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NORTHEAST |
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The Soffer Organization recently completed SouthSide Works, a 2 million-square-foot mixed-use community on the site of a former steel mill in Pittsburgh. |
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SOUTHSIDE WORKS OPENS IN PITTSBURGH
PITTSBURGH — SouthSide Works, a 123-acre, 2 million-square-foot mixed-use project along the Monongahela River in Pittsburgh, has been completed and recently celebrated its grand opening. From Pittsburgh-based developer Soffer Organization, SouthSide Works includes a ten-screen cinema, an open-air amphitheater, restaurants, a market, condominiums overlooking the river and a collection of office and residential loft spaces surrounding a central square. The community also features a 200-room waterfront hotel, a 30,000-square-foot conference facility and five aboveground parking lots. Baltimore-based Development Design Group designed the expansive project on the site of a former steel mill.
WELLS REIT COMPLETES BUILD-TO-SUIT OFFICE BUILDING IN NEW JERSEY
LEBANON, N.J. — Atlanta-based Wells Real Estate Investment Trust (Wells REIT) recently completed a build-to-suit office building in Lebanon and signed the tenant to a long-term lease for the facilities. The building, which is located at 600 Corporate Dr. in the 78 Corporate Center Office Park, was constructed for Merck & Co. for use as an administrative office facility. The Class A, four-story building totals 125,239 square feet. ADEVCO, an Atlanta-based developer, handled the development for Wells REIT and Bovis Lend Lease served as general contractor. Smallwood, Reynolds, Stewart, Stewart & Associates served as the project architect.
CBRE/WHITTIER PARTNERS ARRANGES TWO LEASES AT CABOT BUSINESS PARK
MANSFIELD, MASS. — CB Richard Ellis/Whittier Partners of Boston has brokered two leases totaling 331,000 square feet at the Cabot Business Park in Mansfield. Steve Clancy and Jim Nicoletti represented the landlord, San Francisco-based REIT AMB Property Corp., in both transactions. In the first deal, Milton's Trading Co./Gordon Logistics signed a 127,000-square-foot lease at 305 Forbes Blvd. Clancy and Nicoletti procured the tenant in the lease. In the second arrangement, Medline Industries of Mundelein, Ill., signed a 204,000-square-foot lease at 50 Hampden Rd. Hank Amabile of Grubb & Ellis represented the tenant. Both facilities are Class A distribution facilities located within the 900-acre industrial park, which is located off of Interstates 495 and 95.
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WEST |
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Karcher Mall in Nampa, Idaho. |
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BAUM BROS. ACQUIRES 545,000-SQUARE-FOOT MALL IN NAMPA
NAMPA, IDAHO — Chicago-based Baum Bros. recently acquired the 545,000-square-foot Karcher Mall located at 1509 Caldwell Blvd. in Nampa. Lehman Bros. sold the Macy's- and Ross Dress for Less-anchored property, which has in-line tenants including Bath & Body Works, Big 5 Sporting Goods and JoAnn Fabrics.
SPERRY VAN NESS COMPLETES $24 MILLION SALE OF PHOENIX APARTMENT COMPLEX
PHOENIX — Sperry Van Ness has completed the $24 million sale of Tuscany Cove, a 15-building apartment community located at 1814 E. Bell Rd. in Phoenix. Oakland, Calif.-based La Serena Tuscana purchased the 324-unit property from a Columbus, Ohio-based developer. Bill Hahn and Kevin Rille of Sperry Van Ness represented the seller. David Baird of Sperry Van Ness represented the buyer.
CHARLES DUNN AWARDED MANAGEMENT CONTRACT FOR CALIFORNIA INDUSTRIAL PORTFOLIO
CITY OF INDUSTRY, DIAMOND BAR, CARSON, SIGNAL HALL AND WHITTIER, CALIF. — Charles Dunn Co. has assumed management of five industrial properties totaling approximately 475,000 square feet on behalf of the Peters Trust. The properties are located throughout Los Angeles County at Fairway Commerce Center in City of Industry, Lycoming Business Center in Diamond Bar, Dominguez Industrial Park in Carson, Willow Palm Business Park in Signal Hill and Spring Business Center in Whittier.
WEITZ UNDERWAY ON 96,583-SQUARE-FOOT OFFICE PROJECT IN SCOTTSDALE
SCOTTSDALE, ARIZ. — The Weitz Company is underway on Phase II of a Class A three-story office building located at 9977 N. 90 th St. in Scottsdale. The second phase comprises a 96,583-square-foot building designed by DFD CornoyerHedrick and a two-story parking deck designed by Butler Design Group. Sunbelt Ventures LLC is developing Phase II on behalf of owner 90 Mountainview LLC.
GRUBB & ELLIS HANDLES $16 MILLION SALE OF L.A. OFFICE BUILDING
LOS ANGELES — Grubb & Ellis recently handled the $16 million sale of Royal Airport Center, a 214,152-square-foot office building located at 5933 W. Century Blvd. near Los Angeles International Airport. San Francisco-based LAX Royal Airport Center LP purchased the 12-story property, which was 70 percent leased at the time of sale. Kevin Shannon, Chris Sinfield, Michael Moore, Scott Schumacher and Paul Perkins of Grubb & Ellis represented the buyer and the seller in the transaction.
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MIDWEST |
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GLASER FINANCIAL REFINANCES TWO MULTIFAMILY PROPERTIES
BLOOMINGTON, MINN. — St. Paul, Minn.-based Glaser Financial Group has provided two HUD/GNMA 223 (f) loans to refinance two multifamily properties in Bloomington. Glaser provided approximately $2.05 million for the 51-unit Ridge View Terrace and approximately $1.48 million for the 45-unit Newton Manor.
SCHULTZ'S FAMILY RESTAURANT TO OPEN IN MICHIGAN
FLAT ROCK, MICH. — J.L Schultz recently signed a lease for 3,870 square feet of space at 26582 Telegraph in Flat Rock to open Schultz's Family Restaurant. Insite Commercial Group/TCN Worldwide represented the landlord, Golden Circle, in the lease transaction.
MCSHANE CONSTRUCTION TOPS OUT BEDFORD PARK BUSINESS CENTER
BEDFORD PARK, ILL. — McShane Construction Corp. has topped out the Bedford Park Business Center, a 296,147-square-foot industrial facility located at 7123 West 65 th St. in Bedford Park. The project is being developed by a partnership of Purinton Development LLC, StoneCrest Development and RM Chin & Associates. Upon completion early this fall, the facility will be owned by Multi-Employer Property Trust. CB Richard Ellis is handling the leasing aspect.
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SOUTHEAST |
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FAISON BREAKS GROUND ON THE VILLAGE MANOR AT AYRSLEY
CHARLOTTE, N.C. — Faison has broken ground on its new townhome community, the 69-unit Village Manor at Ayrsley, which is located in south Charlotte just off Interstate 485 near the South Tyron exit. Narmour Wright Associates is providing architectural services for the project, which includes two- and three-bedroom plans in variety of two- and three-story townhomes.
ARA NEGOTIATES DISPOSITION OF DUNWOODY CLUB
DUNWOODY, GA. — The Dermot Company of New York has sold Dunwoody Club, a 532-unit multifamily property located at 7700 Colquitt Rd. in Dunwoody, to Pasadena, Calif.-based Evergreen Development for $37.55 million. Derrick Bloom, Sean Henry and John Weber of Apartment Realty Advisors (ARA) negotiated the deal for The Dermot Company.
FOUNTAIN LAKE AT SANDY SPRINGS SELLS FOR $20.65 MILLION
ATLANTA — Andrew Mays and Paul Vetter of Marcus & Millichap's Atlanta office have brokered a deal for Fountain Lake at Sandy Springs, a 308-unit apartment community located at 5555 Roswell Rd. in Atlanta. Investment Company of Birmingham, Ala. sold the property to Austin, Texas-based Mission Residential for $20.65 million. Mays and Vetter represented the seller and secured the buyer in the transaction.
DEBARTOLO RENOVATES AND REDEVELOPS EMBASSY CROSSING
PORT RICHEY, FLA. — DeBartolo Development plans to redevelop a former 115,000-square-foot Wal-Mart building in Port Richey. The building is located at Embassy Crossing, a 336,585-square-foot retail center located at the intersection of U.S. Highway 19 and Embassy Boulevard. It will be redeveloped into four separate retail spaces: Bed Bath & Beyond will occupy 33,000 square feet; Michaels and Bealls will each occupy 28,500 square feet; and one additional medium-box tenant will be named by late this year to fill the remaining space.
TOSCANO UNDER CONSTRUCTION IN MIAMI
MIAMI — Fairfield Residential is underway on Toscano, a 25-story, 396-unit luxury condominium development located on North Kendall Drive in Miami; the development also will feature ground-level retail space. Nichols, Brosch, Wurst, Wolf & Associates is designing the project, which is scheduled for completion in summer 2006.
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Fairfield Residential is developing Toscano, a 396-unit high-rise community located in Miami. |
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TEXAS |
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HINES, HILLWOOD PARTNER TO DEVELOP AT VICTORY PARK
DALLAS — Hines and Hillwood are planning to develop an 800,000-square-foot, two-building, Class A office complex at Victory, a 75-acre urban district located adjacent to Dallas' central business district and Uptown. The office complex will be part of the Victory Park phase of development, and it will be developed in two phases; the first, One Victory Park, will be an 18-story building. Eight additional buildings are scheduled to be a part of Victory Park. Hillwood and Hicks Holdings own Victory.
LIVE OAK CAPITAL ARRANGES FINANCING FOR $50 MILLION ACQUISITION
SAN ANTONIO — RPD Catalyst of California recently purchased several properties in San Antonio for nearly $50 million. Properties acquired include Lone Oak Shopping Center, 118,294 square feet; the 105,349-square-foot Grandview Shopping Center; Exchange Plaza, 144,371 square feet; Hermes Plaza, 47,370 square feet; and the 165,480-square-foot Pavilions North Shopping Center. David Aaronson of Live Oak Capital arranged financing for the transactions.
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Marcus & Millichap recently closed the sale of a Hobby Lobby store in North Richland Hills, Texas. |
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MARCUS & MILLICHAP COMPLETES THREE RETAIL SALES
NORTH RICHLAND HILLS, MISSOURI CITY AND MISSION, TEXAS — Gavin Kam and Samuel Herskovits of Marcus & Millichap have arranged the sale of a 62,000-square-foot Hobby Lobby store in North Richland Hills. A Malibu, Calif.-based corporation acquired the property through a 1031 exchange; a limited partnership from Dallas sold the store. In Mission, Kam negotiated the sale of an Advance Auto Parts store; a developer from McAllen, Texas, sold the property to an individual investor from San Diego. In Missouri City, James Bell and Joe Blatner of Marcus & Millichap brokered the sale of the Missouri City Shopping Center located at 5950-6026 Highway 6 for $2.9 million.
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