WESTAMPTON, N.J. — Hersh Realty Group Commercial Real Estate (HRG) has arranged the $7.4 million sale of The Westampton Marketplace located at 483 Woodlane Road in Westampton. The Westampton Marketplace is a 32,140-square-foot Class A retail shopping center consisting of 24,000 square feet of inline retail space and an 8,300-square-foot freestanding Family Dollar situated on 8.3 acres. Additional pad sites are available for future development. The center, built in 2008, is located near I-295 and the New Jersey Turnpike. In addition to Family Dollar, other tenants located at the center include Subway, Scotto Pizza, a nail salon and a daycare center. Seth Hersh of HRG was the sole broker involved in the transaction and represented the seller, a private local real estate investment group. The buyer was a private real estate investment group located in the New York area.
NEW YORK CITY — Ricoh USA has signed a 10-year lease for a 30,469-square-foot office space at 711 Third Ave. in New York City. SL Green is the landlord. Ricoh USA will consolidate into 711 Third Ave. from three other Manhattan buildings. Located one block east of Grand Central Terminal, 711 Third Ave. features a mosaic mural designed by expressionist Hans Hofmann in the lobby. The building was recently renovated with new elevator cabs, windows, corridors and restrooms. Other tenants include McKinsey & Co., Goldberg Segalia and Ackman Ziff. CBRE’s Joseph Mangiacotti, Carolyn Sica and Kurt Burdack represented Ricoh USA, while Howard Tenenbaum and Gary Rosen represented the landlord in-house at SL Green.
SALT LAKE CITY — Restore Utah has purchased The 500, a 109-unit apartment community in South Salt Lake City, for an undisclosed sum. The community is located at 3440 S. 500 E. The 500 offers two-bedroom apartment and townhome units near downtown Salt Lake City. Amenities include a swimming pool, playground, large private patios and covered parking. Restore Utah plans to enhance the community through interior renovations and a common area overhaul that will include a dog park and gathering pavilion. The acquisition was made possible by Goldman Sachs’ increased equity commitment of $24 million to Restore Utah’s Multifamily Acquisition Fund. The commitment allowed the fund to significantly increase its acquisitions and improve affordable housing options throughout the Wasatch Front. Restore Utah revitalizes low- and moderate-income neighborhoods by transforming vacant or neglected properties hit by the financial crisis into quality, affordable rental homes for low-income families.
DALLAS — Younger Partners has negotiated three office leases totaling roughly 5,000 square feet at One Stratford Park, an office building located at 18383 Preston Road in north Dallas. Included among the new tenants is forensics consulting firm ProNet Group Inc., which leased 1,969 square feet, and Tilford Ltd, which leased 1,962 square feet. Sean Dalton and Byron McCoy of Younger Partners represented the landlord in all three deals. The three leases bring One Stratford Park to full occupancy.
MEMPHIS, TENN. — The Shopping Center Group has arranged leases with five new tenants at Crosstown Concourse, a 1.5 million-square-foot mixed-use development in midtown Memphis. The project is a redevelopment of a former Sears distribution center constructed in 1927. The new retailers and restaurants joining the tenant lineup include Farm Burger, Area 51 Ice Cream, MEMPOPS, SunTrust Bank and Gloss Nail Bar. Existing tenants include Kitchen Next Door, FedEx Office, Crosstown Brewing Co., Curb Market, I Love Juice, Mama Gaia, French Truck Coffee, Madison Pharmacy, So Nuts and Confections and Hope Credit Union. Crosstown Concourse features 620,000 square feet of commercial and office space, 265 residential units and 65,000 square feet of first-floor retail space. Shawn Massey led The Shopping Center Group is leasing Crosstown Concourse’s retail portion on behalf of the ownership group, Crosstown Building Owner Master Tenant LLC.
BILOXI, MISS. — SVN Multi-Family Group has brokered the $11.5 million sale of Lexington Apartments, a 190-unit multifamily community located in Biloxi. Built in 1995, the property comprises 11 mid-rise residential buildings with an average unit size of 809 square feet. Community amenities include a resort-style swimming pool, grilling and picnic areas, business center with free Wi-Fi access, fire pit, controlled-access gates and concierge services. A private Northeastern real estate investor purchased Lexington Apartments from Beverly Hills, Calif.-based based Latitude Real Estate Investors for $60,526 per unit. Andrew Agee of SVN represented both the buyer and the seller in the transaction.
ST. LOUIS — Sealy & Co. has acquired a Class A industrial portfolio totaling 926,287 square feet in the Earth City submarket of St. Louis. The acquisition was made on behalf of Sealy Strategic Equity Partners. All three buildings are located in a master planned business park near I-70 and I-270. The portfolio is 94 percent leased to eight tenants.
BATTLE CREEK, MICH. — Griffin-American Healthcare REIT IV Inc. has acquired Battle Creek Medical Office Building in Battle Creek, about 25 miles east of Kalamazoo. The 46,000-square-foot property is situated on 7.3 acres in a medical office park. The building is currently 97 percent leased and anchored by Brookside Surgery Center. American Healthcare Investors and Griffin Capital Co. LLC are the co-sponsors of the REIT.
WORCESTER, MASS. — David Cohen and Jim Cozza and Kelleher & Sadowsky Associates have brokered the $5.5 million sale of 225 Shrewsbury St. in Worcester. The 33,000-square-foot retail space is located on 2.4 acres. The property currently includes four current tenants and will be expanded this year.
ASBURY PARK, N.J. — Asbury Park Brewery has purchased a 28,369-square-foot former warehouse located at 810 Sewall Ave. in Asbury Park. Glenn Jaffe of Sheldon Gross Realty represented the seller, Flexcraft Co. Asbury Park Brewery initially signed on to lease the property, then decided to purchase it during the lease term. A Family Dollar store also occupies a portion of the property.