LAWRENCEVILLE, GA. — Bull Realty has brokered the $2.8 million sale of Sugarloaf Walk Shopping Center, a 22,685-square-foot retail strip center in Lawrenceville, a northeast suburb of Atlanta. Sugarloaf Parkway LLC, an investment firm based in New York, purchased the property from Sugarloaf Walk Shopping Center LLC, a private investment firm based in Houston. John Harrison and Frank Meyrath of Bull Realty represented the seller in the transaction.
NAPLES, FLA. — Colliers International has brokered the $2.1 million sale of an 18,645-square-foot, Class A warehouse located at 3600 Westview Drive in Naples. The property is fully air-conditioned and features 20-foot ceilings, a truck well and grade-level overhead doors. The buyer, RICDEN LLC, plans to convert a portion of the warehouse into a fitness and training facility. The buyer also intends to keep Herbeau Creations of America Inc., a sanitary ware and sink distributor, as an industrial tenant. Jim Tamblyn of Colliers International’s Southwest Florida office represented the buyer in the transaction. The seller was Naples-based Baron Investment Corp.
ATLANTA — Atlanta-based King Industrial Realty Inc. / CORFAC International has announced a new leadership structure. Charles B. King, Jr. has sold the majority of his interest in the company he founded in 1980 to six of King Industrial’s top producers. The new partnership is under the leadership of president Sim Doughtie, Bill Johnston, Steve Ratchford, Sally Tennant, Wilson Covington and Jason McCart. The firm will continue to do business as King Industrial Realty Inc., and King will remain a limited partner. Terms of the succession plan were not disclosed. Over the last 20 years, King Industrial Realty has completed over 9,200 lease and sale transactions of industrial buildings and land totaling 120 million square feet and more than 6,000 acres. King was one of the original founders of Corporate Facility Advisors (CORFAC International), a network of independently owned commercial real estate firms established in 1989.
NEW YORK CITY — Treetop Development has completed the sale of a 12-building multifamily portfolio located in Manhattan’s Morningside Heights neighborhood. The portfolio consists of five-story, walk-up apartment buildings featuring a total of 123 residential units and four commercial spaces. Novel Property Ventures acquired the assets for $35 million. The properties include 222 St. Nicholas Ave.; 2268 and 2500 Frederick Douglass Blvd.; 262 W. 115th St.; and 234-262 W. 122nd St. Steven Vegh of Westwood Realty Associates served as broker for both parties in the transaction. Teaneck, N.J.-based Treetop Development originally purchased the properties in 2013 for $22 million.
CLIFTON, N.J. — Tulfra Real Estate has topped out an industrial building, raising the roof to a 27-foot clear height, as part of a $10 million repositioning. Located at 65 Industrial South St., the 202,000-square-foot building includes 28,000 square feet of built out office space. Tulfra plans to reposition the well-located, former Glaxo building for single-tenant use. Constructed in 1956, the single-story building previously underwent a renovation in 2014. Situated on 11 acres, the property offers access to Route 3, the New Jersey Turnpike and Garden State Parkway.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of a warehouse building located at 521 Bergen Ave. in the South Bronx. The six-story, 44,070-square-foot warehouse sold for $6 million, or $136 per square foot, in an all-cash transaction. The property, which is zoned for both commercial and residential use, features a freight elevator and full basement. Nick Burns and David Simone of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
NORWALK, CONN. — Westport, Conn.-based Vidal/Wettenstein has arranged the sale of an office building located at 185 East Ave. in Norwalk. Harmony LLC sold the property for $1.4 million to Emily Meehan. The two-story property offers 5,600 square feet of office space. Bruce Wettenstein of Vidal/Wettenstein represented the seller, while Susan Cooper of Berkshire Hathaway represented the buyer in the transaction. Richard Lewis of Urban Their & Federer PA provided legal counsel for the seller, while David Stergas of DePanfilis & Vallerie served as legal counsel for the buyer.
NEW YORK CITY — Marcus & Millichap has brokered the sale of a land parcel located at 64 Stanhope St. in Brooklyn. The 3,127-square-foot parcel sold for $1.3 million, or $200 per buildable square foot, in a 1031 exchange. Shaun Riley, Thomas Shihadeh and Daniel Greenblatt of Marcus & Millichap’s Brooklyn office represented the seller, a private investor, while Makan Mostafavi of Marcus & Millichap’s office in Encino, Calif., represented the buyer, a limited liability company, in the transaction.
FRANKLIN PARK, ILL. — CenterPoint Properties has completed the sale of an industrial building located at 2425-2553 Edington St. in Franklin Park. A private investor, which is expanding its portfolio, acquired the 263,668-square-foot property for an undisclosed price. Situated on 13.4 acres, the property features heavy electric power, heavy loading, food-grade cooler space and close proximity to North and Grand avenues. Rick Daly, Noel Liston and Jeff Provenza of Darwin Realty & Development Corp. represented the seller, while Larry Goldwasser and Colin Green of Cushman & Wakefield represented the buyer in the transaction. Prior to the sale, Sutton Transport signed a 52,000-square-foot lease within the building at 2553 Edington St. The leased space features 12 docks, one drive-in door, interior floor drains and cooler space. Daly and Provenza of Darwin represented the landlord, CenterPoint Properties, in the lease transaction. Daly also represented the tenant in the transaction.
MENDOTA HEIGHTS, MINN. — Grandbridge Real Estate Capital has secured a $40 million first mortgage for the acquisition of an office park located in Mendota Heights. The six-building park offers 420,000 square feet of office space. The funding, which was provided by BB&T Real Estate Funding and Grandbridge’s exclusive stabilized loan product, features a fixed rate for the entire 10-year term and 25-year amortization. Tony Carlson of Grandbridge originated the acquisition financing for the undisclosed buyer.
