TEXARKANA, TEXAS — Marcus & Millichap has brokered the sale of a two-property, 571-unit self-storage portfolio operated by Pennsylvania-based REIT CubeSmart in Texarkana, a city located near the Texas-Arkansas border. Dave Knobler and Charles LeClaire of Marcus & Millichap represented the seller, a Florida-based limited liability company, in the transaction. A California-based buyer purchased the portfolio, which consists of 85,656 net rentable square feet, for an undisclosed price.
HOUSTON — Locally based limited liability company 215 Westheimer LLC has broken ground on a 13,200-square-foot mixed-use project in Houston’s Montrose area. The first floor will feature retail and restaurant space, and the second floor will offer both traditional and medical office space. Identity Architects is designing the project, and Davis Commercial Real Estate is handling leasing. Construction is expected to be complete by the end of 2020.
DALLAS — WorldPac Inc., a wholesale distributor of automotive parts, has signed an 11,092-square-foot industrial lease renewal at 2939-2391 Irving Blvd. in Dallas. Canon Shoults, Maddy Canty and Harrison Putt of Holt Lunsford Commercial represented the landlord, Entrada Partners, in the lease negotiations. Robin Dodson of Cushman & Wakefield represented the tenant.
SOUTH AMBOY, N.J. – Gebroe-Hammer Associates has arranged the $43.4 million sale of Bayside Cove, a 125-unit luxury apartment community in South Amboy, a southwestern suburb of New York City. Located at 100 Celecki Dr., the property was constructed in 2018 and features one- and two-bedroom floor plans as well as 106 townhomes. Joseph Brecher, Greg Pine and Stephen Tragash of Gebroe-Hammer represented the undisclosed seller in the transaction. The team also procured the buyer, a private investor.
PHILADELPHIA — Mountain Development Corp., a New Jersey-based developer, has acquired an 86,315-square-foot industrial building in Philadelphia. Located at 3445-3535 S. Front St., the property features clear heights ranging from 18 to 44 feet, 14 loading docks and a 10 percent office finish. The property offers convenient access to the CSX Rail Yard, the Philadelphia Nay Yard and Interstate 95. At the time of sale, plumbing supplies distributor Ferguson Enterprises was the sole tenant of the entire facility. Michael Oliver and Jose Cruz led a JLL team that represented the seller, The Hampshire Cos., in the deal. The sales price was undisclosed.
MECHANICSBURG, PA. — Marcus & Millichap has brokered the $8.2 million sale of a pair of office buildings totaling 77,464 square feet in Mechanicsburg, a western suburb of Harrisburg. The properties are located at 600 and 1000 Bent Creek Blvd. and were completed in 2006. At the time of sale, the properties were fully leased to a mix of medical and other professional office tenants. Craig Dunkle of Marcus & Millichap represented the buyer, a locally based limited liability company, in the transaction. Laura Martin of SVN Latus represented the seller, another limited liability company. Both parties requested anonymity.
HAMMONTON, N.J. — TriWire Engineering Solutions Inc. has signed a 5,000-square-foot industrial lease in Hammonton, New Jersey, approximately 40 miles southwest of Philadelphia. The space is located within a 105,000-square-foot industrial facility at 1001 South Grand Ave. The property offers convenient access to the Atlantic City Expressway and State Route 30. Ken Richardson and Nick Liggio Vantage Real Estate Services represented TriWire in the lease negotiations. Ben Grubner represented the landlord, 1001 Grant LLC, on an internal basis.
CAMDEN, N.J. — Dougherty Mortgage has provided a $4 million Fannie Mae loan for the refinancing of All American Gardens Apartments, an 86-unit multifamily property located in Camden, a western suburb of Philadelphia. The borrower was All American Gardens LLC. The loan carried a term of 10 years and a 30-year amortization rate. The property features 20 one-bedroom units, 56 two-bedroom units and 10 three-bedroom units across five residential buildings. Andrew LaSalla II with LSG Lending Advisors arranged the loan in collaboration with Dougherty Mortgage.
ATLANTA — Microsoft Corp. is investing $75 million for its new office space at Atlantic Station in West Midtown Atlanta. The software giant is leasing 523,000 square feet within Atlantic Yards, a two-building office project that Hines and Invesco Real Estate are developing and where Microsoft will be the sole office tenant. The company expects to open its new offices in summer 2021 and create 1,500 high-tech jobs. Microsoft plans for the new space to focus on artificial intelligence and cloud services and include retail space. In metro Atlanta, Microsoft currently operates a cloud computing engineering center in the Coda Building at Technology Square and maintains offices in Buckhead and at Avalon in Alpharetta, another project co-developed by Hines. Hines and Invesco Real Estate also co-developed T3 West Midtown within Atlantic Station, which has attracted other high-profile technology companies such as Facebook.
TAMPA, FLA. — Tampa General Hospital and Kindred Healthcare have formed a joint venture to develop and operate a $35 million, 59-bed hospital in Tampa. The building will be located on West Kennedy Boulevard between Oregon and Willow avenues, two miles west of downtown Tampa and one mile west of the University of Tampa. The joint venture plans to break ground this summer with an expected completion date in fall 2021. Kindred will operate the day-to-day operations of the hospital. The developers expect to employ more than 140 people. The new inpatient rehabilitation hospital will care for adults recovering from conditions such as stroke, neurological disease, injury to the brain or spinal cord and other debilitating illnesses or injuries. The new facility will feature all private rooms and will also have a secured brain injury unit with private dining and a therapy gym.