UNION GAP, WASH. — Hanley Investment Group Real Estate Advisors has brokered the acquisition of a single-tenant retail building located at 1403 E. Washington Ave. in Union Gap. A Florida-based private investor sold the property to a Southern California-based buyer for $3.3 million. PetSmart occupies the 19,677-square-foot property, which was built in 2000, on a net-lease basis. Jeff Lefko and Bill Asher of Hanley Investment, in association with ParaSell, represented the buyer in the deal.
PITTSBURGH — A partnership between nonprofit developer The University Financing Foundation (TUFF) and full-service firm Collaborative Real Estate has acquired Bridgeside Point, a 160,000-square-foot life sciences facility in Pittsburgh. The property is located adjacent to the University of Pittsburgh and Carnegie Mellon University campuses and includes lab, office and academic space. Patterson Real Estate Advisory Group arranged acquisition financing for the deal through Georgia-based Ameris Bank.
PLAINFIELD, IND. — Parkview Financial has provided a $34 million bridge loan for the refinancing and repositioning of Shops at Perry Crossing in Plainfield, a southwest suburb of Indianapolis. Built in 2006 and located at 2499 Futura Parkway, the lifestyle center spans 600,000 square feet. It is home to 40 tenants, including JC Penney, Dick’s Sporting Goods, AMC Theaters, H&M, DSW and Old Navy. The property suffered tenancy issues as a result of the pandemic and fell into receivership. However, Poag Shopping Centers was able to regain ownership and plans to embark on a marketing program in order to lease up the 20 percent vacancy. Ownership plans to list the asset for sale once it is stabilized. The bridge loan has a term of 18 months.
WEST ALLIS, WIS. — JLL Capital Markets has arranged a $21.2 million loan for the acquisition of Six Points Apartments in West Allis, just west of Milwaukee. Built in phases between 2007 and 2010, the property features 178 units averaging 1,038 square feet. Amenities include a clubhouse, rooftop deck, business center, fitness center and heated underground parking. Brian Walsh of JLL led the team that represented the borrower, Spaulding Group. Prime Finance provided the three-year, floating-rate loan.
PLAINFIELD, IND. AND CUDAHY AND BRISTOL, WIS. — HSA Commercial Real Estate has begun development of three warehouses totaling 855,748 square feet in metro Indianapolis and southeast Wisconsin. All of the developments are being built on a speculative basis. The first building is Gateway Industrial VI within the Gateway Business Park in Plainfield, a western suburb of Indianapolis. The 278,148-square-foot warehouse is the sixth building that HSA has developed in the 55-acre industrial park since 2004. Scheduled for completion in late 2021, it will feature a clear height of 32 feet, 28 truck docks and 621 parking spaces. The second project will span 130,600 square feet at 4850 S. Pennsylvania Ave. in Cudahy, a southern suburb of Milwaukee. The building, which replaces a vacant structure, is slated for delivery in June 2022. It will feature a clear height of 32 feet, 13 truck docks and 102 parking spaces. Lastly, HSA is developing its third warehouse within Bristol Highlands Commerce Center in Bristol, about 40 miles south of Milwaukee. The 447,000-square-foot building is scheduled for completion in early 2022. It will feature a clear height of 36 feet, 73 truck docks and ample parking for employees. Premier Design + Build Group …
CINCINNATI — Faropoint has acquired an 80,000-square-foot industrial facility in Cincinnati for an undisclosed price. The building sits on 5.5 acres at 10021 Commerce Drive. Built in 1979, the single-tenant property features clear heights ranging from 16 to 20 feet, as well as two dock-high doors and three drive-in doors. The tenant uses the space for both manufacturing and distribution. Rod MacEachen and Jared Wagoner of SqFt Commercial represented Faropoint in the transaction. AIC Ventures was the seller. Founded in 2012, Memphis, Tenn.-based Faropoint owns more than 250 industrial properties totaling over 20 million square feet.
FARMINGTON HILLS, MICH. — Keystone Commercial Real Estate has brokered the sale of Federated Financial Center in Farmington Hills, a northwest suburb of Detroit. The sales price was undisclosed. Located at 30955 Northwestern Highway, the 33,662-square-foot office building will serve as the corporate headquarters of Happy’s Pizza, which is the parent company of Savvy Sliders. Greg Newman of Keystone worked with Happy’s to identify the location for the new headquarters, which is slated for occupancy this fall. The three-story building was constructed in 1987, according to LoopNet. Federated Financial Center Inc. sold the property to Blackstone 13 LLC.
ASBURY PARK, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $18.5 million sale of Kingsley Arms Apartments, a 98-unit multifamily building in Asbury Park. The unit mix consists of 23 studios, 68 one-bedroom units, five two-bedroom units and two penthouses. Units were renovated in 2016, and building upgrades were completed earlier this year. Amenities include a fitness center, media room and a rooftop terrace. Daniel Lanni of Kislak represented the seller, Sackman Residential Holdings LLC, and the buyer, an entity doing business as 200 Deal Lake LLC, in the transaction. ConnectOne Bank provided acquisition financing.
CHERRY HILL, N.J. — Wharton Industrial, a division of New York City-based development and investment firm Wharton Equity Partners, has purchased a 130,000-square-foot portfolio in the Philadelphia suburb of Cherry Hill. Wharton acquired the three-building portfolio from an undisclosed seller in an off-market transaction and will implement a capital improvement program. Renovations will include replacing certain roofs, upgrading landscaping, repairing and painting exteriors and improving truck loading stations.
SOUTH WINDSOR, CONN. — Lyman Real Estate Brokerage & Development, a Connecticut-based firm, has negotiated the sale of a 48,060-square-foot industrial building in South Windsor, a suburb of Hartford. Sam Lyman of Lyman Real Estate represented the seller and occupant, Capitol Moving & Storage, in the transaction. Clancy Relocation & Logistics purchased the building.
