BRANDON, FLA. — Newmark Knight Frank Multifamily (NKF) has arranged the sale of The Park at Avilla and The Park at Pienza, both in the Tampa Bay city of Brandon, for a combined $27.4 million. The two properties are situated about three miles apart and combine for 200 units. Both properties were built in 1986. Ryan Moody, Patrick Dufour and Ryan Crowley of NKF represented the seller, Highgate Capital, in the transaction. 29th Street Capital acquired the assets.
POOLER, GA. — FedEx Ground has opened a 160,000-square-foot large package processing facility located at 505 Morgan Lakes Industrial Blvd. in Pooler, about 15 miles west of downtown Savannah and about nine miles west of Port of Savannah. The new facility will be a standalone building, making it the first operation of its kind. FedEx Ground expects the facility to house 400 employees with the potential to expand as demand for service grows. The daily volume of packages that FedEx Ground handles has more than doubled in the past 10 years, and large packages now comprise more than 10 percent of the company’s package volume. The new property is part of FedEx’s plan to enter 17 major hubs and add or expand 500 facilities since 2005.
MACON, GA. — JWA Ventures, a division of Jim Wilson & Associates, has announced plans to develop a 15-acre, Publix-anchored shopping center in Macon. Tobesofkee Crossing will span 68,000 square feet, with Publix occupying 48,000 square feet. JWA Ventures expects to lease the center’s remaining inline space to service retailers and restaurants. Two additional freestanding sites are available for development. Construction is expected to begin in the second quarter of this year with delivery anticipated for second-quarter 2020. The asset will serve as the gateway to Macon’s Tobesofkee community, which is anchored by the 1,800-acre Lake Tobesofkee. A spokesperson for Publix says the grocer will employ 120 to 150 people at the new Macon location.
MORRIS PLAINS, N.J. — Cushman & Wakefield has arranged the sale of a three-story office building in Morris Plains. The sales price was undisclosed. Located at 201 Littleton Road, the 88,910-square-foot property is set on a nearly 17-acre site. The property was 44 percent leased at the time of sale to a tenant roster that includes the State of New Jersey. Andrew Merin, Andrew Schwartz and Kubby Tischler of Cushman & Wakefield represented the seller, Mack-Cali Realty Corp., in the transaction. The buyer was Chopp Holdings, a local investor.
NEW YORK CITY — NorthMarq has arranged a $4.5 million loan to refinance a 20,000-square-foot medical office property in the Bronx. Located at 3316 Rochambeau Ave., the property is currently occupied by Montefiore Medical Center. The tenant has occupied the site for more than 25 years. Charles Cotsala of NorthMarq secured the fixed-rate loan, which includes a 10-year term on behalf of the undisclosed borrower through lender 40|86 Capital.
NEW PROVIDENCE, N.J. — NAI Hanson has secured a 7,791-square-foot industrial lease for United Brewing in New Providence. The microbrewery will occupy 140 Spring St., Unit C, at the 66,000-square-foot property. United Brewing plans to set up a full production brewery as well as a tasting room at the site. Barry Cohorsky of NAI James E. Hanson represented the landlord, Davanne Realty Co. & 19-25 Columbia Street Corp., in the transaction. Terms of the lease were not disclosed.
VERNON, CONN. — HFF has negotiated the sale of a two-property medical office portfolio in the Hartford-area community of Vernon. The sales price was undisclosed. The properties are 460 Hartford, a 36,000-square-foot outpatient facility, and 8 Keynote, a 22,500-square-foot home health service facility. Both properties are fully leased to Eastern Connecticut Health Network, a subsidiary of Prospect Medical Holdings. Ben Appel, Evan Kovac, Andrew Milne, Bryan Rosenberg. Dana Brome and Ron Ott of HFF represented the seller, Bellevue Street Capital LLC, in the transaction. Global Medical REIT Inc. purchased the portfolio.
MONTCLAIR, N.J. — Marcus & Millichap has arranged the $1.2 million sale of a 4,500-square-foot mixed-use property in New Jersey. Located at 413 Bloomfield Ave., the property consists of two apartment units and one retail unit. Alan Cafiero, Ben Sgambati, Chip Collins, David Cafiero, Michael DeVita and Thomas Cleary of Marcus & Millichap’s New Jersey office represented the seller, a personal trust, in the transaction. The buyer was a limited liability company.
RENO, NEV. — Portland, Ore.-based PacifiCap Properties has completed the disposition of Southwest Village, a multifamily property located in Reno’s Old Southwest Reno neighborhood. A New York-based company acquired the property for $35.3 million, or $106,476 per unit. Constructed in 1972, the 14-building, controlled-access community features 332 apartments averaging 852 square feet, two swimming pools, three laundry facilities and 500 parking spaces. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer in the transaction.
MANTECA, CALIF. — A Northern California-based family has purchased Stadium Center, a shopping center located at 2120 Daniels St. in Manteca. A Chicago-based REIT sold the property for an undisclosed price. The new owners have retained NAI Benchmark to manage the asset. The 185,000-square-foot shopping center is occupied by Famous Footwear, Mattress Firm, Queenbee Nails & Spa, Subway, Chili’s Bar & Grill, GameStop, Maurice’s, Ross Dress for Less, Supercuts, Jamba Juice, My Kid’s Dentist & Orthodontist, Round Table Pizza, Ulta Beauty, Jo-Ann Fabrics & Crafts, Old Navy, rue21, Wild Wings n’ Things, dressbarn, Justice, Ono Hawaiian BBQ, Stadium Dental Group, Eyebrow Arch, Panda Express and Starbucks Coffee.
