ALLENTOWN, PA. — HFF has arranged the $3 million sale of a 10,000-square-foot, single-tenant retail building leased to CVS Pharmacy in Allentown. HFF represented the undisclosed seller in the transaction. The buyer was Grove City Property. Located at 1802 Lehigh St., the CVS Pharmacy sees traffic counts of more than 15,000 vehicles per day and is less than a mile from I-78. The building was built in 1996 and is leased to CVS Pharmacy through December 2037.
HOUSTON — HFF has arranged the sale of Brookhollow West Business Park, a two-building, 232,950-square-foot industrial property in northwest Houston. Built between 2007 and 2008, the Class A property features 24-foot clear heights, 40 dock-high doors, five drive-up ramps and 277 parking spaces. Roughly 21 percent of the square footage is office space. Rusty Tamlyn and Dane Petersen of HFF, along with Jon Farris and Matteson Hamilton of Stream Realty Partners, represented the seller, AIV Inc, a valve distributor for utilities firms. A subsidiary of STAG Industrial Inc., a Boston-based REIT, purchased the property for an undisclosed price.
ATASCOCITA, TEXAS — Houston-based The National Realty Group (TNRG) and Dallas-based MedCore Partners have acquired seven acres in the Houston suburb of Atascocita, with plans to build an independent living, assisted living and memory care community on the site. The project will feature 186 units located near the shores of Lake Houston. Integral Senior Living will operate the community upon completion. Design is scheduled for completion by November of this year, followed immediately by construction. The developers plan to deliver the completed community in March 2020.
LEHIGH VALLEY, PA. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 180-bed skilled nursing facility located in the Lehigh Valley region of eastern Pennsylvania. A regional owner-operator acquired the property for $18.8 million, or approximately $104,000 per bed. The seller was looking to restructure its regional portfolio. Michael Segal and Ben Firestone of Blueprint negotiated the transaction.
OKLAHOMA CITY — Dallas-based Vanguard Real Estate Advisors has brokered the sale of Spring Hill Apartments, a 104-unit multifamily property in Oklahoma City. Built in 1984, the pet-friendly community offers studio, one- and two-bedroom units. Jordan Cortez of Vanguard represented the seller, Chicago-based AMG Cherry Hill LLC, in the all-cash transaction. Cortez also procured the buyer, a private investor based in North Texas that acquired the property via a 1031 exchange.
NEW YORK CITY — TerraCRG has arranged the sale of a vacant, six-unit apartment building in the Bushwick neighborhood of Brooklyn. Located one block from the Jefferson Street L subway station at 1271 Willoughby Ave., the 5,000-square-foot property is situated in a popular retail corridor. Matt Cosentino, Fred Bijou and Eric Satanovsky of TerraCRG brokered the deal. TerraCRG represented the seller, Bushwack LLC, which purchased the property in 2014. The brokerage firm also represented the buyer, Cycamore Capital, an investment firm based in Brooklyn.
SAN ANTONIO — Florida-based Michaelson Real Estate Group and its private equity partners have acquired The Fountains Apartment Homes, a 101-unit multifamily community in San Antonio. Built in 1973, the property is located in northwest San Antonio, near the University of Texas at San Antonio (UTSA), San Antonio International Airport and Hulu’s 60,000-square-foot viewer operations center. Amenities include a pool, picnic/grilling area and on-site laundry facilities. The seller was not disclosed.
NEW YORK CITY — Alpha Realty has brokered the sale of a 10,000-square-foot multi-use building in the Upper East Side of Manhattan for $7 million. The property, located at 148 East 98th St., is a newly constructed six-story elevator building with 11 apartments and one commercial unit. The property sold at a capitalization rate of 3.4 percent. Lev Mavashev and Glenn Raff of Alpha Realty brokered the transaction with Raff representing the seller, a local private investor. Mavashev procured the buyer, Rebar Development Group.
DALLAS — Stream Realty Partners has negotiated the sale of a 69,866-square-foot warehouse located at 9225-9249 King James Drive in Dallas. The property is located on the northwest side of the city. Jason Moser of Stream Realty Partners represented the seller, 9225-9249 King James LLC. King James Properties LLC purchased the asset for an undisclosed price.
RESTON, VA. — JBG Smith has sold Summit, a two-building office campus in Reston, to Brookfield Property Partners (BPY) for $95 million. Summit I and Summit II are located along Dulles Toll Road, roughly 22 miles northwest of Washington, D.C. The property, which includes more than 290,000 rentable square feet, was fully leased at the time of sale. In 2016, nonprofit science and technology company Noblis Inc. signed a 160,000-square-foot lease at the property, taking all of Summit I and a portion of Summit II, according to the Washington Business Journal. Tom Cleaver, Dan Grimes and Rob Faktorow of CBRE arranged the transaction on behalf of both JBG Smith and BPY. Summit features a fitness center, showers, bike racks, an on-site deli and shuttle service to Reston Town Center, a mixed-use development featuring offices, retail and restaurant space. The property is located one mile from the future Reston Town Center Metro station.
