COLUMBUS, GA. — HFF has brokered the $20.2 million sale of Bradley Park Crossing, a 116,768-square-foot retail power center located at 1591 Bradley Park Drive in Columbus, roughly 100 miles south of downtown Atlanta. The property’s tenant roster includes The Fresh Market, PetSmart, Michael’s and Hibbett Sports. Jim Hamilton, Richard Reid and Mike Allison of HFF represented the seller, DDR Corp., in the transaction. The Rosen Group purchased the asset free and clear of existing debt.
NEW YORK CITY — An affiliate of New York City-based Norvin Healthcare Properties has acquired a two-story, 45,000-square-foot property, located at 21-21 44th Dr. in Long Island City, for $66 million. Simultaneously with the acquisition, Norvin entered into a 31-year triple-net lease with NYU Langone Medical Center. NYU Langone Medical Center plans to redevelop the industrial property into a multi-specialty ambulatory care facility. The name of the seller was not disclosed.
NEW YORK CITY — Cushman & Wakefield has brokered the sale of the Washington Flats portfolio, a grouping of four contiguous apartment buildings in Brooklyn’s Clinton Hill neighborhood. The portfolio sold for $38 million, or $364 per square foot. Located at 425 and 435 Grand Ave., 29 Putnam Ave. and 90 Downing St., the 104,365-square-foot portfolio features 128 residential apartments, with 121 rent-stabilized, three rent-controlled and four free-market units. At the time of sale, the properties participated in the HPD Home Program, which provides housing for low-income tenants and 52 of the rent-stabilized units operate under the Home Program. Stephen Palmese of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.
SEABROOK, N.H. — Curatolo Seabrook LLC has acquired Seacoast Mini Storage in Seabrook, a suburb of Portsmouth. The Marilyn T. Imke Revocable Trust sold the property for $5.8 million. Located at 233 Route 107, the 63,754-square-foot property has 55,270 square feet of rental storage space with 583 units, 152 of which are climate-controlled units. Situated on 6.1 acres, the property also includes two apartment units on site. Joseph Mendola of NAI Norwood Group represented the seller and assisted the buyer in the transaction.
BUFFALO, N.Y. — Colliers International Student Housing Group has arranged the sale of a 28-acre development site near the State University of New York at Buffalo. A joint venture between Harrison Street Real Estate and University Student Living, a company of The Michaels Organization, acquired the property from Menorah Campus for an undisclosed price. The buyer is planning to build a Class A student housing property on the site with approximately 600 beds. The project is slated for delivery in 2016.
NEW YORK CITY — Alpha Realty has brokered the sale of a multifamily building located at 194 Utica Ave. in Brooklyn’s Crown Heights neighborhood. A local private investor acquired the property for $2.5 million, or $260 per square foot. Constructed in 1906, the 9,100-square-foot property features 14 apartments and two retail spaces. Jacob Aronov of Alpha Realty represented the buyer and the seller, a local private investor, in the transaction.
MEBANE, N.C. — CBRE Capital Markets has arranged $16.1 million in financing for White Furniture Mill Apartments in Mebane. The 157-unit apartment community is a substantial rehab of a historic furniture mill that implemented federal and state historic tax credits. Monica Newman of CBRE’s Capital Markets’ Denver office originated the loan through HUD’s 221(d)(4) rehabilitation mortgage insurance program. The loan provides an interest-only construction period of 16 months that transitions into a 40-year, fully amortizing permanent loan. CBRE arranged the loan on behalf of the borrowers, WFP LLC and D3 Development Inc. The project team includes Raleigh-based JDavis Architects and Winston-Salem-based Rehab Builders Inc.
Birmingham’s retail market remained steady in 2014, with approximately 10 percent of the total 24 million square feet available for lease. Birmingham is tracking above national averages relative to new ground-up and rehab projects that are announced or underway. Downward pressure on rents have challenged developers pro-formas, though the very friendly city and state incentives environment has allowed developers to creatively meet tenants conservative occupancy cost requirements. While the Birmingham metro area is challenged by the threat of major closings by retailers like JC Penney, Sears and Kmart, there is a pipeline of first-to-market national retailers eyeing the growth submarkets, including Highway 280, Hoover/ Riverchase and Trussville. New Grocers Enter Market Trader Joe’s recently unveiled plans to open a 12,600-square-foot store at The Summit shopping center in the second half of 2015. Trader Joe’s provides a destination food option for the market. The Summit is leased and managed by Bayer Properties. Arizona-based Sprouts Farmers Market recently announced it would be entering the Birmingham metro as well. Sprouts’ first local offering will be at Brook Highland Plaza on U.S. 280. The 22,457-square-foot store will serve an array of fresh produce and meats. Additionally, GBT Realty is developing a 25,000-square-foot Sprouts location …
PHOENIX – The 150-unit Tesoro apartments in Phoenix has sold to Werner Investments for $8.9 million. The community is located at 8603 North 22nd Ave. It was built in 1983. Cliff David and Steve Gebing of Institutional Property Advisors represented both the buyer and seller, AION Partners, in this transaction.
RANCHO CUCAMONGA, CALIF. – Custom Goods has renewed its lease for 240,249 square feet of industrial space in Rancho Cucamonga. The warehouse and distribution center is located at 12200 Arrow Route. The third-party logistics firm was represented by JLL’s Louis Tomaselli and Jordan Quinn. The landlord was not named.
