Property Type

Premier Health Solutions Signs 17,350 SF Office Lease in Metro Dallas

by Taylor Williams May 1, 2020

FRISCO, TEXAS — Premier Health Solutions, a provider of administration and management services to the healthcare industry, has signed a 17,350-square-foot office lease at Hall Office Park in the northern Dallas suburb of Frisco. Clay Vaughn and Preston Lynn of CBRE represented the tenant in the lease negotiations. Brad Gibson and Kim Butler of Hall Financial represented the landlord on an internal basis. The 162-acre Hall Office Park features more than 2.5 million square feet of office space and amenities such as multiple restaurants and food trucks, a fitness center, bank branch, car care center, wine lounge and event room.

May 1, 2020

Acquisitions Retail Texas

Marcus & Millichap Arranges Sale of 8,344 SF Shopping Center in Metro Houston

by Taylor Williams May 1, 2020

PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Shops at Fairmont, an 8,344-square-foot shopping center located in the eastern Houston suburb of Pasadena. The property was fully leased at the time of sale to tenants including The UPS Store and Domino’s Pizza. Justin Miller of Marcus & Millichap procured the Houston-based buyer in the transaction. Other terms of sale were not disclosed.

May 1, 2020

Connecticut Development Multifamily Northeast

Belfonti Cos. Breaks Ground on $50M Apartment Community in Cromwell, Connecticut

by Alex Patton May 1, 2020

CROMWELL, CONN. — Belfonti Cos. has broken ground on a $50 million luxury apartment community in Cromwell, a southern suburb of Hartford. Located off Country Squire Road near State Route 372, the property will feature of 160 units. Amenities will include a 4,500-square-foot community center, an outdoor swimming pool and a lounge area with grills and fire pits. The property will also be located four miles from the TPC River Highlands Golf Course. Construction is slated to be complete within the next two years.

May 1, 2020

Acquisitions New York Northeast Retail

Avison Young Arranges $28.7M Sale of Retail Condominium in Manhattan

by Alex Patton May 1, 2020

NEW YORK CITY — Avison Young has arranged the $28.7 million sale of a 22,563-square-foot retail condominium unit in the Yorkville neighborhood on Manhattan’s Upper East Side. Located at 1683 Third Ave., the space is situated at the base of The Kent, a newly constructed, 30-story luxury condominium building. The condominium is split between a 12,796-square-foot retail space and a 9,767-square-foot lower level. The NYC School Construction Authority currently has a long-term lease at the property occupying 11,492 square feet on the ground floor, while the remaining 1,304 square feet of ground-floor space and entire 9,767-square-foot cellar were available for lease at the time of the sale. James Nelson, Vincent Carrega and Neil Helman led an Avison Young team that represented the owner and original developer, Extell Development Co., in the transaction. The buyer was undisclosed.

May 1, 2020

Acquisitions Industrial Northeast Pennsylvania

Velocity Ventures Acquires 51,181 SF Industrial Building in Bensalem, Pennsylvania

by Alex Patton May 1, 2020

BENSALEM, PA. — Velocity Ventures, a Philadelphia-based firm, has acquired a 51,181-square-foot industrial building in Bensalem, a southwestern suburb of Trenton. The sales price was $2.4 million. Located at 1296 Adams Road, the property features a roughly 18-foot clear height and offers quick access to Interstates 276 and 95. The building was approximately 80 percent leased at the time of sale. Jason Ostach and Chris Pennington of Binswanger Commercial Real Estate Services represented Velocity Ventures in the transaction. DM Ventures LLC was the seller.

May 1, 2020

Connecticut Leasing Activity Northeast Office

Community Health Resources Signs 11,060 SF Office Lease Building in Willimantic, Connecticut

by Alex Patton May 1, 2020

WILLIMANTIC, CONN. — Nonprofit healthcare provider Community Health Resources (CHR) has signed an 11,060-square-foot office lease for an entire single-tenant building in Willimantic, located approximately 25 miles east of Hartford. The property is located at 1310 Main St. in the Tyler Square retail center. CHR offers a range of behavioral healthcare services pertaining to mental illness, addictions, trauma and homelessness. Bob Pagani of Colliers International represented CHR in the lease negotiations. Ron Lyman of Lyman Real Estate represented the landlord, Norwich Realty Inc.

May 1, 2020

Acquisitions New Jersey Northeast Retail

R.J. Brunelli Brokers Sale of Retail Development Site in Woodbridge, New Jersey

by Alex Patton May 1, 2020

WOODBRIDGE, N.J. — R.J. Brunelli & Co. has brokered the sale of a one-acre retail development site in Woodbridge, a southwestern suburb of New York City. Bud’s Hut restaurant occupied the property, which is located at 906 Route 1, for the last 50 years. The buyer, local builder Suburban Development LLC, plans to redevelop the property by constructing a 2,200-square-foot restaurant building with a drive-thru and a separate 3,000-square-foot retail building. John Lenaz of R.J. Brunelli represented Suburban Development in the transaction. Lenaz also represented the seller. The sales price as undisclosed.

May 1, 2020

Acquisitions California Industrial Western

Dermody Properties Buys 121,836 SF Logistics Center in Southern California

by Amy Works May 1, 2020

ONTARIO, CALIF. — Dermody Properties has purchased a logistics center located at 3120 E. Mission Blvd. in Ontario for an undisclosed price. The name of the seller was not released. Dermody Properties plans to renovate the 121,836-square-foot property by enhancing the loading, upgrading the fire suppression system to ESFR and improving the aesthetic of both the interior and exterior of the building. The facility will be available for lease beginning July 1. The asset is located within a few miles of major freeways, including Interstates 10 and 15 and State Route 60. Additionally, the facility is 2.2 miles from the Ontario International Airport and approximately 60 miles from the ports of Los Angeles and Long Beach, Calif. Dan de la Paz of CBRE represented Dermody Properties in the acquisition.

May 1, 2020

Acquisitions Affordable Housing California Multifamily Western

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates Sale of 30-Unit Multifamily Complex in Fremont, California

by Amy Works May 1, 2020

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of 4001 Nicolet, a fully upgraded multifamily community in Fremont. The property traded for $12.2 million. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the undisclosed seller and procured the undisclosed buyer in the deal. Originally constructed in 1972, the property features 30 units in a mix of one- and two-bedroom floor plans. The units were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets and hardwood flooring. Community amenities include private balconies, private storage and an on-site laundry facility.

May 1, 2020

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