KING OF PRUSSIA, PA. — A joint venture between Merion PHC Holdings LLC and Moreland Development LLC has acquired an office property located at 950 Pulaski Drive in King of Prussia, approximately 20 miles northwest of Philadelphia. Hemar Realty Co. sold the asset for $8.2 million. The 40,000-square-foot property is currently configured as physicians’ offices, exam rooms and labs. Gary Leone and Steven Gartner of CBRE represented the seller in the deal.
NEW YORK CITY — Cleeman Realty Group has brokered two separate transactions in Brooklyn totaling $6.1 million. In the first deal, an undisclosed buyer acquired a three-story, 3,440-square-foot residential walk-up building in Brooklyn’s Fort Greene area for $2.5 million. The building features eight rental units, four of which are vacant. Zach Hering of Cleeman Realty represented the buyer and undisclosed seller in the transaction. In the second deal, an undisclosed seller sold a vacant mixed-use building located on St. Felix Street in Brooklyn for $3.5 million. The 4,600-square-foot property features five residential units and two floors of community space. The building has been vacant since it was built in 2007. Michael Cleeman of Cleeman Realty represented the seller, while Hering represented the undisclosed buyer in the deal.
OLD SAYBROOK, CONN. — Marcus & Millichap has brokered the sale of a retail property located at 107 Main St. in Old Saybrook. An undisclosed limited liability company acquired the 3,690-square-foot property for $3 million. Laurie Ann Drinkwater and Seth Richard of Marcus & Millichap brokered the sale. The name of the seller was not released.
WORCESTER, MASS. — Kelleher & Sadowsky has arranged the sale of a 3,200-square-foot office space located at 31 Harvard St. in Worcester. Private investor Kenneth Davis acquired the property for an undisclosed price and plans to convert the property into office and residential space when vacated by the current tenant, Family Service Organization of Worcester. Will Kelleher and David Cohen of Kelleher & Sadowsky brokered the transaction. The name of the seller was not released.
PHARR, TEXAS — Houston-based developer Levcor Inc. has received a $78 million loan to refinance existing construction debt on Pharr Town Center, a 466,950-square-foot retail center in the South Texas city of Pharr. Goldman Sachs provided the loan for the property, which currently houses tenants such as T.J. Maxx, Main Event Entertainment and Academy Sports + Outdoors. Tom Melody, Tom Fish, Jimmy Board and Jarrod McCabe of JLL arranged the financing.
HOUSTON — Weingarten Realty will develop The Driscoll at River Oaks, a 30-story apartment tower located near the Kroger-anchored River Oaks Shopping Center in Houston. The property will feature more than 300 units and approximately 10,000 square feet of ground-floor retail. Construction is scheduled to begin in 2018 with completion slated for 2021.
ATASCOCITA, TEXAS — Los Angeles-based Westwood Financial Corp. has acquired Market at Lake Houston, a 101,791-square-foot, H-E-B-anchored retail center in the northeastern Houston suburb of Atascocita. Completed in 2002, the property was 100 percent leased at the time of sale to tenants such as GameStop, Sally Beauty Supply, Five Guys and Subway. HFF brokered the sale and arranged an undisclosed amount of acquisition financing through Nationwide Life Insurance Co.
DALLAS — High Street Residential has opened M-Line Tower, a 20-story, mixed-use development located at 3200 McKinney Ave. in Dallas. The property’s 261 apartment homes are a mix of studio, one- and two-bedroom units ranging in size from 581 to 2,511 square feet. M-Line Tower offers 11,636 square feet of ground-floor restaurant space leased to Café Express and Blue Sushi Sake Grill. Community amenities include a multi-level fitness center, resident sky lounge, pool, business center and personal study areas.
MCDONOUGH, GA. — Panattoni Development Co. Inc. has broken ground on nearly 1.6 million square feet of space at Lambert Farms Logistics Park in McDonough, roughly 30 miles south of Atlanta. Located in the South Atlanta industrial submarket, 1 million square feet of space has been preleased to an international consumer brand, and the additional 550,000 square feet is being developed as speculative space. Wit Truitt, Chris Tomasulo and Reed Davis of JLL represented Panattoni in the lease negotiations and is marketing the speculative portion of the project. Construction on the development began in June and is slated for completion in the second quarter of 2018. In 2016, upscale retailer Tory Burch leased a 753,000-square-foot distribution center at Lambert Farms, which is expected to be operational later this year, creating roughly 150 new jobs.
DEER PARK, TEXAS — NAI Partners has negotiated the sale of a 73,000-square-foot industrial property situated on 6.2 acres at 2802 E. 13th St. in Deer Park, approximately 20 miles east of Houston. John Ferruzzo and Chris Kugle of NAI represented the seller, Deer Park 1031 DST, in the transaction. Jim Stark of CBRE represented the buyer, Turtle & Hughes Inc.
