Property Type

DELRAY BEACH, FLA. — Avison Young has arranged the sale of the former Home Depot headquarters in Delray Beach. The 42.7-acre site in Palm Beach County was sold on behalf of Investors Warranty of America in three transactions totaling $33 million. Three parcels were sold to three separate South Florida developers, and they have created a joint venture to turn the land into a mixed-use project. Centerpointe Delray Holdings, consisting of Miami-based firms 13th Floor Investments and Key International, along with Boca Raton-based CDS International Holdings, will build more than 600 multifamily units. CDS plans to also develop office and retail space on the site. The project will include a 1.8-acre park with trails connecting to the 25-acre Delray Natural Oaks Preserve. The Delray Beach City Commission has already unanimously approved the master plan.

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NORFOLK, VA. — The Falstaff Group has acquired Town Point Center, a 12-story, 132,000-square-foot office building located at 150 Boush St. in downtown Norfolk. CIG Town Point Center LLC and The Runnymede Corp. sold the Class A building to Falstaff for $19.9 million. Situated along Elizabeth River, the building was 94 percent leased at the time of the sale to tenants including Verizon Wireless, BDO USA, The UP Center, RCMA Americas and The Virginia Symphony. Gil Neuman of Neuman Commercial Group represented the Florida-based buyer in the transaction, which included the simultaneous sale of the building, the separately owned ground leasehold interest and a seller-leaseback.

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WILMETTE, ILL. — Newport Capital Partners has purchased Edens Plaza in Wilmette for $72 million. Built in 1956 and redeveloped in 1994, the 183,000-square-foot shopping center is located on Lake Avenue. The property is 92 percent leased to tenants such as Fresh Market, Starbucks, Walgreens, Bed Bath & Beyond, The Great Escape and Big Blue Swim School. A pediatric care center, which will be jointly run by NorthShore University HealthSystem and Advocate Health Care, is expected to open this year and backfill 35,000 square feet at the former Carson’s Furniture Gallery space at the property. Ben Greazel and Joel Simmons of Newmark Knight Frank arranged debt financing for the transaction through LoanCore Capital.

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LINCOLN, NEB. — GMH Capital Partners LP and AGC Equity Partners have acquired Aspen Lincoln, a 632-bed student housing community in Lincoln. Located two blocks from the University of Nebraska-Lincoln, the property spans five floors and 203,552 square feet. Amenities include a fitness center, pool, hot tub, study lounges, computer labs and courtyards with fire pits. The buyer plans to rename the student housing community Academy Lincoln. Aspen Heights Partners and Virtus Real Estate Capital were the sellers.

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ST. LOUIS — One Liberty Properties Inc. (NYSE: OLP) has purchased an Ashley Furniture distribution center in St. Louis from an affiliate of Mohegan Capital for $10 million. The 119,680-square-foot, single-tenant property is located at 9791 Green Park Industrial Drive and features a clear height of 38 feet. Jason Powell and Colin Couch of Stan Johnson Co. represented the seller. The transaction represents a cap rate of 7.2 percent. The buyer also owns the tenant’s headquarters in Memphis, Tenn.

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PEORIA, ILL. AND JEFFERSON CITY, MO. — Affiliates of Phoenix Investors have purchased two industrial properties in Peoria and Jefferson City. The Peoria property consists of four industrial buildings totaling approximately 478,400 square feet. Constructed between 1977 and 2003, the buildings are situated on nearly 40 acres. At the close of the sale, Superior Consolidated Industries entered into a sale-leaseback agreement for the entire property. Headquartered in Peoria, the company provides third-party logistics support to U.S.-based manufacturers. The Jefferson City property is a 276,180-square-foot industrial building situated on 59.4 acres. Automotive seat manufacturer Adient US LLC primarily occupies the facility, which was built in 1974 and underwent expansions in 1978 and 1992. The sellers were not disclosed.

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LEE’S SUMMIT, MO. — Block & Co. Inc. Realtors has arranged the sale of Valle Vista shopping center in Lee’s Summit for an undisclosed price. The property sits on 5.4 acres on the southwest corner of 291 Highway and Chipman Road. Tenants at the fully occupied property include IHOP, Celsius Tannery, Ted’s Café Escondido, Vintage Stock and Five Guys. David Block and Max DiCarlo of Block represented the buyer, LS Valle Vista 2018 LLC. Block & Co. will handle leasing and property management for the new owner. Block Real Estate Services represented the seller.

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NEWARK, N.J. — SVN Affordable | Levental Realty has brokered the $47.5 million sale of St. Mary’s Villa, a 360-unit, age-restricted community in Newark. The property is located at 425 Sanford Ave. Jamie Renzenbrink of SVN represented the undisclosed seller in the transaction. The buyer was Paces St. Mary’s. A number of energy-efficient upgrades are planned by the buyer at the property, including a new roof and solar panel installation.

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NEW YORK CITY — NYC Health + Hospitals has signed a 25-year, $758 million lease agreement with GFP Real Estate for 525,000 square feet of office space at 50 Water Street in Manhattan. With the lease transaction, NYC Health + Hospitals becomes the first major tenant that will occupy the GFP office complex at the building formerly known as 7 Hanover Square. The agreement enables the public health system to consolidate multiple administrative office sites into one Lower Manhattan campus. Newmark Knight Frank brokered the transaction on behalf of NYC Health + Hospitals.  

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SPRINGFIELD, N.J. — CBRE has negotiated the $13.3 million sale of a 60,000-square-foot office building in Springfield. Located at 966 South Springfield Ave., the property currently serves as the national headquarters for the watch and jewelry divisions of LVMH Moët Hennessy Louis Vuitton SE, a French multinational luxury goods conglomerate headquartered in Paris. Charles Berger, Elli Klapper and Mark Silverman of CBRE represented the seller, a tenancy-in-common, in the transaction. The buyer was a private investor in a 1031 exchange.

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