WILKES BARRE, PHILADELPHIA AND CHESTER, PA. — Livingston, N.J.-based Gebroe-Hammer Associates has brokered the sales of four multifamily transactions totaling $23.8 million and 486 units. In Wilkes Barre, Gebroe-Hammer’s Joseph Brecher and David Oropeza represented the seller and buyer of Sherman Hills, a 344-unit apartment community. The property sold for $15.7 million as part of a Housing Assistance Payment (HAP)/Housing Urban Development (HUD) contract. Located at 7900-7922 Fairfield St. in Philadelphia, the 64-unit Fairfield Apartments sold for $3.5 million. Brecher and Eli Rosen of Gebroe-Hammer arranged the transaction. Also located in Philadelphia, the 42-unit Arborwood Duplexes sold for $2.4 million. Rosen represented the seller and identified the buyer in the transaction. Finally, the company brokered the sale of Liberty Walk Apartments in Chester’s Sunnyside section. Located at 500 E. 24th St., the 36-unit property sold for $2.2 million.
Property Type
OTSEGO, MINN. — Duke Realty has arranged a long-term lease with Blu Dot for the development of a 150,064-square-foot, build-to-suit bulk warehouse in Otsego. The designer and distributor of modern home furnishings will occupy space on nearly eight acres in the Gateway North Business Center. Neil Kolatkar and Dan Swartz of CBRE represented Blu Dot in the transaction. Josh Budish of Duke Realty’s Minneapolis-St. Paul office represented the firm.
DOVER, OHIO — Landmark Commercial Real Estate Services Inc. has arranged the sale of the Heritage Square Shopping Center in Dover. A Florida-based private investment fund purchased the 181,732-square-foot property for an undisclosed price. Giant Eagle anchors the shopping center. Kevin Baker, Daniel Dukes and Scott Lander of Landmark represented the seller, Phillips Edison & Co. Fund III.
RIVERSIDE, CALIF. — Riverwalk office building, a 40,361-square-foot office space in Riverside, has sold to California Riverside LLC for $7.1 million. The Class A building is located at 11801 Pierce Street. Notable tenants include US Bancorp Real Estate, Regus Workplaces and American College of Healthcare. Riverwalk was built in 2007. California Riverside was represented by Traci Thomas of Continental Property Group. The seller, Turner Real Estate Investments, was represented by CBRE’s Mike Kendall, Darla Longo and Barbara Emmons, along with Tom Pierik and Dave Mudge of Lee & Associates.
HOUSTON — JLM Commercial Advisors Inc. has arranged the sale of a 140,110-square-foot office/warehouse building on 25 acres at 5750 Brittmoore Road in Houston. Lane Guinn of JLM represented the seller, Goya Foods Inc. The buyer was CHI Tanner LP. Goya Foods formerly used the property as a plant and distribution facility. Plans for future use of the building were not released.
BOSTON — An affiliate of Abramson Brothers Inc. has acquired 4 Liberty Square, a retail and office building located in Boston, for $8.8 million. Located at the corner of Water and Batterymarch streets, the seven-story, 26,000-square-foot pre-war office building is 100 percent leased and has one restaurant tenant in the ground-floor retail space. Built in 1900, the building features a steel frame with masonry walls, windows and a marble lobby. This transaction is Abramson Brothers’ first acquisition in Boston as the company continues to seek growth opportunities.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
ATLANTA — Hilton Worldwide’s Homewood Suites by Hilton has opened Homewood Suites by Hilton Atlanta Airport North, its eighth Homewood property in the Atlanta market. The six-story, 122-suite hotel is owned by Rajesh Patel and located at 3405 Bobby Brown Parkway, less than one mile from Hartsfield Jackson International Airport. The hotel offers daily breakfast, complementary Wi-Fi and an airport shuttle service.
DALLAS — High Street Residential, the residential subsidiary of Trammell Crow Co., plans to build a new 20-story, 271-unit residential tower at 3230 McKinney Ave. in uptown Dallas. A 5,500-square-foot Café Express currently occupies the site. The new building will feature 13,000 square feet of ground floor retail space. A new Café Express will anchor the property, which will also include residential units. The site is located across Bowen Street from the McKinney Avenue Transit Authority trolley barn and headquarters.
LAKE OSWEGO, ORE. – Albertsons has purchased the ground lease at its Lake Oswego store for $5.3 million. The grocer occupies a 40,019-square-foot retail space. It is located at 16199 Boones Ferry Road. Albertsons has occupied this space for 55 years. The sellers, Denny Allen and Adele Reget, were represented by Denis O’Neill of NAI Norris, Beggs & Simpson.