STATE COLLEGE AND HANOVER, PA. — Pennsylvania Real Estate Investment Trust (PREIT) has completed the sale of Nittany and North Hanover malls for a total of $32.3 million. Located in State College, the 534,000-square-foot Nittany Mall has sales of $243 per square foot and non-anchor occupancy of 70 percent as of June 2014. The 452,000-square-foot North Hanover Mall in Hanover has sales of $275 per square foot and non-anchor occupancy of 72.8 percent as of June 2014. Details of the transaction were not released.
Property Type
WATERBURY, CONN. — HFF represented New Hyde Park, N.Y.-based Kimco Realty Corp. in the disposition of Waterbury Plaza, a grocery-anchored retail center in Waterbury. Toronto, Canada-based Slate Properties Inc. purchased the 141,443-square-foot center for $27.2 million. Located at 410 Reidville Dr., the fully leased center is anchored by Stop & Shop and Raymour & Flanigan. Jim Koury led the HFF investment sales team that arranged the transaction.
JERSEY CITY AND HOBOKEN, N.J. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sale of a four-property Hudson County, N.J., multifamily portfolio. A private investment group purchased the 159-unit portfolio for a total of $21 million. The transaction includes 125-129 Magnolia Avenue in Jersey City, which sold for $12.7 million; 115-117-119 Magnolia Avenue in Jersey City, which sold for $5.4 million; 50 Stuyvesant Avenue in Jersey City, which sold for $1.04 million and 328-332 Jackson Avenue in Hoboken, which sold for $1.8 million. Nicholas Nicolaou of Gebroe-Hammer Associates represented the seller, a long-time client, and the buyer in the transaction.
NEW YORK CITY — Rosewood Realty Group has arranged the sale of a three-story, walk-up apartment building located at 257 West 113th St. in Harlem. Wanders in the West LLC sold the property to 257 West 113th Street LLC for $1.5 million. Built in 1900, the 2,691-square-foot building features nine apartments. Michael Kerwin of Rosewood represented the seller, while Aaron Jungreis, also of Rosewood, represented the buyer in the transaction.
McCOOK ILL. — Bridge Development Partners has sold its 365,359-square-foot build-to-suit corporate facility in McCook, a southwest suburb of Chicago, for an undisclosed price. Bridge purchased 40.9 acres at 8201-8401 W. 47th St. one year ago for the construction of build-to-suit and speculative projects. The facility built for Dallas-based Freeman Decorating Services Inc. was sold to American Realty Advisors for one of its client portfolios. In July 2013, Freeman, represented by Jerry Sullivan and Ed Wabick of Chicago’s Paine/Wetzel TCN Worldwide, and Tom Sutherland of CASE Commercial Real Estate Partners in Dallas, signed a 15-year lease for the build-to-suit transaction. Bridge acquired the McCook site with Akard Street Partners, an investment partnership operated by Hunt Realty Investments Inc. Phase II of the development on the remaining 15 acres of the site is a 226,196-square-foot speculative industrial facility, divisible to 50,000 square feet. Vern Schultz and Tom Condon of Colliers International are the exclusive leasing agents for the project. Itasca, Ill.-based Cornerstone Architects Ltd. designed both McCook facilities and Des Plaines, Ill.-based Premier Design + Build Group LLC constructed the properties.
CLEVELAND — Love Funding has secured a $5.3 million FHA loan for Governor’s Village, a Cleveland-area assisted living facility. The funding from the loan will be used to expand the facility. Robert Smallwood of Love Funding’s Cleveland office secured the loan through the U.S. Department of Housing and Urban Development’s (HUD) 232/241(a) loan insurance program. The program backs supplemental loans to fund repairs, additions and improvements at existing FHA-insured healthcare facilities. Randall Residence, the majority owner and operator of the property, built the facility in Mayfield Village in 2001. The property currently has 24 traditional, assisted living units and 24 memory care units. Upon completion, 38 assisted living units will be added, while subtracting one memory care unit, bringing the total capacity at the facility to 85 units. The Douglas Co. will build the project based on plans created by architecture firm C.C. Hodgson.
CHICAGO — NelsonHill has arranged the sale of 2601 S. LaSalle St. in Chicago’s South Loop area to U-Haul International for $3.2 million. The 165,674-square-foot site features a 25,920-square-foot mezzanine level, 6,794-square-foot office space with eight- and 16-foot clear heights, four exterior docks, four drive-in doors and three freight elevators. The property is located near I-55 and Interstates 90/94. Mark Nelson and Michael Nelson of NelsonHill represented the seller Economy Folding Box, which had owned the property for 60 years, in the transaction. U-Haul was self-represented.
MINNEAPOLIS — Minneapolis-based Mid-America Real Estate – Minnesota LLC has arranged three retail leases signed for shopping centers in Minnesota. Nordstrom Rack signed a lease for 33,000 square feet at Shops of Knollwood located in St. Louis Park; Rue 21 signed a lease for 6,085 square feet at Woodbury Village in Woodbury; and Starbucks Coffee signed a lease for 2,160 square feet at Dakota Retail Center in Chanhassen. Mid-America represented the tenant in the Nordstrom Rack lease, both the tenant and undisclosed landlord in the Rue 21 lease, and the tenant in the Starbucks lease.
SUN CITY, ARIZ. — La Ronde Centre, a 106,503-square-foot retail property in Sun City, has sold to an unnamed buyer for $8 million. The center is located at 14656 North Del Webb Blvd. The buyer was represented by Colin Brown of Transwestern. The seller, an LLC, was represented by Sanford Burstyn of Marcus & Millichap’s Phoenix office.
SCOTTSDALE, ARIZ. — Arrowhead Health Center, an 11,272-square-foot, net-leased property in Scottsdale, has sold to a limited liability company for $4.5 million. The center is located at 2629 North Scottsdale Road. Mark Ruble and Jamie Medress of Marcus & Millichap’s Phoenix office, represented both the buyer and seller, another LLC, in this transaction.