more_sales_and_leases

CCP Commercial Real Estate Buys Two Office Buildings in Metro Greenville, Jacksonville for $39.2M

by John Nelson June 9, 2017

MAULDIN, S.C. AND JACKSONVILLE, FLA. — CCP Commercial Real Estate has purchased two office buildings in suburban Greenville and Jacksonville for a combined $39.2 million. CCP bought a 106,649-square-foot, single-story office asset near Greenville at 750 Brookfield Parkway in Mauldin for nearly $16.7 million. The Virginia Beach, Va.-based investor also acquired a five-story, 219,000-square-foot asset at 8800 Baymeadows Way West in Jacksonville for roughly $22.5 million. The Mauldin building was 92 percent leased at the time of sale, and the Jacksonville property was 81 percent leased. The identity of the seller(s) was not released.

June 9, 2017

Retail Southeast Virginia

Sterling Sells Grocery-Anchored Shopping Center in Metro D.C. for $29.3M

by John Nelson June 9, 2017

WOODBRIDGE, VA. — Sterling Organization has sold Market at Opitz Crossing, a 157,724-square-foot, grocery-anchored retail center in Woodbridge, a suburb of Washington, D.C., in northern Virginia. Klein Enterprises purchased the asset from Sterling for $29.3 million. Price Rite anchors the center, which is located one mile east of Interstate 95 at the intersection of Jefferson Davis Highway and Opitz Boulevard. Other tenants include Advance Auto Parts, Dollar Tree, Checkers, Subway, BB&T Bank, Taco Bell, Edible Arrangements, Papa Johns, Hair Cuttery, Mariner Finance, Quest Diagnostics and T-Mobile. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented Sterling, which sold the asset through its institutional fund Sterling Value Add Partners LP. Marc Tropp of Eastern Union Funding arranged an acquisition loan through Apple Federal Credit Union on behalf of Klein Enterprises. Sterling purchased the asset in 2013 for $17.8 million and increased its occupancy rate from 77 percent to 96 percent. During its ownership, Sterling added an outparcel retail building leased to Chipotle Mexican Grill at the center.

June 9, 2017

Florida Multifamily Southeast

Cushman & Wakefield Negotiates $26.8M Sale of Active Adult Multifamily Community in Palm Beach County

by John Nelson June 9, 2017

JUPITER, FLA. — Cushman & Wakefield has arranged the $26.8 million sale of Riverwalk Pointe at Mangrove Bay, a 104-unit, age-restricted apartment community in Jupiter, located on the east coast north of Palm Beach. Mangrove Bay Housing LLC, a joint venture between Eastwind Development and Index Apartments LLC, sold the asset to Pleasant Valley Market Place, an out-of-state investor using a 1031 exchange. The two-building community was built in 2014 and was 95 percent occupied at the time of sale. Rents at the property average $1.76 per square foot. Robert Given, Calum Weaver, Zachary Sackley and Troy Ballard of Cushman & Wakefield negotiated the transaction.

June 9, 2017

New Jersey Northeast Office

Savills Studley Facilitates Acquisition of 102,000 SF Headquarters Property in Parsippany, New Jersey

by Amy Works June 9, 2017

PARSIPPANY, N.J. — Savills Studley has arranged the acquisition of a 102,000-square-foot headquarters property, located at 339 Jefferson Road in Parsippany. MANE USA, a global fragrance and flavor design company, purchased the property from Prism Capital Partners for an undisclosed price. The company will relocate its headquarters from Wayne, N.J., to 70,000 square feet of the facility. Prism will fit out MANE’s new space, which will include office and research and lab space, as well as construct a new cafeteria and fitness center. Situated on five acres, the property features underground parking and surface lots. The two existing tenants, Hollister Construction Services and Ascend Laboratories, will remain in the building. Thomas Carragher, Adam Petrillo, Filomena Pinto and Christopher Koeck of Savills Studley represented the buyer in the deal.

June 9, 2017

Northeast Pennsylvania Retail

Inland Institutional Capital Acquires Shopping Center in Pennsylvania

by Amy Works June 9, 2017

YARDLEY, PA. — A fund advised by Inland Institutional Capital has acquired Lower Makefield Shopping Center in Yardley. The 74,953-square-foot grocery- and drugstore-anchored property sold for an undisclosed price. The name of the seller was not released. Giant grocery store and Rite Aid Pharmacy occupy the property.

June 9, 2017

California Office Western

New York Life Real Estate Investors Buys 351,301 SF Office Building in Burbank

by Nellie Day June 8, 2017

BURBANK, CALIF. — New York Life Real Estate Investors has purchased a 351,301-square-foot office building known as 2300 Empire in Burbank for an undisclosed sum. The Class A building is situated in Burbank’s Media North submarket. It has an adjacent 1,334-stall parking garage. The building’s lobby will be upgraded, and some collaborative outdoor seating areas will be created in the next 12 months, according to the buyer. The office building is within walking distance of a 750,000-square-foot shopping center that features tenants like Target, Lowe’s, Nordstrom Rack and numerous dining options. Lincoln Property Co. will manage the property, while JLL will handle leasing.

June 8, 2017

Maine Northeast Restaurant Retail

Cardente Real Estate Brokers 2,500 SF Restaurant Lease in Old Orchard Beach, Maine

by Amy Works June 8, 2017

OLD ORCHARD BEACH, MAINE — Cardente Real Estate has arranged the lease of restaurant space at 15 E. Grand Ave. in Old Orchard Beach. Robert Kelly and Lori Gramlich leased the 2,500-square-foot space from HPH Holdings LLC. Mark Sandler of Cardente Real Estate represented the landlord, while Karen Rich, also of Cardente Real Estate, represented the tenants in the transaction.

June 8, 2017

Georgia Retail Southeast

Preferred Apartment Communities Buys Kroger-Anchored Center in Metro Atlanta

by John Nelson June 8, 2017

STONE MOUNTAIN, GA. — Preferred Apartment Communities Inc. (PAC) has purchased Rockbridge Village, a 102,432-square-foot retail center in Stone Mountain, a suburb of Atlanta. Situated at the intersection of Rockbridge and Five Forks Trickum roads, the shopping center is anchored by a 68,632-square-foot Kroger store. PAC purchased the asset through its subsidiary New Market Properties LLC for an undisclosed price. PAC financed the purchase using a $14.3 million loan provided by The Prudential Insurance Co. of America. The 10-year loan features a fixed interest rate of 3.75 percent. Rockbridge Village marks PAC’s 33rd grocery-anchored shopping center in its portfolio.

June 8, 2017

Multifamily South Carolina Southeast

Berkadia Brokers $10.6M Sale of Apartment Community Near Greenville

by John Nelson June 8, 2017

SPARTANBURG, S.C. — Berkadia has arranged the sale of Mayfair Lofts, a 107-unit apartment community located at 100 W. Cleveland St. in Spartanburg, a town in South Carolina’s Upstate region near Greenville. A developer based in Georgia sold the asset to an investment firm based in South Carolina for $10.6 million. The community is an adaptive reuse of Arcadia Mill No. 2, which was built in 1922. Renovated in 2008 and fully occupied at the time of sale, Mayfair Lofts comprises one- and two-bedroom units outfitted with 16- to 18-foot ceilings, floor-to-ceiling windows, stained concrete floors, exposed brick interiors and monochromatic appliances. Community amenities include a pool, fitness center, library, dog park, clubroom with a pool table, enclosed parking garage, grills and a fire pit. Included in the purchase is 50,000 square feet of developable commercial space. Jeremiah Jarmin and Mark Boyce of Berkadia represented both the buyer and seller in the transaction.

June 8, 2017

Healthcare Texas

Marcus & Millichap Brokers $58M Sale of Medical Office Portfolio in Metro Houston

by Taylor Williams June 8, 2017

SUGAR LAND AND RICHMOND, TEXAS — Marcus & Millichap has brokered the $58 million sale of a portfolio of fully leased medical office properties in the western Houston metros of Sugar Land and Richmond. The portfolio includes Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land, as well as UT Physicians facilities in Sugar Land and Richmond. Scott Niedergang and Gino Lollio of Marcus & Millichap represented the seller, a partnership, and procured the buyer, a public pension fund.

June 8, 2017

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