MALVERN, PA. — Gramercy Property Trust has purchased an R&D/flex facility located in Malvern for $28.4 million in an all-cash transaction. The 191,000-square-foot facility is 100 percent leased through March 2030 to a leading healthcare diagnostics company. Year one net operating income is approximately $2.1 million (7.5 percent initial cap rate; 8.7 percent annualized straight-line cap rate) with annual rent escalations throughout the lease term.
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WORCESTER, MASS. — Skanska USA has signed a contract to build a maintenance and operations facility for Worcester Regional Transit Authority. The 150,695-square-foot building will include administrative offices, a public meeting space, operations dispatching, bus storage, maintenance shops and additional parking. Construction has begun on the $60 million project and substantial completion is expected in first quarter 2016.
NEW YORK CITY — GFI Realty Services has brokered the sale of 375 Edgecombe Avenue, a five-story walk-up apartment building in Manhattan’s Sugar Hill neighborhood. A local investor purchased the property for $2.34 million or $146,000 per unit, which translates to 10 times rent roll. Built in 1946, the 12,905-square-foot building features 16 units and is within walking distance to retail, restaurants and the 145th Street and 155th Street subway stations. Daniel Shragaei of GFI represented the seller, a local investor, and Gavin Bolsom, also of GFI, represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of 65 Irving Avenue in Brooklyn’s Bushwick neighborhood. The property sold for $2.55 million, which equals $432 per square foot or $425,000 per unit. Located between Starr and Troutman streets, the 5,906-square-foot four-story building features five free-market residential apartments — four three-bedroom units and one studio unit —and 1,500 square feet of renovated ground-floor commercial space. Matthew Cosentino, Eric Satanovsky and Robert McDonald of TerraCRG represented the seller.
DALLAS AND SAN ANTONIO — Presidium Group LLC has purchased two multifamily properties in Texas, adding to its portfolio of more than 9,000 apartment units. The Dallas-based company has purchased Quarters, a 208-unit apartment complex located at 6415 Melody Lane in Dallas. Presidium will renovate Quarters with interior renovations that include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior improvements will consist of aesthetic improvements to amenity areas, the leasing center, property and building signage, and new siding and paint. Presidium has also purchased Sentinel Pointe, a 91-unit complex in San Antonio, located at 1235 E. Mulberry Ave. Its value-add renovations will include new unit fixtures, plumbing, lighting fixtures and appliances, as well as a new paint scheme. Exterior upgrades will improve the building exteriors, amenities and common areas, including the leasing center.
DENTON, TEXAS — Frontera Hotel Group has added two hotels in Denton to its portfolio of managed properties, an 88-room, four-story LaQuinta Inn & Suites and a 92-room, four-story Holiday Inn Express Hotel & Suites. Angel Hospitality Inc. of Frisco, Texas, acquired the hotels on July 1. Both properties recently underwent extensive renovations. Dallas-based Frontera now manages 12 hotels in Texas, Georgia, Wisconsin and California, and has ownership in two of the properties.
KATY, TEXAS — Marcus & Millichap has arranged the sale of Parks Plaza at Westheimer Lakes North, a 32,680-square-foot retail property located at 6734 Westheimer Lakes North Drive in Katy. The asset sold for $8 million. Watt Harrison, an associate, and James Bell, vice president of investments in Marcus & Millichap’s Houston office, represented the seller and procured the buyers.
HOUSTON — NAI Houston has leased a 22,000-square-foot industrial warehouse building at 6525-B Cunningham Road in Houston. Travis Land of NAI Houston represented the landlord, Blum Beltway LP. Scott Rubenstein of Pipeline Realty represented the tenant, Texas Pipe & Supply Company.
SAN JOSE, CALIF. – American Realty Capital has acquired a 165,000-square-foot office campus in San Jose for $52.1 million. The three-building campus is located on River Oaks Parkway at Zanker Road in San Jose. The seller, Bixby Land Company, originally acquired the campus in 2011 in two separate transactions for a total of $19.5 million. The company redesigned the space before leasing it to Nimble Storage. The property includes a 30,000-square-foot outdoor living room that can be used for collaboration or relaxation. American Realty Capital represented itself in this transaction. Bixby was represented by Mark Penrod and Andy Zighelboim of Eastdil Secured.
LAS VEGAS — Partners Capital has acquired Crossroads at Sunset ShoppingCenter, a 165,000-square-foot retail center in the Las Vegas submarket of Henderson, for an undisclosed sum. The center is located at the southwestern intersection of Sunset Road and Stephanie Street. Crossroads is anchored by Sports Authority, Toys R Us, O'Reilly Auto Parts and Wells Fargo. It is situated near the Galleria at Sunset mall and Sunset Station casino. Partners Capital and its affiliates took possession of the center after purchasing its debt from a special servicer in an all-cash, 10-day transaction. In the past five years, Partners has also acquired Charleston Festival, Stone Canyon Professional Park, Bonita Plaza and Mall Ring, an outparcel of the Galleria at Sunset, all in the Las Vegas area.