PHOENIX — Cushman & Wakefield has arranged the sale of Camelback Center, a 32,963-square-foot shopping center located in Phoenix. CVS/pharmacy and Total Wine anchor the center, which is fully occupied by tenants including Chipotle Mexican Grill, Massage Envy, European Wax Center and Jimmy Johns. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the undisclosed seller in the transaction. Perry Investment Trust purchased the property. Terms of the sale were undisclosed.
FORT COLLINS, COLO. — Otter Products, the company behind OtterBox phone cases, will soon open Otter Shop, a retail store in its hometown of Fort Collins. The first OtterBox was created in a Fort Collins garage in the mid-1990s. This first and only standalone retail location allows the company to showcase its line of products, beyond phone cases. In addition to OtterBox cases, mobile accessories, coolers and tumblers, the store will feature products from sister brand LifeProof, including the recently released AQUAPHONICS line of Bluetooth speakers. Visitors will also be able to print custom cases with their own images or select from dozens of patterns. Otter Shop will be located at 151 W. Mountain Ave. in downtown Fort Collins.
SACRAMENTO AND CHICO, CALIF. — Asset Campus Housing has been awarded management of two student housing communities in California. Properties include The Crossings, located near California State University – Sacramento; and The Post on Nord, located near California State University – Chico. Combined, the two properties add 1,402 beds to Asset Campus’ student housing portfolio. Both communities feature fully equipped computer labs and fitness centers, and offer fully furnished units in a variety of floor plans.
NEW YORK CITY — Madison Realty Capital has provided a $300 million construction loan for the development of a mixed-use project at 138 E. 50th St. in the Midtown East section of Manhattan. Developed by Ceruzzi Properties and SMI USA, the 72-story tower will feature 124 residential condominium units, 7,500 square feet of retail space and a 25-space parking garage. The residential units will include a mix of efficient one- to five-bedroom units, ranging from 777 square feet to 5,388 square feet. Amenities will include an indoor pool and spa, fitness center and shared work areas. Pelli Clarke Pelli Architects designed the tower’s façade, SLCE is the architect of record and AECOM/Tishman Construction is serving as general contractor. Topout is expected in November, with condominiums coming online in late 2018.
NEW YORK CITY — Sugar Hill Capital Partners has purchased a six-story multifamily building located at 200 Haven Ave. in Manhattan’s Washington Heights neighborhood. Rudd Realty Management sold the property for $41 million, or $328.55 per square foot. The 125,789-square-foot building features 95 apartment units, an indoor parking garage for 50 vehicles, laundry facilities and storage. Lazer Sternhell, Peter Vanderpool and Elan Teichman of Cignature Realty represented the buyer and seller in the deal.
HAZELTON, PA. — Hinerfield Commercial has brokered the sale of a showroom and warehouse facility located at 485 Susquehanna Blvd. in Hazelton. Bradley International acquired the 51,000-square-foot property for an undisclosed price. The building is occupied by Nathan’s Furniture Store, which originally purchased the property in 1983. Griff Keefer and John Cognetti of Hinerfield Commercial handled the sale negotiations.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of the residential portion of 1 Coesnties Slip, as known as 66 Pearl Street, in Manhattan. An undisclosed buyer acquired the six-building multifamily asset for $26.7 million. Totaling 32,843 square feet, the property features 42 residential units. The property’s 34 free-market apartments recently underwent an extensive renovation and upgrade program. Bob Knakal, Will Suarez, Jonathan Hageman, George D’Ambrosio, Maurice Suede and Sean Rucker of Cushman & Wakefield represented the undisclosed seller in the deal.
EAST BROOKFIELD, MASS. — Kelleher & Sadowsky has arranged the sale of an industrial space located at 545-555 E. Main St. in East Brookfield. The undisclosed buyer plans to convert the 40,754-square-foot former Howe Lumber facility into a micro-brewery under the Timberyard Brewing brand. Paul Matt of Kelleher & Sadowsky brokered the sale. The name of the seller and acquisition price were not released.
DURHAM, N.C. — Strategic Capital Partners has unveiled plans for Patriot Park, a $60 million industrial development located near Miami Road and Patriot Drive within Research Triangle Park in Durham. The project will comprise roughly 1 million square feet to be developed over the next several years. Construction on Phase I, which will include 322,800 square feet, is slated to begin this summer. In addition to Strategic Capital Partners, the investment group includes Westminster Capital, Berkshire Realty and First Tennessee Bank, which is providing construction financing. Patriot Park is the third major development in the Raleigh-Durham metro for Indianapolis-based Strategic Capital.
RICHMOND, VA. — Panattoni Development Co. Inc. has unveiled plans to develop a 1 million-square-foot speculative warehouse situated along Commerce Road in Richmond. CBRE | Richmond represented California-based Panattoni in the acquisition of the 62.3-acre parcel of land. Dubbed Virginia I-95 Distribution, the project will be developed in two phases. Each phase will feature a 461,700-square-foot cross-dock warehouse with 36-foot clear heights, LED lighting and multiple trailer drops. Phase I is slated for completion in summer 2018. Matt Anderson of CBRE | Richmond will handle the property’s leasing.
