MIAMI — Stearns Weaver Miller Weissler Alhadeff & Sitterson PA has renewed and expanded its office footprint in Museum Tower, a Class A office building located at 150 W. Flagler St. in downtown Miami. The law firm has increased its office space to 110,000 square feet, a 7,000-square-foot expansion. Carol Brooks and Steven Hurwitz of CREC represented Stearns Weaver Miller in the lease transaction. Kirk Fetter of Gaedeke Group represented Museum Tower’s owner, Gaedeke Holdings Limited.
NEW YORK CITY — RFR Holding LLC, along with Real Estate Capital Partners, has acquired 281 Park Avenue South, a landmark building formerly known as the Church Mission House in Midtown South. RFR purchased the six-story, 45,000-square-foot building from the Federation of Protestant Welfare Agencies for $50 million. Following upgrades that will include new storefronts, mechanical systems and a new office lobby with entrance on 22nd Street, the building will be repositioned as a showpiece for a single office user requiring 28,000 to 40,000 square feet. The building features approximately 6,700-square-foot rentable floor plates, ceiling heights up to 20 feet, a cooper and terra-cotta roof, marble mosaic flooring, stained glass windows, wood wainscoting and plaster ornamentation.
LOGAN TOWNSHIP, N.J. — Dermody Properties has started construction on a multi-tenant industrial facility at LogistiCenter Logan, its 7.4-million-square-foot industrial park in Logan Township. Located at 1110 Commerce Blvd., the facility will total 171,600 square feet. Upon completion, the facility will be fully operational and suited for e-commerce, food and beverage, and consumer product warehousing and distribution. The facility will feature 32-foot clear heights, 105 car parking spaces and 39 trailer parking spaces. Blue Rock Construction is serving as construction partner for the property, which is being marketed by Colliers International. Great Point Investors LLC is the strategic capital partner on the project. Construction is slated for completion this summer.
NEW YORK CITY — GFI Realty Services has brokered the sale of a multifamily building located at 115 Ocean Ave. in Brooklyn’s Prospect Lefferts Gardens section. The 89-unit building sold for $25.7 million, or $290,000 per unit or $295 per square foot. Erik Yankelovich of GFI represented the seller, a local investor, and the buyer, a local family, in the transaction.
GLASSBORO, N.J. — PRP Real Estate Investment Management has completed the sale of the Park Crest Village Apartments, a garden apartment community located in Glassboro. Chelsea Management purchased the 385-unit property for $23 million. At the time of sale, Park Crest Village was 94 percent occupied, up from 88 percent when PRP originally acquired the property in 2007.
NEW YORK CITY — Kalmon Dolgin Affiliates has brokered the sale of two interconnecting warehouses at 33-33 and 33-35 11th St. on the border of Astoria and Long Island City in Queens. JPRG Holdings purchased the properties, which total 57,400 square feet, for $14 million. The property features 19-foot ceilings, frontage along three streets, multiple loading docks and heavy power. Additionally, there is 1,700 square feet of parking on the lot. Prior to the sale, the building was used as the main warehouse for Operative Cake, a baked goods wholesale business. Grant Dolgin and Dmitri Gourianov of Kalmon Dolgin Affiliates represented the seller in the transaction, 33-11 Associates Partnership and Jacobson Realty Corp. Hentze Dor Realty represented the buyer in the deal.
TUCSON, ARIZ. – Sahuarita Plaza Shopping Center, a 160,000-square-foot retail power center near Tucson, has sold to Colt Valley Development Company for $12.2 million. The center is located at the interchange of I-19 and Duval Mine Road in Sahuarita. It’s anchored by Ross, Big Lots, PETCO, Jo-Ann Fabric and Crafts and Ace Hardware. The seller was Canada Life Real Estate LLC. The transaction was executed by Greg Furrier of Cushman & Wakefield | PICOR and Greg Valladao of Cushman & Wakefield.
PHOENIX – Cove on 44th, a 256-unit apartment community in Phoenix, has sold to Cove Phoenix LLC for $7.7 million. The Class B community is located at 4030 N. 44th Ave. It was built in 1983. Bill Hahn, Jeffrey Sherman and Trevor Koskovich of Colliers International’s HSK Multifamily Southwest team represented both the buyer and seller, Cove at 44th LLC, in this transaction.
DENVER – MonkeySports has opened its first superstore in Colorado. The 15,125-square-foot outpost is located at 6578 S. Yosemite Circle in Greenwood Village, just east of Littleton. MonkeySports is the nation’s largest retailer of hockey and lacrosse equipment. It also operates locations in California, Massachusetts, New Hampshire, New Jersey and Sweden. MonkeySports was represented by Frank Griffin of Newmark Grubb Knight Frank. The landlord was not named.
AURORA, COLO. – A 34,589-square-foot retail strip center in Aurora has sold to M&M Corporation LLC for $1.8 million. The five-building center is located at 3113-3191 Peoria Street. The property was leased to 16 retailers, many of which were long-term tenants, at the time of sale. M&M was represented by Lan Than of Landmark Real Estate Services. The seller, THS Properties LLC, was represented by Marc Lippitt, Scott Shwayder and Justin Herman of Unique Properties Inc. – TCN Worldwide.
