HARRISON, N.Y. — Urstadt Biddle Properties Inc. has acquired The Harrison Shopping Center in Harrison. Located on Halstead Avenue, the 25,000-square-foot shopping center is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer. Additional tenants include a bakery, hair salon, florist, restaurants and A&T. Urstadt Biddle acquired the property, which was built in 1957, for an undisclosed price in an all-cash transaction. The name of the seller was not released.
VIRGINIA BEACH, VA. — Franklin Johnston Group has broken ground on Southern Pine Apartments, a $44 million, 240-unit luxury apartment community in Virginia Beach’s Princess Anne area. Upon completion, the property will feature a multi-story clubhouse with a fitness center, bowling alley and pool deck with grilling stations. Other amenities will include a resort-style swimming pool, walking trails and a dog park. The first units will begin leasing next spring, and occupancy will begin in late summer. Rents start at $1,100 per month.
ATLANTA — Grubb Properties has purchased three mid-rise office buildings in Atlanta’s Central Perimeter submarket from Atlanta Property Group for $32.7 million. The buildings, known as The Park at Perimeter Center East, total 284,500 square feet and are located north of I-285 and east of Ashford Dunwoody Road. Grubb Properties plans to invest $5.2 million in capital improvements for the office assets. This is the first office acquisition in the Atlanta area for Grubb Properties.
WINCHESTER, VA. — Equus Capital Partners plans to build a 330,000-square-foot spec industrial warehouse and distribution center within Stonewall Industrial Park in Winchester, a town located along I-81 roughly 75 miles west of Washington, D.C. Equus plans to break ground in August. The facility will sit on a 52-acre site, which can accommodate a second building up to 500,000 square feet. Upon completion in March 2016, the facility will feature 32-foot clear heights, T5 lighting, concrete floors, 50- by 50-foot column spacing, an ESFR sprinkler system and a 180-foot truck court. The property will be in close proximity to established industrial employers such as OHL (Red Bull), Rite Aid, Home Depot, Kraft Foods, McKesson and TREX. BPG Development Co. LP, the development arm of Equus, will oversee development and construction of the spec project. John Lesinski of Colliers International will oversee the property’s leasing and marketing efforts.
HANOVER, MD. — Ridgeline Property Group has plans to develop Hanover Business Center, a 100,000-square-foot, Class A distribution center in Hanover, a southwest suburb of Baltimore. The property will be located on a 7.9-acre site at 1520 Stoney Run Road adjacent to the Baltimore-Washington International Airport. Construction is set to begin in the second quarter of 2016 and wrap up in the first quarter of 2017. Ridgeline Property Group’s capital partner on the project is Cabot Properties Inc. Upon completion, Hanover Business Center will feature 28-foot clear heights, ESFR sprinklers, a 120-foot truck court and separate entrances for cars and trucks. Since its inception in 2014, Ridgeline has developed projects totaling 5.9 million square feet.
WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.
The retail market in Southern Maine remains strong through mid-year 2015. Retail vacancy rates are low, investment sales are up, new retail projects are actively under construction, and plans for new retail developments are on the horizon. Positive trends in Maine’s retail sector have been evident for several years now, indicating that the market has stabilized and there is strong potential for further commercial growth over the next several years. According to Malone Commercial Brokers’ 2014 State of the Market Retail Survey, the Greater Portland retail vacancy rate for 2014 was 3.68 percent, compared to 10.8 percent in 2009. The vacancy rate has consistently dropped every year since 2009, with 2014 marking the lowest vacancy rate in Greater Portland in six years. Initially, annual retail vacancy rate declines in Southern Maine were related to the absorption of empty big boxes and retail centers located in the Maine Mall District in South Portland, as well as the newly created retail hubs built along the Maine Turnpike corridor during the construction boom in the early 2000s. By 2012, one of these new retail hubs located in the City of Biddeford saw Lowe’s, Linen ’N Things, Old Navy, and Best Buy close their …
ST. PAUL, MINN. — Colliers International has brokered the sale of the River Park Plaza office building in St. Paul to Cohen Equities, a New-York based real estate firm. Cohen Equities acquired the 343,000-square-foot building at auction. The building sale closed on Friday, July 24. The property is located at 10 River Park Plaza along the Mississippi River. Comcast’s regional office is a main tenant of River Park. Bob Pounds of Colliers’ Minneapolis-St. Paul office represented LNR Property LLC, the seller of the building. In addition to managing the leasing for the building, Colliers has also been selected by Cohen Equities to manage the property. According to the Minneapolis/St. Paul Business Journal, the final bidding price on 10 River Park Plaza before the time of sale was $20.1 million
WAUWATOSA, WIS. — A joint real estate fund formed by Innovative Capital Advisors (ICA) and HSA Commercial Real Estate has closed on the acquisition of the 114,000-square-foot Wauwatosa Business Plaza. The industrial building is located at 3031 N. 114 St. in Wauwatosa, seven miles west of Milwaukee. Terms of the acquisition were not disclosed. The industrial plaza shares a lighted intersection with The Mayfair Collection, a 270,000-square-foot retail shopping center. The plaza is currently 50 percent occupied by warehousing tenants including a Habitat for Humanity ReStore donation center and resale shop. ICA and HSA do not have any immediate redevelopment plans for the property. James Barry, Kevin Barry and David Barry of DTZ Barry represented the undisclosed seller in the transaction.
LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 47,158-square-foot multi-tenant retail center for $2.9 million located at 17030 S. Torrence Ave. in Lansing, about 27 miles south of Chicago. A Dollar General anchors the property. The retail center was 75 percent occupied at the time of sale. A local real estate investor based in Schaumburg, Ill., sold the property. The buyer was a private real estate investor based in Milwaukee. Chad Firsel and Daniel Waszak of Quantum were the sole brokers in the transaction.
