LAWRENCEVILLE, N.J. — Billtrust, a payment cycle management software company, has leased 90,000 square feet of office space at 1009 Lenox Drive within Princeton Pike Corporate Center in Lawrenceville. The company plans to establish its new headquarters at the Class A office campus. Vision Real Estate Partners (VREP) owns the eight-building, 817,000-square-foot office campus, which recently underwent a multi-million-dollar revitalization program. Steve Tolkach of Newmark Knight Frank represented the landlord, while Bradford Fenlon of Colliers International represented the tenant in the deal.
ST. LOUIS — Fairlane Industry Inc. has signed a 91,000-square-foot industrial lease renewal in St. Louis. The property is located at 5033 Southwest Ave. The gasket manufacturer plans to consolidate its other two St. Louis locations into the Southwest Avenue property. H. Meade Summers III of Hilliker Corp. represented the landlord, Van Velzer LLC, in the lease transaction. Ray Ragland, owner of Fairlane Industry, leased the property.
DENTON, TEXAS — Mohr Capital has sold ESAB North American Center, a 422,819-square-foot industrial building located on 30.1 acres at 2800 Airport Road in Denton. Built in two phases in 1970 and 2016, the property is fully leased to ESAB, an equipment and filler metal manufacturer. The asset is situated near the intersection of Interstates 35 East and 35 West in the Northwest Dallas industrial submarket. It features 18- and 36-foot clear heights, 19 dock-high doors, one drive-in door and 200-foot truck courts. New Mountain Net Lease Corp. purchased ESAB North American Center from Mohr Capital for an undisclosed price. Adam Herrin, Stephen Bailey, Mark West and Coler Yoakam of HFF represented Mohr Capital in the transaction. Brandon Chavoya and Michael George of HFF arranged a five-year, fixed-rate acquisition loan through KeyBank Real Estate Capital on behalf of New Mountain Net Lease.
RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial facility located at 1301 Apollo Road in Richardson. Baker Drywall Investments LLC, an affiliate of Mesquite, Texas-based BakerTriangle, purchased the property for an undisclosed price. BakerTriangle is a drywall and plaster specialty contractor with more than 1,300 employees across six offices in Texas. Michael Stanzel of NAI Robert Lynn represented the seller, The Trident Co., and Craig Phelps of JLL represented the buyer. Trident, a metal services company based in Richardson, sold the excess building but maintains a location nearby at 405 N. Plano Road, according to NAI Robert Lynn.
CORONA, CALIF. — ShopOne Centers REIT Inc. has purchased McKinley Crossroads, a three-building retail center located at 275 Teller St. in Corona, for an undisclosed price. Situated on 13.9 acres, the 202,134-square-foot retail center was built in 1989 and renovated in 2000. Simple Fresh Market and 24-Hour Fitness anchor the property. The acquisition marks ShopOne’s entry into the California market.
MONROE TOWNSHIP, WOODRIDGE, CARTERET AND CRANBURY TOWNSHIP, N.J. — Bridge Development Partners has agreed to sell a 10-building industrial portfolio totaling 3.4 million square feet, along with two land parcels, to Duke Realty for $515 million. Each of the assets are newly constructed facilities in the infill industrial markets in Northern New Jersey, Southern California and South Florida. The transaction will be completed in phases, with the first two phases having closed Sept. 27 and Oct. 25, and the final phase expected to close near the end of the year. In addition to the 10 completed properties, the acquisition includes two land parcels on which two properties totaling 852,745 square feet will be constructed, beginning this year. Once fully constructed the total cost of the portfolio will be nearly $700 million and span 4.3 million square feet. The first two phases include four properties in New Jersey: Bridge Point South Brunswick, a 488,884-square-foot facility at 773 Davidson Mill Road in Monroe Township; Bridge Point Meadowlands, an under construction 193,805-square-foot facility at 5 Ethel Blvd. in Woodbridge; Bridge Point Carteret, a 206,500-square-foot property at 900 Federal Blvd. in Carteret; and Bridge Point Cranbury, a 264,085-square-foot building in Cranbury.
NEW YORK CITY — Investcorp has invested in two office buildings in Manhattan’s Garment District for a total purchase price of $156 million. Located at 229 W. 36th St. and 256 W. 38th St., the properties are fully leased to a diverse roster of more than 20 long-term tenants. Combined the properties offer approximately 267,000 square feet of office space. As part of the transaction, Investcorp has entered into a joint venture with Brickman, a New York-based owner/operator. Brickman maintains a joint venture investment in the properties and will serve as the leasing and management agent.
YORK, PA. — STAG York, a wholly owned subsidiary of STAG Industrial, has acquired an industrial facility located at 2925 E. Market St. in York. Alliance Partners HSP sold the property for $19 million. Stauffers Biscuit Co. occupies 255,000 square feet of the 390,000-square-foot facility. The buyer has engaged Cushman & Wakefield to market the remaining 135,000 square feet of the property, which is suited for warehousing and distribution. Prior to selling, Alliance completed capital improvements at the property including a new roof, upgraded loading docks and enhanced truck circulation. Gerard Blinebury, Joseph Hill Jr., Pat McBride and Robert Yoshimura of Cushman & Wakefield represented the seller in the deal.
NEW YORK CITY — CBRE has arranged the sale of a multifamily property located at 1654 Monroe Ave. in the Bronx. A private investment company sold the property to an undisclosed buyer for $7.7 million in a multi-faceted transaction. The six-story building features 50 apartment units. Fully occupied at the time of sale, the property recently underwent major renovations and rehabilitation as part of the New York City 8A program. Elli Klapper, Charles Berger and Jay Gelbtuch of the CBRE Tri-State Investment Properties team represented the seller in the transaction. The proceeds of the 1031 exchange sale were applied to the acquisition of two retail properties in Austin, Texas, and Wauchula, Fla.
RICHARDSON, TEXAS — NAI Robert Lynn has brokered the sale of an 82,960-square-foot industrial building located at 1301 Apollo Road in the northeastern Dallas metro of Richardson. Michael Stanzel of NAI Robert Lynn represented the undisclosed seller in the transaction. Craig Phelps of JLL represented the buyer, Baker Drywall Investments LLC.