BREINIGSVILLE, PA. — A New York-based investment company has purchased TEK Park, a technology office campus in Breinigsville, for more than $50 million. The seller, MRA Group, had purchased the property in 2005 for $9.3 million and rebranded it TEK Park. The 137-acre property is reported to have cost more than $300 million to construct. The campus is 90 percent occupied and more than 600 area residents are employed onsite.
MONROE TOWNSHIP, N.J. — W.W. Grainger has signed a 101,944-square-foot lease expansion at 16 Applegate Dr. in Monroe Township. The industrial supply company now occupies a total of 187,185 square feet in the building, which is located within the Northeast Business Park. Stephen Salomon of CBRE's San Francisco office represented the tenant in the transaction. The landlord, Matrix Development Group, was represented in-house by James Murray.
NEW YORK CITY — The SoHo Apple store, located at 103 Prince St. and owned by Imperium Capital and Centurion Realty, is nearing completion of a $20 million renovation. The 30,000-square-foot building was originally renovated in 2011 to utilize only about half of the maximum floor space available. Once the renovation is complete, the retail space will increase by about 5,000 square feet. The SoHo Apple store will reopen this July and is temporarily located at 72 Greene St.
BOSTON — Boston-based EagleBridge Capital has arranged $4.5 million in permanent financing for a portfolio of three commercial properties in the Brighton section of Boston. The portfolio includes Brighton Heights, a 20,000-square-foot office at 167 Corey Rd.; 3 Washington St., which is leased to Brighton Auto Clinic; and 5 Washington St., which is leased to U.S. 1 Petroleum. Tenants at the Brighton office building include Medical Digital Photography and BioMedical Modeling. Brighton Auto Clinic is an auto repair shop and U.S. 1 Petroleum is a full-service gas station. Ted Sidel and Brian Sheehan of EagleBridge arranged the loan through a regional financial institution.
GALVESTON — St. Paul, Minn.-based AEI Capital Corp. has purchased a 12,900-square-foot PetSmart property, located in Galveston, for $2.42 million. The single-tenant property was purchased in an all-cash transaction from an undisclosed seller. The buyer was self-represented by Ian Harrison.
SAN ANTONIO — HFF has secured $4.55 million in refinancing for the 560-unit, 90,000-square-foot Austin Highway Self Storage, located west of the intersection of North Vandiver Road and Austin Highway in San Antonio. Colby Mueck and Aaron Swerdlin of HFF's Houston office arranged the 10-year, fixed-rate loan through RiverSource Investments on behalf of the borrower, Austin Highway Self Storage LTD.
DALLAS — Dallas-based U.S. Risk Insurance Group has moved its headquarters to a 41,800-square-foot space in One Lincoln Park, located at 8401 North Central Expressway in Dallas. Bill McClung, Mike Wyatt, Robbie Baty and Grant Pruitt of Cushman & Wakefield of Texas' Dallas office represented the tenant in the lease transaction. Chris Axley and Elliot Prieur of Lincoln Property Co.'s Dallas office represented the landlord, Lincoln Park Partnership.
LOS ANGELES — La Mancha/Cal-Asia Development Company has been named 7-Eleven’s preferred developer in the Southern California region. The convenience store has hired La Mancha to build 150 stores over the next three years. The company will target locations from San Luis Obispo to San Diego, and from Santa Monica to the Inland Empire and even Las Vegas. La Mancha is looking primarily for ground-up opportunities for build-to-suits, as well as both C-store and liquor store conversions. It is also looking for straight leasehold interests for free-standing stores, gasoline stores or end caps in multi-tenant centers. La Mancha/Cal-Asia will work in tandem with 7-Eleven’s real estate team.
COMMERCE, CALIF. — Chameleon Beverage Companyhas leased 134,400 square feet of industrial space in Commerce. The company will utilize the space at 6444 26th Street for its corporate headquarters. Chameleon was represented by Corey Spoundand Zac Sakowski of Jones Lang LaSalle Los Angelesin this transaction.
LITTLE ROCK, ARK. — The 256-unit Forest Place Apartments, located at 1421 N. University Ave. in Little Rock, has sold for $17.6 million. The buyer plans to install new roofs on the buildings and renovate the property. Rick Freeling of Rector Phillips Morse Inc./CORFAC International's Little Rock office represented the seller, Little Rock-based Forest Place Joint Venture, in the transaction and procured the buyers, two affiliates of with Kansas City, Mo.-based Maxus Realty Trust.