BIRMINGHAM, ALA. — Heritage Town Center Partners LLC has purchased Heritage Towne Centre, an 85,289-square-foot shopping center at 873 Dennison Ave. S.W. in Birmingham, for $5.6 million. The property’s tenant roster includes Roses Express, Save-A-Lot, Rainbow Apparel, Subway and H&R Block. The seller was Heritage Towne Centre LLC. Michael Randman of Southpace Properties Inc. in Birmingham brokered the transaction on behalf of the seller.
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CHARLOTTE, N.C. — Trinity Capital Advisors has brokered the sale of Perimeter Woods Business Park, a 313,407-square-foot business park in Charlotte. Stockbridge Capital Group purchased the mixed-use asset from Perimeter Woods Business Park LLC, a joint venture between Trinity Capital Advisors, Core Properties and Collet. Perimeter Woods is located across from Northlake Mall near the Harris Boulevard interchange with I-77. The property is 81 percent leased to tenants such as the American Red Cross, Black & Decker and the Charlotte Observer. Dunn Mileham of Trinity Partners represented the seller in the transaction, and Stockbridge was self-represented.
DURHAM, N.C. — Medalist Capital has arranged financing for more than 600,000 square feet of Class A office space within the American Tobacco Campus in Durham. The eight office buildings are 98 percent leased. Howard Brooks and Don Williams of Medalist Capital arranged the non-recourse loan through an unnamed life insurance company on behalf of the borrower, Capitol Broadcasting Co. Inc.
OLDMANS TOWNSHIP, N.J. — Cherry Hill, N.J.-based NFI has broken ground for the development of a build-to-suit distribution center in Oldmans Township. The 1 million-square-foot facility will feature energy-efficient warehouse space, Class A concrete tilt wall construction, cross-dock load configuration and an ESFR sprinkler system. Five Below, a retailer of merchandise for pre-teens and teens, will initially occupy 715,000 square feet of the facility, which will replace the company’s existing facility in New Castle, Del. Construction is slated for completion in early summer 2015. The build-to-suit distribution center will support the continued growth and expansion of Five Below on the East Coast.
NEW YORK CITY — Meridian Capital Group has arranged a land loan for 3 Hudson Boulevard on behalf of Meushar 34th Street LLC, an affiliate of The Moinian Group. Provided by a life insurance company, the two-year balance sheet loan features floating-rate, interest-only payments and three one-year extensions. Located at 400 11th Ave. in the Hudson Yards district, 3 Hudson Boulevard is a 46,634-square-foot development site. The borrower plans to develop a 1.8 million-square-foot, mixed-use property on the site featuring office space, as well as sustainable residential units. Dan Kaplan of FXFOWLE designed the tower, which is slated to obtain LEED Platinum certification. Drew Anderman and Alan Blank of Meridian Capital Group negotiated the transaction.
NEW YORK CITY — Eastern Consolidated has brokered the sale of a three-story retail building located at 2202-2210 Third Ave. in New York’s East Harlem. According to property records, the sale price was $5.35 million. The 12,000-square-foot property is currently occupied by Rent-A-Center, whose triple-net lease expires in November 2015. The property also has an additional 17,000 square feet in available air rights. Eastern Consolidated represented both the buyer and the seller. Adelaide Polsinelli and Chad Sinsheimer of Eastern Consolidated represented the seller and managing partner, Joseph Rishty of 2202 Third Ave. LLC, in the transaction. Cliff Schwartz of Schwartz & Blumenstein PC served as legal counsel for the seller, while Jay Yackow, Esq., served as attorney for the buyer.
JERSEY CITY, N.J. — CitiStorage, a records management company, has renewed its warehouse lease in Jersey City. The company occupies 150,000 square feet at 107-151 West Side Ave. Founded in 1990 and headquartered in Brooklyn, N.Y., CitiStorage serves the healthcare, legal, financial services, corporate and small business markets, along with various government agencies and special interest organizations in the New York metropolitan area. Stan Danzig, Jules Nissim and Stephen Elman of Cushman & Wakefield’s East Rutherford, N.J., office brokered the long-term lease.
COMMACK, MIDDLE ISLAND AND SYOSSET, N.Y. — Smithtown, N.Y.-based Island Associates Real Estate Inc., a commercial real estate brokerage and management firm, has brokered three lease transactions in Suffolk County, N.Y. In the first transaction, Long Island Fitness & Wellness leased 4,225 square feet of retail space at 6160 Jericho Turnpike in Commack for $1.2 million. Suzanne Lopes of Island Associates represented the landlord, while Steven Reichman of Coldwell Banker Commercial Island Corporate Services represented the tenant. In Middle Island, FMI Wireless Inc., a Sprint franchise, leased a 1,095-square-foot retail space within Strathmore Commons at 1245 Middle Country Road. Lopez represented both the landlord and tenant in the transaction. In the final transaction, Tropical Smoothie Café leased 1,500 square feet of retail space at 365 Jericho Turnpike in Syosset. Roger Delisle of Island Associates represented the tenant, while Island Associates also represented the landlord.
PLEASANT PRAIRIE, WIS. — Cushman & Wakefield has arranged the sale of 8201 104th St., a 44,398-square-foot flex building in Pleasant Prairie’s LakeView Corporate Park. The 2,400-acre master-planned, mixed-use development consists of industrial, office and retail properties. Quest Products purchased the property for a $3.6 million initial investment, with an additional $1.5 million investment anticipated within the next three years. Cushman & Wakefield’s Chicago-based team of Whit Heitman, Sam Badger and Brad Weiner represented Quest. Ryan Bain, Keith Puritz, Brett Kroner and Zach Graham of CBRE represented the seller, a local private investor. The company, a packaged consumer goods producer specializing in retail, e-commerce and drop-ship distribution, is currently based in Gurnee, Ill. Quest operates an additional distribution facility in Independence, Iowa. Both facilities will be consolidated into this new headquarters location situated on more than 4.6 acres. Built in 1994, the property features a 22,267-square-foot, two-story office component and 24-foot clear ceiling heights in the 22,131-square-foot warehouse component. The site has parking for 107 cars and has the potential for future expansion.
WEST CHICAGO, ILL. — Lee & Associates has arranged an industrial lease for 144,924 square feet in West Chicago. Plastipak Packaging will occupy the space within the LaGrou West Chicago Center located at 1800 W. Hawthorne Lane. The 572,000-square-foot distribution center is now fully occupied. Other tenants in the complex include Norix, Illinois Central Bus Service and LaGrou Distribution Systems. Matt Minik of Jupiter Realty Services LLC represented the tenant, Plastipak. James Planey and Jeff Janda of Lee & Associates of Illinois represented the landlord, LaGrou West Chicago Center.