HOUSTON — Baker Katz has secured a 6,300-square-foot retail lease at Stonegate Shopping Center in Houston on behalf of American Family Care, a primary and urgent care provider. Ben Brown of Baker Katz and Jennifer Watson of Newmark Knight Frank represented the tenant in the lease negotiations. Jim Bayne of Investar Real Estate Services represented the undisclosed landlord. The clinic is expected to open during the fourth quarter.
EAST LYME, CONN. — O,R&L Commercial has arranged the sale of Flanders Plaza, a regional shopping center located at 9-19 Chesterfield Road in East Lyme. Developers Consolidated Realty acquired the property from GFP Flanders Plaza LLC for $15.5 million. Situated on 7.2 acres, the 60,000-square-foot property is anchored by CVS/pharmacy, Tri-Town Foods Supermarket, McDonald’s and Citizens Bank. Jay Morris of O,R&L Commercial represented the seller in the deal. Brett Eagleson of Guilford Savings Bank arranged acquisition financing for the buyer.
BURLINGTON, MASS. — NKF has arranged the sale of The Shops at Mall Road in Burlington. A private equity fund managed by Crow Holdings Capital Partners acquired the 31,623-square-foot shopping center for an undisclosed price. Current tenants at the fully occupied property include Duluth Trading Co., Catherines, Cycl3, Orangetheory Fitness, Wendy’s and Supercuts. Geoffrey Millerd, Justin Smith, Paul Penman and Christopher Peterson of NKF represented the seller, RJ Kelly, in the transaction.
RIVER EDGE, N.J. — NAI James E. Hanson has brokered the sale of an office building located at 10 Elizabeth St. in River Edge. Crestview Associates sold the 16,500-square-foot property to NJCF Property for an undisclosed price. The buyer, a check cashing service based in Chicago, plans to renovate the property to bring the building, which was constructed in 1983, up to modern standards. Andrew Somple and Anthony Cassano of NAI Hanson represented the seller in the deal.
STOW, OHIO — Monmouth Real Estate Investment Corp. (NYSE: MNR) has acquired a 219,765-square-foot industrial building in Stow, about eight miles north of Akron, for $19.5 million. The property is located at 4651 Prosper Drive. The building is situated on 15.4 acres and is expandable by 50,000 square feet. The property is net leased to Mickey Thompson Performance Tires and Wheels for 10 years. The seller was not disclosed.
ELK GROVE VILLAGE, ILL. — Brown Commercial Group has brokered the sale-leaseback of a 32,000-square-foot industrial building in Elk Grove Village. The sales price was not disclosed. The property is located at 1200 Pratt Blvd. Dan Brown of Brown Commercial represented the seller, Andrews Paperboard Inc. Jim Pietrarosso, also of Brown Commercial, represented the buyer, a private investor. Brown Commercial negotiated a 10-year lease.
BORGER, TEXAS — Arquero Property Management, a franchisee of Ace Hardware has purchased a 62,000-square-foot retail property located at 1404 W. Wilson St. in Borger, a city in West Texas approximately 50 miles northeast of Amarillo. Andrew Shaw and Dan Avnery of NAI Robert Lynn represented Ace Hardware in the transaction. Tom Roller of Coldwell Banker represented the undisclosed seller.
BOSTON — Akelius US has purchased a multifamily building located at 12-14 Commonwealth Ave. in the Back Bay neighborhood of Boston. An undisclosed seller sold the asset for $33.5 million. Built in 1928, the property features 58 apartments.
SOMERSET, N.J. — Rhodium Capital Advisors has acquired an office building located at 100 Franklin Square Drive in Somerset for $5.8 million. The 107,000-square-foot office building is occupied by a mix of healthcare, education, insurance, technology and legal firms. Rhodium plans to spend $2.4 million for tenant improvements and leasing commissions for existing and new tenants, as well as $350,000 on building-wide capital improvements. Slava Vaynberg of Cushman & Wakefield represented Rhodium in the acquisition. Sol Kinraich and Ryan Goldstein of MLK Real Estate Capital arranged the debt financing, while Jeffrey Zwick & Associates acted as Rhodium’s legal counsel.
LAS VEGAS — A joint venture between the Brookhollow Group and PCCP has purchased Centra Point, a 383,000-square-foot office park in Las Vegas, for an undisclosed sum. The park is located at 8363 W. Sunset Road on the southern beltway curve. The asset will undergo renovations, which will include upgraded lobbies and restrooms, landscape renovation, exterior building painting, exterior common area upgrades, spec suites and a new on-site leasing and management office.