GREEN COVE SPRINGS, FLA. — Newmark Grubb Phoenix Realty Group has arranged a 208,000-square-foot industrial lease at 4627 JP Hall Blvd. in Green Cove Springs, a town located along the St. Johns River roughly 33 miles south of Jacksonville. Santa Paula, Calif.-based Calavo Growers leased the space at the 793,583-square-foot, multi-tenant warehouse and cold-storage distribution facility, which is located on a 141-acre tract and is rail-served by CSX. John Richardson and Bryan Bartlett of Newmark Grubb Phoenix Realty represented the landlord, Green Cove LLC, in the lease deal. Kevin Kelly of CBRE represented Calavo Growers. The deal is expected to bring 262 new jobs to the area.
CULLMAN, ALA. — Atlanta-based Bull Realty has brokered the $4.9 million sale of a 13,600-square-foot freestanding CVS in Cullman. Michael Bull of Bull Realty represented the buyer, Guggie H LLC, in the 1031 exchange. John Glass of Marcus & Millichap represented the seller, LL Cullman AL LLC. Strategic 1031 Exchange Advisors LLC acted as a qualified intermediary for the sale. The retail property is triple-net leased to CVS and has 25 years remaining on its primary term.
ARLINGTON, VA. — The U.S. General Services Administration, on behalf of the Department of Homeland Security’s National Protection and Programs Directorate division, has renewed a 120,435-square-foot lease at Two Ballston Plaza in Arlington. The 234,000-square-foot, Class A office building is located at 1110 N. Glebe Road. Colliers International’s government solutions team represented the landlord, Brookfield Property Partners, in the lease renewal.
SPARKILL, N.Y. — Love Funding has closed a $14.3 million loan for the rehabilitation of Thorpe Village, a senior apartment community in Sparkill. Built in 1981, Thorpe Village consists of 200 age-restricted units, of which 198 are covered by a Section 8 contract. The rehabilitation will include replacing windows, improving insulation and installing new kitchen flooring, cabinetry, appliances and energy-efficient boilers and water heaters. Bruce Gerhart of Love Funding secured the loan through the U.S. Department of Housing and Urban Development’s 221(d)(4) loan insurance program. The non-recourse nature of the program enables borrowers to secure low-rate financing for up to 40 years for the new construction or substantial rehabilitation of apartment housing for moderate-income families, the elderly and the handicapped.
NIAGARA FALLS, N.Y. — RCG Ventures (Fund III) has acquired Pine Plaza, a shopping center located in Niagara Falls, for an undisclosed sum. The 83,273-square-foot center is anchored by OfficeMax and Planet Fitness. Susan Bands and Sharon Bands of Marcus & Millichap represented the undisclosed seller, while Jeff Miller provided in-house representation for RCG.
NEW YORK CITY — Cushman & Wakefield has arranged the sale of a two-building, mixed-use portfolio located at 667 E. 187th St. and 1704 Van Buren St. in the Little Italy and Van Nest neighborhoods of the North Bronx. The properties, which total 36,750 square feet, sold for $7.3 million, or $200 per square foot, in an all-cash transaction. The five-story walk-up buildings feature 39 apartment units and six ground-floor commercial units. The residential mix includes 17 one-bedroom units, 21 two-bedroom units and one three-bedroom apartment. Karl Brumback and Nick Burns of Cushman & Wakefield handled the transaction.
TEANECK, N.J. — Win Development has submitted construction and engineering plans to the City of Teaneck and Bergen County, N.J., for final building plan approval for a new Walgreens location in Teaneck. Demolition of the existing structure and construction of the 10,737-square-foot Walgreens will begin immediately upon purchase of the property. Weiss Realty Co. Inc. assembled three properties — previously occupied by a gas station at 520 Cedar Lane and several defunct stores and restaurants — for the new development on behalf of Win Development. “Walgreens adds an important asset to Teaneck’s central business district and introduces a new use on a site that has been underutilized for many years,” says Jaime Weiss, president of Weiss Realty Co. Inc. All governmental approvals are expected at the beginning of September, with Win Development closing on the purchase of the property by mid-September. The new Walgreens is slated to open next summer and the property will feature on-site parking and exits on both Cedar Lane and Alma Terrace.
ANAHEIM, CALIF. — JCH Senior Housing Group has arranged the sale of Country Villa Health Service’s entire portfolio, which comprises 18 skilled nursing facilities and one assisted living community across Southern California, at bankruptcy auction for $65 million. JCH’s Shep Roylance, Jim Hazzard and Nick Stahler oversaw the auction in U.S. Bankruptcy Court in Orange County. Shlomo Rechnitz, the founder of medical supply company Twin Med LLC and owner of Bruis & Rockport Services, the largest nursing home provider in California, entered the winning bid. Covenant Care and Kaiser submitted a larger bid — $73 million — but Judge Catherine E. Bauer rejected the proposal because it didn’t comply with bid rules. Ron Bender of Levene, Neale, Bender, Yoo & Brill L.L.P. served as bankruptcy counselor to Country Villa, and Hamid Rafatjoo from Venable LLP served as creditor committee counsel. JCH is a consulting firm based in Anaheim Hills.
VANCOUVER, WASH. – The 147-unit Addison apartment complex in Seattle has sold to Jackson Square Properties for $21.7 million. The community is located at 7531 NE 18th Street. It was built in 2009. The Addison is currently 99 percent leased. The seller, JB Matteson, was represented by HFF’s Ira Virden and Kerry Hughes.
PHOENIX – The 80-unit Greenbrook apartments in Phoenix has sold to Greenbrook B and L LLC for $4.1 million. The community is located at 3536 E. Cambridge Ave. It was built in 1974. The seller was Greenbrook Apartments LLC. The transaction was executed by CBRE’s Brian Smuckler and Jeff Seaman.