North Carolina retail center changes hands

Phillips Edison & Co., a retail real estate owner, manager and developer, announced the purchase of New Market Madison Shopping Center in Madison, N.C.

The value of the transaction was not disclosed.

New Market Madison is a 169,343-square-foot community shopping center, anchored by a Big K-Mart.

The property was approximately 65 percent occupied at the time of purchase.

Phillips Edison & Co. has offices in Baltimore, Maryland, Cincinnati, Ohio and Salt Lake City, Utah. The company owns and manages 222 neighborhood and community shopping centers totaling over 24 million square feet in 34 states.

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source: columbusrealtors.com

Urstadt Biddle Properties buys retail space in New Jersey

Urstadt Biddle Properties Inc. has completed the purchase of a retail property in Bergen County, N.J., for a purchase price of $6.25 million, excluding closing costs, the company announced last week.

The 20,000-square-foot property, located on Franklin Turnpike in Waldwick, N.J., is net-leased to Rite Aid, a publicly traded, national chain of drug stores, under a long-term lease that expires in 2017.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust. The company owns or has interest in 40 properties containing approximately 3.8 million square feet of space.

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source: columbusrealtors.com

Urstadt Biddle Properties buys retail space in New Jersey

Urstadt Biddle Properties Inc. has completed the purchase of a retail property in Bergen County, N.J., for a purchase price of $6.25 million, excluding closing costs, the company announced last week.

The 20,000-square-foot property, located on Franklin Turnpike in Waldwick, N.J., is net-leased to Rite Aid, a publicly traded, national chain of drug stores, under a long-term lease that expires in 2017.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust. The company owns or has interest in 40 properties containing approximately 3.8 million square feet of space.

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source: columbusrealtors.com

Triple Net Properties buys Park Central in Atlanta

Triple Net Properties LLC has acquired Park Central in Atlanta, on behalf of tenant-in-common investors, the company announced.

The value of the acquisition, which closed on November 29, was not disclosed.

Park Central is a 10-story office building totaling approximately 212,200 square feet in Atlanta.

The building was built in 1986 and renovated in 2005 and is approximately 10 miles northeast of Atlanta's central business district. The property provides a 785-space parking garage.

At the time of purchase, Park Central was 85 percent occupied by 30 tenants, including Digital Tigers, RLI Insurance and Phoenix Systems.

Triple Net Properties purchased Park Central from Transwestern.

Triple Net is a wholly-owned subsidiary of NNN Realty Advisors Inc., a nationwide commercial real estate asset management and services firm.

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source: columbusrealtors.com

Downtown Manhattan office tower changes hands

Mitsui Fudosan America Inc. has purchased 100 William Street, a 400,000-square-foot class A office building in downtown Manhattan.

The value of the transaction was not disclosed.

The seller was a locally based partnership led by Lighthouse Real Estate Ventures, which had owned the property since 1999.

Built in 1973, the 21-story office tower is currently over 90 percent occupied. Tenants include Reuters, Interactive Data Corp., Level 3 Communications and Citibank.

New York-based Mitsui Fudosan America is a real estate investment and development company.

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Joint venture acquires multifamily property in Phoenix

Somera Capital Management has acquired Windtree Village, a 103-unit apartment community located in Phoenix in a joint venture with 3 Street Financial LLC.

The value of the transaction was not disclosed.

The property, located at 6041 West Thomas Road, is nearby The Veranda a 156-unit apartment community, which the joint venture acquired in August.

Windtree Village, built in 1982, is comprised of 71 two-bedroom units and 32 one-bedroom units in eight two-story buildings.

3 Street Financial, LLC, a multifamily operator that focuses on repositioning and strategic demographic marketing, will oversee refurbishment of the property as well as its marketing and management.

Somera Realty Value Fund II LP, a private-equity real estate fund, provided Somera's equity to the joint venture. The seller is Lex Windtree Village, an affiliate of San Francisco based Prime Group.

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source: columbusrealtors.com