EASTON, MASS. — Cushman & Wakefield has brokered the sale of Highlands Plaza, a retail property in Easton. Ohio-based Phillips Edison & Co. acquired the 112,869-square-foot property for an undisclosed price. At the time of acquisition, the Hannaford-anchored shopping center was 94 percent occupied. Robert Griffin, Geoffrey Millerd and Justin Smith of Cushman & Wakefield represented the seller, Boston-based Samuels & Associates.
NEW YORK CITY — Madison Realty Capital has provided a $9 million loan for the acquisition and construction of a development site at 232 Smith St. in Brooklyn’s Boerum Hill neighborhood. The borrower, a local developer, plans to build a 15,000-square-foot, three-level retail building on the site. Construction on the pre-leased building is slated to start this fall with completion scheduled for summer 2016. A single retail tenant will occupy the entire property.
BUFFALO, N.Y. — Picone Construction has started renovation work on the Stanley M. Makowski Early Childhood Center, located at 1095 Jefferson Ave. in Buffalo. The renovation project includes select demolition, concrete and asphalt paving, doors, frames and hardware, acoustical ceiling panels, tile flooring, athletic flooring and tile carpeting. Additional renovations include painting, electrical, plumbing, gymnasium equipment, climbing wall system, playground equipment, and an artificial turf playground surfacing system. Construction is slated for completion by the end of September. Kideney Architects is providing architectural services for the project.
ROCKY HILL, CONN. — Cumberland Farms has acquired a 1.3-acre land parcel at the corner of Cromwell Avenue and France Street in Rocky Hill. The property was acquired from Rue de France LLC and 741 Cromwell Ave. LLC, both subsidiaries of Wethersfield, Conn.-based New England Realty Properties, for an undisclosed price. Massachusetts-based Cumberland Farms is a convenience store chain that operates 600 stores in 11 states. The stores offer any-size coffee for 99 cents, competitively priced gasoline, freshly prepared hot sandwiches, a shake machine and no-fee ATMs.
RENO, NEV. — Panattoni Development has broken ground on a 1.4-million-square-foot industrial park in Reno. The two-building project will be located on 96 acres at the intersection of Lemmon Valley Drive and Highway 395. It will be called North Valley Commerce Center. Phase I of the development will include a 707,660-square-foot building, the largest spec project to break ground in the region, according to the developer. Michael Nevis, J. Michael Hoeck, Dave Simonsen and Steve Kucera of the NAI Alliance Industrial Properties Group represented the unnamed seller. NAI will also serve as the project’s leasing agent.
CONCORD, CALIF. — KZ Companies has purchased Concord Terminal Shopping Center, a 41,400-square-foot shopping center near Walnut Creek, for $7.2 million. The center is located at 2677 and 2689 Clayton Road. It is occupied by CVS Pharmacy and Big 5 Sporting Goods. Concord Terminal was built in 1963. Kevin Van Voorhis, Henry Englehardt and Deborah Perry of Collier’s International represented the sellers, Logan Survivor’s Trust and Logan Non-Exempt Marital Trust.
SAN BERNARDINO, CALIF. — Shaw Development Co. has purchased a 197,000-square-foot industrial warehouse in San Bernardino for $12 million. The warehouse is located at 5080 Hallmark Parkway. Shaw plans to reposition the asset before marketing it for sale or lease. Frank Geraci and Juan Gutierrez of Voit Real Estate Services’ Ontario office executed the sale.
LOS ANGELES — A private investor has purchased The Deveraux apartment building in the Los Angeles submarket of Koreatown for $4.7 million. The community is located at 2921 S. Francis Ave. The majority of the units were recently renovated. The Deveraux is now 90 percent leased. The buyer represented itself in this transaction, while Dana Brody of Commercial Asset Group represented the seller, ASBREA LLC.
LOS GATOS, CALIF. — A 6,452-square-foot, mixed-use property in Los Gatos that was formerly occupied by Bank of America has sold to an unidentified personal trust for $4.5 million. The space is located at 2 North Santa Cruz Ave. It was built in 1932. J.J. Taughinbaugh and Yuri Sergunin of Marcus & Millichap’s Palo Alto office represented the buyer.
ATLANTA — Grandbridge Real Estate Capital has closed two acquisition loans and two refinance loans for four multifamily properties in metro Atlanta totaling roughly $44.4 million. The acquisition financing includes a $17.8 million loan for Sweetwater Creek Apartments in Lithia Springs and a $9.2 million loan for Mableton Reserve in Mableton. Alan Tapie and Thomas Wiedeman of Grandbridge originated the acquisition loans through Freddie Mac. Both loans were structured with 10-year terms and 30-year amortization schedules. The refinancing loans totaled $17.5 million and were secured by Marquis Parc in Clarkston and Marquis Forest in Decatur. Grandbridge placed the permanent loans through an unnamed CMBS lender.
