IRVING, TEXAS — Stream Realty Partners has negotiated an office lease expansion at 1320 Greenway in Irving on behalf of The Clay Paul Group, an insurance brokerage firm. The lease expands the company’s footprint to 4,677 square feet, roughly double the size of its previous space. Tyler Maner of Stream represented the tenant in the negotiations. Jeff Wood of Peloton represented the landlord, Arden Group.
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WOOD RIVER, ILL. — Broad Reach Retail Partners has acquired the Wood River Centre in Wood River, located 15 miles north of St. Louis. The purchase price was not disclosed. A Walmart Supercenter anchors the 70,000-square-foot shopping center. The center is 60 percent occupied by tenants including Dollar Tree, H&R Block, Sally Beauty, Taco Bell and Wendy’s.
PHOENIX — Mark Spitz, a New York-based multifamily owner and investor, has acquired the 96-unit Los Compadres Apartments in Phoenix for $4.5 million. The community is located at 3518 W. Dunlap Ave. Carrick Sears of SVN Desert Commercial Advisors represented the Canadian seller, Pat Stojak, in this transaction. The seller purchased the asset in 2013.
NEW YORK CITY — New York City-based REIT Gramercy Property Trust (GPT) has entered into an agreement with a private real estate development and investment company to acquire a nine-property, 2 million-square-foot portfolio of Class A industrial buildings for $331 million. The portfolio is 100 percent leased with a weighted average remaining lease term of 10.4 years. The properties are located in Atlanta; Boston; Charlotte, North Carolina; Chicago; the Inland Empire; Minneapolis; Reno, Nevada; and Spartanburg, South Carolina. More than 80 percent of the NOI for the portfolio is concentrated in four markets (Atlanta, Boston, Chicago and the Inland Empire) and nearly 90 percent of the rent from the portfolio comes from a single tenant. At closing, which is expected to occur by the end of third quarter 2017, GPT will assume $137 million of in-place debt, and will issue $133 million in operating partnership units (OP units) to fund the acquisition. The OP unit price will be based on a 30-day volume-weighted average price as of August 29, 2017, or $29.56 per share. The company is acquiring the portfolio at a 6.3 percent cash capitalization rate. Including this nine-property industrial portfolio, as well as other recently announced transactions under …
NEW YORK CITY — New York City-based Westbridge Realty Group has brokered the $3 million sale of a package of 30 unsold cooperative units at the Acropolis Complex in Astoria, Queens. The portfolio comprises 30 rent-stabilized apartments with break-even cash flow. The purchase price equates to $100,000 per unit. Westbridge founder Steven Westreich was the sole broker involved in this off-market transaction. This was the second co-op portfolio Westreich has sold at the Acropolis.
EASTON, PA. — Duke Realty Corp. has leased its recently delivered 628,475-square-foot bulk warehouse at 33 Logistics Park in Easton to a national third-party logistics company. The building, 1611, was delivered in early July. Dave Saltzman and Brian Knowles with Lee & Associates represented the tenant. Matt Bremner and Cait English with Duke Realty, along with listing agents Bill Wolf and Sean Bleiler, both with CBRE, represented Duke Realty in the transaction. Duke has also begun construction on a 1 million-square-foot spec industrial building in 33 Logistics Park, which is located on the east side of the Lehigh Valley just off Route 33. It is slated for delivery in April 2018. In addition to 36-foot clear height, the cross-dock building will feature LED lights, 120 fully equipped dock doors, four drive-in doors and parking for 245 trailers and 472 automobiles. The building, 1620, will be Duke’s third in 33 Logistics Park. It is located adjacent to building 1611 and a 1.1 million-square-foot, fully leased bulk warehouse that the company delivered in 2016.
LOS ANGELES — A local buyer has purchased a 30-unit apartment building in Santa Monica for $23.8 million. The community is located at 153 San Vincente Blvd. The asset was built in 1967. It was sold at auction after several months in bankruptcy court. Bidding began at $21 million. The building will begin a remodeling process, during which time current tenants in the 13 occupied units will be relocated. The buyer has plans to rehab all of the units, upgrade electrical and plumbing, construct a new rooftop observation deck, install a new pool and boost overall curb appeal. Shiva Monify of SVN- Rich Investment Real Estate Partners represented the buyer.
Cushman & Wakefield Brokers $12.1M Sale of 207,000 SF Industrial Space in Northern New Jersey
by Jaime Lackey
NORTHVALE, N.J. — Cushman & Wakefield’s Metropolitan Area Capital Markets Group arranged the $12.1 million sale of 207,193 square feet of industrial space on 16.3 acres at 251 Union St. Pantheon Properties, which owns and develops a portfolio of properties in New York and New Jersey, sold the fully occupied property to a private investment group led by Duvi and Tuli Blumenberg. The building had been fully renovated by Pantheon. Cushman & Wakefield’s team included Andrew Schwartz, Andrew Merin, David Bernhaut, Gary Gabriel, Ryan Larkin, all from the East Rutherford, N.J.-based Metropolitan Area Capital Markets Group, as well as Andrew Siemsen from the Iselin office.
NEW YORK CITY — New York City-based Kamber Management Company is under contract to acquire the Riverside Garage portfolio of parking facilities on Manhattan’s Upper West Side. The portfolio consists of three parking garage condominiums, located at 80, 100-120, and 220-240 Riverside Boulevard. The portfolio, which comprises space at the base of five luxury residential towers, is a strong cash-flowing asset fully leased to Icon Parking Systems. Meridian Capital Group arranged the deal. David Shechtman was the exclusive broker for the sellers, and Kamber Management Company was represented by Steven Levy.
BOSTON — G-Tek Labs has leased 30,000 square feet at 28 Damrell Street in South Boston. The company provides hardware workspace, creating an environment that supports development, manufacturing and scaling of electronic devices. The shared workspace will provide access to design software and state-of-the-art equipment, such as 3D printers and pick and place machines. G-Tek Labs, backed by Taiwan-based Gigatek, has begun construction on its two-story space with plans to launch Phase 1 in September. Colliers International’s Ryan Healy and Mike Shakespeare represented G-Tek in their search for space. Attorneys Ku Yoo of Chang & Yoo LLP and James Heffernan of Rich May, PC represented G-Tek Labs in negotiating the lease and other corporate matters. Scott Gredler with Cushman & Wakefield represented the landlord, Damrell Properties, in the transaction.