GRAND PRAIRIE, TEXAS — Port Logistics Realty (PLR), a national industrial real estate development and investment company, has purchased an infill site within the Great Southwest Industrial Park in Grand Prairie to develop an 83,125-square-foot speculative warehouse. The Class A building will be situated midway between Dallas and Fort Worth, just south of Dallas-Fort Worth International Airport with access to I-30 and Texas State Highways 183 and 360. According to CBRE, the overall vacancy rate for the 96 million-square-foot submarket is just above 4 percent. PLR plans to break ground on the warehouse in late summer 2016, and completion is slated for the first quarter of 2017.
PROSPER, TEXAS — Rosebriar Properties has sold the final tract in its Prosper Plaza development at the northwest corner of U.S. 380 and Custer Road to Kroger Texas LP. Kroger plans to build a 123,000-square-foot Kroger Market Place at the site. Once completed, Rosebriar’s Prosper Plaza will include $45 million in new development consisting of Kroger, Lowe’s Home Improvement Center, Taco Bueno, Burger King, Popeye’s and 17,000 square feet of retail under development. Bill Hanks and Ryan Stewart of Rosebriar and Robert Dorazil of United Commercial Development negotiated the sale with Kroger. The remaining retail outparcel is due for completion this fall and Rosebriar is actively marketing Prosper Plaza’s last tract.
IRVING, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Market Square, a 49,727-square-foot neighborhood retail center located in Irving. PRA represented the seller, Prescott Interests Midway Plaza Ltd., in the transaction. Bo Avery of Tri Marsh Center purchased the asset for an undisclosed price. Market Square is 92.2 percent occupied by tenants such as Boston Market, Pizza Hut, State Farm, Gideon Math & Reading Center, FedEx Office, Subway, Kenpo Karate and MacArthur Pharmacy. The asset is made up of three buildings, including the Valero outparcel, all under a single ownership. The entire team at PRA in Dallas handled the sale.
ISELIN, N.J. — Cushman & Wakefield has arranged the sale of Metro 101, an office tower located at 101 Wood Ave. S. in Iselin. Mack-Cali Realty Corp. acquired the 10-story property from Spear Street Capital for $82.3 million. Developed in 1990, the 263,000-square-foot tower was redeveloped in 2008 for multi-tenant occupancy. At the time of sale, the building was 95 percent occupied. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield brokered the transaction.
ALBANY, N.Y. — Easterly Government Properties has agreed to acquire FBI – Albany, a build-to-suit property located in Albany, for $20.2 million. Completed in 1998, the 98,184-square-foot facility is 100 percent leased through 2018 to the U.S. General Services Administration on behalf of the FBI. FBI – Albany is one of the two field offices located in New York with a territory encompassing 32 counties in Upstate New York and 14 counties in Vermont. The property offers a variety of security features, including 100-foot setbacks, reinforced security fencing and hydraulic vehicle barricades, blast resistant envelope and window features, and intrusion detection systems. The acquisition is slated to close in the fourth quarter. The name of the seller was not released.
BOSTON — Pebblebrook Hotel Trust has completed the sale of an excess land parcel adjacent to Revere Hotel Boston Common in Boston. An undisclosed buyer purchased the undeveloped land for $6 million. Proceeds of the sale will be utilized for general business purposes, which may include reducing the company’s outstanding debt, special cash dividends resulting from taxable gains on the sales and repurchasing common shares.
GREENFIELD, MASS. — Integrated Builders has completed the construction of Greenfield Toyota and Ford, a joint car dealership located at 1 Main St. in Greenfield. Costing $5.8 million, the new 32,000-square-foot facility replaced the outdated dealership previously located on the site. The facility features 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine level. Integrated Builders provided construction management services, while The Curtis Architectural Group served as project architect. The project team also included SVE Associates, Flood Consulting and Environmental Design Engineering Inc.
DEVON, PA. — CBRE Group has arranged the sale of the Patient First Medical Center located at 133 Lancaster Ave. in Devon. The 7,000-square-foot asset sold for $2.8 million. With the sale of the property comes a 20-year corporately guaranteed ground lease and no landlord responsibilities of expenses. Matthew Gorman and Michael Shover of CBRE represented the seller and buyer in the deal.
CHARLESTON, S.C. — Middle Street Partners LLC has purchased six apartment communities in North and South Carolina for a combined $97 million. Middle Street purchased the portfolio in partnership with an undisclosed majority equity investor. The portfolio includes Waterford Apartments, Gable Hill Apartments, St. Andrews Commons Apartments and Hampton Greene Apartments in Columbia, S.C.; Forest Brook Apartments in West Columbia, S.C.; and Chason Ridge Apartments in Fayetteville, N.C. CBRE Realty Finance provided acquisition financing on behalf of the new ownership group.
PINECREST, FLA. — Suniland Associates Ltd., an affiliate of Terranova Corp., has sold the 82,000-square-foot Suniland Shopping Center to a Denver-based REIT for $66.5 million. The asset is located on 7.1 acres along U.S. 1 in Pinecrest, a southern suburb of Miami. The property’s tenant roster includes Flanigans, SunTrust Bank, Citicorp, the U.S. Post Office, CVS/pharmacy, Nicklaus Children’s Hospital, Pete’s Barber Shop and Wagons West. Mark Gilbert of Cushman & Wakefield brokered the transaction.