more_sales_and_leases

NAI Mertz Arranges Trio of Industrial Leases in Metro Philadelphia

by Haisten Willis May 24, 2017

BRISTOL, HATBORO & PHILADELPHIA, PA. — Joe Sternberg of NAI Mertz has arranged three industrial leases totaling over 19,000 square feet in metro Philadelphia. The lease agreements include: A 5,000-square-foot warehouse lease at 200 Rittenhouse Circle in Bristol on behalf of Stiles Machinery. Stiles Machinery manufactures equipment, serving the woodworking, plastics and composites industries and markets. Whitesell Co. owns the facility. A 9,460-square-foot warehouse and office lease at 3235 Sunset Lane in Hatboro. Mike Borski Jr. of the Flynn Co. represented the tenant, Express 4X4 Truck Rental. NAI Mertz represented the building owner. A 5,000-square-foot warehouse and office lease on behalf of Capitol Adjustment Co.at 12285 McNulty Road in Philadelphia.

May 24, 2017

Connecticut Northeast Retail

Northeast Private Client Group Negotiates $2.2M Sale of Retail Property in Connecticut

by Haisten Willis May 24, 2017

OLD SAYBROOK, CONN. — Northeast Private Client Group has negotiated the $2.2 million sale of a 6,500-square-foot retail property known as The Starbucks Building in Old Saybrook. The property is located at 15-19 Main St. Bradley Balletto of Northeast Private Client Group’s Shelton, Conn., office represented the seller, Prospect Realty Partners, and procured the buyer, Developers Consolidated Realty, in the transaction. Tenants at the property include Starbucks and Ben & Jerry’s.

May 24, 2017

Georgia Healthcare Southeast

Bull Realty Brokers $16.8M Sale of Medical Office Building in Athens, Georgia

by John Nelson May 23, 2017

ATHENS, GA. — Atlanta-based Bull Realty has brokered the $16.8 million sale of The Exchange, a two-building medical office campus in Athens spanning 61,203 square feet. St. Mary’s Healthcare System occupies all of Building 300 and the majority of the space in Building 200. Services at this location include full modality outpatient diagnostic imaging, wellness, cardiology, neurology, and endocrinology. Other tenants include Athens Dentistry for Children and Athens Oconee Dentistry at the Exchange. American Healthcare Investors LLC/ Griffin American Healthcare REIT purchased the property from the sellers, 316 LLC and Exchange Building 300 LLC. Paul Zeman of Bull Realty represented the sellers in the transaction. Bell Harrison Development built The Exchange in 2007.

May 23, 2017

Multifamily Southeast Tennessee

Cushman & Wakefield Arranges Sale of Apartment Community in Knoxville

by John Nelson May 23, 2017

KNOXVILLE, TENN. — Cushman & Wakefield has arranged the sale of Walden Legacy, a 236-unit apartment community located in west Knoxville. Mount Auburn Multifamily LLC purchased the asset from Sagebrush Legacy Management for an undisclosed price. Robert Stickel and Nelson Abels of Cushman & Wakefield represented the seller in the transaction. Built in 2005, Walden Legacy was 95 percent occupied at the time of sale. Community amenities include a resort-style swimming pool, fitness center, picnic areas with grills, car care center, laundry facility and a clubhouse.

May 23, 2017

Industrial Texas

CBCA Brokers Sale of 41 Acres for Development of Business Park, Storage Facilities in Mansfield

by Taylor Williams May 23, 2017

MANSFIELD, TEXAS — Coldwell Banker Commercial Advisors (CBCA) has brokered the sale of nearly 41 acres of land slated for industrial development at U.S. Highway 287 and Commerce Drive in Mansfield. All Storage purchased 5.3 acres from LEJJ Realty LLC for the development of two climate-controlled self-storage facilities totaling 216,723 square feet. Premier Funding Group sold the adjacent 35.5-acre tract, which will be used for the development of an unbranded business park. Sales prices were not disclosed.

May 23, 2017

Illinois Industrial Midwest

Midwest Industrial Funds Sells 76,000 SF Industrial Building in Cary, Illinois

by Kristin Harlow May 23, 2017

CARY, ILL. — Midwest Industrial Funds has sold a 76,000-square-foot industrial building in Cary, about 45 miles northwest of Chicago. An affiliate of Illinois Lift Equipment purchased the property. Midwest Industrial acquired the vacant property in 2015, and repositioned and modernized it by demolishing over 60,000 square feet of office and warehouse mezzanine space. The firm also designed and built a new custom exterior entrance, painted the entire exterior, improved drainage as well as installed new larger dock doors, energy-efficient windows, HVAC, lighting and landscaping enhancements. Dan Jones, Dan Benassi and Mike DeSerto of Entre Commercial Realty represented Midwest Industrial in the transaction, while Steve Morken of Morken & Associates represented Illinois Lift Equipment.

May 23, 2017

Northeast Office Pennsylvania

Markward Group Brokers Sale of Office Building in Bethlehem, Pennsylvania

by Haisten Willis May 23, 2017

BETHLEHEM, PA. — Markward Group has brokered the sale of a 47,070-square-foot office building on 4.1 acres located at 236 Brodhead Road in Bethlehem. Matt Macdonald and Ann Kline of Markward Group represented the seller, BB&T Bank. The building was the former data and operations center for National Penn Bank. Mike Capobianco of Markward Group represented the buyer, 236 Brodhead Road LLC. The buyer plans to remodel the lobby and common areas, and to repave the parking lot. ABEC is the lead tenant in the building.

May 23, 2017

Connecticut Multifamily Northeast

Chozick Realty Negotiates $4.5M Sale of Two Apartment Complexes in Connecticut

by Haisten Willis May 23, 2017

NEW BRITAIN, CONN. — Steve Pappas of Chozick Realty’s Hartford office has negotiated the $4.5 million sale of Central Townhouse and College West Apartments in New Britain. The two garden-style complexes sold in a single transaction. Central Townhouse, located at 608 Allen St., consists of 42 apartment units in four buildings on a 1.8-acre site. The unit mix includes a single one-bedroom, 35 two-bedroom and six three-bedroom units. College West Apartments, located at 499 Allen St., consists of 22 apartment units on a .59-acre site. The apartments are all two-bedroom units of 900 square feet. Chozick Realty represented the seller, Allen Street Ventures LLC, and procured the purchaser, Up Realty LLC, a New York-based investment group.

May 23, 2017

New Jersey Northeast Office

Marcus & Millichap Completes $2.5M Sale of Office Property in Clifton, New Jersey

by Haisten Willis May 23, 2017

CLIFTON, N.J. — Marcus & Millichap has completed the $4.5 million sale of 3 East, a 21,600-square-foot office property located at 95 Main Ave. in Clifton. Fahri Ozturk of Marcus & Millichap’s New Jersey office marketed the property on behalf of the seller. Fahri Ozturk also secured and represented the buyer, a private investor. The property is located near Route 21, Garden State Parkway and the New Jersey turnpike. 3 East features two 10,800-square-foot floors serviced by an elevator and 78 parking spaces.

May 23, 2017

Multifamily New York Northeast

Avanath Capital Acquires 17-Property Multifamily Portfolio in NYC for $73M

by Haisten Willis May 22, 2017

NEW YORK CITY — Avanath Capital Management has acquired an affordable housing portfolio of 17 apartment buildings totaling 198 units in Brooklyn for $73 million. The properties were purchased from a private investor in joint partnership with New York-based Oak Tree Management. Located in the Prospect Heights, Crown Heights, Williamsburg and Bedford-Stuyvesant neighborhoods, the properties include 115 rent-stabilized units, 79 free market units and four commercial spaces. Average rents range from $1,700 to $2,500 per month. Avanath’s Ben Finley was responsible for sourcing and acquiring the deal. Peter Von Der Ahe, Joseph Koicim and Shaun Riney of Institutional Property Advisors (IPA), and DJ Johnston of Cushman & Wakefield represented the seller. Andrew Dansker of Marcus & Millichap arranged the financing for the buyer. The portfolio’s four commercial spaces are leased to tenants including Sunday Routine, Fool’s Gold Records and a day care center.

May 22, 2017

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