MORRIS PLAINS, N.J. — CBRE has negotiated the $26.7 million sale of a retail center in Morris Plains. Located at 245 Littleton Road, a 67,449-square-foot Stop & Shop anchors the center. The property is leased to Stop & Shop through 2031. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the seller, JDA Development Co., in the transaction. The buyer was Oak Street Real Estate Capital.
NEW YORK CITY — Madison Realty Capital (MRC) has provided a $14.5 million loan to refinance a mixed-use property in Brooklyn. Located at 1357 Flatbush Ave., the seven-story, 37,133-square-foot, mixed-use building includes 36 apartment units as well as 7,000 square feet of retail space. Madison Realty Capital provided the financing to Hello Living, a developer and repeat MRC borrower. Terms of the financing were not disclosed.
BILLERICA, MASS. — SVN | Parsons Commercial Group has brokered the $2.5 million sale of a 30,000-square-foot office building in Billerica. Located at 5 Fortune Drive, the first floor of the building is fully leased to Anew Health, which operates an adult daycare facility on site. Marci Alvarado and Jake Parsons of SVN | Parsons Commercial Group represented the seller, Five Fortune Drive LLC, in the transaction. The buyer was NeoSome Life Sciences LLC.
APPLING, GA. — FCL Builders has delivered a 556,000-square-foot industrial building in Appling for Club Car. Prologis is the developer of the build-to-suit for Club Car, which manufactures golf carts for golf courses and individuals. The new warehouse will include 25,000 square feet of office space, 3,500 golf cart stalls and 36-foot clear height ceilings. The building is situated about 22 miles west of downtown Augusta. Prologis has chosen FCL to deliver other build-to-suit projects throughout the eastern half of the United States in the past, including projects for Sephora, Procter & Gamble, Kellogg’s and Kraft Foods.
CELEBRATION, FLA. — CGI Strategies has acquired Sola at Celebration, a vacant 306-unit apartment complex in Celebration. Shortly after the seller, Southstar, acquired the property in 2016, construction defects were discovered that resulted in the property being vacated by order of the Osceola Building Department. With repairs for the property already engineered and approved by Osceola County, CGI will immediately begin correcting the deficiencies and anticipates that the community will be back to normal operations by the end of this year. Los Angeles-based CGI will rebrand the community as Astoria at Celebration. The complex will offer one-, two- and three-bedroom floor plans across six four-story buildings. Amenities include an internet café, fitness center, outdoor summer kitchens and a dog park.
HIGH POINT, N.C. — Dominion Realty Partners (DRP) has acquired Mendenhall Business Park, a six-building, 386,844-square-foot office park in High Point. The business park is situated about 12 miles west of downtown Greensboro and was 69 percent leased at the time of sale. DRP plans to make significant investments in building renovations and capital improvement projects to enhance the overall appeal and marketability of the buildings. The sales price was not disclosed, though Triad Business Journals reports the asset sold for $25 million. The seller was not disclosed.
WASHINGTON, D.C. — CBRE has arranged a lease for Target to occupy 46,016 square feet of space at CityLine, a historic retail destination located at 4500 Wisconsin Ave. N.W. in Washington, D.C. The asset is the site of the first Sears in the city, is on top of Tenleytown Metro Station and is about five miles north of downtown Washington, D.C. Target is expected to open in 2020. Michael Zacharia of CBRE represented Target in the lease transaction. CityLine at Tenley Center Inc., an affiliate of Invesco Real Estate, is the landlord.
PLANTATION, FLA. — A partnership led by Azor Advisory Services Inc. has broken ground on the redevelopment of an office building in Plantation. Phase I — set for completion in early 2020 — will feature 6,400 square feet of retail space occupied by Starbucks Coffee. The initial phase is being built on an empty piece of land on the south end of the property. Phase II — which will include bulldozing the existing office building — is expected to break ground in September. Plans have not been finalized for what will take the office building’s place, but Beth Azor of Azor Advisory Services says it will likely be retail-oriented. Lombardi Development will act as general contractor for the project.
HOUSTON — The Home Depot has signed a 20-year industrial lease at Grand National Business Park, an industrial center in Houston that was developed by Hines. The Houston Chronicle reports that the Atlanta-based home goods chain will occupy 770,640 square feet of cross-dock space at the property, which is located near George Bush Intercontinental Airport, as part of a larger investment in its supply chain management.
SUGAR LAND, TEXAS — Berkadia has negotiated the sale of Stella at Riverstone, a 351-unit multifamily community located in the southwestern suburb of Sugar Land. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, granite and quartz countertops and washers and dryers. Amenities include a pool, fitness center, business center, resident lounge and a conference room. Ryan Epstein and Jennifer Ray of Berkadia represented the seller, Alliance Residential, in the transaction. The buyer was Florida-based Cardone Capital.