MOUNT POCONO, PA. — Newland Capital Group will develop Mount Pocono Commerce Center, a 1.2 million-square-foot industrial project that will be located roughly midway between Scranton and Allentown in eastern Pennsylvania. The project is a build-to-suit for an undisclosed third-party logistics group and will feature a clear height of 40 feet, 196 loading docks, four drive-in doors, 384 trailer stalls and 200-foot truck court depths. David Pelaia and Chad Morgan of JLL arranged a senior construction loan through Axos Bank and mezzanine financing from Fidelity Investments, as well as joint venture equity from an undisclosed partner, for the project. A tentative completion date was not disclosed.
Cushman & Wakefield Brokers 96,505 SF Lease Transaction at Roseville Innovation Park Near Sacramento
ROSEVILLE, CALIF. — Global health care company Penumbra has expanded into an additional 96,505 square feet of Class A office and lab space at Roseville Innovation Park in Roseville, approximately 16 miles northeast of Sacramento. The new lease at 620 Roseville Parkway will bring Penumbra’s total occupancy within the business park to over 254,000 square feet of Class A space. Penumbra initially leased approximately 157,000 square feet in the neighboring 630 Roseville Parkway building in 2018. Cushman & Wakefield’s Sacramento office represented the landlord in the transaction. Roseville Innovation Park is jointly owned by Farallon Real Estate Partners and Strada Investment Group. The business park is a Class A campus offering numerous amenities, including retail, entertainment and residences within a short distance. Penumbra also has exclusive access to a newly installed outdoor recreation, dining, and break-out space at its 630 Roseville Parkway address. Headquartered in Alameda, Calif., Penumbra is a healthcare company focused on innovative therapies. Penumbra designs, develops, manufactures and markets novel products and has a broad portfolio that addresses challenging medical conditions in markets with significant unmet need.
Three New Tenants Sign Leases Totaling Nearly 67,000 SF at JAG Logistics Center Industrial Park in Aurora, Colorado
AURORA, COLO. — JAG Logistics Center @ Den, a 265-acre industrial park being developed south of Denver International Airport in Aurora, has added three new tenants to the recently completed Trade 2 building. The 188,000-square-foot asset is owned, managed and developed by JAGreen Development. The warehouse space features mezzanine level office space, on-site trailer parking and cross dock design. MAI Mechanical, a mechanical and plumbing subtractor, leased 16,390 square feet of space at the Trade 2 building. TruTeam, an installer of insulation and building products, leased 24,830 square feet. General Logistics Systems US Inc., a logistics and delivery company, leased 25,480 square feet. Cushman & Wakefield’s Aaron Valdez, Alec Rhodes and Tyler Smith represented the landlord in each transaction. Trade 1, also totaling 188,000 square feet, is already 100 percent leased.
PISCATAWAY, N.J. — Levin Management Corp. has signed shoe wholesaler R&J Warehouse to a 103,350-square-foot, full building lease at the Rutgers Industrial Center in Piscataway. Located at 140 Circle Drive North, R&J Warehouse’s new space offers close proximity to I-287 and is five miles from exit 10 of the New Jersey Turnpike. This transaction is the third new lease signing at the five-building, 535,000-square-foot industrial complex in the past 18 months. Levin Management is the asset manager for the property.
NEW YORK CITY — Rosewood Realty Group has brokered the $97 million sale of a three-property multifamily portfolio in the Upper West Side. Located in the Manhattan Valley neighborhood, the portfolio consists of three adjacent six-story elevator apartment buildings at 210, 220 and 230 W. 107th St. with a total of 180 units spanning 153,786 square feet. The buildings, built in 1925, sold for 15.15 times the current rent roll at a 4.66 cap rate. Aaron Jungreis of Rosewood Realty Group represented both parties in the transaction. Brooklyn-based investor Isaac Kassirer was the buyer. Orbach Group, a New Jersey-based firm that acquired the three buildings in 2013 for $70 million, was the seller.
BRADENTON, FLA. — HFF has arranged the $110.5 million sale of Carlton Arms of Bradenton, a 900-unit apartment community located at 5200 Riverfront Drive in the Tampa Bay community of Bradenton. The property is located on a peninsula overlooking the Braden and Manatee rivers. Matt Mitchell and Zach Nolan of HFF arranged the transaction on behalf of the seller, a joint venture between The Mahaffey Apartment Co. and Brighthouse Life Insurance Co. MetLife Investment Management advised Brighthouse on the acquisition. Elliott Thorne of HFF arranged a $76 million, 10-year, fixed-rate acquisition loan through Freddie Mac’s Capital Markets Execution (CME) program on behalf of the buyer, FLF Holdings. Constructed in 1980, Carlton Arms of Bradenton includes a mix of studio to three-bedroom units averaging 880 square feet. The property is also home to 12,519 square feet of fully leased retail space. Community amenities include two waterfront pools, two lighted tennis courts, two basketball courts, two clubhouses, a fitness center, dog park, guest suites, covered parking and five boat docks. The community was 99.7 percent occupied at the time of sale.
OCEANSIDE, CALIF. — Matthews Real Estate Investment Services has arranged the sale of Del Oro Marketplace, a shopping center located at 4181 Oceanside Blvd. in Oceanside. A San Diego-based private seller sold the property for $41.7 million. The property features 102,000 square feet of retail space. El Warner and Caitlin Zirpolo of Matthews Real Estate Investment Services, along with Reg Kobzi and Joel Wilson of CBRE, represented the seller in the transaction. The buyer was an undisclosed private investor.
LAKELAND, FLA. — Cushman & Wakefield has brokered the $59.6 million sale of CenterState Logistics Center, a 605,412-square-foot distribution facility located at 8060 State Road 33 in Lakeland, roughly halfway between Tampa and Orlando. The facility was completed in 2017, and is fully triple-net-leased to Quaker Sales & Distribution, a wholly owned subsidiary of PepsiCo. The company uses the building to distribute its sports drink, Gatorade. Mike Davis, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller and developer, a partnership between Brennan Investment Group and Greenfield Partners. Los Angeles-based Griffin Capital Essential Asset REIT Inc. acquired the asset. The building features tilt-wall construction, 36-foot clear heights and cross-dock loading.
ORLANDO, FLA. — CBRE has arranged the sale of Art Avenue, a 300-unit apartment community located at 10201 Lee Vista Blvd. in Orlando. Shelton Granade, Luke Wickham and Justin Basquill of CBRE arranged the transaction on behalf of the undisclosed seller. Robbins Property Associates and LEM acquired the asset for an undisclosed price. Constructed in 2014, Art Avenue features a resort-style saltwater pool, fitness center, spin room, outdoor lounge with a fire pit area and an outdoor kitchen. The property was 96.3 percent occupied at the time of sale.
PHILADELPHIA — US Storage Centers has acquired a 107,606-square-foot facility in Philadelphia from Philly Self Storage. The 1,545-unit self-storage facility is located at 1910 S. Christopher Columbus Blvd. in Pennsport, directly off Interstate 95. The property is the first US Storage Centers location in Pennsylvania and will be rebranded as a US Storage Centers self-storage facility. Terms of the sale were not disclosed.