more_sales_and_leases

CBRE Arranges Sale of 85,113 SF Industrial Facility in Pennsylvania

by Amy Works April 21, 2016

SCHUYLKILL HAVEN, PA. — CBRE Group has arranged the sale of an industrial facility located at 3 Earl St. in Schuylkill Haven. The 85,113-square-foot facility sold for an undisclosed sum. At the time of sale, the property was fully occupied by M&Q Packaging Corp. on a long-term basis. Constructed in phases between 1969 and 2003, the facility is located 12 to 13 miles from both 78 and 81 interstates. Stephen Marzullo, Adam Silverman, Paul Touhey and Drew Green of CBRE brokered the transaction. The names of the seller and buyer were not released.

April 21, 2016

California Retail Western

SBH Real Estate Group Acquires Two Retail Properties in California for $6.2M

by Nellie Day April 20, 2016

BELLFLOWER AND GARDENA, CALIF. — SBH Real Estate Group Inc. has acquired a freestanding retail building located in Bellflower and a retail center located in Gardena for an aggregate price of $6.2 million. The 11,556-square-foot freestanding retail building in Bellflower was acquired for $2.4 million in an off-market transaction. Prior to closing, SBH signed a ten-year lease with Save A Lot for the property. Renovations are underway at the site, including a new roof, new HVAC system and upgrades to both the electrical system and parking lot. The 24,500-square-foot shopping center, located at 15015 Crenshaw Blvd. in Gardena, was acquired for $3.8 million in an all-cash transaction. Elizabeth Clark and Chris Chasin of BRC Advisors represented the sellers, Kenny and Susie Lee, and SBH in the transaction.

April 20, 2016

Arizona Multifamily Seniors Housing Western

Chicago Pacific Founders Acquires 140-Unit Independent Living Community in Tucson

by Nellie Day April 20, 2016

TUCSON, ARIZ. — Chicago Pacific Founders (CPF) and its subsidiaries, CPF Living Communities and Grace Management Inc., have acquired Manor at Midvale, a 140-unit independent living community in Tucson. This is CPF Living’s second property acquisition in the state of Arizona. The sale price was not disclosed. Manor at Midvale is a multi-story, multi-building community. The buyers plan to make investments to improve the property, though specific projects were not disclosed. Grace Management will operate the community.

April 20, 2016

Office Texas

Cushman & Wakefield Arranges Office Lease Renewal in Dallas

by Haisten Willis April 20, 2016

DALLAS — Gerald L. Ray, an investment services firm, has renewed its lease for 11,516 square feet of office space in Fountain Place, located at 1445 Ross Ave. just north of downtown Dallas. Bruce Hecht of Swearingen represented Gerald L. Ray in the transaction. Johnny Johnson and Lauren Napper of Cushman & Wakefield represented the landlord, Goddard Investments.

April 20, 2016

Healthcare Michigan Midwest

Gentiva Hospice Signs 5,740 SF Lease for Medical Office Property in Grand Rapids

by Christina Cannon April 20, 2016

GRAND RAPIDS, MICH. — Gentiva Hospice has signed a lease to occupy 5,740 square feet at a medical office property in Grand Rapids. The property, located at 625 Kenmoor Ave. SE, is currently being built out and is expected to open this July. The new lease is serving as a relocation and is Gentiva’s third location in west Michigan. Mary Anne Wisinski-Rosely of NAI Wisinski of West Michigan represented Gentiva Hospice in the transaction. Rachel Sal of Realvesco represented the landlord. Gentiva Hospice has over 490 locations nationwide.

April 20, 2016

New Jersey Northeast Office

Daiichi Sankyo Inc. Leases 305,000 SF Office Property in New Jersey

by Amy Works April 20, 2016

BASKING RIDGE, N.J. — Daiichi Sankyo Inc. has signed a long-term lease for an office property located at 211 Mount Airy Road in Basking Ridge. The pharmaceutical firm plans to relocate its U.S. headquarters to the three-building campus, which was the former Avaya campus. The property features a full cafeteria, state-of-the-art fitness facilities, a 127-seat auditorium and an on-site conference center. After acquiring the property in 2013, Rubenstein Partners and Onyx Equities upgraded and repositioned the facility for modern office needs.

April 20, 2016

New York Northeast Office

GHP Office Realty Acquires Office Building in New York for $6.4M

by Amy Works April 20, 2016

NEW ROCHELLE, N.Y. — GHP Office Realty has acquired an office building located at 140 Huguenot St. in New Rochelle. The asset sold for $6.4 million. The three-story building features 64,000 square feet of Class A office space, a 34-car on-site parking garage and a 26-car parking lot. At the time of sale, the property was 80 percent occupied by a variety of tenants, including Mary Ann Liebert Inc. and Monroe College. The buyer plans to upgrade the property including building systems, security and cosmetic changes to the façade and lobby. The name of the seller was not released. Elizabeth Smith of Goldberg Weprin Finkle Goldstein provided legal representation, and Ray Cohen of Chicago Title Co. provided title services for GHP in the transaction.

April 20, 2016

Massachusetts Northeast Office

New Dover Associates Brokers $3.9M Sale of Office/R&D Building in Massachusetts

by Amy Works April 20, 2016

NATICK, MASS. — New Dover Associates has arranged the sale of an office/R&D building located at 2-4 Mercer Road in Natick. Nivek Investments I LLC sold the 17,875-square-foot building to 2-4 Mercer Road LLC for $3.9 million. Situated on 1.4 acres, the building is located within the Natick Business Park. Scott Hughes of New Dover Associates represented the seller and procured the buyer in the transaction.

April 20, 2016

Georgia Retail South Carolina Southeast

Wheeler REIT Buys Shopping Centers in South Carolina, Georgia from Piggly Wiggly for $71M

by John Nelson April 20, 2016

VIRGINIA BEACH, VA. — Wheeler Real Estate Investment Trust Inc., a Virginia Beach-based retail REIT, has acquired 14 shopping centers in South Carolina and Georgia for $71 million, making it the REIT’s largest portfolio purchase to date. Wheeler REIT purchased the portfolio from Mount Pleasant, S.C.-based Piggly Wiggly Carolina Co. KeyBank Real Estate Capital provided the bulk of the acquisition financing on behalf of Wheeler REIT, and Dallas-based Revere Capital provided an $8 million loan. Brian O’Flanagan of Revere Capital’s Dallas office originated the loan. The acquired portfolio consists of 603,142 square feet and has a combined occupancy of 92 percent with grocery-anchored tenants that include Harris Teeter, Bi-Lo and Piggy Wiggly. The Shoppes at Litchfield Market Village in Pawleys Island, S.C., is one of the properties. The others include a Piggly Wiggly-anchored center in Georgetown, S.C., as well as locations in Greenwood, Mullins, Bluffton, Lexington, St. Matthews, Columbia and Ridgeland in South Carolina and one location in Darien, Ga. Kyle Stonis and Pierce Mayson of SRS Real Estate Partners’ Atlanta office brokered the transaction.

April 20, 2016

Turnpike Crossing 1315 Palm Beach County Weston

Florida Industrial Southeast

Duke Realty Signs Two Leases Totaling 76,316 SF at Turnpike Crossing in Palm Beach County

by John Nelson April 20, 2016

WESTON, FLA. — Duke Realty Corp. has signed leases with two tenants for 76,316 square feet at Turnpike Crossing 1315, a 124,523-square-foot industrial facility under construction in Palm Beach County at Florida’s Turnpike and Jog Road in Weston. Straight Line Millwork leased 23,066 square feet and RMB USA leased 53,250 square feet, making the project more than 60 percent pre-leased. Turnpike Crossing 1315 is part of Turnpike Crossing, Duke Realty’s 67.2-acre industrial park that can accommodate roughly 882,850 square feet. Turnpike Crossing 1315 is nearly complete and will feature 32-foot clear heights, 41 dock doors, 40- by 50-foot column spacing and 50- by 50-foot dock bays. Turnpike Crossing 1315 will share a 180-foot truck court with Turnpike Crossing 1333, and both will feature mechanically attached roofs and ESFR sprinkler systems.

April 20, 2016

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