LAREDO, TEXAS — Retail Solutions has secured a 25,000-square-foot lease at Laredo Town Center, a retail center located at 5511 Bob Bullock Expressway. Chris Flesner of Retail Solutions and Jim Weir of The Retail Connection represented the landlord in the transaction Jim Tapp of The Tapp Co. represented the tenant, Ross Dress for Less.
SPRING HOUSE, PA. — MRA Group has acquired the former Rohm & Haas research and development campus located at 727 Norristown Road in the Philadelphia suburb of Spring House. Now known as the Spring House Technology Park, the complex spans 591,000 square feet across 11 buildings. The 133-acre campus is located near the Fort Washington exit of the Pennsylvania Turnpike. MRA will renovate the park to include office and laboratory facilities, a hotel, co-working space, on-site daycare, a gym and a 40,000-square-foot retail village. The property was initially acquired in 1962 by Rohm & Haas Co. and developed into Spring House Technical Center, a research and development campus. The existing buildings were constructed between 1963 and 1995, with 75 percent dedicated to laboratory use and the rest used for offices. The Dow Co. acquired Rohm & Haas in 2012, and by 2015 Dow relocated its employees to a new facility in Collegeville, Pa. In 2015 MRA Group entered into discussions with Dow to acquire the property in its entirety, with closing occurring in late March 2017.
MORRISTOWN, N.J. — Vision Real Estate Partners has acquired 1776 On The Green, an office property in downtown Morristown. The company plans to update the 150,000-square-foot tower in collaboration with the adjacent Pioneer Park improvements project. Located at 67 Park Place East, 1776 On The Green is situated on the Morristown Green at the corner of Speedwell Avenue. Cushman & Wakefield arranged the transaction with the seller, Deutsche Bank Asset Management. Built in 1973, the property is undergoing interior upgrades and sits on top of a parking garage shared with the Headquarters Plaza. Vision Real Estate Partners plans to immediately renovate the 10-story building with lobby and common area upgrades and the creation of a third-floor amenity lounge.
GREECE, N.Y. — Colliers International has represented the buyer in the $16.9 million purchase of a freestanding BJ’s Wholesale Club located at 300 Bellwood Dr. in the Rochester suburb of Greece. The net leased structure spans 119,600 square feet on 11 acres and includes 485 parking spaces. The Colliers retail team of William Aiello, George Lulos and Larry Kostelac represented the buyer, Professional Properties LLC.
GLENDALE, CALIF. — A joint venture between Lincoln Property Co. and Long Wharf Capital has purchased an eight-story office building in downtown Glendale for an undisclosed sum. The property is located at 520 N. Central Ave. The JV plans to renovate the 96,140-square-foot property in the next few months. This will include modernizing the outdoor amenity space, upgrading the lobby and common areas, and upgrades to four full-floor vacancies. The asset was originally built in 1985. Notable tenants include North American Title, Logic Mate International and H&R Block.
GRAND PRAIRIE, TEXAS — Bradford Commercial Real Estate, a Dallas-based brokerage and management firm, has negotiated the sale of Northridge Business Center, a 37,400-square-foot industrial flex building located at 2002-2006 State Highway 360 in the Dallas-Fort Worth metro of Grand Prairie. Michael Spain and Kevin Santaularia of Bradford Commercial represented the seller, Northridge LLC, in the transaction. Chapald-BC LLC, a New Mexico-based firm, purchased the property.
DALLAS — Marcus & Millichap has brokered the sale of Chiquita, a 24-unit apartment complex located at 3955 Mather Court in Cockrell Hill, an area within the North Oak Cliff neighborhood in west Dallas. Stephen Crittenden of Marcus & Millichap represented the buyer and seller in the transaction, both of whom were private investors. The property was presented as a distressed sale opportunity and offered at a 10.8 percent capitalization rate.
MINNEAPOLIS — Doran Cos. and CSM Corp. have joined forces to acquire the General Mills Riverside Technical Center in Minneapolis for $15.8 million. The 8.7-acre site is located at 330 University Ave. The partnership expects to begin developing concepts for a multifamily housing project this year and to break ground next year. The partnership also negotiated a lease with General Mills for continued use of the space in the Riverside Technical Center building. The construction and architecture companies of Doran will design and build the project.
JANESVILLE, WIS. — Upper Lakes Foods has entered into a 100,063-square-foot industrial lease in Janesville, about 40 miles south of Madison. The distributor of fine food products will occupy the space located at 4298 Capital Circle. Bill Langhoff of Colliers International brokered the lease transaction.
NASHVILLE, TENN. — The Dilweg Cos. has purchased Vantage Place, a five-story, Class B office building in Nashville’s MetroCenter submarket. The seller and sales price were not disclosed, but The Tennessean reports the sales price as $17.7 million. Built in 1981, the 167,818-square-foot property was 92 percent leased to tenants such as Centerstone Research Institute, CGS and Young Williams. The purchase of Vantage Place brings Dilweg’s Southeast holdings to nearly 6 million square feet.