STERLING, VA. — New Boston Fund Inc. has sold Rockwell Collins, a 178,234-square-foot research and development facility at TransDulles Centre in Sterling. American Realty Capital Properties Inc. purchased the Class A property for an undisclosed price. New Boston Fund developed the build-to-suit project for Rockwell Collins Simulation & Training Solutions Group in 2011. Dek Potts, Bruce Strasburg, Jim Meisel, Andrew Weir and Stephen Conley of HFF represented New Boston in the transaction.
Property Type
LAKELAND, FLA. — Marcus & Millichap has brokered the $6.9 million sale of Imperial Crown Apartments, a 173-unit multifamily community located at 1013 Griffin Road in Lakeland. The apartment community was constructed in 1975 and rehabilitated in 2013. The property’s amenities include two on-site laundry facilities, a fitness center, business center, clubhouse, volleyball court, shuffleboard courts, billiards room, playground and a resort-style swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
HIALEAH, FLA. — Easton & Associates has arranged an 80,201-square-foot industrial lease at a 485,000-square-foot warehouse/distribution facility in east Hialeah, about six blocks north of Miami International Airport. The property is a former Winn Dixie distribution center constructed in 1960. Tom Kimen and David Oladle of Easton & Associates represented the landlord, a Midwest-based investor, in the lease transaction. The tenant was Permasteelisa North American Corp., a global construction-related firm.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased 361 East 50th, a six-story, mixed-use building located in Manhattan’s Midtown East section. The off-market transaction was valued at $40.2 million. The 55,501-square-foot property has been family-owned by the seller since it was built in the 1940s. The property features 43 residential units, seven commercial units and an additional 45,549 square feet of air rights for further residential development. The residential mix includes large studios, one-bedroom and two-bedroom apartments, as well as a five-bedroom, five-bath penthouse on the top floor. The commercial space is currently 100 percent occupied and features six street-level retail units with storage space in the basement and one second-floor office unit. MRC plans to pursue an intensive capital expenditure program to reposition and modernize the property.
HATFIELD AND HOLMES, PA. — Wolfson Group has redeveloped two retail centers in Pennsylvania. The company revived Hilltown Crossing, a 354,458-square-foot community shopping center in Hatfield. Wolfson invested $6 million to upgrade the entire center, which is located at Route 309 at Orvilla Road, with new storefront facades, additional signage and other improvements. Current tenants include Walmart Supercenter, Dollar Tree, Sovereign Bank, PLCB Wine & Spirits, Verizon Wireless, Frankford Cleaners, Hair Cuttery, Osaka Japanese Restaurant, McDonald’s and Renzo Gracie. Additionally a new Burlington Coat Factory will open in this fall. Wolfson Group also redeveloped MacDade Mall, located at 2600 MacDade Blvd. in Holmes. The 274,500-square-foot mall is now 97 percent leased. The company invested $10 million to renovate the property, which was originally opened in 1969. The mall is occupied by Big Kmart, ACME, Marshalls, Ross Dress For Less, TD Bank, Citizens Bank, Retro Fitness, McLaughlin’s Beverage, Hair Cuttery, Ruby Tuesday, Ambiance Nails, SONIC and Burger King.
FORT LEE, N.J. — James Campbell Co. has invested more than $2 million in capital improvements for the company’s 217,000-square-foot office property located at 2200 Fletcher Ave. in Fort Lee. The renovation will include a new roof and cooler tower, significant parking garage upgrades, and a modernization of the atrium lobby and common areas on each of the building’s seven floors. Designed by DMR Architects, the new interior space will feature “living walls” that reflect the ownership’s commitment to sustainability, an updated color scheme and other features to enhance the tenant environment. The property is currently 90 percent leased to a variety of tenants, including Merrill Lynch, Telemundo and MetLife. Cushman & Wakefield, which serves as exclusive leasing agent and onsite property manager for the property, will oversee the capital improvements project. The property’s leasing team includes Richard Baumstein, Marc Graham and Christian Politan of Cushman & Wakefield, and Bob Stark and Charlene LeMoine, also of Cushman & Wakefield, oversee property management for the building.
LANCASTER, N.Y. — Coldwell Banker Commercial Meridian has brokered the acquisition of a modern warehouse and manufacturing facility located on 28 acres in Lancaster. Winnomotive Properties, a Canadian company that manufacturers roll-up doors for emergency vehicles, purchased the property for $1.1 million. The property was formerly used as a Honda four wheeler distribution facility. Eric Tudor and Patricia Collins of Coldwell Banker Commercial Meridian represented the buyer, while Gunner Tronolone of MJ Peterson Commercial represented the seller in the transaction.
BLOOMINGTON, MINN. — KBS Realty Advisors of Newport Beach, California, has acquired Northland Center, a 465,168-square-foot office complex in Bloomington, for $51 million. The property was 89 percent leased at closing; United Properties sold the property. Northland Center is a LEED-EB Silver-rated property located at 3500 and 3600 American Blvd. West. Renovated in 2010, the two-building asset is seven stories high and covers 12.9 acres. Amenities include an onsite, full-service cafeteria, fitness facility with locker rooms and showers, conference rooms, sundry shop, hair salon, dry cleaning service and a car wash/detailing service. Tom O'Brien and Scott Pollock of Cushman & Wakefield/NorthMarq, Minneapolis, represented United Properties in the sale.
LOCKPORT, ILL. — FORESITE Realty Partners has brokered the sale of Lockport Square, a 41,913-square-foot shopping center in Lockport, a suburb of Chicago. Lockport Square, built in 2007, is located at 159th Street and I-355.Tenants at Lockport Square include Deals, Sherwin-Williams, Play-It-Again Sports, GameStop and Great Clips. Deals anchors the property, which is shadow-anchored by Walmart. Court appointed receiver, Donald A. Shapiro, sold the property. A Midwest-based private investor purchased the property for an undisclosed sales price. Ryan Nelson and Greg Nieder of FORSITE Realty represented the seller in the transaction.
WESTERVILLE, OHIO — The Cooper Commercial Investment Group has arranged the $6.5 million sale of the TPUSA Inc. office building in Westerville, a suburb of Columbus. TPUSA, a subsidiary of the internationally recognized and publicly traded French company Teleperformance, signed a new seven-year lease, with yearly rental increases through 2020 and reimbursments for all operating expenses and also management expense of the property. Dan Cooper of Cooper Commercial Investment Group’s Cleveland office represented the seller, a Cleveland-based private investment group, and the buyer, a New York-based private investment group. The property was sold representing an 8.17 percent capitalization rate and just over $149 per square foot.