PHOENIX – J&K Cabinetry has leased 37,522 square feet at the Hohokam 10 Business Center in Phoenix. The 405,000-square-foot complex is located at 4445 E. Ellwood Street. The affordable cabinetmaker will use the space to store merchandise, and to sell to local homebuilders. J&K Cabinetry was represented by Thomas Knaub of Colliers International. The landlord, Arizona Department of Transportation Right of Way Group, represented itself in this transaction.
REDMOND, WASH. – Berkshire Income Realty has acquired the 134-unit Elan Redmond Town Center apartment complex for an undisclosed sum. The community is located at 16325 Cleveland Street in Redmond. It was built in 2013. Berkshire Communities, the property management division of Berkshire Group, will manage the apartment community. The seller was Greystar and equity partner Resmark Apartment Living.
DOWNEY, CALIF. – A 26,877-square-foot industrial building in Downey has sold to MT Real Estate LLC for $3.7 million. The building is located at 11899 Woodruff Ave. The building will serve as an automotive storage warehouse. MT Real Estate was represented by Voit’s Joe Winklemann. The seller, the Prichard Family Trust, was represented by John M. Bowman of Heger Industrial and Dennis Slattery of Charles Dunn.
NEW YORK CITY — Avison Young has arranged the sale of United Cerebral Palsy of New York City’s (UCP of NYC) former program center at 122 East 23rd St in Manhattan. Toll Brothers purchased the property for $135 million, or $750 per square foot. The asset includes a land parcel and an existing four-story, 60,000-square-foot building. The property offers a total of 180,000 square feet of development rights with zoning that allows for residential, retail and community uses. Jon Epstein, Vincent Carrega, Neil Helman and Charles Kingsley of Avison Young’s New York City-based capital markets team represented UCP of NYC and identified the buyer in the transaction.
FAIRFIELD, N.J. — Cushman & Wakefield has brokered the sale and acquisition financing for an industrial building in Fairfield. Located at 300 Fairfield Road, the 418,000-square-foot property sold for $51.6 million, making it the largest single industrial asset sale in Northern New Jersey this year. Bala Cynwyd, Pa.-based Stoltz Real Estate Partners purchased the property from Fairfield BAB Group LLC. Constructed in 2006, the single-story building features 28-foot ceiling heights, 34 loading doors and 398 parking spaces. The property is fully leased to Middle Atlantic Products (MAP) through November 30, 2026. MAP, a part of Legrand North America, is a provider of mount integrated AV systems for residential, commercial, broadcast and security applications, and utilizes the site as its headquarters, production and distribution center. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank Caccavo, Jason Goldman, Marc Petrella and Andrew Siemsen of Cushman & Wakefield represented the seller. John Alascio, Mark Ehlinger and Suraj Ravi of Cushman & Wakefield’s Equity, Debt and Structured Finance Group arranged the acquisition financing, which was provided by Investors Bank.
BURLINGTON, N.J. — Cronheim Mortgage has secured $30 million in financing for a Walmart Supercenter-anchored retail center in Burlington. The loan was structured with a 10-year term and a 30-year amortization schedule. The 380,383-square-foot Liberty Square Center is part of Purchase, N.Y.-based National Realty & Development Corp.’s 22 million-square-foot portfolio. The retail center is anchored by Marshalls, Acme Supermarket, Toys ‘R’ Us and Walmart Supercenter. Andrew Stewart, Dev Morris and Allison Moravec of Cronheim secured the loan, which was placed with Voya Investment Management.
NEW YORK CITY — TerraCRG has brokered the sales of three mixed-use buildings located in Brooklyn’s Bedford Stuyvesant and Bushwick neighborhoods. The properties sold for a combined total of $3.83 million in separate transactions. In the first transaction, a mixed-use property located at 570 Putnam Ave. sold for $1.55 million, or $323 per square foot. The building, which was delivered vacant, features 1,800 square feet of retail space, three large residential units and 800 square feet of outdoor terrace space. In the second transaction, a six-unit residential property located at 297 Himrod St. in Bushwick sold for $1.35 million, or $257 per square foot. In the final deal, the 3,300-square-foot mixed-use property at 104 Marcus Blvd. sold for $930,000, or $282 per square foot. Matthew Cosentino and Eric Satanovsky of TerraCRG negotiated the transactions.
MIAMI — Swire Properties Inc. has topped off the 40-story EAST, Miami hotel, located at 89 S.E. Eighth St. in Miami’s Brickell neighborhood. The property is the first of six buildings to complete vertical construction in Swire’s $1.05 billion Brickell City Centre, a 5.4 million-square-foot mixed-use development. The hotel will feature 263 rooms, as well as 89 apartment units, a signature restaurant, meeting rooms, swimming pool and fitness center. The project team includes Americaribe and John Moriarty & Associates. EAST, Miami is slated to open in winter 2015.
DURHAM, N.C. — Capstone Apartment Partners has brokered the $14.8 million sale of Foxfire Apartments, a 354-unit multifamily community in Durham. Built in 1973, the asset was 93 percent occupied at the time of sale. Andrew Klenk and John Ackiss of Capstone’s Raleigh-Durham office, along with Brian Ford and Beau McIntosh of the firm’s Charlotte office, represented the seller, VTT Management Inc., in the transaction. The buyer, Lexerd Capital Management, purchased the property for roughly $41,667 per unit.
ATLANTA — Ackerman & Co., in partnership with The Meddin Co., has brokered the $11 million sale of Glenwood Park Retail in Atlanta. The seven-building, 48,515-square-foot property was more than 83 percent occupied at the time of sale to tenants such as Gunshow, Vickery’s and The Shed. Shea Meddin of Ackerman & Co., along with Stuart Meddin of The Meddin Co., represented the seller, Glenwood Park Builder LLC. The buyer was Coro Realty Advisors LLC.
