BRIDGEWATER, N.J. — Nestlé Health Science has signed a long-term lease to occupy 180,000 square feet of space at the New Jersey Center of Excellence in Bridgewater. Nestlé Health Science, a health-science company engaged in the development of innovative nutritional therapies, will occupy a building that previously served as a research center within the former Sanofi U.S Research and Development Campus. Since acquiring the campus, the joint partnership of Advance Realty and CrossHarbor Capital Partners has fully repositioned the site and turned it into a premier research and development campus. The interior fit-out for the new space will begin before the end of this year, with the move-in slated for July 2016.
HARTFORD, CONN. — HK Group has brokered the sale of an industrial property located at 101 Locust St. in Hartford. Situated on 6 acres, the 73,458-square-foot property sold for $4.8 million. The property is currently leased to Pitney Bowes Presort Services Inc., a wholly owned subsidiary of Pitney Bowes. The buyer was a Manhattan-based real estate investment company. Matthew Keefe and Franco Fellah of HK Group brokered the transaction.
ELIZABETH, N.J. — Marcus & Millichap has brokered the sale of an apartment building located at 321-325 Cherry St. in Elizabeth. The 48-unit property sold for $2.6 million. The property features 39 studio units, eight one-bedroom apartments and one two-bedroom unit. Nat Gambuzza and Jeffrey Myers of Marcus & Millichap represented the seller, a multi-generational owner, and the buyer, a private investor, in the transaction.
SPARTANBURG, S.C. AND ATLANTA — Dallas-based Covington Group Inc. and its affiliates have sold more than 900,000 square feet of industrial property in Spartanburg and Atlanta. The real estate development and investment firm sold the 240,000-square-foot Logistics Pointe: Spartanburg to Austin, Texas-based AIC Ventures. Grice Hunt of NAI Earle Furman represented Covington in the sale. Covington also sold the 657,000-square-foot Logistics Pointe: Atlanta to an affiliate of San Francisco-based Glen Una Management. The former SUPERVALU grocery distribution center was 95 percent leased at the time of sale. Brian Budnick of CBRE Capital Markets Atlanta represented Covington in the transaction. The sales prices for both transactions were undisclosed.
MELBOURNE AND PALM BAY, FLA. — Berkadia Real Estate Advisors has brokered the sale of two apartment communities in Brevard County for a combined $18 million. The assets include the 138-unit Park Village located at 3099 Park Village Way in Melbourne and the 112-unit Malabar Lakes located at 1018 Malabar Lakes Drive in Palm Bay. White Eagle Property Group LLC purchased Park Village for $10.1 million and Malabar Lakes for $7.9 million. Cole Whitaker, Hal Warren and Jason Stanton of Berkadia represented the seller, Deancurt Melbourne LLC, in the portfolio transaction.
DELRAY BEACH, FLA. — On behalf of Tremont Realty Capital, Avison Young has secured a joint venture operating partner for the existing ownership of Delray Square II, a 150,157-square-foot retail center. The new ownership is a joint venture between Tremont and Isram Realty Group. John Crotty and Joshua Ladle of Avison Young secured Isram, which will soon begin to lease up the property. Located at 14530-14590 Military Trail in Delray Beach, the value-add property was 40 percent leased at the time of the arrangement to tenants such as Planet Fitness, H&R Block, Subway and Express Docs Urgent Care. Built in 1987 on a 15.1-acre lot, Delray Square II features 700 parking spaces and is in a position to accommodate big-box tenants.
LOUISVILLE, KY. — Commercial Kentucky Inc., an Alliance member of Cushman & Wakefield, has brokered the $5.9 million sale of Kennedy Place, an 88-unit apartment community in Louisville. Monticello Properties purchased the property from Hall Family Holdings LLC. Craig Collins of Commercial Kentucky, along with Mike Kemether of Cushman & Wakefield’s Atlanta office, represented the seller in the transaction.
MURFREESBORO, TENN. — Walker & Dunlop has originated a $4.7 million loan for Brookwood Terrace Apartments located at 2743 S. Rutherford Blvd. in Murfreesboro. Built in 2009, the apartment community features one-, two- and three-bedroom apartment residences with fully equipped kitchens, washer and dryer units and ceramic tiled bathrooms and foyer. Common area amenities include free Wi-Fi, a clubhouse and a business center. All of the residential units are at 60 percent or less of the Area Median Income. David Strange and Keith Melton of Walker & Dunlop structured the loan as a 223(a)(7) HUD refinance of an existing 221(d)(4) HUD loan. The 40-year, fully amortizing loan has a fixed interest rate.
An apartment building boom is encouraging a consistent march of new residents to select sections of Baltimore City, and the construction of new retail venues to support this emerging audience has followed in lockstep. The last several years has seen the opening of stylish shopping centers featuring national anchor tenants such as Harris Teeter and Target, including The Shops at Canton Crossing, a 330,000-square-foot retail shopping center situated within the city’s east side, as well as McHenry Row, located in the Locust Point section of the city (next to Under Armour’s headquarters). Other notable retail developments underway in Baltimore City are the capital improvement and re-invention program at Harborplace; The Stadium Square, a $250 million mixed-use project situated near M&T Bank Stadium; the $25 million facelift being given to Lexington Market, a collection of 100 food vendors; the ongoing retail build-out of Harbor East (the recognized “place to be and be seen” spot of the city); and the initiation of construction on Harbor Point, the site of the new Exelon Corp. headquarters (the company merging with Constellation Energy). Baltimore County is Booming Owings Mills, Towson and White Marsh are the sites of four significant projects, several of which have been …
DALLAS —Harwood International has announced it will develop a new office tower known as 2850. Designed by Dallas-based HDF, the Class A office tower features 22 floors totaling 228,000 square feet. It will be the ninth development in the master-planned district of Harwood. The ground level of the building will include over 12,000 square feet of retail and restaurant space with adjacent gardens and outdoor seating. The gardens are continued on the ninth level with 20,000 square feet of green roof terraces. The building is topped off with 11,000 square feet of office space and two roof gardens. The 18-block district of Harwood has building rights to over 12 million square feet of condominium, office, retail, and multifamily developments.