Philadelphia’s University City area. The six-story, 330,000-square-foot building will be the first of four Anova-branded multifamily developments that will open in the life sciences district by 2025. Anova uCity Square includes 10,000 square feet of retail space and a 157-space parking garage. Units come in studio, one-, two- and three-bedroom formats and feature stainless steel appliances, individual washers and dryers and private balconies/patios. Amenities include a pool, coworking space, pet care facilities and a package locker system. Construction began in March 2020. Rents start at $1,645 per month for a studio apartment.

July 6, 2022

Acquisitions Industrial New York Northeast

CBRE Investment Management Acquires 400,000 SF Warehouse in Brooklyn

by Taylor Williams July 6, 2022

NEW YORK CITY — CBRE Investment Management has acquired a 400,000-square-foot warehouse located at 640 Columbia St. in Brooklyn’s Red Hook neighborhood. Developed on a speculative basis by DH Property Holdings, the multi-level facility sits on four acres and was leased to an undisclosed global user at the time of sale. DH Property Holdings sold the property in partnership with Goldman Sachs Asset Management. The sales price was not disclosed.

July 6, 2022

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers Sale of 250,193 SF Shopping Center in Syracuse

by Taylor Williams July 6, 2022

SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of Western Lights Shopping Center, a 250,193-square-foot retail property in Syracuse, for $18.2 million. Tenants at the center include Price Chopper, Valu Home Center, Dollar Tree, Rainbow Shops, Mavis Discount Tire, Supercuts and Subway. Joseph French Jr., Kodi Traver and Thomas Dalzell of Marcus & Millichap represented the seller, a private investor, in the transaction. The team also secured the buyer.

July 6, 2022

Acquisitions Industrial New Jersey Northeast

Kirker Enterprises Sells 152,000 SF Industrial Building in Paterson, New Jersey

by Taylor Williams July 6, 2022

PATERSON, N.J. — Kirker Enterprises Inc., a manufacturer that serves the fashion industry, has sold a 152,000-square-foot industrial building located in the Northern New Jersey community of Paterson. The building sits on three acres and features four drive-in doors, 12 loading docks and clear heights of 14 to 22 feet. Russell Verducci and Eric Demmers of NAI James E. Hanson teamed with Hanna Commercial Real Estate to represent the seller in the transaction. The buyer was an entity doing business as 55 East 6 LLC.

July 6, 2022

Acquisitions Connecticut Northeast Retail

Vidal/Wettenstein Arranges $8.2M Sale of Spinelli Plaza Shopping Center in Stratford, Connecticut

by Taylor Williams July 6, 2022

STRATFORD, CONN. — Locally based brokerage firm Vidal/Wettenstein has arranged the $8.2 million sale of Spinelli Plaza, a 58,200-square-foot shopping center in Stratford, located in southern Connecticut’s Fairfield County. Tenants at Spinelli Plaza include Chase Bank, Family Dollar and Starbucks. The Spinelli Family sold the center to an undisclosed 1031 exchange buyer. Bruce Wettenstein of Vidal/Wettenstein brokered the deal.

July 6, 2022

Acquisitions Illinois Midwest Multifamily Northmarq

Northmarq Negotiates $29M Sale of Multifamily Portfolio in Springfield, Illinois

by Kristin Harlow July 6, 2022

SPRINGFIELD, ILL. — Northmarq has negotiated the sale of the Koke Mill Portfolio in Springfield for $29 million. The 308-unit multifamily portfolio consists of the following properties: West Koke Mill Village, Boysenberry Village and Smythberry Village. Parker Stewart of Northmarq represented both the undisclosed buyer and seller. David Garfinkel of Northmarq originated a $19.5 million Fannie Mae acquisition loan on behalf of the borrower.

July 6, 2022

Development Industrial Midwest Ohio

CT Realty Underway on Phase II of Rickenbacker Logistics Park in Columbus

by Kristin Harlow July 6, 2022

COLUMBUS, OHIO — CT Realty is underway on the construction of Phase II of Rickenbacker Logistics Park in Columbus. Phase II consists of three speculative buildings, including a 1 million-square-foot facility, a 598,754-square-foot building and a 413,250-square-foot facility. Each building will feature a clear height of 40 feet. Dan Wendorf and Brian Marsh of JLL are marketing Phase II for lease. Phase I consisted of two buildings that are now occupied by TJX and Geodis.

July 6, 2022

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