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NORTHEAST |
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FOREST CITY ACQUIRES LAND IN BROOKLYN FOR ATLANTIC YARDS
BROOKLYN, N.Y. — The Metropolitan Transit Authority (MTA) has accepted a $100 million agreement with Forest City Enterprises for 8.3 acres located atop the MTA's downtown Brooklyn rail yard. Forest City plans to utilize the land as part of its 21-acre mixed-use project, Atlantic Yards, which will feature 2.1 million square feet of office, 300,000 square feet of retail and approximately 4,500 residential units in addition to its centerpiece, an 850,000-square-foot sports and entertainment arena. Forest City hopes to begin construction next year.
CBL & ASSOCIATES CELEBRATES GRAND OPENING OF CHICOPEE MARKETPLACE
CHICOPEE, MASS. — CBL & Associates Properties has opened Chicopee Marketplace, a 156,000-square-foot shopping center located at the interchange of Interstate 90 and Memorial Drive in Chicopee. The 22-acre development features a mix of national and regional retailers such as Marshalls, Staples, iParty, Sleepy's, Payless ShoeSource, Fashion Bug, Sally's Beauty Supply, Olympia Sports, Royal Buffet, Miami Nails, $.99 Depot, Subway, GameStop and Chicopee Savings Bank.
CEDAR SHOPPING CENTERS ACQUIRES RETAIL CENTERS
DUNMORE AND CARLISLE, PA. — Cedar Shopping Centers recently acquired four shopping centers totaling approximately 481,000 square feet for $26.3 million. Two of the properties are located in Pennsylvania; Dunmore Shopping Center is a 101,000-square-foot center in Dunmore, and The Point at Carlisle Plaza encompasses 183,000 square feet in Carlisle. The other two shopping centers included in the transaction are located in East Lansing and Wyoming, Mich. All four properties represent potential redevelopment opportunities.
STUDLEY BROKERS INDUSTRIAL LEASE RENEWAL IN EAST HANOVER
EAST HANOVER, N.J. — Burton Gubenko and Thomas Carragher of Studley's Northern New Jersey office have represented both the landlord and the lessee in a 198,000-square-foot lease renewal within the warehouse at 905 Murray Hill Rd. in East Hanover. New TG Hanover LLC leased the space for 5 more years to Tri-Coastal Design Group for $4.7 million.
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WEST |
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W HOTELS WORLDWIDE PLANS FOR NEW HOTEL
PHOENIX — W Hotels Worldwide will open a new W Hotel & Residences in downtown Phoenix, scheduled to open in 2008. W's parent company, Starwood Hotels and Resorts Worldwide, has entered into a management agreement with Suns Legacy Hotel Investors to license the residential units as W Residences and to operate the property as a W hotel. The hotel and residences will be located next to the American West Arena at the intersection of E. Jefferson and S. 3rd Street. The hotel will feature approximately 190 rooms, 170 residences, a signature restaurant, a destination bar, a 10,000-square-foot Bliss Spa and fitness area, 10,000 square feet of meeting space, W Hotel's signature Living Room experience, a full service 24-hour business center, an outdoor pool and a sundeck.
DONAHUE SCHRIBER TO DEVELOP $8 MILLION SHOPPING CENTER
SURPRISE, ARIZ. — Costa Mesa-based Donahue Schriber has plans to develop Greenway Marketplace, a 73,000-square-foot neighborhood shopping center located at the southeast corner of Reems and Greenway roads in Surprise, a Phoenix suburb. Located on 10 acres of land, the $8 million project will be anchored by a 40,000-square-foot grocery store. Merriam, Kan.-based Boice-Raidl-Rhea Architects is designing the center, which is scheduled to open in fourth quarter 2006.
RREEF CLIENT PURCHASES ROOSEVELT COMMONS
SEATTLE — On behalf of an advisory client, RREEF has purchased Roosevelt Commons, a 230,000-square-foot, two-building, Class A office property located on Roosevelt Way NE in Seattle. Purchased for $94.5 million, the property sits on 1.3 acres and is located in Seattle's University District. Bellevue, Wash.-based Pacific Real Estate Partners represented the seller, Roosevelt Commons LLC. Roosevelt Commons is 100 percent occupied and has long-term leases in place with Safeco Insurance Co. of America and the University of Washington.
COLLIERS INTERNATIONAL SELLS PORTION OF SANTEE TOWN CENTER
SANTEE, CALIF. — Richard Lebert of Colliers International represented the sellers, Norton Karno and Chris Coseo, in the sale of a 25,385-square-foot portion of the Santee Town Center in Santee. The property, located at 235 Town Center Pkwy. adjacent to The Home Depot, was purchased for $7.5 million. Major tenants of the center include Tuesday Morning, Barratt Homes and Supercuts. The shopping center is part of the 706-acre Santee Town Center development. Bud Marsh of Colliers International represented the buyer, Rogers Family Partnership.
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MIDWEST |
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MID-AMERICA DEVELOPMENT PARTNERS AND HARP GROUP DEVELOP HOTEL
WHEELING, ILL. — Construction has begun on the 411-room Westin North Shore Hotel in Wheeling. Oakbrook Terrace, Ill.-based Mid-America Development Partners and Lombard, Ill.-based Harp Group are the developers of the project with Chicago-based The Walsh Group serving as general contractor. The hotel, located at Lake-Cook Road and Milwaukee Avenue, will include an adjoining retail complex and will total 410,000 square feet. The 327,000-sqaure-foot hotel will offer approximately 40,000 square feet of convention, conference and banquet space and major restaurants. The hotel is expected to open in early 2007. The retail portion of the project, Prairie Crossings, will be completed during the fourth quarter of next year. In addition to the hotel, there will be 25,000 square feet of retail space, a 5,000-square-foot bank and 30,000 square feet of restaurants. The Marshall Group of Minneapolis is financing the project with the Village of Wheeling and Everest Real Estate Fund LLC. Starwood Hotels and Resorts Worldwide will operate and manage the hotel. Chicago-based VOA Associates and Arlington Heights, Ill.-based HKM Architects are the project architects, and Rosemont, Ill.-based Mackie Consultants is the civil engineer.
MICHAEL REALTY CO. ARRANGES $9.5 MILLION RETAIL SALE
TOLEDO, OHIO — Toledo-based Michael Realty Co. has arranged the $9.5 million purchase of two shopping centers on Glendale Avenue in Toledo. The first retail center totals 47,544 square feet, and the second is 12,400 square feet. Joe Belinske of Michael Realty Co. represented Toledo-based investor Harvey Tolson in the purchase. The seller was First American Exchange Co. of Toledo. The two shopping centers comprise the Shoppes at Toledo Commons. Current tenants include Payless ShoeSource, EB Games, Hollywood Video and ALDI.
GRANT PLACE RETAIL CENTER OPENS IN NORTH CHICAGO
NORTH CHICAGO — North Chicago-based Five Points Economic Development Corp. recently completed Grant Place, a 22,000-square-foot shopping plaza in North Chicago, located at the corner of Sheridan Road and 18th Street. Lake Forest Bank and Trust will occupy 2,500 square feet in the plaza. Chicago-based ViCor Development is the project manager; DeStefano Partners, also of Chicago, is the architect. The State Financial Bank and the city of North Chicago are financing the plaza.
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SOUTHEAST |
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CB RICHARD ELLIS HANDLES SALE OF NIPPON BUILDING
MIAMI — Scott Sime and Wayne Schuchts of CB Richard Ellis have advised the seller, Skrande Family Trust, in the sale of a 171,000-square-foot industrial facility located at 2900 N.W. 112th Ave. in the Airport West Industrial submarket in Miami. The facility, which sold for $13.3 million, is currently leased to Nippon Express International. The buyer was Pennsylvania-based Seagis Property Group.
WALKER & DUNLOP ARRANGES REFINANCING FOR CORPORATE CENTER
ROCKVILLE, MD. — Michael Yavinsky of Bethesda, Md.-based Walker & Dunlop has arranged $26 million in refinancing for Key West Corporate Center 2, 3 and 4, located in Rockville. The corporate complex includes both office and lab space. The three buildings on this loan were cross-collateralized and cross-defaulted. The financing was arranged for a 10-year term on a conservative 65 percent loan-to-value. Key West Corporate Center was 79 percent occupied at closing.
FLETCHER BRIGHT CO. ANNOUNCES CONDO CONVERSION
ATLANTA — Chattanooga, Tenn.-based Fletcher Bright Co. has announced the condominium conversion of Riviera Terrace located on Briarcliff Road in Atlanta. Riviera Terrace will feature 44 two- and three-bedroom homes ranging from 1,000 to 1,260 square feet that are priced from the $160,000s to the $180,000s. Morris and Raper Realtors are providing sales and marketing efforts for Riviera Terrance. The condominiums are scheduled for completion in December.
MARCUS & MILLICHAP FACILITATES SEA BREEZE APARTMENTS SALE
FORT LAUDERDALE, FLA. — Evan Kristol and Still Hunter III of Marcus & Millichap's Fort Lauderdale office along with Andrew Jordan of Marcus & Millichap's Miami office have represented the seller in the sale of Sea Breeze Apartments located at 1405 Miami Rd. in Fort Lauderdale. The 20-unit, 13,750-square-foot apartment complex sold for $2.95 million. David Luther of Marcus & Millichap's Fort Lauderdale office represented the buyer.
GRUBB & ELLIS HANDLES SALE OF IRONWOOD, LEATHERWOOD OFFICE BUILDINGS
RALEIGH, N.C. — Rex Thomas of Grubb & Ellis/Thomas Linderman Graham has represented the seller, Highwoods Properties, in the sale of Ironwood and Leatherwood office buildings located at 2920 and 3000 Highwoods Blvd. in Raleigh. The three-story office buildings total approximately 86,000 square feet and sold for $6.5 million. Herb Cunningham of Coldwell Banker Commercial Trademark Properties represented the buyer, Greenwood Commons LLC.
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TEXAS & OKLAHOMA |
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GMAC COMMERCIAL MORTGAGE PROVIDES $5.8 MILLION LOAN FOR THE HAMPTON INN LAS COLINAS
IRVING, TEXAS — GMAC Commercial Mortgage Corp. (GMACCM) has provided a $5.8 million acquisition loan for The Hampton Inn Las Colinas in Irving. Located at 820 W. Walnut Hill, the 66,377-square-foot hotel features 425 square feet of meeting space. David Fishler of GMACCM's New York loan origination office arranged the transaction through GMACCM's Hospitality Industry Division. RT-Las Colinas Associates LP received the funding.
THE RETAIL CONNECTION NEGOTIATES SALE OF ETHAN ALLEN BUILDING
MESQUITE, TEXAS — David Levinson and Beth Weingarden of Dallas-based The Retail Connection have represented Providence Unlimited in the sale of a 15,200-square-foot Ethan Allen building. Gary Smith and Sheree Sutton of Varesources Inc. purchased the building, which is located at 2330 Interstate 30 in Mesquite. Horace Weaver of S&S Property Co. represented the buyers.
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Marcus & Millichap has closed the sale of Sutton Square, a 154-unit apartment community in Hurst, Texas. |
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MARCUS & MILLICHAP FACILITATES SALE OF SUTTON SQUARE APARTMENTS
HURST, TEXAS — John Barker of Marcus & Millichap's Dallas office recently represented both the buyer and the seller in a multifamily transaction in Hurst. An individual investor in Irving, Texas, acquired Sutton Square apartments, a 154-unit community located on Bellaire Drive, from a limited partnership in Omaha, Neb.
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