Property Type

Trace Station Shopping Center Ridgeland Mississippi

Crossman & Co. Brokers $5.4M Sale of Shopping Center in Mississippi

by John Nelson February 4, 2015

RIDGELAND, MISS. — Crossman & Co. has brokered the $5.4 million sale of Trace Station Shopping Center, a 47,510-square-foot retail center located at 500 Highway 51 North in Ridgeland, part of the Jackson MSA. The three single-story buildings sitting on 6.5 acres were sold to a private investor. The property is positioned at the intersection of Jackson Street and Highway 51. The center was 96 percent leased at the time of sale to local and regional tenants such as Edible Arrangements, Fleet Feet, Lost Pizza Co. and Cazadore’s Mexican. Brian Carolan of Crossman & Co. represented the seller, a Wall Street loan pool, and partnered with Hugh Johnson of J. Walter Michel Agency, a Jackson-based company, during the transaction.

February 4, 2015

Loans New Jersey Northeast Office Retail

HFF Arranges $221.8M Loan for 30-Property Retail, Office Portfolio

by Amy Works February 4, 2015

FLORHAM PARK, N.J. — Florham-based HFF, on behalf of Paramount Realty Services, has arranged $221.8 million in financing for an approximately 2 million-square-foot portfolio consisting of 30 retail, office and medical office properties in Pennsylvania and Maryland. The portfolio was 96 percent occupied at the time of closing. Jon Mikula, Jim Cadranell, Samuel Seiden and Michael Cerulo of HFF represented the borrower in the transaction. The financing was closed with a portfolio lender. Additional details of the deal were not released.

February 4, 2015

Massachusetts Multifamily Northeast

JV Plans $26M Apartment Complex in Boston’s Allston Neighborhood

by Amy Works February 4, 2015

BOSTON — The Grossman Companies and The Waypoint Companies have partnered to acquire a 0.7-acre land site that has been permitted for an 80-unit apartment complex in Boston’s Allston neighborhood for $3.5 million. The joint venture is seeking investors willing to provide 58 percent of the equity to acquire the land, which is located at 61-89 Braintree St., and fund soft costs until it either sells the permitted land or closes on a construction loan. The $26 million 61-89 Braintree Street project will be the largest modular construction project in the city. The project was designed and permitted to use modular construction to ensure quality control, a fast-track construction schedule, greater energy efficiency and the reduction of excess materials.

February 4, 2015

Industrial New Jersey Northeast

Greiner-Maltz Brokers Sale of 18-Acre Former Tuscan Dairy Site in New Jersey

by Amy Works February 4, 2015

UNION, N.J. — Greiner-Maltz has arranged the sale of the former Tuscan Dairy site, located at 750 Union Ave. in Union, to Chicago-based Bridge Development Partners for an undisclosed price. Bridge Development plans to demolish the existing structures on the site and build a 263,415-square-foot distribution center. The center will have 36-foot ceilings, an ESFR sprinkler system, 50 tailboards, 116 trailer positions and parking for 150 cars. Designed to accommodate up to two tenants, the facility is slated for completion in November. Cornerstone Architects is providing architectural and structural design services and Premier Design & Build National LLC is serving as general contractor. Ray Musalo of Greiner-Maltz represented the seller, Industrial Realty Group, and the buyer in the deal.

February 4, 2015

Connecticut Industrial Northeast Office

Brady Corp. Sells 85,000 SF Industrial Facility for $4M in Connecticut

by Amy Works February 4, 2015

BRANFORD, CONN. — Brady Corp. has completed the disposition of an 85,000-square-foot light industrial/flex facility in Branford. Situated on 11.2 acres at 20 Thompson Road, the facility sold for $4 million. Brady Corp. plans to lease back 20,000 square feet of the building’s Class B office space. The Geenty Group and Cresa represented the seller, while The Geenty Group represented the undisclosed buyer in the transaction.

February 4, 2015

Northeast Office Pennsylvania

KarMar Realty Group Brokers $1.45M Sale of Pennsylvania Office Building

by Amy Works February 4, 2015

GLEN MILLS, PA. — KarMar Realty Group has brokered the sale of an office building located at 1788 Wilmington Pike in Glen Mills. GHS Summit LLC purchased the two-story, 14,500-square-foot office building from Crawford Leasing LLC for $1.45 million. Justin Soss and Donald Grimes of KarMar Realty represented the seller in the transaction.

February 4, 2015

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Hudson County’s Multifamily Market Remains Golden for Investors

by Jaime Lackey February 4, 2015

Abundant financing, unrelenting demand in an undersupplied industry and low rates are driving Northern New Jersey’s multifamily investment market toward pre-recession levels. Nowhere is this more evident than in the urban commuter hub of Hudson County. Known as an integral part of New Jersey’s Gold Coast, Hudson County serves as one of the most active investment and rental markets in the region thanks to its proximity to Manhattan and high concentration of multifamily properties. Long-term owners in the area increasingly are aware of the market conditions, and trading has started to approach unprecedented levels. A prime example was the recent $21 million sale of a four-property Hudson County multifamily portfolio, with units located throughout Jersey City and Hoboken. The deal marks one of the most highly bid sales in Hudson County this year, with more than 20 competitive offers submitted for the portfolio consisting of 159 apartments and six commercial units. Following three rounds of bidding, the seller, which had owned the property for more than 40 years, accepted the highest non-contingent offer. All of the properties were fully occupied at the time of sale, and the largest — a mid-rise elevator building on Magnolia Avenue in Jersey City — …

February 4, 2015

California Healthcare Western

Monterey VA Health Care Center in Marina Receives $99.4M Loan

by Nellie Day February 4, 2015

MONTEREY, CALIF. — Monterey VA Health Care Center in the Monterey County submarket of Marina has received a $99.4-million construction-to-permanent loan. The 141,000-square-foot healthcare facility will be located on the former Fort Ord military base. The facility is currently under construction. Veteran Affairs will occupy the majority of the building, with the remaining space going to the Department of Defense for the next 20 years. The center will provide primary and specialty care to tens of thousands of patients in the surrounding area. The non-recourse, fixed rate loan will amortize over a 20-year term. It was arranged by George Mitsanas, Peter Hillakas and Michelle Hsieh of Newmark Realty Capital, as well as by Mesirow Financial. Newmark will service this loan for its life company correspondent lender.

February 4, 2015

California Office Western

Westcore Properties Buys Sunnyvale Office Building, Data Center

by Nellie Day February 4, 2015

SUNNYVALE, CALIF. — Westcore Properties has acquired a 165,497-square-foot property in Sunnyvale for $52.7 million. The property is located at 1390 and 1400 Kifer Road. The acquisition includes a three-story office building and a single-story data center. The vacant office building will undergo a major renovation, including a new outdoor tenant area, refreshed landscaping, and new finishes to the lobby and interior. The data center is occupied by CenturyLink. The property is less than a mile from CalTrain. The seller, WTA Development, was represented by DTZ’s Steve Horton and Kelly Yoder, and by CBRE’s Joe Moriarty and Brad Zampa. DTZ will also handle the leasing assignment.

February 4, 2015

California Industrial Western

Alere Buys Cerritos West Industrial Park for $43.8M

by Nellie Day February 4, 2015

CERRITOS, CALIF. — Alere has acquired Cerritos West Industrial Park, a seven-building, 395,177-square-foot property, for $43.8 million. The park is located at 13311-13317 166th Street, 16301-16431 Carmenita Road and 16210-16448 Manning Way in Cerritos. Cerritos West is fully leased by 14 tenants, including Future Metals, Bunn-o-Matic and Maruka Machinery Co., a parent company to Maruka, USA. The park has freeway access to interstates 5, 605, 105, 710, 405 and 110, as well as state routes 91, 57 and 60. CBRE’s Darla Longo, Barbara Emmons, Rebecca Perlmutter Finkel and Laird Perkins represented both the buyer and seller, CBRE Global Investors, in this transaction.

February 4, 2015

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