ANDOVER, MASS. — Mack-Cali Realty Corp. has acquired Andover Place at 650 Bulfinch Drive in Andover for approximately $37.7 million. The 220-unit multifamily community consists of studio, one-, two-, and three-bedroom units, as well as three-bedroom duplexes. The property, which was 94 percent leased at the time of sale, was acquired from AEW Capital Management and Corcoran. The property features a clubhouse with fitness center, swimming pool with sundeck and barbecue area, abundant parking, and is located on 30 acres. The new owners plan to upgrade kitchens and bathrooms, add washer/dryers units to the apartments, and a refurbish the pool deck. Mack-Cali’s Roseland subsidiary will manage and lease the property, which is located one mile from Interstate 93 and near both the train station and Main Street in downtown Andover.
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CUMBERLAND, R.I. — Eastern Connection, a regional parcel carrier serving the East Coast, has relocated its corporate headquarters to 70 Industrial Road in Cumberland. The new 30,000-square-foot state-of-the-art facility consolidates Eastern Connection’s Worcester, Mass., and Providence, R.I., facilities into one location. The company’s previous headquarters, 60 Olympia Ave. in Woburn, Mass., remains in operation. Eastern Connection and the landlord, Dean Warehouse Services, each represented itself in the five-year lease transaction, which will allow Eastern Connection to expand up to an additional 20,000 square feet as needed to accommodate growth. The new site includes administrative office space, three loading docks, a dispatch center and a sorting facility, where a 100-foot, automated conveyer belt feeds packages to Eastern Connection trucks for delivery.
ROCHESTER, N.Y. — Sheldon Stahl and Jesse Bailey of Houlihan Parnes Realtors recently handled the sale of two large garden-style apartment complexes in the Rochester area. The 224-unit Northgate Manor Apartments is located opposite the new Walmart Supercenter on Dewey Avenue in Greece, N.Y. The 267-unit Grecian Garden Apartments is located at 72 Grecian Garden Drive in Greece. Northgate and Grecian were owned by affiliated entities of Houlihan Parnes for 10 years and seven years respectively. Both properties were sold to a single buyer and were represented by O’Connell Moore Real Estate.
JEFFERSON, N.J. — HFF announced has closed the sale of and arranged financing for Ridge Plaza, a 114,964-square-foot grocery-anchored retail center in Jefferson. Ridge Plaza is situated on a 15.5-acre site at 5730 Berkshire Valley Road and is the only grocer within a five-mile radius. Completed in 2001, the property is 90 percent leased. Tenants include A&P, Chase Bank, The UPS Store, Subway and Dunkin' Donuts. CVS/pharmacy and McDonald’s occupy the two pad sites at the property. HFF marketed the property on behalf of the seller, Kite Realty Group Trust. ACRE Group, a full-service commercial real estate company out of Connecticut, represented the buyer in the transaction. HFF’s debt placement team arranged a 10-year, fixed-rate acquisition loan through Columbia Bank on behalf of the buyer. The HFF investment team representing the seller included Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Jeffrey Julien and Marc Duval. Michael Klein of HFF arranged the financing for the buyer. ACRE Group’s acquisitions team, led by Daniel Charest and Jacqueline Barrett, identified this investment opportunity for the buyer.
DALLAS — Panther FW Investments LLC, in partnership with Atlas CP, has acquired a five-property flex portfolio in Dallas. The facilities total 303,420 square feet of office and warehouse space in the Valwood and East Brookhollow submarkets. Panther is a private real estate investment firm that focuses on value-add assets for its own account and placement of third-party private equity. Atlas CP is a private real estate investment company that targets institutional-quality, multi-tenant industrial and office assets in the Southern U.S.
HOUSTON — HFF has brokered the sale of 9801 Westheimer, a 211,125-square-foot office building in Houston’s Westchase submarket. The 11-story property was 86 percent leased at the time of the sale and includes a three-level parking structure. Located on the south side of Westheimer Road between Gessner and Elmside drives, the building is in close proximity to the Sam Houston Tollway, the Westpark Tollway and I-10. Dan Miller and Martin Hogan of HFF marketed the asset on behalf of the seller, Younan Properties Inc., and also procured the buyers, Fuller Realty Partners LLC and Harbert US Real Estate Fund V.
FORT WORTH, TEXAS — Marcus & Millichap has brokered the sale of Candle Chase Apartments, a 116-unit multifamily property in Fort Worth. Located at 4805 Altamesa Blvd., the community includes one- and two-bedroom apartments and two-bedroom townhomes, as well as a swimming pool and two laundry facilities. The distressed asset was 70 percent occupied at the time of the sale. Al Silva of Marcus & Millichap marketed the property on behalf of the seller, Timber Chase Apartments LLC, and also procured the buyer, a local partnership.
EDMOND, OKLA. — The LaSalle Group has opened Autumn Leaves of Edmond, a 46-bed memory care facility in the Oklahoma City suburb of Edmond. Located at 1001 S. Bryant Ave., the $8.8 million project totals 28,000 square feet. An official ribbon-cutting ceremony will be held April 24 and will be attended by Joseph Jasmon, COO of The LaSalle Group, as well as a representative from the Edmond Chamber of Commerce. Autumn Leaves of Edmond is The LaSalle Group’s first memory care facility in the Oklahoma City metro area.
PHOENIX – The 176-unit Bayside Apartments in Phoenix has received $9.3 million in refinancing. The community is located at 20245 N. 32 Drive. The new non-recourse, 12-year loan is a cash-out refinance. It was arranged by Neal Churney and Adam Finkel of Johnson Capital’s Phoenix office. The borrower is a Mexico-based investor.
WHITTIER, CALIF. — Southern California Material Handling, a wholly owned subsidiary of Mitsubishi Caterpillar Forklift America, has leased a 52,630-square-foot industrial building in Whittier. The building is located at 12393 Slauson Ave. The lease is valued at $4.8 million. Brett Dedeaux and Anthony Dedeaux of Binswanger represented Southern California Material. The landlord, Oliaie Slauson, LLC, was represented by David Bolt of Lee & Associates – Newport Beach, Inc. and Tim Cronin of Lee & Associates – Commerce, Inc.