JERSEY CITY, N.J. — Gebroe-Hammer Associates, a New Jersey-based brokerage firm, has arranged the $23.7 million sale of The Fairmount at McGinley Square, a 58-unit apartment complex in Jersey City. The newly built, Class A property features studio, one- and two-bedroom units as well as 3,200 square feet of ground-floor commercial space. Niko Nicolaou of Gebroe-Hammer represented the seller, New Jersey-based investment firm KABR Group, and procured the buyer, Tenth Avenue Holdings.
PORTLAND, MAINE — Accounting and consulting firm BerryDunn has signed an 87,906-square-foot office lease for its new headquarters at 2211 Congress Street in Portland. The company will relocate from 100 Middle Street, where it has operated for the last 30 years, beginning in early 2021. Chris Paszyc and Jessica Estes of The Boulos Company represented BerryDunn in the site selection and lease negotiations. Drew Sigfridson, Craig Young and Jon Rizzo of Boulos worked with Tim Stewart of Cushman & Wakefield to represent the landlord, insurance provider Unum. The building is set to undergo a capital improvement program that will include the build-out of a fitness center and micro-market.
NEW YORK CITY — Locally based investment firm Conway Capital has purchased a multifamily building located at 181 Court St. in Brooklyn for $4.5 million. The four-story property consists of six residential units and a ground-floor retail space that is leased to Court Street Bagels through 2023. Conway Capital will implement a value-add program that will upgrade the kitchens and bathrooms and deliver additional bedrooms. Eric Gleitman of Mercury Capital represented the buyer in the transaction. Urban Standard Capital provided acquisition financing for the deal. The seller was not disclosed.
DOVER, N.H. — Index Packaging Inc., a locally based supplier of custom packaging services, has acquired a 45,938-square-foot industrial building in Dover, located near the Maine-New Hampshire border. Chris Healey of CBRE represented Index Packaging in the transaction. The seller was 150 Venture Drive LLC. The sale also included 20 acres for additional expansion.
MARIETTA AND NORCROSS, GA. — TerraCap Management LLC has acquired Cobb Corporate Center in Marietta and Northwood Commons in Norcross for a combined $27.6 million. The two properties comprise eight single-story buildings totaling 297,000 square feet. Cobb Corporate Center was 80 percent leased at the time of sale and Northwood Commons was 53 percent leased. Cobb Corporate Center is located at 400 Franklin Gateway SE, 17 miles northwest of downtown Atlanta. Northwood Commons is situated at 5000 Peachtree Industrial Blvd., 23 miles northeast of downtown Atlanta. TerraCap has hired Lincoln Property Co. to handle leasing efforts and to manage the properties. Tom Shafer and John Hinson of CBRE-Atlanta represented the undisclosed seller in the transaction. Bridge Debt Strategies Fund Manager and the CBRE-Atlanta debt team provided acquisition financing on behalf of the buyer.
MIAMI LAKES, FLA. — Terreno Realty Corp. has sold a 192,000-square-foot industrial building in Miami Lakes for $22.2 million. The asset was fully leased to Miami International Freight Services at the time of sale. Terreno Realty acquired the property in December 2010 for $7.8 million. The buyer was not disclosed. Situated on 13.2 acres, the building is located at 14100 NW 60th Ave., 10 miles north of Miami International Airport and 16 miles northwest of the Port of Miami.
TUSCALOOSA, ALA. — SRS Real Estate Partners has arranged the $10.3 million sale of a Walmart Neighborhood Market-occupied building in Tuscaloosa. The 41,921-square-foot building is located at 4201 Hargrove Road E., seven miles east of downtown Tuscaloosa. Built in 2015, the property is situated on 7.2 acres and includes a gas station with 12 fuel pumps. Dan Elliot and Sean Lutz of SRS represented the seller, an Illinois-based private investor, in the transaction. The buyer was a Miami-based company completing a 1031 tax exchange, trading out of a retail property in Hawaii.
GLEN BURNIE, MD. — Hunt Real Estate Capital has provided a $6.4 million Fannie Mae refinancing loan for Glen Burnie Town Apartments, a 54-unit multifamily community in Glen Burnie. The 12-year loan features a fixed interest rate and four years of interest-only payments. In addition, the closing provides $125,000 for renovations, including resurfacing a concrete courtyard, upgrading units and improving elevated walkways. The property offers two- and three-bedroom floor plans. Communal amenities include a fitness center, community room and a courtyard. The asset is located at 201 Crain Highway N., 10 miles south of downtown Baltimore. Promark Real Estate Services LLC manages the property, which was built in 2000.
RICHMOND, VA. — Family Insight PC, an organization that helps treat mental health and substance use disorders, has signed a 9,926-square-foot lease within One Paragon Place in Richmond. The building is located at 6800 Paragon Place, eight miles northwest of downtown Richmond. The landlord is Map Ground Lease Owner LLC. John Jay Schwartz of The Man with Square Feet represented the tenant in the transaction.
EDGERTON, KAN. — Propak Corp. has subleased 156,401 square feet of industrial space from Triumph Structures in Edgerton, which is located in Johnson County and south of Kansas City. The Class A facility is located at 31800 W. 196th St. within Logistics Park Kansas City. Propak is a provider of logistics, transportation and supply chain management solutions. Mark Long, John Hassler and Michael Maloney of Newmark Grubb Zimmer negotiated the sublease. Bob Pielsticker and Joseph Orscheln of CBRE assisted in lease negotiations.
