GOLDSBORO, N.C. — Charlotte-based Faison Enterprises Inc. plans to develop Berkeley Corner, a 57,000-square-foot shopping center anchored by a 45,000-square-foot Dick’s Sporting Goods store. The property will be located in Goldsboro adjacent to Berkely Mall. Capitol Funds Inc. owns both Berkeley Corner and Berkeley Mall. Justin Schad of Faison & Associates LLC coordinated the development of the shopping center with the city of Goldsboro.
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LOUISVILLE, KY. — Quantum Real Estate Advisors Inc. has brokered the $7.8 million sale of a 14,820-square-foot, freestanding Walgreens in Louisville. Walgreens has more than 24 years remaining on its lease. The buyer, a private individual from New York, purchased the asset from an unnamed Louisville-based developer. Jordan Kaufman and Dan Waszak of Quantum Real Estate represented the buyer in the transaction.
CONCORD, N.C. — Franklin Street Real Estate Services has arranged the sale of a freestanding 9,200-square-foot property housing AT&T and Denny’s for $5.6 million, or $603 per square foot. The asset is located at 8031 Concord Mill Blvd. in Concord, a northern suburb of Charlotte. Bryan Belk of Franklin Street represented the seller, a private investor based in California. The buyer is a private investor based in North Carolina who plans to hold the asset long-term.
ELGIN, ILL. — Gramercy Property Trust Inc. has acquired two industrial properties in Elgin, Ill. and Harrisburg, Pa. for $18.7 million. The Elgin property in metro Chicago is an 112,000-square-foot manufacturing facility. The property is leased through August 2028 with annual rent escalations to a global manufacturer of small, engineered metal components. The Harrisburg property is an 183,000-square-foot industrial warehouse. The property is leased through February 2025 with annual rent escalations to a subsidiary of a large multinational industrial company.Both properties are fully leased with a weighted average lease term of approximately 13 years. Year One net operating income for the two properties totals approximately $1.4 million, reflecting a 7.3 percent initial cap rate.
CHICAGO — Essex Realty Group has brokered the $11.5 million sale of a 46-unit apartment building in Chicago’s Avondale neighborhood. The newly constructed property is located at 2601-2615 W. Belmont Ave. The building consists of two- and three-bedroom duplex apartments ranging from 1,040 to 2,109 square feet. The property also includes an underground parking garage with approximately 49 spaces. Matt Welke and Jason Fishleder were the brokers in the transaction.
OSHKOSH, WIS. — Marcus & Millichap has arranged the $3.2 million sale of a CVS/pharmacy ground lease in Oshkosh. The 13,225-square foot net-leased property is located at 1736 W. 9th Ave. Adam Prins and Matthew Hazelton of Marcus & Millichap represented the seller, a limited liability company. An outside brokerage firm represented the buyer, a trustee. Matthew Fitzgerald also of Marcus & Millichap assisted in closing this transaction.
MELROSE PARK, ILL. — Chicago-based Sitex Group has completed the redevelopment of a two-building industrial complex in Melrose Park. The properties are located at 2680-2690 and 2800-2840 W. Lake St. The 170,920-square-foot building at 2800-2840 W. Lake St. can accommodate two tenants and features 4,500 square feet of office space, 22-foot clear heights and 12 exterior docks. The 102,153-square- foot multi-tenant building at 2680-2690 W. Lake St. can accommodate three tenants and features 22-foot clear heights and 18 exterior loading docks. Reconstruction of the properties included a substantial exterior renovation featuring a new façade, parking lots and landscaping. Sitex also upgraded the office space and installed high-efficiency lighting and new dock equipment inside the buildings. The complex is 72 percent occupied with several units currently being marketed. Sitex purchased the 273,073-square-foot complex from the Village of Bellwood in April 2013.
PARSIPPANY, N.J. — CBRE’s Debt & Structured Finance Group has secured a $69.5 million loan for the acquisition of two Class A office properties in Parsippany. Beverly, Mass.-based Brookwood Financial Properties purchased the properties, which total 529,362 square feet. Situated within a 182-acre corporate campus, Morris Corporate Center I offers 261,924 square feet and Morris Corporate Center II offers 267,438 square feet. The property is currently 78 percent occupied by a variety of tenants, including Zurich, ICAP-EBS, Ralcorp, Farmers Insurance and Medtronic. Brookwood plans to invest approximately $3 million in property upgrades. Charles Foschini, Christian Lee and Christopher Apone of CBRE’s Debt & Structured Finance Group brokered the three-year, interest-only floating rate loan, which was provided by Los Angeles-based Starwood Property Trust.
NEW YORK CITY — GFI Realty Services has brokered the sale of 529 East 235th Street, a seven-story apartment building located in the Woodlawn section of the Bronx. The 53-unit apartment building sold for $9.3 million or $175,000 per unit. Josh Orlander and Aron Taub of GFI brokered the transaction for both parties. Constructed in 1938, the property is located within close proximity to Woodlawn Metro-North train station, the 233rd Street subway station and Van Cortlandt Park.
NEW YORK CITY — Ariel Property Advisors has brokered the sale of Brooklyn properties totaling more than $5 million. In the first transaction, One Sullivan Place, a 40-foot-wide development site with 20,400 buildable square feet, sold for $2.5 million. The property is located at the corner of Washington Avenue in the Crown Heights section of Brooklyn. Jonathan Berman, Akil Rossi, Daniel Tropp and Mark Spinelli of Ariel Property Advisors represented the buyer, a local developer. In the second transaction, a local investor acquired a three-story, 4,500-square-foot mixed-use building at 156 Graham Ave. from a private owner. Located in the East Williamsburg area of Brooklyn, the property sold for $1.6 million. Berman, Tropp and Spinelli represented both parties in the transaction. In the last transaction, a local business owner purchased a three-story, mixed-use property located at 486 Halsey St. in the Bedford-Stuyvesant neighborhood of Brooklyn for $975,000. Berman, Rossi, Tropp and Spinelli represented the buyer and seller, a private owner, in the transaction.