more_sales_and_leases

Ad Agency Renews 138,000 SF Office/Warehouse Lease in Fort Worth

by Haisten Willis April 5, 2016

FORT WORTH, TEXAS — May Group International has renewed a 138,000-square-foot lease at Carter Industrial Park in Fort Worth. The advertising agency has leased two office/warehouses spanning 60,000 square feet and 78,000 square feet at 1200 Forum Way S. since 2013, when it inked a sale-leaseback with Hangover Opportunity Fund LLC. May Sound Crazy is the landlord of record. The 11.5-acre tract is situated off Everman Parkway near I-35 West. The May Group maintains a 10,000-square-foot headquarters in the smaller building. The sister structure is divvied into 500 square feet of office and 77,500 square feet of warehouse space. The complex is also used for design, shipping and warehousing functions. Theron Bryant of Coldwell Banker Commercial Alliance DFW handled negotiations for the lease transaction.

April 5, 2016

Industrial New Jersey Northeast

The Stro Companies Acquires 150,000 SF Industrial Building in New Jersey for $9.8M

by Amy Works April 5, 2016

LINCOLN PARK, N.J. — The Stro Companies has acquired an industrial building located at 510 Ryerson Road in Lincoln Park. A New Jersey-based developer sold the 150,000-square-foot property for $9.8 million. The multi-tenant building features 25-foot clear height ceilings and was 66 percent occupied at the time of acquisition.

April 5, 2016

Multifamily New York Northeast

Westbridge Realty Negotiates $1.8M Sale of Development Site in Brooklyn

by Amy Works April 5, 2016

NEW YORK CITY — Westbridge Realty Group has brokered the sale of two vacant buildings, located at 1269-1271 Dekalb Ave. in Bushwick. A local developer acquired the two properties for $1.8 million, or $212 per buildable square foot. The parcel offers 8,736 buidable square feet of residential space, as of right. The buyer plans to demolish the existing structures and construct a luxury condominium on the site. Steven Westreich and Hen Vaknin of Westbridge Realty Group represented the buyer and undisclosed seller in the off-market transaction.

April 5, 2016

Iowa Midwest Multifamily Seniors Housing

CareTrust REIT Acquires Skilled Nursing Facility in Iowa for $5M

by Christina Cannon April 5, 2016

CEDAR FALLS, IOWA — CareTrust REIT Inc. has acquired Cedar Falls Health Care Center, an 82-bed skilled nursing facility in Cedar Falls, for $5 million. CareTrust will lease the community to a subsidiary of Trillium Healthcare Group LLC on a triple-net basis. The purchase price includes estimated transaction costs. Initial annual rental revenue to CareTrust is approximately $483,000, and the master lease carries a remaining term of 14.5 years with two five-year renewal options and CPI-based rent escalators.

April 5, 2016

Massachusetts Northeast Office

Related Sells 235,000 SF One Lovejoy Wharf in Boston

by Amy Works April 4, 2016

BOSTON — Related Beal has completed the sale of One Lovejoy Wharf in Boston. Union Investment Real Estate GmbH, on behalf of its open-ended real estate fund Unilmmo: Global, has acquired the 235,000-square-foot waterfront office property, formerly known as the Hoffman Building, for an undisclosed price. Acquired by Related Fund Management in 2012 and redeveloped by Related Beal, the office building now serves as Converse’s headquarters under a long-term lease and features wharf-level retail space. This acquisition marks Union’s first entry into the Boston office market.

April 4, 2016

New York Northeast Retail

Ariel Property Advisors Brokers $6.6M Sale of NNN-Leased Retail Property in the Bronx

by Amy Works April 4, 2016

NEW YORK CITY — Ariel Property Advisors has arranged the sale of an investment retail property located at 2703 E. Tremont Ave. in the Westchester Square neighborhood of the Bronx. An affiliate of Rockfarmer Properties acquired the property, which is triple-net leased to Wendy’s, for $6.6 million. The 16,825-square-foot lot features a 2,772-square-foot restaurant, which is leased until 2035, and a 21-space parking lot. The lot offers future development potential as R6/C1-2 zoning allowing 50,475 buildable square feet, as-of-right, for a mixed-use structure and more than 80,000 buildable square feet by including a community facility. Scot Hirschfield, Jason Gold, Michael Tortorici, Victor Sozio and Marko Agbaba of Ariel Property Advisors represented the seller, a private investor, and procured the buyer in the transaction.

April 4, 2016

Industrial Texas

Lee & Associates Negotiates 10,500 SF Industrial Lease in Dallas

by Haisten Willis April 4, 2016

DALLAS — Lee & Associates has completed a lease transaction for a 10,500-square-foot industrial space located at 1606 S. Barry Ave. in Dallas. Corbin Blount of Lee & Associates’ Dallas/Fort Worth office represented the tenant, The Dallas Firefighter’s Museum Inc. Josh Barnes of Holt Lunsford Commercial represented the landlord, City Warehouse LP.

April 4, 2016

Industrial Texas

Bellomy & Co. Arranges Sale of Storage Facility in Houston

by Haisten Willis April 4, 2016

HOUSTON — Bellomy & Co. has arranged the sale of Eldridge FM 1960 Storage in Houston. The Class A facility was built in 2008, sits on nearly seven acres and consists of 587 units spanning more than 77,000 square feet. Bill Bellomy, Michael Johnson and John Arnold of Bellomy & Co. listed the facility on behalf of the Houston-based seller. The team also procured the buyer, Extra Space Storage, a publicly traded REIT headquartered in Salt Lake City.

April 4, 2016

North Carolina Retail Southeast

Unison Realty Partners Acquires Shopping Center in Charlotte for $15.3M

by John Nelson April 4, 2016

CHARLOTTE, N.C. — Unison Realty Partners has purchased Johnston Road Plaza, a 79,508-square-foot grocery-anchored shopping center in Charlotte, for $15.3 million. The Boston-based firm purchased the asset from Westwood Financial. Berkeley Capital Advisors brokered the transaction. The 16-store shopping center was 98 percent leased at the time of sale to tenants such as Food Lion and Goodwill.

April 4, 2016

California Retail Western

Retail California Arranges Two Leases Totaling 5,300 SF in Kerman, Clovis

by Nellie Day April 4, 2016

KERMAN AND CLOVIS, CALIF. — Retail California, a division of Pearson Realty, has arranged two retail leases totaling 5,300 square feet. In Kerman, Sally Beauty Supply inked a lease for 1,300 square feet of retail space at 14051 W. Whitesbridge Ave. from CFTNV Developments LLC. Lewis Smith of Retail California represented the landlord, while Doug Cords of Commercial Retail Associates represented the tenant in the transaction. In Clovis, AAA Insurance leased 4,000 square feet of retail space with Trading Post Shopping Center from DN Clovis LLC. Lewis Smith and Peter Orlando of Retail California represented the landlord, while Nick Rendino of Colliers International represented the tenant in the deal.

April 4, 2016

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