CELINA, TEXAS — CBRE has brokered the sale of Bobcat Crossing, a 29,309-square-foot retail center located in the North Texas city of Celina. The center is located within the Carter Ranch master-planned development and is home to 13 tenants, including Sherwin-Williams and Subway. Michael Austry and Jared Aubrey of CBRE represented the seller, Standridge Cos., in the transaction. The buyer was Houston-based investment firm Stablewood.
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Harrison Street, Morningstar Properties Acquire 21-Property Self-Storage Portfolio
CHICAGO AND MATTHEWS, N.C. — A joint venture between Chicago-based Harrison Street Asset Management and Matthews-based Morningstar Properties has acquired a portfolio of 21 self-storage properties totaling morning than 10,800 units. The properties are located in Texas, North Carolina, South Carolina, Florida, Georgia, Virginia and Arkansas, with 71 percent of the assets situated in top 30 U.S. metropolitan areas such as Houston, Austin, Charlotte and Atlanta. The portfolio was 90 percent leased at the time of sale and spans more than 1.3 million rentable square feet. Morningstar will continue operating and managing the portfolio. The seller was not disclosed. Harrison Street and Morningstar previously completed 41 self-storage investments across five Sun Belt states.
SALEM, VA. — Cushman & Wakefield | Thalhimer has negotiated the $11.6 million sale of a 170,000-square-foot distribution facility located in Salem. ReaderLink Distribution Services LLC, the country’s largest book distributor to mass merchandisers and other non-bookstore outlets, fully occupies the facility and has been a tenant at the site for 25 years. Bo McKown of Thalhimer’s Capital Markets Group represented the undisclosed buyer in the transaction. Davis Stoneburner of Thalhimer’s Industrial Services Group will lead leasing efforts for the new ownership.
CHANTILLY, VA. — Penzance has received a $100 million construction loan for the development of Chantilly Premier, a 241,000-square-foot data center in Chantilly, roughly 34 miles west of Washington, D.C. Marshall Scallan, Michael Zelin and Bindi Shah of Cushman & Wakefield arranged the loan through QuadReal Property Group on behalf Penzance. Penzance recently broke ground on the fully preleased center, which is situated on 12 acres of a 79-acre site, located adjacent to the Chantilly Auto Park, according to the Washington Business Journal. An affiliate of Penzance originally acquired the vacant parcel in August 2022. Chantilly Premier is slated for completion by mid-2027.
MIAMI — JLL Capital Markets has secured $30 million in refinancing for Palmetto Industrial Park, a six-building, shallow-bay portfolio located at 6801-7500 N.W. 77th Ave. in Miami. Melissa Rose, Jovi Rodriguez and Duncan Miller of JLL arranged the three-year, fixed-rate loan through an unnamed bank on behalf of the borrower, a joint venture between East Capital Partners and ABR. Constructed between 1981 and 1982, Palmetto Industrial Park totals 183,945 square feet and features 18-foot clear heights, 12 dock-high doors, 101 grade-level doors and 275 parking spaces. The facility, which was 94.9 percent leased at the time of loan closing, includes a mix of 143 tenants such as auto repair shops, custom carpentry operations, marble and stone services, logistics companies, medical centers, insurance agencies and specialized manufacturing facilities.
NORFOLK, VA. — Marcus & Millichap Capital Corp. (MMCC) has arranged $9 million in refinancing for Wyndham Garden Norfolk Downtown, a 354-room hotel located near Norfolk International Airport. Robert Bhat of MMCC’s Miami office secured the loan with a global investment bank on behalf of the borrower, an unnamed private client. The five-year, non-recourse loan includes a 7 percent interest rate and was structured with an interest-only term. Wyndham Garden Norfolk Downtown features amenities such as a seasonal swimming pool, fitness center, guest laundry facilities, an ATM, bar and business center.
JERSEY CITY, N.J. — Locally based developer Tulfra Real Estate has completed a 797-unit self-storage project in Jersey City. The six-story, climate-controlled facility at 300 Thomas McGovern Drive spans 115,000 gross square feet and is part of a larger development known as Jersey City Self Storage that will ultimately comprise approximately 261,000 square feet (gross) across more than 2,400 units and two more phases of development. Fulton Bank financed construction of the project, which is a conversion of a former industrial site. JLL arranged the construction debt. Public Storage operates the facility.
BRIDGEWATER, N.J. — Continuum Advisors has brokered the sale of Laurel Circle, a 270-unit continuing care retirement community located in the Northern New Jersey community of Bridgewater. Totaling 270 units, Laurel Circle features 183 independent living apartments, 19 independent living villas, 30 assisted living residences, 10 memory care units and 28 skilled nursing units. The property also includes several undeveloped acres for future expansion. David Kliewer and Jay Jordan of Continuum arranged the transaction. An affiliate of Maxwell Group and Senior Living Communities was the buyer. The seller, a joint venture that included seniors housing owner-operator LCS, recently invested more than $15 million in capital improvements to the property.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $24 million sale of a multifamily development site in the Park Slope area of Brooklyn. The assembled site at 67-75 4th Avenue and 77 St. Marks Place can support 84,780 buildable square feet of product. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel represented the seller, private investor Tolib Mansurov, in the transaction. The buyer was another private investor, Shimon Kleinman.
CLIFTON, N.J. — Resource Realty of Northern New Jersey has negotiated a 52,606-square-foot, full-building industrial lease in Clifton. The names of the tenant and landlord were not disclosed. According to LoopNet Inc., the building at 1155 Bloomfield Ave. was originally constructed in 1952. Building features include a clear height of 24 feet, five loading docks and 12,000 square feet of office, showroom and tech space. Greg Sabato of Resource Realty negotiated the deal.