LAWRENCE, N.J. — JJ Operating Inc., in partnership with Houlihan-Parnes Realtors, has acquired Lawrence Shopping Center in Lawrence. The new owners will implement a $5 million renovation plan designed to improve the aesthetics and functionality of the center. Capital improvements will include a façade renovation, enhanced landscaping as well as storefront and tenant improvements. The renovations will be completed by the end of the year. The 393,430-square-foot shopping center is accessible to I-95/295 and tenants include Burlington, Acme, Staples, Wells Fargo, Pet Valu and MJM Designer Shoes.
LOS ANGELES — Harrison Street Real Estate Capital has purchased a 15-property self-storage portfolio for an undisclosed sum. The facilities are situated throughout California, Arizona, Colorado and Minnesota. The Trojan Self Storage Portfolio contains a total of 1.4 million square feet and 19,000 units. CBRE’s Nicholas Walker and his team represented both the buyer and seller, Trojan Storage, in this transaction.
HENDERSON, TEXAS — Inroads Realty, a Dallas-based brokerage firm, has arranged the sale of a 39,797-square-foot retail property previously leased to Brookshire’s Grocery Store in Henderson, a city roughly two hours east of Dallas. Thad Beckner of Inroads represented the buyer, Brandywine Financial, a Pennsylvania-based real estate investment and management firm, in the transaction
WOODBURY, N.J. — NAI Mertz has brokered the sale of Lakeside Professional Campus, a 45,000-square-foot office building located at 190 N. Evergreen Ave. in Woodbury. The NAI Mertz team of Rebecca Ting and Julie Kronfeld represented the seller in the transaction. The buyer, First National Realty Partners LLC, will retain NAI Mertz as the leasing agent for the complex. Lakeside Professional Campus is located near Interstate 295 and the New Jersey Turnpike.
NEW YORK CITY –– Equity Office has signed a lease with investment advisory firm Cyrus Capital Partners to move the Cyrus headquarters to a 23,356-square-foot space at the 36-story Park Avenue Tower in Manhattan. Cyrus Capital, an SEC-registered investment advisor, will occupy 15,048 square feet across the 34th floor and 8,308 square feet on the 35th floor. Equity Office will build out the space for the tenant, including construction of an internal staircase to connect the two floors, with completion slated for the fourth quarter of 2017. While the buildout of Cyrus Capital’s new space is occurring, the firm will occupy space on the sixth floor, relocating from 399 Park Ave. in May. Ben Friedland and Silvio Petriello of CBRE represented Cyrus Capital in the transaction. Zach Freeman and Scott Silverstein internally represented Equity Office, along with Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman of Newmark Grubb Knight Frank.
MILFORD, CONN. — Jon Angel of Angel Commercial has arranged a 29,000-square-foot lease expansion for RoadWerx in Milford. RoadWerx, a marketing and promotions agency, has signed a long-term lease to add the space to its headquarters at 60 Research Drive. Angel represented both the tenant and landlord in the transaction.
NEW BERLIN, WIS. — Ogden & Co. Inc. has brokered the sale of Parc Vue Apartments in New Berlin, about 15 miles southwest of Milwaukee, for $2.5 million. The 30-unit property consists of two buildings and is located at 12415 W. Greenfield Ave. Dave Tighe and Sue Sardina of Ogden represented the seller, Greenfield-124-Needham LLC. Tighe, along with Mike Seramur, represented the buyer, Parc Vue LLC.
NEWNAN, GA. — Variety Wholesalers has signed a 20-year, 1.4 million-square-foot lease for its new distribution center at 60 Herring Road in Newnan. LRC Properties owns and manages the property, which is a former Kmart distribution center. LRC purchased the building last August and made improvements to the facility’s roof and parking lots, as well as refit the building to accommodate multiple tenants. Variety Wholesalers, which is the first tenant to move into the space, operates nearly 400 stores in 17 different states, primarily under the brand names of Roses Discount Store and Roses Express. The company will employ more than 300 full-time employees at the facility and process more than 100 million units of product annually.
STATESBORO, GA. — Vesper Holdings has acquired The Forum at Statesboro, a 780-bed student housing community located near Georgia Southern University in Statesboro, for $28.5 million. The property comprises 13 three-story residential buildings and a clubhouse, and offers one-, two-, three- and four-bedroom units. Community amenities include a swimming pool, 24-hour fitness center, game room, indoor basketball court, tennis and volleyball courts, tanning beds, a business center and a dog park. Vesper plans to invest $1.3 million in capital expenditures to improve curb appeal, renovate the clubhouse and upgrade amenities. The seller was undisclosed.
VISTA, CALIF. — An unnamed buyer has acquired the 140-unit Las Palmas apartments in the San Diego submarket of Vista for $20.9 million. The community is located at 300 W. Los Angeles Drive. Las Palmas has floor plans ranging from one- to three-bedroom units. Amenities include a pool, fitness center, community lounge and covered parking. Chris Zorbas of IPA represented the buyer. JLL’s Darcy Miramontes and Kip Malo represented the sellers, FPA Multifamily and PCCP, in this transaction.