MOUNT LAUREL, N.J. — NAI Mertz has arranged the sale of two office buildings totaling 100,000 square feet in Mount Laurel for an undisclosed price. Situated at 5000 and 7000 Atrium Way within Horizon Corporate Center, the bulidings each offer 50,000 square feet of Class A office space. Currently, 5000 Atrium Way is 100 percent lease and 7000 Atrium Way has one 12,000-square-foot unit available for lease. Rebecca Ting and Julie Kronfield of NAI Mertz represented the seller, Cherry Hill, N.J.-based SJS Realty. The buyer was Main Line Development LLC.
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NEW YORK CITY — Thor Equities has acquired a six-story pre-war residential property located at 840 West End Ave. in New York City’s Upper West Side. Built in 1910, the property features 40 residential units and close proximity to Riverside Park, a 330-acre landscaped, waterfront park. Mesa West Capital provided the acquisition loan. Steve Vegh of Westwood Realty Associates brokered the transaction. The seller and acquisition price were not disclosed.
PHOENIX – The 582-unit Sierra Ranch Apartments in Phoenix has received a $21.5-million loan. The community is located at 4722 East Bell Road. The property is 95 percent occupied. The 10-year, fixed-rate loan was arranged by Charlie Williams of Berkadia Commercial Mortgage’s Phoenix office through a life company correspondent.
KENOSHA, WIS., BLOOMINGDALE, ILL., AND WORCESTER, MASS., — Gramercy Property Trust Inc. has acquired three industrial properties totaling approximately 555,000 square feet for $39.2 million. The properties, located in Kenosha, Wis., Bloomingdale, Ill., and Worcester, Mass., were acquired in separate all-cash transactions. The Kenosha property is a 160,000-square-foot manufacturing warehouse and distribution facility. The Bloomingdale property is an 110,000-square-foot fulfillment center. The Worcester property is a 285,000-square-foot warehouse and distribution facility. The properties are fully leased with a weighted average lease term of approximately 10 years. For the three properties, Year 1 net operating income is anticipated to be approximately $2.8 million (7.3 percent initial cap rate; 7.9 percent annualized straight-line cap rate) with annual rent escalations throughout each lease term.
ALLISON PARK, PA. — Marcus & Millichap has brokered the sale of a ground-leased retail property located at 4849 William Flynn Highway. The 13,225-square-foot net-leased property sold for $2.9 million to an undisclosed buyer. The property is currently leased to CVS/pharmacy, which recently executed a 25-year absolute net-leased ground with 10 percent increases in the five-year option periods for the property. Michael Shover and Matthew Gorman of Marcus & Millichap’s Philadelphia office marketed the property on behalf of the seller, as well as securing and representing the buyer.
SUNNY ISLES BEACH, FLA. — HSBC has provided a $284 construction loan for the development of Jade Signature, a luxury 57-story condominium tower in Sunny Isles Beach, 16 miles north of Miami. The developer, Fortune International Group, will use the proceeds of the loan to develop the 192-unit tower by 2017. The project team includes general contractor Suffolk Construction, architect Herzog & de Meuron, interior design firm PYR and landscape architect Raymond Jungles. Individual condominium units range in price from $3 million to more than $26 million. According to Fortune International Group, roughly 80 percent of the homes are under contract.
AUSTIN — Moody National REIT I Inc. is under contract to purchase the Hilton Garden Inn Austin NW/Arboretum for $29.3 million. The purchase price excludes acquisition costs and is subject to adjustments and prorations. The hotel is located north of downtown Austin just off Highway 183 near the Arboretum at Great Hills, the University of Texas, Sixth Street and Lake Travis. The 138-room hotel opened in 2002. Amenities include an indoor swimming pool and 1,400 square feet of meeting space.
SHAKOPEE, MINN. — The Opus Group has entered into a contract with Capp Industries Inc. to design and construct a 121,000-square-foot speculative warehouse and distribution facility in Shakopee. The building, located at 4551 12th Ave., will be adjacent to the first phase project built by Opus for Capp Industries in 1996. The facility will include a 32-foot clear height and 50-foot-deep structural bays. Construction will begin this fall and completion is slated for January 2015. Opus Design Build LLC is the design-builder for the project. Opus AE Group LLC is the project’s architect and engineer of record. Bloomington, Minn.-based Capp Industries is the developer for the project and will own and lease the project.
WARREN, N.J. — Colliers International has arranged a long-term lease for Mindtree Ltd., a global technology services provider, at 25 Independence Blvd. in Warren. The Bangalore, India-based company is relocating its U.S. headquarters to the new space. Mindtree will occupy 11,529 square feet on the top floor of the four-story, 106,879-square-foot office building. Michael Tesser of Colliers International represented the tenant, while William O’Keefe and Kelsey Nakamura of Cassidy Turley represented the landlord, Normandy 25 Independence LLC, in the transaction.
ATLANTA — Atlanta-based Preferred Apartment Communities Inc. has acquired four multifamily communities totaling 1,397 units in Nashville, Kansas City, Dallas and Houston. Preferred purchased the assets from four new wholly owned subsidiaries for roughly $182 million. The acquisitions were financed through separate Freddie Mac loans from KeyBank National Association totaling $119.9 million.