Property Type

Prism Capital Completes Acquisition of 116-Acre Former Hoffmann-La Roche Campus in New Jersey

by Amy Works October 3, 2016

NUTLEY AND CLIFTON, N.J. — PB Nutclif I, an affiliate of Prism Capital Partners, has completed its previously announced purchase of the 116-acre former Hoffmann-La Roche Inc. North American headquarters campus in Nutley and Clifton. The company plans to reposition the campus as a mixed-use development anchored by a medical school. In July, Hackensack Meridian Heath and Seton Hall University committed to leasing two buildings and 16 acres at the property. Seton Hall and Hackensack Meridian will immediately start improvements to convert the leased buildings to accommodate the needs of the new Seton Hall-Hackensack Meridian School of Medicine. Seton Hall will co-locate its College of Nursing and School of Health and Medical Sciences at the site, and Hackensack Meridian plans to create a National Health Institute-designated Clinical Research Center on the campus.

October 3, 2016

Loans New York Northeast Retail

Berkadia Secures $31.5M in Financing for Retail Property in Harlem

by Amy Works October 3, 2016

NEW YORK CITY — Berkadia has secured $31.5 million in financing for The Retail Condominium at The Renaissance, a retail and garage property located at 130 Lenox Ave. in Harlem. Stewart Campbell of Berkadia arranged the loan for the undisclosed borrower through Jeffries LoanCore LLC. The 10-year refinancing loan features a 4.13 percent fixed interest rate and is interest-only throughout the term.

October 3, 2016

Multifamily New York Northeast

Rockpoint Group Acquires Two Residential Properties in Manhattan

by Amy Works October 3, 2016

NEW YORK CITY — An affiliate of Rockpoint Group LLC has acquired two residential properties located at 63 and 67 Wall St. in Manhattan. An affiliate of DTH Capital sold the properties for an undisclosed sum. 63 Wall Street, known as the Crest and formerly The Wall and Hanover Building, was built in 1928 as the headquarters of Brown Brothers Harriman & Co. The 400,000-square-foot building was converted into 476 residential apartments in 2003 and 2004. 67 Wall Street was originally built in 1921 as headquarters for the Munson Shipping Co. In 2006, the building was converted into 331 residential units and a retail component. The properties have approximately 10,000 square feet of connected amenity space and 20,000 square feet of retail space. Carl Schwartz, Matthew Scoville and Katie Baranek of Hunton & Williams LLP advised DTH Capital on the sale.

October 3, 2016

Industrial Northeast Pennsylvania

Roddy Inc. Brokers $4.8M Sale of 101,747 SF Industrial Facility in Bensalem, Pennsylvania

by Amy Works October 3, 2016

BENSALEM, PA. — Roddy Inc. has arranged the sale of an industrial facility located at 633 Dunksferry Road in Bensalem. Nytef Bensalem LLC sold the 101,747-square-foot property to Liberty Bell Properties LLC for $4.8 million. Situated on 11.1 acres, the property will be partially occupied by EDA Contractors, with 32,500 square feet of space available for lease. Robert Olender of Roddy Inc. represented the seller in the deal.

October 3, 2016

New York Northeast Office

Choyce Peterson Negotiates 29,000 SF Office Lease in White Plains, New York

by Amy Works October 3, 2016

WHITE PLAINS, N.Y. — Choyce Peterson Inc. has arranged the lease of 29,000 square feet of office space at 701 Westchester Ave. in White Plains. Pentegra Retirement Services is relocating its headquarters from 108 Corporate Park Drive to the new location. John Hannigan and Alan Peterson of Choyce Peterson represented the tenant, while Brian Carcaterra of CBRE represented the landlord, Normandy Real Estate Partners, in the transaction.

October 3, 2016

Maryland Multifamily Southeast

Continental Realty Acquires Apartment Community in Baltimore County for $61.6M

by John Nelson October 3, 2016

OWINGS MILLS, MD. — Baltimore-based Continental Realty Corp. has acquired Riverstone at Owings Mills, a 324-unit garden-style apartment community located in Owings Mills, for $61.6 million. Continental purchased the community via its Continental Realty Fund IV LP, marking the third multifamily purchase for the fund. Located at 4700 Riverstone Drive, Riverstone at Owings Mills consists of one-, two- and three-bedroom apartment units featuring 9-foot ceiling heights, open-style layouts, split master options, individual full-sized washer and dryers, and balconies or patios. The asset was nearly 96 percent occupied at the time of the purchase. Constructed in 2002, the property’s community amenities include a clubhouse with a fitness center, business center and resident lounge, as well as an outdoor swimming pool, hot tub and a tennis court. Continental Realty plans to continue the on-going renovation program, which includes the installation of granite countertops and stainless steel appliances. CBRE represented the seller, CIM Group, in the transaction.

October 3, 2016

Georgia Industrial Southeast

Tory Burch to Open $60M Distribution Center in South Atlanta Suburb

by John Nelson October 3, 2016

MCDONOUGH, GA. — Tory Burch LLC, a women’s accessories and apparel retailer, plans to invest more than $60 million by 2020 for a new distribution center in McDonough, a south Atlanta suburb in Henry County. The distribution center will support Tory Burch’s e-commerce business and is expected to be fully operational by the end of 2017. The new facility is expected to create more than 150 jobs by 2020, including positions in management, administration, transportation, order processing, packaging and shipping. Tory Burch will fully occupy the 753,000-square-foot distribution center located in the Lambert Farms Logistics Park in McDonough. Tory Burch leased the space from the developer, Panatonni Development Co. Inc. Wit Truitt and Reed Davis of JLL represented Panatonni in the lease deal. The industrial facility features an adjacent pad site, which makes the development expandable up to 1.5 million square feet. Tory Burch is headquartered in New York and has 180 boutiques worldwide, including locations in Los Angeles, Shanghai, Milan and Paris, as well as nine e-commerce sites in six languages. The retailer sells clothing, shoes, handbags, accessories, watches, home and beauty items. Tory Burch worked with Josh Stephens of the Georgia Department of Economic Development, the Georgia Ports …

October 3, 2016

Kentucky Mixed-Use Southeast

Cushman & Wakefield/Commercial Kentucky Brokers $41M Sale of Mixed-Use Center in Louisville

by John Nelson October 3, 2016

LOUISVILLE, KY. — Cushman & Wakefield/Commercial Kentucky has arranged the $41 million sale of Hurstbourne Business Center, a 418,000-square-foot, mixed-use development located in Louisville. The property comprises Hurstbourne Park and Hurstbourne Place, both office buildings, and Hurstbourne Plaza, a retail center. Cincinnati-based Viking Partners, a private equity real estate firm, purchased Hurstbourne Business Center from Dallas-based TIER REIT. Craig Collins of Cushman & Wakefield/Commercial Kentucky, along with Stewart Calhoun and Casey Masters of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.

October 3, 2016

Office Southeast Virginia

Dominion Realty Partners Acquires Three-Building Office Portfolio in Richmond

by John Nelson October 3, 2016

RICHMOND, VA. — Dominion Realty Partners has purchased a three-building office portfolio totaling 288,416 square feet in Richmond for an undisclosed price. Situated within Boulders Office Park, the purchase of Boulders I, II and III will increase Dominion Realty’s Virginia office portfolio to 450,723 square feet. The portfolio was 76 percent leased at the time of sale to 34 tenants including Timmons Group and Tredegar Corp. Dominion Realty plans to make capital improvements to the portfolio, including upgrades of the common area lobbies, corridors and restrooms, parking lot resurfacing and landscaping improvements. Eric Robison of Cushman & Wakefield | Thalhimer represented the undisclosed seller in the transaction.

October 3, 2016

Mississippi Retail Southeast

NAI UCR Brokers $3.6M Sale of Shopping Center in Mississippi

by John Nelson October 3, 2016

VICKSBURG, MISS. — NAI UCR Properties has brokered the $3.6 million sale of a 43,000-square-foot portion of the Pemberton Plaza Shopping Center in Vicksburg, roughly 45 miles west of Jackson. The buyer, an unnamed local investment group, added to the 27,000-square-foot portion of the center it already owned. Pemberton Plaza’s tenant roster includes T.J. Maxx, Citi Trends, Petsense, Newk’s Eatery, Bestway Rent to Own, Anytime Fitness and Little Caesar’s. The portion of the shopping center that was acquired was 100 percent leased at the time of sale. The buyer purchased the asset from RockStep Capital in an off-market transaction. Micah McCullough and Brett Bailey of Jackson-based NAI UCR Properties represented the buyer in the transaction. RockStep Capital was self-represented.

October 3, 2016

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