NEW YORK CITY — CPEX Real Estate has arranged the $6 million sale of 186-190 21st Street in Brooklyn. The CPEX Development & Conversion Sales Team sold the two adjacent lots to Sterling Town Equities for $300 per buildable square foot — a record price for the Greenwood Heights/South Slope neighborhood. The buyer plans to develop a condominium project on this site. The combined footprint at the sites is approximately 10,017 square feet. The property is zoned R6B with a maximum floor area ratio of 2.0, allowing for a total of 20,034 buildable square feet. The site currently consists of one small office building, delivered vacant, which will be demolished.
WARREN, N.J. — GSK Consumer Healthcare has signed a 10-year lease for 144,000 square feet of space at 184 Liberty Corner Road, also known as Center 78, in Warren. The Class A, 372,000-square-foot commercial office building is owned by Normandy Real Estate Partners. The four-story Center 78 was constructed in 1982. Normandy Real Estate Partners completed a multi-million capital improvement project at the building in 2012. The property features a 3,200-square-foot, full-service café; a 1,500-square-foot conference center and a 2,200-square-foot fitness center. The tenant was represented by Daniel Loughlin, Scott Lesh, and J.C. Giordano III with JLL. William O’Keefe of DTZ represented Normandy Real Estate Partners.
NEWTOWN, CONN. — Western CT Medical Group (WCMG) has leased 15,200 square feet of medical office space in a building to be constructed at 170 Mt. Pleasant Rd. in Newtown, from Maplewood Healthcare. The two-story, 30,000-square-foot medical office building is expected to be delivered in early summer 2016 and will be the second of two medical office buildings located at 164 and 170 Mt Pleasant Rd. Maplewood Healthcare is a partnership of Maplewood Senior Living and Allegiance Realty Corp. Todd Payne and Bob Cascella of Goodfellow represented the landlord, while Cushman and Wakefield represented the tenant.
AUSTIN, TEXAS — Accesso Partners has acquired Riata Corporate Park, a 688,432-square-foot, eight-building complex on a 51-acre campus in northwest Austin. The complex includes a 94,000-square-foot standalone building recently vacated by Apple. The former Apple building includes WiFi and a recently renovated lobby. All space is ready to be leased. It is currently the largest block of vacant space in the northwest Austin submarket. Riata Corporate Park has three fitness centers and is slated to receive a Whole Foods Café concept as an additional amenity. Susan Hill of HFF arranged the financing.
FARMERS BRANCH, TEXAS — Stream Realty Partners has secured a 13,386-square-foot lease for AIR Engineering and Testing Inc., at Westwood Business Park located at 1801 Royal Lane in Farmers Branch. AIR Engineering and Testing is a provider of testing, adjusting and balancing, commissioning services and energy modeling for mechanical building systems. Todd Noonan of Stream represented the tenant, AIR Engineering and Testing, while Chris Andler with Property Advisers Realty represented the landlord in the transaction. Westwood Business Park is a 12-building complex located near the major North Dallas thoroughfares of North Stemmons Freeway (I-35 E) and LBJ Freeway (I-635). PAR Capital Partners Inc. purchased the property in August 2014, and a renovation is underway.
GRAND PRAIRIE, TEXAS — MYCON General Contractors has completed a $2.3 million renovation of the Cinemark movie theater located at 220 E. Westchester Parkway in Grand Prairie. The 43,059-square-foot renovation included installing electric recliners, renovating the corridors, restrooms, lobby, game room and back-of-house operations, creating an interior ticket office and concession area with new casework, high-end finishes and food service equipment, updating the façade and installing a 60-foot electric signage tower. In addition to MYCON General Contractors, the project team included TK Architects for design, structural and mechanical engineering.
GARLAND, TEXAS — Dougherty Mortgage has secured a $5.3 million Fannie Mae loan for the acquisition of Meadow Creek Apartments, a 128-unit, market-rate apartment property located in Garland. The 12-year loan includes a 30-year amortization schedule. A partnership between Old Capital Lending and Dougherty’s Minneapolis office arranged the loan for MPG Texas 2 LLC. Property features include a community room, pool, barbecue area and on-site laundry.
DESOTO, TEXAS — Marcus & Millichap has arranged the sale of U Store, a 45,285-square-foot self-storage facility located in DeSoto. Danny Cunningham and Brandon Karr of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a private investor. Cunningham and Karr secured the buyer, a private investor based in California. U Store is located at 1209 East Belt Line Road. The facility was built in stages in 1974, 1982, 1985 and 2001, and features an on-site manager’s residence, garage-style doors, video surveillance, and personalized keypad gated entry and exit. The property is comprised of 365 units, of which 51 are climate-controlled.
LAKE FOREST, CALIF. — Bailard Inc. and CT Realty have acquired Palm Terrace, a 155,795-square-foot property office complex in Lake Forest, for $30 million. The three-building property is located at 25521, 25531 and 25541 Commercentre Drive. Palm Terrace is 90 percent leased. Notable tenants include Del Taco, Portfolioco, Anyone Home Inc. and Parsons. The property features a campus environment with an outdoor eating area and courtyard. CT Realty represented the joint venture in this transaction. The seller, LaSalle Investment Management, was represented by JLL’s Bob Prendergast and Baker Morphy. CT Realty will act as property manager. JLL’s Jay Nugent and Greg Puccinelli will retain the leasing assignment.
DENVER — City Office REIT has acquired Superior Pointe, a 149,006-square-foot office property in Metro Denver, for $25.8 million. The Class A property is located at 7595 E. Technology Way. Superior Pointe is 90 percent occupied. Notable tenants include Microsoft, Quiznos and ProBuild. The acquisition is anticipated to generate an initial full-year cash NOI yield of about 7.5 percent, based on the purchase price and planned capital improvements.