BRIDGEWATER, N.J. — PCCP LLC has provided a $29.7 million senior loan to American Real Estate Partners and Silverpeak Real Estate Partners for the acquisition and lease-up of CenterPointe at Bridgewater in Bridgewater. The joint venture plans to implement a $2.7 million capital improvement plan for the renovation of one building and improvements and cosmetic enhancements for the remaining three buildings. The four-building campus offers 332,000 square feet of Class A office space.
TANNERSVILLE, PA. — Michael Baxter & Associates Commercial Real Estate has arranged the sale of the former Pocono Record printing facility in Tannersville. DMC Properties PA LLC, an affiliate of Durr Mechanical Construction purchased the 25,000-square-foot property for $1.2 million. Michael Baxter of Michael Baxter & Associates represented the seller, Dow Jones, in the transaction. John Schilp of NAI James E. Hanson represented the buyer.
CHARLOTTE, N.C. — The Fresh Market has signed a lease for a new location in the Dilworth Gardens Shopping Center in Charlotte. The specialty grocer’s new store will be located at East Boulevard and Scott Avenue. Once opened, the new store will be the Greensboro, N.C.-based company’s 21st store in North Carolina and its sixth in the metro Charlotte area. The grocer currently operates 168 stores in 27 states.
DESTIN, FLA. — Atlanta-based Bull Realty has brokered the $3 million sale of a 2.2-acre lot at the corner of Emerald Coast Parkway (Highway 98) and Restaurant Row in Destin, a popular tourist destination located on the Gulf of Mexico in Florida’s panhandle. CM Destin LLC, a hotel group, purchased the site from Spa Destin LLC and is planning a Home2Suites by Hilton concept at the location. The buyer will be demolishing the existing 14,875-square-foot Whitney National Bank to make room for the new hotel. Bull Realty was the only broker involved in the marketing and sale of the land site. The developer will be Cohen Investments, a Memphis-based REIT specializing in hotel and commercial property development and management.
SAN DIEGO – An 8,662-square-foot medical office building in San Diego has sold to BKC Commercial Properties for $2.4 million. The building is located at 9878 Hilbert Street. The buyer plans to relocate its dermatology clinic to the new facility, which will allow for expansion. BKC was represented by Mario Martinez of Lee & Associates – North San Diego County. The seller, Williams Charitable Remainder Trust, was represented by Colliers International.
SUGAR LAND AND SPRING, TEXAS — Marcus & Millichap has arranged the sale of two properties in metro Houston. In the first transaction, the firm arranged the sale of The Crossing at Telfair Commons, a shopping center in Sugar Land. Justin Miller and Derek Hargrove marketed the property on behalf of the seller, a local developer. Miller and Hargrove also secured the buyer, a limited liability company. The Crossing at Telfair Commons is located at 520 Highway 6. It is shadow-anchored by an HEB grocery store and adjacent to Chuy’s Mexican Food and Whataburger. In the second transaction, Marcus & Millichap arranged the sale of Ace Hardware, a 15,500-square-foot, net-leased property located in Spring. Jerry Goldstein and Kelley Workman of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Goldstein secured and represented the buyer, a partnership. Ace Hardware is located at 9001 Spring Cypress.
HOUSTON — The San Diego and Houston offices of Colliers International have arranged the sale of a 10,125-square-foot, single-tenant retail property located at 959 Bay Area Blvd. in Houston for $4.7 million. A CVS that has 11 years reaming on its 22-year lease occupies the property. Jon Busse and Charles Herder of Colliers International represented the seller, Burlingame Gulf LLC. David Wells of Wells Net Lease Group and JRW Realty represented the buyer, Exchange Right Real Estate LLC. The buyer is a tenant in common entity that specializes in the acquisition of single tenant, net-leased properties.
TOWSON, MD. — Morgan Properties and DRA Advisors LLC have acquired The Colony at Kenilworth, a 383-unit apartment community located in Towson. Morgan and DRA plan to execute a value-enhancement strategy that will address capital needs, reposition the property and enhance the value of the asset. The partnership intends to upgrade unit interiors and also has plans to improve common area amenities by renovating the fitness center and clubhouse. The Colony marks the third acquisition that Morgan Properties and DRA have purchased together in the Maryland-Washington, D.C. Corridor. The seller and the sales price were undisclosed.
WEST WARWICK, R.I. — CBRE/New England has brokered the sale of The Apartments at Royal Mills, a multifamily community located at 125 Providence St. in West Warwick. JG Royal Mill LLC/JJH Royal Mill LLC, an affiliate of Readville, Mass.-based Geraghty Associates, purchased the 251-unit property for $31.7 million from SBER Royal Mill LLC. The property consists of two main historic mill buildings: Royal Mill, ranging from four to six stories, and the four-story Ace Dye Mill. Additionally, the property features a two-story machine shop mill with two townhome units and a vacant two-story gatehouse building, which can be converted into amenity or residential space. Community amenities include a clubhouse, pool table, wet bar, fireplace, resident lounge, fitness and business centers, riverfront barbeque area, kayak launch, landscaped river walk, waterfall-powered hydro plant, landscaped common areas and courtyards and climate controlled on-site garage parking. Simon Butler and Biria St. John of CBRE/NE represented the seller in the transaction.
YORK, PA. — The Garibaldi Group and Avison Young have brokered the sale of an industrial property located at 57 Grumbacher Road in York. Boston-based High Street Realty Co. purchased the property for an undisclosed price. Situated on 11.8 acres, the 284,582-square-foot property offers 6,000 square feet of office space and 27 dock-high doors with one drive-in door. Additionally, the site can accommodate up to 92 trailer lot stalls or a 55,000-square-foot standalone building. Michael Bartolacci and Jerry Moore of The Garibaldi Group, along with Brendan Kelly of Avison Young, represented the seller, Bell Sport Inc., in the transaction.
