BOSTON — NKF Capital Markets has negotiated the $39 million sale of a mixed-use property in the Somerville neighborhood of Boston. Located at 240 Elm St., the 46,276-square-foot property is currently fully leased to a tenant roster that includes urban grocery concept bfresh and office sharing concept Spaces. Geoffrey Millerd, Justin Smith, Paul Penman and Christian Brannelly of NKF Capital Markets brokered the transaction. The buyer and seller were undisclosed.
MIDDLETOWN, CONN. — Axiom Capital has secured a $17 million permanent loan for an office building in Middletown. The undisclosed borrower plans to completely renovate the 85,000-square-foot building. The lender was a life insurance company. When completed, the property will expand to 90,000 square feet and include 316 parking spaces. Amenities will include classrooms, an auditorium, a café with indoor and outdoor seating and a fitness center.
HAVERHILL, MASS. — Yannios RE Investment Sales has brokered the sale of Highland Maple Apartments, a 39-unit apartment community in Haverhill. Haverhill is located 35 miles north of Boston. Built in 1850, the masonry-style property includes two, three-story buildings. Yannios RE Investment Sales represented the seller, who was undisclosed. The buyer was also undisclosed.
READING, PA. — HFF has arranged a $1.4 million refinancing for a 70,000-square-foot, single-tenant industrial facility in Reading. Michael Pagniucci and Ryan Ade of HFF represented the borrower, J&R Investments, to secure a seven-year, fixed-rate loan through a local money center bank. The 5.8-acre property is occupied by transportation logistics company S&H Express and is located at 2600 Beltline Ave.
IRVINE, CALIF. — Kelemen Co. has purchased The Atrium, an office property located at 19100 and 19200 Von Karman Ave. in Irvine. Barings Real Estate, part of Barings LLC and acting on behalf of institutional investors, sold the building for $106.7 million. Kevin Shannon, Paul Jones, Ken White, Brunson Howard and Blake Bokosky of NKF Capital Markets represented the seller, while the buyer was self-represented in the transaction. Situated on 6.1 acres, the 10-story building was constructed in 1986 and underwent an extensive renovation in 2015. The $5.3 million capital improvement program included upgrades to the atrium lobby, common areas, exterior courtyards, restrooms, elevator cabs and lobbies. At the time of sale, the 302,877-square-foot property was 90 percent leased to a variety of tenants, including Premier Business Centers and Severson & Werson. The building features a 10-story atrium with interior and exterior balconies, 24/7 security and access, a café and ample surface and structured parking. Additionally, Bistango, a well-known restaurant, has occupied the ground-floor space since 1988.
ONTARIO, CALIF. — Voit Real Estate Services has arranged the lease of an industrial warehouse located within Shea Center Ontario, a five-building business park located at 5400 Shea Center Drive in Ontario. The lease is valued at $33 million. Canada-based Dorel Home Furnishings, a global manufacturer and distributor of products in the juvenile, sports and home furnishings sectors, will occupy the 750,000-square-foot space and utilize it as a distribution center for the company’s home furnishings division. Aliso Viejo, Calif.-based Shea Properties owns the business park, which is fully occupied. Other tenants include Emser Tile, Trek Bicycle, Restoration Hardware and Neovia Logistics. Frank Geraci, Juan Gutierrez and Adam Geiger of Voit’s Inland Empire office represented the landlord, while Chuck Belden and Kyle Kehner of Cushman & Wakefield represented the tenant in the transaction.
CHANDLER, ARIZ. — VanTrust Real Estate has purchased 20 acres of land, located at Chandler Boulevard and the Loop 101 in Chandler. The Rockefeller Group, New York City, sold the land parcel for $12.2 million. VanTrust plans to build a mixed-use development with office, hotel and retail space on the site. This transaction continues the company’s development pipeline in the Arizona market, which consists of projects for industrial, multifamily and office space. The company recently completed Chandler Corporate Center, a 117,000-square-foot office asset located at 350. N. McClintock Drive in Chandler, and it plans to break ground on the second phase of the development soon.
GOLETA, CALIF. — Majestic Asset Management has acquired a flex industrial/office park, located at 839-879 Ward Drive in Goleta, for $16.5 million. The buyer plans to improve and reposition the 124,754-square-foot asset to improve the warehouse, R&D and office space. Consisting of three buildings situated on 5.6 acres, the property was vacated in 2016 by Channel Industries, which had occupied the site since its original construction in the 1960s. Recent leases by Gavial Holdings, Sonatech and Reaction35 have backfilled a portion of the property, with approximately half of the rentable space remaining vacant. Francois DeJohn, Steve Hayes and Liam Murphy of Hayes Commercial represented the undisclosed seller and buyer in the deal.
PALM SPRINGS, CALIF. — Faris Lee Investments has arranged the sale of a restaurant property located in Palm Springs. An undisclosed buyer acquired the asset for $3.9 million. IHOP occupies the 4,600-square-foot freestanding building on a triple-net lease. The restaurant has occupied the building for more than 26 years, with a recent 10-year lease extension. Nick Coo, Matt Brooks, Tom Chichester and Joe Chichester of Faris Lee represented the undisclosed seller in the deal.
FORT MYERS, FLA. — Coastal Ridge Real Estate and M Group have purchased The Reef, a 924-bed student housing community located adjacent to Florida Gulf Coast University in Fort Myers. Progressive Capital Group sold the asset to the partnership for $78.8 million. Kevin Larimer, Greg Gonzalez and Cole Whitaker of Berkadia arranged the transaction on behalf of Progressive. Constructed in two phases in 2016 and 2017, The Reef is a garden-style community featuring two resort-style pools with cabanas, outdoor billiards, fire pit, ping pong, bocce ball, sand volleyball court, fitness center, cyber café, resident club lounge and private study rooms. The community’s fully furnished units feature bed-to-bath parity. The transaction marks the second student housing acquisition near Florida Gulf Coast University for Coastal Ridge in the past two months. In July, the Ohio-based company acquired the adjacent Coastal Village Apartments for $44 million.
