MOORESTOWN, N.J. — NAI Mertz has brokered the $13.5 million sale of a 209,000-square-foot industrial property in Moorestown. Located at 540 Glen Ave., the property is currently fully leased to two tenants and features 18- to 24-foot clear heights as well as 40-by-40 foot column spacing. Fred Meyer and Jonathan Klear of NAI Mertz represented the seller, 540 Glen LLC, in the transaction. The buyer was One Liberty Properties Inc.
PROVIDENCE, R.I. — Greystone Real Estate Advisors has closed the sale of two seniors housing properties in Rhode Island: Chapel Hill in Cumberland and Smithfield Woods in Smithfield. The sales price was not disclosed. Both properties are located in the Providence metro area. Mike Garbers and Cody Tremper of Greystone Real Estate Advisors represented the seller in the transaction, a publicly traded REIT. The buyer was a partnership between GMF Capital, a New York-based private equity firm, and Meridian Senior Living, which will operate the properties. The communities were built between 1989 and 1999. The properties offer 272 units of assisted living, memory care and skilled nursing.
BETHLEHEM, PA. — Markward Group has negotiated the sale of a 32,000-square-foot flex facility in Bethlehem. The sales price was undisclosed. Located at 2147 Ave. C, the property consists of a 30,500-square-foot heated warehouse and 1,500 square feet of office space. Michael Capobianco of Markward Group represented both the buyer, J.G. Petrucci, and the undisclosed seller in the transaction.
PAWTUCKET, R.I. — CBRE has arranged the sale of a 64,000-square-foot industrial flex facility in Pawtucket. Located at 670-710 Narragansett Park Drive, the property is currently 96 percent occupied by a tenant roster that includes Cintas, Granite City Electrical Supply, Johnson Controls, Rhode Island PBS, Shred-It and Sprint Corp. Situated on the first turn of the former Narragansett race track where famed race horse Seabiscuit once ran, the building and park are adjacent to the East Providence city line. Alden Anderson and Dan Cregan of CBRE represented the seller, Marshall Properties, in the transaction. The buyer was Legacy Gansett LLC, an entity owned by Legacy Real Estate Ventures.
RALEIGH, N.C. — Loden Properties has sold a two-tenant shopping center adjacent to North Carolina State University in Raleigh for $7.4 million. The 24,656-square-foot asset is anchored by a 22,211-square-foot, urban-formatted Target and 2,445 square feet is leased to Guasaca, a fast-casual Venezuelan restaurant. San Francisco-based Stockbridge bought the property. Tom Kolarczyk, Justin Good and Warren Johnson of HFF represented the seller in the transaction.
BIRMINGHAM, ALA. — Barings Multifamily Capital has provided a $10.9 million Fannie Mae refinancing loan for Flats on 4th, an 86-unit mid-rise apartment complex in downtown Birmingham that was built in 2017. The 10-year term loan comes with a 30-year amortization schedule and three years of interest-only payments. The complex is 97.7 percent occupied. The borrower was not disclosed.
ATHENS, GA. — NorthMarq Capital has arranged $9.3 million in acquisition financing for Arbor Ridge Apartments, a 212-unit multifamily community situated at 150 Chateau Terrace in Athens. Andrew Slaton and Griffin Whitlock of NorthMarq arranged the Freddie Mac, seven-year, floating-rate loan on behalf of the borrower, Asia Capital Real Estate (ACRE). Arbor Ridge Apartments was built in 1969 and renovated in 2008 by the undisclosed seller. ACRE plans to further renovate the common areas and amenities over the next couple of years. Amenities include a clubhouse, fitness center, laundry facility, playground, pool, courtyard, tennis court and a business center. The complex is situated about five miles from downtown Athens and about three miles from the University of Georgia.
ATLANTA — The Dilweg Cos. has signed Steady, an Atlanta-based tech startup, to a full-floor lease at Centennial Tower located at 101 Marietta St. in downtown Atlanta. Steady gained fame when it beat out more than 1,000 competitors at Money Pitch at Money 20/20, the world’s largest innovation event. The startup company will occupy 20,060 square feet of space for six years. Centennial Tower recently underwent a $5 million renovation to improve amenities and workspace. Katherine Lynch of CBRE represented the landlord in the lease transaction, while Greg Baxendale of JLL represented the tenant.
HOFFMAN ESTATES, ILL. — Former Sears CEO Edward Lampert has won a bankruptcy auction for Sears Holdings Corp., according to The Wall Street Journal and other media reports. The billionaire hedge-fund manager upped his offer to about $5.3 billion from $4.4 billion. The offer, which will keep roughly 400 stores open, beat out a bid to close all the stores and sell the inventory. The plan must still be approved by the bankruptcy judge at a sale hearing set for Friday, Feb. 1. Last week, REBusinessOnline reported on Sears’ temporary deal to avoid liquidation.
SANTA CLARITA, CALIF. — JPI has closed on construction financing for Jefferson Vista Canyon, a luxury apartment community located in Santa Clarita. Dallas-based Comerica Bank and Los Angeles-based Colony Credit Real Estate will provide construction financing for the development. The $190 million project will feature 480 apartments; two resort-style pools with spas and cabanas with large-screen televisions; two fitness centers with multi-use studios for yoga and spin classes, with one center geared to functional training, including suspension training equipment; a clubhouse skylights, fireplace and entertainment kitchen; a speakeasy lounge; rooftop deck with barbecue area and fire pit; and a dog park and dog-washing station. Designed by Orange, Calif.-based Architects Orange, Jefferson Vista Canyon is slated for completion by spring 2020. Vista Canyon is JSB Development’s 185-acre, mixed-use, walkable community, including retail, office, hospitality, apartments, townhomes and single-family residences, along with a new intermodal transit station and Metrolink commuter rail.
