CHELMSFORD, MASS. — New Hampshire-based investment firm Brady Sullivan Properties has sold 199 and 201 Riverneck Road, a 185,227-square-foot office complex in Chelmsford, located north of Boston. The sales price was $15 million. The two buildings are situated on a combined 15 acres and formerly served as the headquarters of defense and aerospace contractor Mercury Systems. Boston-based investment firm The Davis Cos. purchased the property for an undisclosed price.
READING, PA. — North Carolina-based South Atlantic Packaging Corp. has signed a 133,055-square-foot industrial lease at 1091 Arnold Road in the Eastern Pennsylvania city of Reading. CBRE represented the landlord, an affiliate of Link Logistics Real Estate, in the lease negotiations. Del Markward of Markward Group represented the tenant.
MESA, ARIZ. — CBRE has arranged the sale of The Mesa Tower, a 16-story office building located at 1201 S. Alma School Road in Mesa. Dallas-based CAMCO Investment Group acquired the asset from Barker Pacific Group and Iron Point Partners for $39.5 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller in the deal. Totaling 311,949 square feet, The Mesa Tower comprises the high-rise, Class A office building; an adjacent single-tenant restaurant; and a five-level, above-grade parking structure. The property was originally built in 1986 and most recently renovated in 2018 and 2019. Renovations include enhancements to the lobby, common areas, restrooms and interior building systems, as well as the addition of several speculative suites. At the time of sale, the property was 85 percent leased to a diverse tenant mix.
HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.
HELENA, MONT. — Stan Johnson Co. has arranged the sale of an industrial property located at 876 Blaine St. in Helena. A Laguna Beach, Calif.-based private investor sold the asset to a Jacksonville, Ore.-based private investor for $4.1 million. FedEx Ground occupies the 22,251-square-foot building, which was constructed as a build-to-suit for the company in 2014. Additionally, the asset is situated on 6.3 acres adjacent to the Helena Regional Airport and Interstate 15. FedEx has approximately three years remaining on its lease. Colin Couch of Stan Johnson Co.’s Atlanta office represented the seller in the transaction.
ANTIOCH, CALIF. — Capital Rivers Commercial has arranged the sale of a retail asset located at 111 E. 18th St. in Antioch. San Jose-based DLP Investments sold the property to Antioch-based Antioch Partners for $3.1 million. Situated on 2.5 acres, the asset is a 33,000-square-foot, second-generation grocery store. Capital Rivers Commercial represented the buyer and seller in the deal.
SAN DIEGO — Realty Capital has closed $20.9 million in refinancing for the renovation and lease-up of 39,000-square-foot property in San Diego’s Del Mar submarket. The undisclosed borrower will use the loan to refinance an existing loan, finish outstanding capital improvement items, built-out speculative suites and lease vacant space. The non-recourse loan features interest-only payments and a floating rate, as well as a 36-month term, two extension options and flexible prepayment. The financing includes a facility to provide additional funding for capital improvements, tenant leasing costs and interest and carry shortfalls.
By David Nicolson, president, Weitzman San Antonio In March 2020, health officials first used the term “pandemic” in reference to COVID-19. Since then, our communities, economy, commercial real estate industry and retailers and restaurants have gone through a year of challenges that few could have foreseen at the start of 2020. The fact that today we are in better shape than we could have predicted during the shutdown a year ago shows that the disruptions caused by the pandemic have been met with innovation, creativity and plain hard work. Here in San Antonio, those disruptions did result in a number of retail and restaurant closings. But since the second half of 2020, we’ve seen an upswing in tenant demand. In terms of closings, Sears closed its 150,000-square-foot store at South Park Mall and its approximately 134,000-square-foot store at Rolling Oaks Mall. With these store closings, Sears — once the nation’s largest retailer — no longer has a presence in the San Antonio market. Other closures include Stein Mart (three box vacancies), Pier 1 (five closed stores), Gold’s Gym (three closed locations) and Tuesday Morning (one closed location). Combined, these closings resulted in approximately 564,000 square feet of total vacancy being …
NEW ORLEANS — Lineage Logistics, an industrial REIT specializing in cold storage real estate, will build a $42 million expansion of its Jourdan Road cold storage facility at Port of New Orleans (Port NOLA). The State of Louisiana is providing $10 million in capital outlay funds, while Port NOLA is providing $2 million in funds. Michigan-based Lineage Logistics is investing the remaining $30 million in capital for the cold storage project, and also is expected to utilize Louisiana’s Quality Jobs Program. The cold storage complex is located along the Inner Harbor Navigation Canal. The development plans are for the complex to grow from 160,000 square feet to 304,000 square feet. Lineage Logistics plans to retain 188 existing jobs with the new project, while creating an estimated 50 new direct maritime and warehousing jobs. Louisiana Economic Development estimates the project will result in an additional 56 new indirect jobs, for a total of more than 100 new permanent jobs in the region. In 2020, Lineage Logistics’ facilities in New Orleans partnered with Port NOLA to export 380,000 tons of poultry to global markets. The development expansion will support imports of fresh produce as well. In 2012, Port NOLA and New Orleans …
RICHMOND, VA. — JLL Capital Markets has arranged the sale of Riverside on the James, a 263,752-square-foot, Class A office property in Richmond’s central business district. The 14-story property is located at 1001 Haxall Ave. and features views of the James River, an attached six-level parking deck and an onsite fitness center. Chris Lingerfelt, Ryan Clutter and Stephen Conley of JLL represented the seller, Washington, D.C.-based American Real Estate Partners LLC. JLL also procured the buyer, Opal Holdings, which is based in New York City. The sales price was not disclosed. Riverside on the James was 95.3 percent leased at the time of sale. Some of the current tenants were also the original tenants of the building, which was built in 2005.