MIDDLETOWN, CONN. — Seavest Healthcare Properties LLC recently sold its two medical office buildings at the Middletown Medical Complex to Healthcare Trust of America, a public REIT. The transaction resulted from an unsolicited offer for the extensively renovated and improved properties at 520 and 540 Saybrook Road, which total which totaling 64,065 square feet, in Middletown. Seavest Healthcare Properties acquired the properties in 2010. The Middletown campus features five buildings and is affiliated with the nearby 275-bed Middlesex Hospital.
NEWARK, DELAWARE — NGKF Capital Markets has arranged the sale of 242 and 248 Chapman Road in Newark. Equus Capital Partners sold the two-building portfolio to Chapman Business Associates LLC for $15.55 million. Both buildings are 100 percent occupied by two long-term tenants; 242 Chapman Road is a three-story, 65,967-square-foot office building and 248 Chapman Road is a two-story, 77,974-square-foot office building. Recent renovations at the property include new ceilings and lighting throughout, updated lobbies and restrooms, a new roof, HVAC upgrades, and a new fire panel as well as new elevators. The NGKF Capital Markets team comprising Mike Margolis, Dave Dolan and Brett Segal, along with area experts, Neal Dangello and Wills Elliman, represented Equus Capital Partners in the transaction.
NEW YORK CITY — KZA Realty Group recently brokered a three-year lease for a 20,000-square-foot warehouse on Manida Street in the Bronx that allows global delivery box service Marley Spoon to expand into a larger warehouse located in the Bronx. Marley Spoon is a European-based recipe kit delivery service start-up. The company launched its recipe box delivery service in Germany, expanding to the Netherlands and the U.K., and then launching in the United States in 2015 with funding from Kreos Capital, QD Ventures, Luxor Capital and Lakestar. Kathy Zamechansky of KZA Realty Group represented the company in leasing the new, larger warehouse facility after it outgrew its Long Island warehouse space.
PITTSBURGH — The Law Firm Group of Fischer has represented law firm Burns White LLC in its relocation to a new headquarters space in Pittsburgh. Burns White will fully occupy a new build-to-suit 108,392-square-foot property starting in March 2017. The Burns White Center will be a five-story freestanding building with parking located in Pittsburgh’s Strip District at the intersection of 26th Street and Railroad Street. Scott Fabean of Fischer was the lead in representing Burns White. Joe Tosi and Mike Daniels of Oxford Realty Services represented the landlord, Three Crossings Riverfront East LP.
CRYSTAL LAKE, ILL. — Podolsky|Circle CORFAC International has brokered the $3.2 million sale of a single-tenant, net-leased medical office building in Crystal Lake. Known as Centegra Milestone Therapy Center, the 11,909-square-foot medical office building is located at 394 Federal Drive. The building was originally developed by the private owners of a physical therapy center, who then sold their practice to Centegra Health System. Kapadia and Sons Ltd. sold the asset to a Chicago-based private investment group. Alissa Adler, John Homsher and Paul Tesdal of Podolsky|Circle CORFAC represented Kapadia and Sons in the transaction.
ALBANY, N.Y. — Marcus & Millichap has arranged the sale of Corporate Plaza, a 149,460-square-foot office park in Albany, for $14.47 million, or just under $100 per square foot. The eight buildings were 93 percent occupied at the time of sale to local owner/developer Cass Hill Development Cos. Ben Sgambati, Chip Collins, and Anthony Asencio of Marcus & Millichap represented the seller, Rosenblum Cos., an Albany-based owner/developer, and procured the buyer. J.D. Parker is Marcus & Millichap’s broker of record in the state of New York.
METHUEN, MASS. — Brick, N.J.-based private equity investment group Tryko Partners has acquired Methuen Health & Rehabilitation Center, which is being renamed Cedar View Rehabilitation and Healthcare Center. SMV Methuen LLC sold the property, which was built in 1960 and renovated in 1995. The property is licensed for 107 beds and currently operates 98 beds in 46 resident rooms. The 33,500-square-foot, single-story building sits on a seven-acre parcel at 480 Jackson Street in Methuen. It is the closest skilled nursing facility to Steward Health System’s Holy Family Hospital, a 345-bed short-term acute care hospital, and also near Lawrence General Hospital, a 189-bed short-term acute care hospital. Tryko affiliate Marquis Health Services will immediately launch a $2.5 million renovation to modernize the building and accommodate expanded programming. Steve Thomes and Jacob Gehl of Blueprint Healthcare Real Estate Advisors served as brokers in the sale. Chicago-based Private Bank provided acquisition financing.
ARLINGTON, TEXAS — Westmount Realty Capital has acquired Forest Oaks Apartments, a Class B apartment property located at 2408 Forest Oaks Lane in Arlington. Westmount is rebranding the community as Westmount at Forest Oaks. Constructed in 1980, the project consists of 164 units in 10 two- and three-story buildings. The site sits on 7.5 acres with an average of 22.1 units per acre. Westmount at Forest Oaks includes 116 one-bedroom units and 48 two-bedroom units. Planned exterior improvements will consist of updating the common areas and amenities, minor wood and stucco repair, landscaping, upgrades to the leasing office, parking lot repairs and upgraded exterior lighting. Westmount also plans to renovate the pool area with new seating areas and pool furniture, as well as an outdoor kitchen. Berkadia provided financing through the Freddie Mac value-add program.
JACKSONVILLE, FLA. — Berkadia has arranged the $17.6 million sale of Viera at Mandarin, a 188-unit apartment community located at 4263 Losco Road in Jacksonville. Built in 1984, the property features one- and two-bedroom units averaging 833 square feet. Unit interiors feature granite countertops, in-unit washer and dryers and private patios or balconies, as well as wood-burning fireplaces and vaulted ceilings in select units. Community amenities include an indoor athletic center, swimming pool and a 21-acre lake with fountains, a deck and boat storage. Greg Rainey, Cole Whitaker, Tal Frydman and Jason Stanton of Berkadia brokered the sale between the buyer, North Kansas City, Mo.-based Maxus Realty Trust Inc., and the seller, Nashville, Tenn.-based Woodbridge Multifamily Partners LLC.
CHARLOTTE, N.C. — Portman Holdings has signed Regions Bank to a 63,806-square-foot office lease at 615 South College, a speculative 370,000-square-foot office building under construction in Uptown Charlotte. Regions Bank is the first tenant to sign on at the 19-story office building, which is expected to open in early 2017. The building is positioned at Uptown Charlotte’s first light rail stop at Stonewall Station. Travis Garland of Portman Holdings, along with John Ball and Peter Conway of Trinity Partners, represented the ownership in the lease transaction. Sim Wilson, Mike Fahey and Mark Decherd of CBRE represented Regions Bank in the lease deal.