SAVAGE AND ELKRIDGE, MD. — Terreno Realty Corp. has sold two industrial properties in metro Baltimore for $40.5 million. The portfolio includes a 99,000-square-foot industrial building situated on roughly 12.6 acres at 8730 Bollman Place in Savage, roughly 18 miles southwest of Baltimore, and two industrial buildings totaling 349,000 square feet that are situated on approximately 17.9 acres at 6675 Amberton Drive and 6660 Santa Barbara Road in Elkridge, roughly 11 miles southwest of Baltimore. Both properties were 100 percent leased at the time of sale. The buyer was not disclosed.
KING OF PRUSSIA, PA. — CBRE has brokered the sale of a retail property located at 611 W. Dekalb Pike in King of Prussia. Matrix Real Estate Holdings acquired the building from OneCorp for $11.7 million, or $652 per square foot. Bassett Furniture occupies the 18,000-square-foot property, which was constructed earlier this year. Matthew Gorman and Michael Shover of CBRE represented the seller in the deal.
BRANCHBURG, N.J. — Larken Associates has acquired Branchburg Centre, a two-story office building located at 3040 U.S. 22 West in Branchburg, for an undisclosed price. At the time of sale, the 90,000-square-foot Class B property was 74 percent leased. Kronus, Pure Technologies and Tri-County Care Management are tenants at the building. Larken is renovating and updating the property, including the commons areas, lobby and hallways. Additionally, the company will install new tenant signage, refresh the landscaping and renovate the entrance-facing employee parking lot. The name of the seller was not released.
NEWARK, N.J. — Terreno Realty Corp. has purchased two industrial land parcels in Newark for an undisclosed price. The transactions include a 7.2-acre improved land parcel located at 178 Stockton St. and a 10.6-acre improved land parcel at 422-470 Frelinghuysen Ave. Alex Conte, Jason Crimmins, Kenneth Crimmins and Peter Murano of The Blau & Berg Co. represented the buyer and undisclosed seller in the transactions. The properties, which offer easy access to U.S. highways, ports and Newark Liberty International Airport, are currently available for lease.
BRUNSWICK AND TOPSHAM, MAINE — A joint venture between Presidium Group and Portland, Maine-based Helios has acquired a 407-unit multifamily portfolio in the Mid-Coast area of Maine for an undisclosed price. The portfolio includes five assets located adjacent to the former Brunswick Naval Air Base in Brunswick and a sixth property located in the neighboring town of Topsham. The portfolio consists of a combination of townhouses, garden-style apartments, single-family homes and land for future development. The Mid-Coast area consists of approximately 95,000 people within a 15-mile radius. The name of the seller was not released.
SAN DIEGO — A joint venture between Allstate and TruAmerica Multifamily has acquired the 519-unit Eagles Point Apartment Community in the San Diego submarket of Escondido for $90 million. The community is located at 1501 E. Grand Ave. Eagles Point includes studio to three-bedroom apartments. The asset has not been updated since it was built in 1985. The JV plans to refurbish all interior units and upgrade the property’s two pools and spas, tennis courts and clubhouse. Plans also call for a new fitness center to be built into the existing clubhouse. CBRE’s Troy Tegeler arranged the project financing through Fannie Mae. The firm’s Kevin Mulhern, Rachel Parsons and Dixie Hall represented the seller in this transaction.
PINE BROOK, N.J. — Weiss Realty has arranged the sale of an office and flex building located at 34 Maple Ave. in Pine Brook. iStar Realty acquired the property from a partnership between the principals of CHT Group and Jaime Weiss, managing member of 34 Maple Avenue LLC, for an undisclosed price. Situated on 10.4 acres, the property features 130,180 square feet of space. Prior to the sale, Weiss Realty acted as property manager and leasing agent for the ownership. Greg Sabato and Scott Peck of Resource Realty of Northern New Jersey represented the buyer in the transaction. Meyner & Landis of Newark, N.J., acted as legal advisor to the seller, while Roseland, N.J.-based Mandelbaum Salsburg acted as counsel to the buyer.
DALLAS — STRIVE has brokered the sale of a 20-year, absolute net ground lease retail property near White Rock Lake in Dallas. Built in 2017, the property is currently leased to Chick-fil-A. Jason Vitorino of STRIVE represented the seller, a local partnership, in the all-cash transaction and procured the buyer, an out-of-state 1031 exchange.
DELRAY BEACH, FLA. — The Shopping Center Group (TSCG) has signed the initial tenants for Delray Square, a 150,000-square-foot shopping center situated at the intersection of West Atlantic Avenue and South Military Trail in Delray Beach. Constructed in the 1970s, the property is undergoing a redevelopment led by The Keith Corp. The shopping center will be anchored by a 45,600-square-foot Publix that is slated to open in the fourth quarter of 2018. The grocer will take the place of a former movie theater. In addition to Publix, the property is leased to Pet Supermarket, Chick-fil-A and Chipotle Mexican Grill. As part of the redevelopment, Keith Corp. will add 17,000 square feet of retail space and will modernize the existing space. Approximately 85,000 square feet of retail space is available to lease, including a 51,700-square-foot anchor box. Michael Fetherston of TSCG and Knox Cambell of Keith Corp. will handle the property’s leasing assignment. The redevelopment is slated for completion in mid-2018.
ASHFORD, CONN. — Northeast Private Client Group has brokered the sale of Ashford Hills Apartments, a 52-unit apartment community located at 95 Varga Road in Ashford. Brookline, Mass.-based Naviah Investment LLC acquired the property from Affordable Realty One LLC for $3 million. Bradley Balletto and Taylor Perum of Northeast Private Client Group represented the undisclosed seller and sourced the buyer in the deal. The property features 28 one-bedroom, 20 two-bedroom and four three-bedroom units with parking.