BROCKPORT AND QUEENSBURY, N.Y. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a two-property seniors housing portfolio in Upstate New York. Brookdale Senior Living acquired the two assets for $48 million. Totaling 183 units, the properties are Emeritus at Landing of Brockport and Emeritus at Landing of Queensbury. Mark Myers, Joshua Jandris and Charles Hilding of IPA represented the seller, a private family office, in the transaction.
EULESS, TEXAS — In an off-market transaction, SkyWalker Property Partners has sold the 75,679-square-foot Westpark Centre in Euless to an Atlanta-based fund targeting government-leased properties. It is the fund’s first acquisition in North Texas and second in the state. The GSA occupies 52 percent — 39,506 square feet — of the three-story office building located at 150 Westpark Way. Shane Benner of Coldwell Banker Commercial Alliance sourced the buyer, RP CBP Euless, and was the sole broker for the all-cash transaction. SkyWalker purchased Westpark Centre in 2008. The 4.3-acre property is located off Airport Freeway and TX 121, near Dallas/Fort Worth International Airport. Westpark Centre has been leased and managed since 2008 by Arlington-based CBCA DFW, formerly SCM Real Estate Services.
HOUSTON — Jim Autenreith and Dan Nguyen of Moody Rambin represented a private seller in the sale of 3229 Navigation Blvd., a 20,898-square-foot freestanding office warehouse property in Houston. James Womack of Property Brokerage of Texas represented the purchaser, a private investor.
LEWISVILLE, TEXAS — Presidio Inc. has extended its lease of 34,656 square feet and expanded by an additional 5,601 square feet at Waters Ridge Tech I in Lewisville, located at 1955 Lakeway Drive. Stuart Smith of DTZ represented the tenant in the lease transaction. Heather Shover, Kathy Permenter and Sean Dalton at Younger Partners represented the landlord.
LOGAN TOWNSHIP, N.J. — NAI Mertz has arranged the sale of a 76-acre land parcel adjacent to the Pureland Industrial Complex in Logan Township. Corporate Enterprises Inc. sold the property to J.G. Petrucci for an undisclosed price. The buyer plans to construct a state-of-the-art industrial facility on the site, which offers access to Interstate 295 and Commodore Barry Bridge. Scott Mertz represented the seller in the transaction.
MIDDLETOWN, CONN. — Equus Capital Partners has completed the disposition of two apartment communities in Middletown. Hampshire Properties acquired the properties for an undisclosed price. The 650-unit portfolio consists of Madison Chestnut Hill and Madison Northwoods and features a mix of one-, two- and three-bedroom apartments. Community amenities include outdoor swimming pools, tennis and indoor racquetball courts, fitness centers, a playground and a nature trail. At the time of acquisition, the communities were 95 percent occupied. Victor Nolletti and Steve Witten of Institutional Property Advisors represented the seller in the transaction.
NEW YORK CITY — Besen & Associates has brokered the sale of a mixed-use property located at 1792 Amsterdam Ave. in the Hamilton Heights neighborhood of Manhattan. The asset sold for $3.2 million, or $350 per square foot. Built in 1980, the 9,315-square-foot property features 13 apartments and 1,050 square feet of retail space. Greg Corbin, Miguel Jauregui and Saadya Notik of Besen & Associates represented the seller and procured the buyer in the transaction.
FORT LEE, N.J. — Weiss Realty has arranged $3.2 million in financing for an affiliated entity on a retail property in Fort Lee. Located at 2215 Route 4 East, the 1,800-square-foot property features a Starbucks Coffee drive-thru and a Bank of America drive-up kiosk. Jaime Weiss of Weiss Realty secured the financing. William Boylan of Malvern Federal Savings Bank represented the bank, William Fiore of Meyner and Landis represented the borrower, and Joseph Jankowsk of Wiletz, Goldman & Spitzer provided legal counsel to the lender.
BENTONVILLE, ARK. — Bentonville-based Wal-Mart Stores Inc. (NYSE: WMT) is set to close 269 stores in the U.S. and globally. In total, the stores to be shuttered represent less than 1 percent of both global square footage and revenue. Wal-Mart Stores will close 154 locations nationally, including 102 of the company’s smallest format stores, Walmart Express. Click here for a full list of the stores set to close. Walmart intends to focus on strengthening the company’s Supercenters, optimizing Neighborhood Markets, growing e-commerce and expanding pickup services for customers. Also included in the closures are 23 Neighborhood Markets, 12 Supercenters, seven stores in Puerto Rico, six discount centers and four Sam’s Clubs. The company is closing 115 stores internationally, including 60 loss-making stores in Brazil and 55 primarily small, loss-making stores in other Latin American markets. Domestically, Wal-Mart intends to open 50 to 60 Supercenters and 85 to 95 Neighborhood Markets in fiscal 2017. Sam’s Club also intends to open seven to 10 new locations. The financial impact of these closures is estimated to be approximately 20 to 22 cents of diluted earnings per share from continuing operations, with approximately 19 to 20 cents expected to impact the fourth quarter of …
ATLANTA — Kroger’s Atlanta Division and New City LLC plan to transform an existing Kroger store on Ponce de Leon Avenue in Atlanta as part of a mixed-use development along the Atlanta BeltLine. The new development, known as 725 Ponce, will include a new 60,000 square-foot Kroger below 360,000 square feet of Class A loft office space. The office space will be delivered in a similar fashion as the adjacent Ponce City Market, which is currently more than 90 percent leased. The building will include open floor plates with exposed 13-foot ceilings, divided light windows, an industrial aesthetic and multiple stair-stepped outdoor terraces. The development team has hired Aileen Almassy of Cushman & Wakefield to lease the office space. Below the footprint of the project, more than 900 new parking spaces will be constructed to serve future office tenants, as well as to the general public on nights and weekends. The new Kroger prototype store will feature a dedicated entrance to the Atlanta BeltLine and replace the existing Kroger store, which was built in 1986 and known to locals as “Murder Kroger.” New City will be working with the owners of the adjacent Ford Factory to create a new dedicated …
