Seagis adds industrial space in Pennsylvania

Seagis Property Group acquired a 151,000-square-foot warehouse building on 15.4 acres for $6.6 million in Allentown, Pa.

The property, located at 6736 Tilghman St. in the Iron Run Industrial Park, was acquired vacant from its former occupant. The building is masonry construction, and has 16 tailgate dock doors and rail service.

John Begier, a principal at Seagis, said " the surplus acreage provides for future development capability. "  more...

Parkway Properties downsizes in Atlanta

Parkway Properties Inc. sold three office properties totaling 181,000 square feet in Atlanta, Ga., for a combined sales price of $17.2 million.

The properties, Hightower Centre, Pavilion Center and Roswell North, are located in various submarkets with a combined occupancy of 76.6 percent at the time of sale.

Buyers' identities were not disclosed.

Proceeds from the sale were used to repay amounts outstanding under the company's lines of credit, according to a press statement.  more...

Auto parts manufacturer sells Michigan complex

Investment firm W. P. Carey & Co. LLC acquired an approximately 280,000-square-foot office facility in Washington Township, Mich., for an undisclosed price.

The company's affiliated income-generating real estate fund, Corporate Property Associates 16 - Global Incorporated, purchased the two-building property from TRW Vehicle Safety Systems Inc., which will continue to house its engineering labs and related services on-site.  more...

Phillips Edison bags 'underutilized' shopping center

Phillips Edison & Co. acquired Currier Square, a 131,027-square-foot shopping center in Oroville, Calif., for an undisclosed price.

At the time of purchase, Currier Square was anchored by Raley's, a supermarket chain.

"... We see a great deal of upside in Currier Square through a concentrated and focused repositioning and redevelopment of this underutilized shopping center," said John Bessey, vice president of acquisitions for Phillips Edison.

Phillips Edison & Co. is a retail real estate owner, manager and developer operating in 25 states.

South Florida's Harbor Plaza deal closes

RJS Realty Group brokered the sale of Harbor Plaza, a 45,361-square-foot strip center in Delray Beach, Fla., for $14.8 million.

Fairway - Harbor LLC, an Alabama entity, purchased the property from locally based New Harbor Partners LTD, which had owned the property for over eighteen years.

The center, built in 1982 and situated on 6.23 acres at the northeast corner of Linton Boulevard and Federal Highway, was anchored at the time of sale by Carrabba's Italian Grill and Panera Bread, and includes a host of established local operators.

North Carolina portfolio sells for $19.5M

EastGroup Properties purchased a portfolio of four distribution buildings in Charlotte, N.C., for a purchase price of $19.5 million.

The buildings, which were constructed in 1987 through 1989, contain a total of 322,000 square feet and are located in the NorthPark Business Park.

At the time of sale, the multitenant buildings were 93.4 percent leased to 18 customers.

"This acquisition is our first in Charlotte and represents EastGroup's entry into our third new market over the past three years," said EastGroup President and CEO David H. Hoster II.  more...