BALTIMORE CITY, MD. — Atlantic Realty Cos. has purchased Alameda Marketplace, a 113,000-square-foot shopping center located at 5600-5658 The Alameda in Baltimore City, for approximately $11.3 million. Atlantic Realty purchased the property from Continental Realty Corp. The asset was 95 percent leased at the time of sale to Stop Shop Save, Rite-Aid, Family Dollar, Goodwill, Bank of America, Rainbow and Rent-A-Center. Gil Neuman led The Greysteel Co. team in representing the seller and procuring the buyer.
Property Type
NEWPORT NEWS, VA. — Blue Sage Ventures has sold the Maritime Square office building, a 135,103-square-foot property in Newport News, for $8.6 million. An affiliate of The Simpson Organization purchased the asset, which is located at 2600 Washington Ave. in downtown Newport News. The asset was 72 percent leased at the time of the sale. Eric Robinson and Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller in the transaction.
ATLANTA — Crescent Communities has begun pre-leasing Crescent Terminus, a 355-unit luxury apartment tower in the mixed-use Terminus development in Buckhead. Crescent Terminus will include rooftop terraces, an outdoor kitchen with a fire pit and grilling stations, zero-edge saltwater pool, pet park, Starbucks Coffee kiosk, fitness center, yoga room and demonstration kitchen. The development is being financed through an equity investment from Crescent Communities and construction financing from JPMorgan Chase & Co. The project team includes architect Lord Aeck Sargent, interior designer Vignette Interiors, landscape architect LandDesign and civil engineer Kimley-Horn. The multifamily property, which is Crescent’s first community in Atlanta, is set to open in June.
MONTROSE, OHIO — JLL has brokered the $32.5 million sale of Market Square at Montrose, a 510,231-square-foot retail center. The property is located at 3472 Brookwall Drive in Montrose, which is approximately 28 miles south of Cleveland. Anchor stores at Market Square at Montrose include The Home Depot, JC Penney, Levin Furniture, Dick’s Sporting Goods, Regal Cinemas, Toys ‘R’ Us and Cost Plus World Market. Kris Cooper, Margaret Caldwell and Becky Wells of JLL represented the seller, LaSalle Investment Management Inc. Brooklyn-based HP REALTY LLC purchased the property.
WOODRIDGE, ILL. — Sperry Van Ness has arranged the $2.2 million sale of a 13,309-square-foot multi-tenant restaurant property in Woodridge, which is approximately 30 miles west of Chicago. The property is located at 6320 Route 53 and is comprised of two independent restaurant spaces. Tilted Kilt leases one of the spaces. The other restaurant space is vacant and available for lease. Vincent D’Amico of Sperry Van Ness represented the undisclosed seller in the transaction. The buyer was a national investor that specializes in restaurant properties.
AUBURN HILLS, MICH. — Colliers International has brokered the sale of a 20,500- square-foot industrial building in Auburn Hills approximately 30 miles north of Detroit. The property is located at 1160 Centre Road. John Lominack of Colliers represented the seller, Knight Industries & Associates Inc., in the transaction. Friedman Integrated Real Estate Solutions represented the buyer, Nobel Automotive Group.
GREENWOOD, IND. — Lee & Associates has arranged the lease of a 2,160-square-foot retail space in Greenwood, a suburb of Indianapolis. Moody Retail Shops LLC will occupy space in Village Commons I located at 862 S. State Road 135. Cathy Richards of Lee & Associates represented the tenant. Scot Courtney and Bart Jackson of Lee & Associates represented the landlord, VC-1 LLC.
NEW YORK CITY — SL Green Realty Corp. has entered into an agreement to sell its leasehold interest in 673 First Avenue for $145 million. The price represents a capitalization rate based on an in-place net operating income of 4.7 percent. NYU Hospitals Center is purchasing the 422,000-square-foot office building. The buyer, along with NYU School of Medicine and New York Presbyterian, occupy the building. The acquisition is expected to close during second quarter 2014. Bruce Mosler, Michael Rotchford, Mark Mandell and David Heller of Cushman & Wakefield represented the buyer in the transaction. Fried, Frank, Harris, Shriver & Jacobson LLP represented SL Green in the transaction.
FAIR LAWN, N.J. — Suan Farma Inc. has purchased an industrial building at 17-09 Zink Place in Fair Lawn for $2 million. The 20,316-square-foot Class B manufacturing facility was constructed in 1978 and underwent extensive renovations in 2007. The company will relocate to the facility from its current location in Hackensack, N.J. Steven Leitner of New Jersey-based NAI James E. Hanson represented the buyer in the transaction. The seller was not disclosed.
NEW YORK CITY — Besen & Associates has completed the off-market $5.6 million sale of a mixed-use property at 361 First Ave. in the Gramercy neighborhood of New York. The four-story, 5,000-square-foot building consists of five free-market apartments, one office and one retail store, which is occupied by Dunkin’ Donuts through 2025. Shoy McKen of Besen & Associates represented the undisclosed seller, while Amit Doshi and Ishan Chhabra, also of Besen & Associates, procured the undisclosed buyer.