NEW BRITAIN, CONN. — Pennrose has opened The Jefferson, a $14 million affordable senior apartment complex in New Britain. The three-story building offers 70 units featuring spacious floor plans, oversized windows and wall-to-wall carpeting in the bedrooms. Additionally, eight of the units are handicapped-accessible and all units have 24-hour emergency call systems in the bedrooms and bathrooms. The age-restricted community also features a community room, fitness center, outdoor patio with picnic area and on-site laundry facilities. Pennrose Properties LLC developed the property in partnership with The Housing Authority of the City of New Britain, and Pennrose Management Company manages the community.
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PHILADELPHIA — iPic Entertainment has started construction for iPic Theaters at The Boyd, a movie theater in downtown Philadelphia. Located at 1910 Chestnut St., the theater will feature eight screens and 744 seats, as well as Tanzy Express, an in-theater dining concept. The eight auditoriums will vary in size, offering seating for between 60 to 120 customers. The dine-in restaurant, Tanzy, will serve artisanal Italian cuisine with contemporary style and a full-service bar. The theater is slated for completion in 2015.
PHILADELPHIA — SSH Real Estate represented Pond Lehocky Stern Giordano LLP in the law firm’s lease of office space at One Commerce Square. Located at 2005 Market St., the law firm will occupy 52,000 square feet of space or three floors starting in December. Additionally, the lease includes an outdoor terrace on the 18th floor for client dining and entertainment. The law firm is currently located at United Plaza at 30 S. 17th St. Peter Soens and Michael Kennedy of SSH Real Estate represented the tenant, while Brian Orr, Dan Galbally, Matt Croce and Steve Rush represented the landlord, Brandywide Realty Trust, in-house.
NEW YORK CITY — New York-based Savanna has brokered 45,926 square feet of new leases at 31 Penn Plaza, an 18-story, 444,000-square-foot office building in New York. NPD Group, represented by Adam McCostlin and Doug Levine of DTZ, signed a 10-year lease for 6,228 square feet on the fourth floor. Barry Zeller and Andrew Ross of Cushman & Wakefield arranged a five-year, 6,523-square-foot lease for Salon Media Group. New Audio LLC, represented by Jason Frazier of CBRE, signed a 10-year, 6,370-square-foot lease. Additionally, Frazier and Christopher Mansfield of CBRE brokered a 10-year, 20,726-square-foot lease for RevTrax. Finally, TRIBUNE 365, an affiliate of Tribune Publishing, signed a seven-year, 6,079-square-foot lease. Robert Hill and Timothy Hay of CBRE represented the tenant.
MANSFIELD, TEXAS — Venture Commercial Real Estate has brokered the sale of a 59,297-square-foot retail building in the Dallas/Fort Worth suburb of Mansfield. Located at 989 N. Walnut Creek Drive, the property is within the larger Walnut Creek Village shopping center. Previously owned and occupied by Albertsons, the facility is now fully leased to Big Lots and Urban Air Trampoline Park. John Zikos and Chris Booras of Venture Commercial represented the seller, Dallas Retail Associates, in this transaction, as well as the past sales of four other former Albertsons stores in North Texas. Dallas Retail Associates is a partnership between Centennial Real Estate Co. and The Praedium Group, Randall Stepp of Lincoln Property Co. and Nick Ibarra of Clear Fork Properties represented the buyer, Walnut Creek Plaza LLC, in the Walnut Creek transaction.
DALLAS — Marcus & Millichap has brokered the sale of Community Cliff Apartments, a 46-unit multifamily property in Dallas. Constructed in 1986, the garden-style complex is located at 3810 Bonnie View Road, in proximity to I-45. The community includes one- and two-bedroom units with an average of 623 square feet, as well as a laundry facility and courtyard. Mark Allen and John Barker of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Allen and Barker also secured the buyer, a limited liability company.
KATY, TEXAS — Hunington Properties Inc. has brokered the sale of the Shops at Fry, a 20,000-square-foot shopping center in the Houston suburb of Katy. Located at the intersection of Fry Road and West Little York Road, the property was 88 percent leased at the time of the sale. Sandy Aron and Todd Carlson of Hunington Properties marketed the asset on behalf of the seller, a local private developer. A Hawaii-based investor purchased the center as part of a 1031 tax-deferred exchange.
ALLEN, TEXAS — A partnership controlled by real estate development companies Gault Co. and RTG Capital LLC has sold Bethany Center, a 10,000-square-foot strip shopping center in the Dallas/Fort Worth suburb of Allen. Located on the northwest corner of Bethany Boulevard and Highway 5, the recently remodeled property houses tenants including Royal Chopstix and Lucky Paws Pet Lodge. Sean Byrne of The Byrne Company represented the seller. Jose Thankachan of Beam Real Estate represented the unnamed buyer.
FONTANA, CALIF. — The Shops at Sierra Lakes, a 21,615-square-foot retail center in Fontana, has sold to Farsai Fontana LLC for $7.8 million. The center is located at 16943 & 16975 Sierra Lakes Parkway. It was built in 2009 and 2012. The Shops at Sierra Lakes is also part of Sierra Lakes Marketplace, which contains more than 880,000 square feet of retail properties, including Lowes Home Improvement, Costco, Petco, Office Max, Home Depot and LA Fitness. Farsai Fontana was represented by Scott Hook of Coldwell Banker Commercial. The seller, PRP Investors-Fontana LLC, was represented by Jeff Conover of Faris Lee Investments.
BOULDER, COLO. — Velocis Advisors has acquired an office building in Boulder’s Flatiron Business Park for an undisclosed sum. The firm purchased the building on behalf of its client, a Dallas-based family office. The 96,000-square-foot building is located at 5775 Flatiron Parkway. It is fully leased to financial service and technology-related tenants.