RICHARDSON, TEXAS — Lee & Associates has completed a lease renewal transaction for 25,600 square feet of flex/office space located at 1350 N. Glenville Drive in Richardson. Brett Lewis and George Tanghongs of Lee & Associates’ Dallas/Fort Worth office represented the landlord, TPG. Mike Kay of CBRE represented the tenant, Extend Health Inc.
SPRING, TEXAS — HFF has arranged joint venture equity for the development of a Class A, 851-unit self-storage facility in The Vintage master-planned community in Spring. HFF worked on behalf of the development manager, Vintage Hannah One, to arrange a joint venture equity partnership with an unnamed partner. Scheduled for completion in late 2016, the project will consist of four buildings totaling 82,675 square feet situated on 5.8 acres. Barbara Guffey led the HFF self-storage team representing the development manager.
PRINCETON, TEXAS — NOVUS Realty Advisors’ Tom Grunnah has completed the sale 11 acres for client and former property owner Wells Fargo Bank NA. The land is located at the southwest corner of the US Highway 380 and Cypress Bend intersection, just east of downtown McKinney in Princeton. The buyer, F&L LLP, plans to divide the property and sell commercial pad sites to end users.
PARSIPPANY, N.J. — Stan Johnson Co. has brokered the sale of IMS Health Global Headquarters, a medical office building located at 100 IMS Drive in Parsippany. Maryland Associates Limited acquired the 83,477-square-foot property, which is situated on 2.9 acres, from Commercial Realty Group Inc. for $22.2 million. The building’s lease is guaranteed by IMS Health. Joshua Pardue and Tom Georges of Stan Johnson Co. represented the seller and buyer in the transaction.
BALA CYNWYD, PA. — Keystone Property Group has acquired an office building located at One Belmont Avenue in Bala Cynwyd from Maguire & Partners for an undisclosed price. Situated in the City Avenue commercial corridor, the property, also known as the GSB Building, comprises 245,000 square feet of office and ground-floor retail space. Keystone plans upgrades for the existing 12-story building, including new elevators, an upgraded HVAC system, enhanced lobbies and restrooms and an improved parking structure. Located on an eight-acre parcel, the property allows for significant additional mixed-use development opportunities. At the time of acquisition, the property was 93 percent occupied. Robert Fahey, Jerome Kranzel, Erin Hannan of CBRE and Gene McHale of Beacon Commercial represented the seller in the transaction.
EBENSBURG, PA. — Marcus & Millichap has arranged the sale of College Plaza, a 129,945-square-foot shopping center located at 881 Hills Plaza in Ebensburg. A New Jersey-based privately owned real estate investment company purchased the strip center from a tenant-in-common group for an undisclosed price. Situated on 22 acres, the property is occupied by Giant Eagle, Big Lots, Aaron’s, Dollar General, Sherwin Williams, GNC and Pennsylvania Highlands Community Center. Brian Munn, Joshua Ein, Mark Taylor and Dean Zang of Marcus & Millichap represented the seller, while Tim Giambrone, also of Marcus & Millichap, secured and represented the buyer in the transaction.
NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 128-130 Cortelyou Road in Brooklyn’s Kensington neighborhood. Sugar Hill Capital Partners acquired the two-story, eight-unit building for $2.2 million, or approximately $316 per square foot. The property features five ground-floor commercial units and three three-bedroom units on the upper level. Additionally, the property features approximately 4,800 buildable square feet as of right. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in the transaction.
COSTA MESA, CALIF. — A joint venture between Prudential Real Estate Investors and McCarthy Cook & Co. has purchased MetroCenter at South Coast, an 800,826-square-foot office campus in Costa Mesa, for an undisclosed sum. The campus is located at 535 Anton Blvd. MetroCenter includes three 12-story office buildings and a three-story healthclub facility. The JV plans to renovate the property by adding on-site amenities to develop a creative office environment. The property will undergo a plaza renovation with collaborative outdoor space, as well as updated lobbies and corridors. It will also add conference center, tenant lounge and rooftop decks.
BALTIMORE — Mid-Atlantic Health Care LLC, a Baltimore-based healthcare provider, has purchased four skilled nursing facilities in western and central Maryland for an undisclosed price. The four facilities include Northampton Manor Health Care Center in Frederick, Devlin Manor Health Care Center in Cumberland, Julia Manor Health Care Center in Hagerstown and Moran Manor Health Care Center in Westernport. The seller is The Magnolia Group, a skilled nursing owner/operator in Maryland and Pennsylvania. The company will continue to provide services to the facilities through its affiliate, Magnolia Rehabilitation Services LLC. With these acquisitions, Mid-Atlantic will now operate the largest group of facilities in western Maryland and become one of the region’s largest employers, according to the company. Adding the Magnolia facilities will increase Mid-Atlantic Health Care’s total number of locations from 17 to 21.
SILVER SPRING, MD. — Finmarc Management Inc. has sold Piney Branch Shopping Center, a 54,242-square-foot shopping center in Silver Spring, for $11.2 million. The buyer is an affiliate of JBGR Retail. Located at the intersection of Piney Branch Road and Flower and Greenwood avenues, the shopping center was fully leased at the time of sale to 12 tenants. Andy Stape, Mat Adler and Vito Lupo of KLNB Retail represented Finmarc in the transaction.