NEW YORK CITY — W.P. Carey, a publicly traded REIT specializing in sale-leasebacks, build-to-suits and single-tenant net-leased properties, has completed the $70 million sale-leaseback of a food production and distribution plant in New York City. The seller and tenant was an undisclosed provider of ice cream and beverage products that has used the 400,000-square-foot property as its headquarters and primary production facility since it was founded. The tenant is under a triple-net lease with a term of 25 years.
MARLBOROUGH, TAUNTON AND FRANKLIN, MASS. — CBRE has arranged the $43.3 million sale of three industrial properties located throughout the Boston metro area. CBRE represented seller Calare Properties in the disposition of 417 South St., a 145,600-square-foot building in Marlborough that was 87 percent leased at the time of sale, for $14.2 million. CBRE also represented the seller, GFI Partners, in the sale of the 139,500-square-foot asset located at 385 Myles Standish Blvd. in Taunton and the 242,252-square-foot property located at 431 Washington St. in Franklin. The buyer in all three deals was San Francisco-based Berkeley Partners.
NEW YORK CITY — Avison Young has negotiated the sale of a seven-story multifamily building in Manhattan for $16.5 million. Located at 29 Fifth Ave., the property includes 12 multifamily units and two ground-floor commercial spaces. The property location offers proximity to Greenwich Village neighborhood, near Washington Square Park, New York University and Union Square, as well as several subway lines and popular retail destinations. Avison Young represented the seller in the deal and Hildreth Real Estate Advisors represented the buyer, both of which requested anonymity.
BAYTOWN, TEXAS — Fidelis Realty Partners has begun the redevelopment of the San Jacinto Mall, a 1.1 million-square-foot shopping and dining center that opened in 1981. Fidelis, which acquired the mall in 2015 from Triyar Retail Group, is demolishing one of the anchor stores that was previously occupied by Sears as part of the initial phase of the redevelopment. According to local media sources, Fidelis will ultimately reposition the mall into a 1 million-square-foot, open-air center that will be branded San Jacinto Marketplace.
GEORGETOWN, TEXAS — A partnership between Dallas-based MedCore Partners, developer The National Realty Group (TNGR) and operator Watermark Retirement Facilities will develop a 225-unit seniors housing community in Georgetown, a northern suburb of Austin. The property will be situated on 13.2 acres and will feature 125 independent living units, 80 assisted living residences and 20 memory care units. Construction is scheduled to begin in January 2020 and wrap up in summer 2021. A second phase is planned to add 90 independent living residences to the project, bringing the total unit count to 315.
CIBOLO, TEXAS — California-based Highridge Costa Development Co. has opened El Sereno Senior Living, a $21 million affordable seniors housing community in Cibolo, a northeastern suburb of San Antonio. The property features 136 units, 119 of which are reserved for seniors earning between 30 to 60 percent of the area median income. The remaining 17 units are rented at market rates. El Sereno Senior Living is currently 90 percent occupied.
CORPUS CHRISTI, TEXAS — Stan Johnson Co., an Oklahoma-based brokerage firm specializing in net-leased assets, has negotiated the $4 million sale of a single-tenant office building in Corpus Christi. The Texas Department of Family & Protective Services occupies the 51,307-square-foot property and has less than a year remaining on its lease. Brian Corriston of Stan Johnson Co. represented the seller, a Texas-based developer, in the transaction. The buyer was a group of individual investors from the Midwest that acquired the asset in an off-market transaction.
TOMBALL, TEXAS — Locally based investment and brokerage firm Finial Group has arranged the sale of an 11,200-square-foot industrial building in Tomball, a northern suburb of Houston. Doc Perrier and Gerald Leveritt of Finial Group represented the buyer, Reliant Pest Management, in the transaction. A.J. Williams and Travis Land of NAI Partners represented the seller, Nelson Protector Services LLC.
STILLWATER, MINN. — The Lodge, a 139-unit senior living community, has opened in Stillwater, about 30 miles east of Minneapolis. The Lodge is the first phase of three planned phases at The Lakes at Stillwater, a $70 million senior campus near Long Lake managed by The Goodman Group. The Lodge offers independent living, assisted living, memory care and care suites for rent. The Goodman Family Operating Foundation and Intergenerational Living & Health Care Inc. are co-owners of ILHC of Stillwater LLC, the parent company of The Lodge at The Lakes at Stillwater. Phase II, Birchwood Landing, is underway and will offer 30 two-bedroom lake homes for rent. Phase III, Sandhill Shores, will offer 70 one- and two-bedroom luxury apartment residences for ages 55 and up. The Goodman Group expects to employ more than 70 individuals and serve more than 139 residents. JBG Design & Development is the development partner.
INDIANAPOLIS — U-Haul has transformed a former Kmart property located at 7425 E. Washington St. in Indianapolis into a self-storage facility. The 178,963-square-foot building now holds 598 climate-controlled units. Customers also have access to moving supplies and U-Box portable storage containers. U-Haul also plans to offer outdoor self-storage at the 12.5-acre site. Originally constructed in 1969, the building had stood vacant since 2014.