PARSIPPANY, N.J. — NAI James E. Hanson has arranged the sale of an office building located at 119 Littleton Road in Parsippany. Commercial Realty Group acquired the 36,216-square-foot building from Hollywood Towne House LLC for an undisclosed sum. The property features two full floors of approximately 12,000 square feet each, in addition to pre-built suites starting at 1,384 square feet. Josh Levering and James Kenah of NAI Hanson represented the seller in the transaction.
ELIZABETH, N.J. — Sitar Realty Co. has arranged a 104,005-square-foot industrial lease at 699 Kapkowski Road in Elizabeth. CMC Food Inc. leased the space from Northport Industrial Center LLC. William Sitar Jr. and John Cranley of Sitar Realty Co. brokered the lease transaction. Terms of the lease were not released.
DREXEL HILL, PA. — A partnership between The Hampshire Companies and and MCB Real Estate has received $21.7 million in acquisition financing for Drexeline Shopping Center, a mixed-use center located at 4990-5100 State Road in Drexel Hill, a suburb of Philadelphia. Loan proceeds will be used for the acquisition and a secure line of credit for redevelopment and repositioning of the grocery-anchored shopping center. John Mikula and Michael Klein of HFF arranged the financing, which was provided by Flushing Bank, for the borrower. Situated on 18.4 acres and consisting of five buildings, Drexeline Shopping Center is occupied by more than 40 retail and office tenants, including Shop Rite, Ace Hardware, Anthony’s Restaurant, PNC Bank, Drexel Hill Pediatrics Associates and Children’s Dental Health Associates.
STEVENSON RANCH, CALIF. — InvenTrust Properties Corp. has acquired Stevenson Ranch Plaza, a retail center located at 24917 Pico Canyon Road in Stevenson Ranch, a suburb 35 miles northwest of downtown Los Angeles. InvenTrust purchased the 187,035-square-foot asset from an undisclosed seller for $72.5 million. Ed Hanley and Kevin Fryman of Hanley Investment Group Real Estate Advisors represented the buyer and the seller in the transaction. Ralphs, LA Fitness, PetSmart and Stein Mart anchor the center. At the time of acquisition, the property was 97 percent occupied.
LONG BEACH, CALIF. — Los Angeles-based Urban Commons has assumed a 66-year master lease of the historic Queen Mary, a retired cruise ship docked in the Long Beach Harbor. The developer plans to transform the cruise ship and surrounding area into a retail, dining and entertainment district. The multi-phased project, which is slated to take several years, will begin with upgrades to the ship that will debut in mid-2017. The second phase of development will include constructing a mix of retail, dining and entertainment options on the 45 acres of currently underutilized oceanfront land adjacent to the ship. Urban Commons will work with the City of Long Beach, the Queen Mary Land Development Task Force and community on the review and approval process for the 45-acre project. Garrison Investment Group LLC previously held the master lease.
EUGENE, ORE. — Green Leaf Riverwalk has acquired the 272-unit Riverwalk Apartments in Eugene for $43.1 million. The community is located at 470 Alexander Loop. BPM Real Estate Group developed Riverwalk Apartments. The complex was completed in 2015 and fully leased by 2016. The seller, Alexander Loop LLC, is owned by a partnership managed by Walter C. Bowen. HFO Investment Real Estate executed the transaction.
LAS VEGAS — Beverly Hills-based BIG Shopping Centers USA has sold Sahara Pavilion South, a 158,394-square-foot shopping center located in Las Vegas, to 3D Investments for $20.5 million. The center, located approximately 1.5 miles west of Las Vegas Boulevard, is home to tenants including Chipotle Mexican Grill, JP Morgan Chase, Einstein Bros. Bagels, Metro PCS, AT&T and Starbucks Coffee.
FRESNO, CALIF. — Newmark Grubb Pearson Commercial, a division of Pearson Realty, has arranged two retail leases in Fresno totaling 3,142 square feet. In the first transaction, Christopher Islas leased 912 square feet of space at 7723-B First St. from J&D Properties. The tenant plans to use the space for a barber shop. In the second deal, Fresno Ultimate Martial Arts leased 2,230 square feet of space at 7731 N. First St. from J&D Properties. Troy McKenney and Craig Holdener of Newmark Grubb Pearson Commercial brokered both transactions.
MENLO PARK, CALIF. — ING Capital LLC has provided a $148.6 million secured term loan to a joint venture between Maximus Real Estate Partners and Deutsche Asset Management. The money will be used to acquire and renovate Sharon Green Apartments, a 296-unit luxury multifamily complex in Silicon Valley. The seller, Essex Property Trust (NYSE: ESS), is a publicly traded REIT. The property is located in Menlo Park, along the San Francisco Bay midway between San Francisco and San Jose. The senior loan is secured by a first mortgage on the 328,024-square-foot apartment complex. A majority of the loan proceeds will go towards the acquisition of the property, with the rest earmarked for renovations over a three-year period. “Sharon Green Apartments is the top-located garden apartment complex in the country for offering tenants unparalleled education, employment and transportation opportunities within walking distance and centrally located in the heart of Silicon Valley,” says Craig Bender, managing director of ING Capital LLC. The asset is located on 17 acres of land near Stanford University at 350 Sharon Park Drive. The property offers one-, two- and three-bedroom units. Community amenities include a clubhouse with billiards, two pools and spas, a fitness center, two tennis …
NEW YORK — The U.S. industrial market absorbed 57.8 million square feet of space in the first quarter of 2016, up 9.3 percent from the first quarter a year ago, according to Cushman & Wakefield’s first-quarter industrial report. This marked 24 consecutive quarters of positive net occupancy gains for the sector, placing the current expansion among the longest on record, as well as among the strongest. The U.S. industrial market shed more than 182 million square feet of occupancy during the economic downturn, but it has absorbed more than 990 million square feet in the expansion. The national industrial vacancy rate continued to decline in the first quarter, falling by 20 basis points from the prior quarter and 70 basis points from the prior year to 6.1 percent. Industrial vacancy is currently tracking at the lowest level of the past 30 years and is now a full 240 basis points below the 10-year historical average. Kevin Thorpe, chief economist of Cushman & Wakefield, says the outlook for the industrial sector remains promising, and he expects 2016 to be another year of strong growth. “Going forward, the demand drivers for industrial remain firmly intact,” says Thorpe. “Much of what drives demand …
