PASADENA, TEXAS — Marcus & Millichap has brokered the sale of Fairmont Crossing, a 6,656-square-foot retail strip center located in the eastern Houston suburb of Pasadena. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a Houston-based developer, in the transaction. The duo also procured the buyer, a local investor.
BRIDGEWATER, N.J. — Pharmaceutical company PTC Therapeutics has signed a 101,500-square-foot office lease in Bridgewater, located approximately 50 miles west of New York City. The company signed a long-term lease to occupy three floors at The New Jersey Center of Excellence, an 800,000-square-foot life sciences and laboratory office complex. Amenities at the center include a cafeteria, fitness center and conference center. Other tenants include Kashiv Pharma LLC, Nestlé Health Science and Ashland Global. Dan Loughlin led a JLL team that represented the landlord, Thor Equities, in the lease negotiations.
NEW YORK CITY — Kearny Bank has provided a $28.3 million loan for the refinancing of a 12-building multifamily portfolio in the Union Square and West Village neighborhoods of Manhattan. The portfolio spans nearly the entire block of 17th Street between Union Square and Irving Place, including 11 garden-style townhome buildings as well as a 24-unit building located on Cornelia Street in the West Village. John Leslie and Patrick Rhea of ABS Altman Warwick arranged the loan, which carries a fixed interest rate of 3.5 percent with three years of interest-only payments, on behalf of an undisclosed borrower.
READING, PA. — Arizona-based cannabis grower and retailer Harvest Health & Recreation has acquired Reading-based grower Franklin Labs LLC for $15.5 million in cash and a $10 million promissory note. The acquisition of the company included a 46,800-square-foot cultivation and processing facility in a former Pepsi warehouse, located at 1800 Centre Ave. in Reading. Harvest owns and operates five medical cannabis dispensaries in Pennsylvania and plans to begin growing and processing at its new facility during the second quarter of this year. The Pennsylvania Department of Health defines medical cannabis dispensaries and healthcare providers as essential services that will remain open during the COVID-19 crisis.
NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of 31-65 29th Street, a 48-unit multifamily building in the Astoria neighborhood of Queens. Located between 31st Avenue and Broadway, the approximately 39,500-square-foot building features a mix of studio, one-, two- and three-bedroom apartments. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef of Marcus & Millichap represented the seller, a private investor, in the deal. The team also procured the buyer, another private investor. Both parties requested anonymity.
ALLENTOWN, PA. — Colliers International has brokered the $1.5 million sale of a 15,200-square-foot industrial property in Allentown, about 65 miles north of Philadelphia. Located at 1633 Airport Road, the property was constructed in 1970 and offers convenient access to the Lehigh Valley International Airport. The property was vacant at the time of sale. Seth Lacey and Derek Zerfass of Colliers represented the seller, Calumet Properties, in the transaction. Greg Bianchi of U.S. Realty represented the buyer, Victory Development.
WEST COVINA, CALIF. — Gemdale USA has completed the disposition of South Hills Apartments, a multifamily property located in West Covina. An Orange County, Calif.-based private family acquired the property for $31.9 million, or $375,885 per unit. Built in 1966 on 5.2 acres, South Hill Apartments features 85 units. Additionally, the property is just off the San Bernardino Freeway/Interstate 10 near the Eastland Center and Cortez Park. Kevin Green, Greg Harris and Joseph Grabiec of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller. Green, Harris and Grabiec, along with Tyler Leeson of Marcus & Millichap, procured the buyer in the deal.
COSTA MESA, CALIF. — C.W. Driver Cos. has completed the development of Waugh Student Center at Vanguard University in Costa Mesa. HPI Architecture designed the $24 million, two-story facility, which features 35,000 square feet of interior space and a 7,500-square-foot exterior deck. Within Waugh Student Center, students, faculty and staff will have access to a 3,300-square-foot food service area with all-day and late-night options, as well as an 8,000-square-foot common dining room. Additionally, the student center offers a 3,000-square-foot fitness center and an 8,000-square-foot recreational center that can be converted into meeting and event space to accommodate 880 people for lectures or 480 for catered functions. The center also features areas equipped with power outlets and charging stations for studying, a trellised roof deck with fireplace, and two-story outdoor dining and gathering area. Waugh Student Center is the first project in a 30-year campus enhancement plan to reshape Vanguard’s 38-acre campus at 55 Fair Drive in Costa Mesa.
SAN DIEGO — Murphy Development Co. has completed the construction of the final building at The Campus at San Diego Business Park, a more than 670,000-square-foot industrial park in San Diego’s Otay Mesa submarket. Building 3 offers 137,000 square feet of speculative industrial space. Located at 2065 Sanyo Ave., the concrete tilt-up building features a 32-foot minimum clear height, 4,000 amps of 277/480 volt power, manufacturing sewer and water capacity, ESFR sprinklers, concrete truck courts and wide column spacing. Additionally, the facility has 33 dock-high doors and 10 short-yard expansion docks. The business park is a fully fenced, secure site with on-site security and C-TPAT qualification. An on-site café is currently under construction and will be open for breakfast and lunch for all employees in June. The development team includes Pacific Cornerstone Architects, Teshima Landscape Design, K&S Engineering and Lusardi Construction. Murphy Development purchased the site from Panasonic Corp. of North America in early 2017 and renamed it The Campus at San Diego Business Park. The 542,197-square-foot, two-building campus was originally built in 1986 for The Sanyo Corp. of America. The campus was subsequently sold to The Panasonic Corp. Following reacquisition, Murphy Development completed $15 million in upgrades that included …
CHICAGO — In order to recognize the unique and unprecedented conditions of COVID-19’s impact on its triple-net-leased seniors housing tenants, healthcare REIT Ventas has established a rent deferral program for those care providers for the month of April. Under the program, certain seniors housing care providers who are Ventas tenants can defer 25 percent of their April 2020 payment obligation until Oct. 1 or receipt of government assistance. All amounts deferred are required to be used for operating expenses to care for seniors at Ventas communities. Ventas says these tenants account for approximately 20 percent of its total portfolio by net operating income. Based on current expectations, Ventas estimates that the amount of payments deferred under the terms of this program for April could be in the range of $3 million to $9 million. As of March 28, out of the 740 communities within the Ventas portfolio, 33 communities have experienced at least one confirmed COVID-19 diagnosis affecting approximately 70 residents out of 70,000 and 25 staff out of 55,000. Ventas is based in Chicago.