ERIE, PA. — Phillips Edison–ARC Shopping Center REIT Inc. has acquired Yorktown Centre, a 196,728-square-foot shopping center in Erie, for $21.4 million. A Giant Eagle grocery store occupies 44.4 percent of the property. Yorktown Centre is fully leased to 29 tenants. The seller was 79 Realty Corp. Phillips Edison is a public, non-traded REIT focused on the acquisition and management of grocery-anchored neighborhood shopping centers throughout the United States.
AVENEL, N.J. — Marcus & Millichap has arranged the $2.9 million sale of a 13,082-square-foot retail property in Avenel, a southern suburb of Newark. Family Dollar and Mosaic Spa occupy the property, which is located at 1392 St. Georges Ave. Michael Lombardi, a senior associate in Marcus & Millichap’s New Jersey office, marketed the property on behalf of the seller, a developer. Lombardi also represented the buyer, a private investor. This retail building was renovated in 2012, which included a new roof and parking lot.
CLIFFSIDE PARK, N.J. — Jennell Realty LLC has acquired an 11-unit, garden-style apartment building at 250 Palisade Ave. in Cliffside Park for $1.2 million. Built in 1950, the two-story building, located on the corner of Palisade Avenue and Main Street, includes four studios, six one-bedroom units and one two-bedroom unit. The monthly rent ranges from $715 for a studio to $1,345 for a two-bedroom unit. Enn Kunnapas, Gary Sauerborn and Dominic Fittizzi of NAI James Hanson represented the seller, DLP LLC, and the buyer in the transaction.
HOUSTON — Trammell Crow Residential and Prime Property Investors will break ground Friday, Sept. 6 on a garden-style apartment property called Alexan at Auburn Lakes in The Woodlands submarket of Houston. The development will consist of 256 one-bedroom, one-bath units and 90 two-bedroom, two-bathroom units. Amenities include a clubhouse with business center, kitchen, billiards and fitness center, as well as a private lake and a fully fenced dog park. The 12.5-acre site of Alexan at Auburn Lakes is located at West Rayford and Gosling roads, in close proximity to a future campus of ExxonMobil.
DENTON, TEXAS — GCC McCarthy Joint Venture II, a collaboration of mentor McCarthy Building Cos. Inc. and protégé GCC Enterprises Inc., has completed construction of the $12 million Army Reserve Center (ARC) in Denton, located approximately 40 miles north of Fort Worth. The project, which originally broke ground in April 2012, includes a 37,000-square-foot administrative and training center, an operational maintenance shop, storage buildings and support facilities. Professional Engineering Consultants and GLMV Architecture designed the ARC for LEED Silver certification. Construction was administered by the United States Army Corps of Engineers, Fort Worth District.
HOUSTON — Parmenter Realty Partners, a Miami-based real estate investment firm, has sold the 201,720-square-foot office building situated at 2200 West Loop South in Houston. The property, which is located in close proximity to the Galleria complex, is the first to be sold of the assets from Parmenter Realty Fund IV. At the time of the sale, the building had a single listed vacant space of 25,884 square feet. Parmenter Realty Partners owns two remaining assets in Houston following the transaction.
FORT WORTH, TEXAS — Commercial real estate firm Henry S. Miller has brokered the acquisition of Fort Worth’s Town West shopping center by Custer Properties LLC. The buyer plans several improvements for the property, which totals 33,269 square feet and is located at 6700 Camp Bowie Blvd., in close proximity to the Highway 183 interchange. Shawn Loney-Rider of Henry S. Miller represented Custer Properties in the transaction, while Jason Middlebrook of SRS Real Estate Partners represented the seller, Town West Shopping Center LLC.
FLOWER MOUND, TEXAS — Lee & Associates has arranged a 70,100-square-foot industrial lease for T&L Holding Co. in Flower Mound, approximately 35 miles northeast of Fort Worth. The property is located at 500 Enterprise Drive. Reed Parker and Tom Walrich represented the tenant in the negotiations, while landlord Hillwood was internally represented by Bates Arnot.
MOUNTAIN VIEW, CALIF. — ROEM Corp., along with the city of Mountain View, has completed Franklin Street Family Apartments, a 51-unit affordable housing complex. The $23.4 million community is located at 135 Franklin St. in Silicon Valley. The development is designated for families with annual incomes that are at or below 50 percent of the Santa Clara County area median income. The project was built to LEED Platinum specifications. Through its syndicator, AEGON USA Realty Advisors, Google has invested a total of $6.5 million in the Franklin Street Family Apartments. Google also provided an additional grant of $81,859 for computer equipment and free Internet access for residents. KTGY Group served as the project's architect.
SAN FRANCISCO — Colliers International recently assisted in the sale of two apartment buildings within San Francisco’s Pacific Heights neighborhood. They include a 27-unit trophy asset at 2140 Pacific Ave. and a 30-unit Art Deco building at 1845 Franklin Street. Taylor Street Apartments L.P. purchased the Pacific property from Ralston Bridge Pacific, LLC for $20 million. An offshore buyer acquired the Franklin community from The Prado Group for $14 million. Both buyers were represented by Colliers’ Brad Lagomarsino and James Devincenti.
