REBusinessOnline - News Archive

	NORTHEAST
	MERIDIAN CAPITAL COMPLETES FINANCING OF $1.8 BILLION TRANSACTION NEW YORK CITY — As the mortgage advisor to Extell Development Co. and The Carlyle Group, Meridian Capital Group has completed the financing of an approximately $1.8 billion real estate transaction in Manhattan. Extell Development Co. and The Carlyle Group have purchased 32 acres of land located along the Hudson River on the Upper West Side. The property features three new luxury apartment buildings, which were subsequently sold to Equity Residential, and a large tract of land. Hypo Real Estate Capital Corp. provided financing for the transaction. MARCUS & MILLICHAP FACILITATES MULTIFAMILY PORTFOLIO SALE READING, PA. — Scott Messmore of Marcus & Millichap's Philadelphia office and Matthew Fotis and J.D. Parker of Marcus & Millichap's Manhattan office have facilitated the sale of three apartment properties in Reading. Bruce Becker purchased the Grammary Court Apartments, The Callowhill Building and The Silk Mill Apartments from 5th and Walnut LLC and Metropolitan Management Co. for $4.68 million. Terry Sutton of Alliance Commercial Realty represented the buyer. Messmore was the listing agent. CB RICHARD ELLIS/NEW ENGLAND FORMS PRIVATE CLIENT GROUP BOSTON — CB Richard Ellis/New England has formed a Boston arm of the Private Client Group, a national CB Richard Ellis sales platform focusing on private investors. Patrick Cavanagh heads the new Boston division. CB Richard Ellis/New England is a Boston-based joint venture of CB Richard Ellis and Whittier Partners Group.

WEST

Equity Office will develop a 350,000-square-foot office building in downtown Portland.

EQUITY OFFICE TO DEVELOP 15-STORY OFFICE BUILDING
PORTLAND, ORE. — Chicago-based Equity Office will develop a 15-story, 350,000-square-foot office building on a 1-acre parcel at First and Main streets in downtown Portland. The building will include average floor plates of 22,000 square feet and 20,000 square feet of ground-floor retail, restaurant or conference space. The site, which Equity purchased in March, is currently operating as a surface parking lot. Other proposed amenities include a bank, bicycle hub, conference facility, sundry and coffee shop. The development team includes Gerding/Edlen Development Co., GBD Architects and Hoffman Construction.

CPP/AEW PARTNERSHIP SELLS SUNSCAPE APARTMENTS
SCOTTSDALE, ARIZ. — A joint venture between San Diego-based Crown Pacific Properties (CPP) and AEW Partners IV LP has sold the 442-unit Sunscape Apartments in Scottsdale for $53 million. The community, located on 18.94 acres at 3500 N. Hayden Rd., underwent a major renovation before the sale. CPP joint ventured with a private equity source to purchase the community from the CPP/AEW partnership. The new owners plan to convert the community into condominiums.

LEE & ASSOCIATES COMPLETES 116,811-SQUARE-FOOT LEASE FOR AN INDUSTRIAL TENANT
PICO RIVERA, CALIF. — Jeffrey Bethel of Lee & Associates' City of Industry, Calif., office has represented the tenant, Lubricating Specialties Co., in a 120-month, $6.4 million lease. The lease is for an 116,811-square-foot industrial space, located at 8320 Rex Rd. in Pico Rivera. Jeff Stephens and Dave Fults of CB Richard Ellis represented the landlord, JGK Industrial Holdings LLC.

NORTHMARQ CAPITAL ARRANGES FINANCING FOR SEVEN-PROPERTY PORTFOLIO
FORT COLLINS, COLO. — Steve Koeneke and Dale Stewart of NorthMarq Capital's Denver office have arranged $14 million in refinancing for a seven-property, office/retail loan portfolio. The properties, all owned and managed by Everitt Cos., are located in Fort Collins. The portfolio includes 2900, 3000 and 3030 S. College in Everitt Plaza, Thunderbird Plaza, Oak Tech II, and Centre Tech I and II, located at 2301 and 2401 Research Dr., respectively. Refinancing was arranged for the borrower with one of NorthMarq's correspondent insurance companies.

TWENTY NINTH STREET ADDS FIVE NEW FASHION AND ACCESSORY MERCHANTS
BOULDER, COLO. — Twenty Ninth Street, the 827,000-square-foot open-air, retail, entertainment, restaurant and office district being built in Boulder, has added five new fashion specialty stores to its tenant list. Ann Taylor Loft, Puma, J. Jill, Acorn and Francesca's Collection will be located in the central area of the property, which will feature several blocks of fashion, home furnishings and entertainment-oriented merchants, as well as restaurants. Anchors for this area are Foley's and a 16-screen Century Theatres. Twenty Ninth Street, which opens in fall 2006, is being developed by the Westcor development subsidiary of Santa Monica, Calif.-based The Macerich Company.

MIDWEST

Boyer-Rosene Moving & Storage Co. has purchased a warehouse located in Arlington Heights, Ill.

GRUBB & ELLIS NEGOTIATES PURCHASE OF 40,000-SQUARE-FOOT WAREHOUSE
ARLINGTON HEIGHTS, ILL. — Grubb & Ellis recently negotiated the purchase of a 40,000-square-foot warehouse in Arlington Heights. The warehouse is located within the Clearbrook Industrial Park at 2636 S. Clearbrook Dr. and features frontage on Interstate 90, 225 surface parking spaces, two docks and 24-foot ceiling heights. Bensenville, Ill.-based Boyer-Rosene Moving & Storage Co., a division of the Bekins System, purchased the property from Drew Enterprises, an Arlington Heights-based private investment group. Brian Carroll and Matt Mulvihill of Grubb & Ellis' Rosemont, Ill., office represented Boyer-Rosene. Jeffrey Kapcheck of Rosemont-based Colliers Bennett & Kahnweiler represented the seller.

MILLER-VALENTINE REALTY BROKERS SALE OF SHOPPING CENTER
WEST CHESTER, OHIO — Dayton, Ohio-based Miller-Valentine Realty has brokered the sale of Marketplace at University Pointe, a 22,050-square-foot shopping center in West Chester. Located on Cox Road, the center was purchased for $5.55 million. Tenants include McAlister's Deli, Big League Haircuts and Mattress Warehouse. Pete Nichols of Miller-Valentine Realty represented both parties in the transaction. The seller was Cox Road LLC, and the buyers were two Oregon investors.

BAUM REALTY GROUP ARRANGES SALE OF 39,600-SQUARE-FOOT BUILDING
CHICAGO — Chicago-based Baum Realty Group has arranged the $2.55 million sale of a 39,600-square-foot building. Located at 7250 W. Cermak in Chicago, the building is currently 100 percent occupied by Wickes Furniture. The buyer was a Highland Park, Ill.-based private investor who assumed conduit financing from Column Financial. The seller was a Chicago-based private investor. Chad Firsel of Baum Realty Group represented both parties in the transaction.

INSITE COMMERCIAL GROUP/TCN WORLDWIDE NEGOTIATES INVESTMENT SALE
CLINTON TOWNSHIP, MICH. — Insite Commercial Group/TCN Worldwide, based in Southfield, Mich., recently negotiated the investment sale of a 15,800-square-foot industrial building at 35186 Automation in Clinton Township. The buyer was First Parker Realty. The seller was F&M Resources, Michigan. Larry Balone and Gary Gruskowski of Insite Commercial represented both parties in the transaction.

HENDRICKS & PARTNERS ARRANGES SALE OF 20-UNIT APARTMENT COMMUNITY
MAPLEWOOD, MO. — Hendricks & Partners has arranged the sale of Colonial House, a 20-unit apartment community in Maplewood. The community, located at 7377 Maple Ave., sold for $942,000. The seller was St. Louis-based Loran Properties. The buyer was 7377 Maple LLC, also of St. Louis. Paul Cunningham of Hendricks & Partners' St. Louis office negotiated the transaction.

SOUTHEAST

TRIPLE NET PROPERTIES ACQUIRES FOREST OFFICE PARK
RICHMOND, VA. — Steve Corea and Seth Harris of Triple Net Properties have represented the tenant-in-common buyers in the purchase of Forest Office Park located on Santa Rosa Road and Discovery Drive in Richmond. The 223,225-square-foot office park consists of five buildings and is approximately 82 percent leased. Scott Adams of CB Richard Ellis represented the seller, Robinson Development Group. Eric Tupler and Kirk Danley of L.J. Melody & Co. arranged the financing through Wachovia.

BULLS CAPITAL PARTNERS FINANCES THE PARK RESIDENCES
HENDERSONVILLE, N.C. — Bulls Capital Partners has provided $2.6 million in financing for The Park Residences located in Hendersonville. The 43-unit apartment complex consists of five two-story buildings and totals 48,788 square feet of rentable space. David Howard of SunTrust Bank originated the loan.

Arbor Square at Connerton will be completed by Stiles Corp. in fall 2006 in Pasco County, Fla.

STILES CORP. TO DEVELOP ARBOR SQUARE AT CONNERTON
PASCO COUNTY, FLA. — Stiles Corp. will develop Arbor Square at Connerton located on U.S. Hwy. 41 at Pleasant Plains Boulevard in Pasco County. The 80,000-square-foot retail center will be anchored by a 45,600-square-foot Publix. Arbor Square at Connerton will include 23,000 square feet of retail and restaurant space and 9,000 square feet of office space. Construction will begin in first quarter 2006 with delivery slated for fall 2006.

MARSHALL BANKFIRST FINANCES LAND ACQUISITION
MIRAMAR BEACH, FLA. — Bella Blu Developers has hired Marshall BankFirst to finance the land acquisition of 3.07 acres of developmental land and 2 acres of private beachfront with 350 feet of frontage along the Gulf of Mexico. The borrower plans to develop a 150-unit luxury condominium and hotel project.

SPERRY VAN NESS COMPLETES SALE OF SHANE CO. JEWELRY STORE
ALPHARETTA, GA. — Scott Rogers of Sperry Van Ness has represented the private 1031 exchange buyer in the sale of a free-standing Shane Co. jewelry store located at 11885 Haynes Bridge Rd. in Alpharetta. The 8,149-square-foot, single-story building is situated on 1.6 acres and is net-leased to Shane Co. Marcus & Millichap represented the seller, Atlanta-based SunTrust Robinson Humphrey.

	TEXAS & OKLAHOMA
	LEXINGTON JOINT VENTURE ACQUIRES OFFICE FACILITY FOR $32 MILLION CARROLLTON, TEXAS — One of Lexington Corporate Properties Trust's joint venture programs recently acquired a 138,443-square-foot office facility in Carrollton for $32 million. The two-story building, which sits on an 8.2-acre parcel, is leased to Motel 6 Operating LP. GMH CAPITAL PARTNERS CLOSES SALE OF ISOM BUSINESS CENTER SAN ANTONIO — Bill Tourtellotte and Shawn Lubic of GMH Capital Partners have represented ITW Mortgage Investments III in the disposition of a 175,200-square-foot office/warehouse facility in San Antonio. The 85 percent-occupied property sold to a Texas-based REIT for $9.45 million. NAI CIP AND JLM LAND CO. NEGOTIATE 39-ACRE LAND SALE AUSTIN, TEXAS — Philip Bible of NAI Commercial Industrial Properties Co. (NAI CIP) and John McCullough of JLM Land Co. have represented Austin HB Residential in the sale of all four corners of the Parmer Lane and Harris Branch Parkway intersection in Austin. The intersection, which includes 39 acres of land in four tracts, is located in Harris Branch, a 2,200-acre master-planned development. Joyce Jane Weedman of NAI CIP represented the buyer, Kitchell Development Co.