 |
NORTHEAST |
|
|
 |
Westminster Properties recently purchased Maplewood Shopping Center in Hazle Township, Pa. |
|
SUMMIT MANAGEMENT COMPLETES $1.5 MILLION SALE OF MAPLEWOOD SHOPPING CENTER
HAZLE TOWNSHIP, PA — Summit Management and Realty Co. recently brokered the $1.5 million sale of the Maplewood Shopping Center in Hazle Township. Located at the entrance of Humboldt Industrial Park, the fully leased, 10,000-square-foot building is situated on 5.88 acres. Michael Crampise of Summit Management represented the seller, New Age Development, in the transaction. The buyer is adding the retail center to its existing portfolio of properties located in the Humbolt Industrial Park area.
CB RICHARD ELLIS BROKERS SALE OF APPLEBRIAR APARTMENTS
MARLBOROUGH, MASS. — CB Richard Ellis/New England (CBRE) recently completed the sale of Applebriar Apartments in Marlborough. The 17-year-old, 164-unit apartment complex is located on Route 20. The complex contains 15 two- and three-story buildings that feature 11 floorplans. The residences range from one- to two-bedroom apartments. Simon Butler, Biria St. John, Chris Sower and Michael Byrne of CBRE represented the undisclosed seller and procured the buyer, Sentinel Real Estate Co. The property was sold for an undisclosed price.
FOREST CITY SIGNS 200,000-SQUARE-FOOT LEASE WITH LEGG MASON
NEW YORK CITY — Legg Mason recently agreed to a 200,000-square-foot lease in the New York Times Building in Manhattan, New York City. Legg Mason will occupy floors 45 through 50 of the 52-story, 1.5 million-square-foot building. Legg Mason is planning to construct a rooftop conference center along with a landscaped garden, both of which will be designed by Renzo Piano and FXFOWLE Architects. Forest City Ratner Cos., the New York City affiliate of Forest City Enterprises, owns 700,000-square-feet of space in the building. With this lease, more than 75 percent of that space is now leased.
MERIDIAN CAPITAL ARRANGES $1.3 MILLION LOAN
NEW YORK CITY — Brett Kaplan of Meridian Capital Group recently arranged $1.3 million in financing for a 46.5- by 110-square-foot parcel of land on Bergen Street in Brooklyn, New York City. The property is located in the Prospect Heights section and is near Vanderbilt and Flatbush avenues as well as Prospect Park. Kaplan secured a rate of 13.5 percent over a 9-month, interest-only term. The borrower was undisclosed.
|
|
|
|
WEST |
|
|
ROCKEFELLER GROUP DEVELOPMENT CORP. ACQUIRES LAND FOR MIXED-USE PROJECT
TORRANCE, CALIF. — David Prior and Todd Taugner of The Klabin Company’s Torrance office have represented the buyer, Rockefeller Group Development Corp., in the acquisition of 23 acres in Torrance. The vacant land is located on the south side of Lomita Boulevard between Hawthorne and Crenshaw boulevards. The $100 million development will feature medical and professional office buildings and office condominiums for sale, as well as retail space. The seller was Grae Lomita LLC. Groundbreaking is scheduled for 2007.
MAKAR PROPERTIES NEARS COMPLETION OF ORANGE COUNTY HOTEL RENOVATIONS
COSTA MESA, CALIF. — Newport Beach, Calif.-based Makar Properties has neared completion of the renovations to the Wyndham Orange County Hotel, located on 3 acres on Avenue of the Arts in Costa Mesa. The hotel’s 238 guestrooms, including 35 suites, have been updated, and all bathrooms have been improved with contemporary touches. The bar/lounge area has also been renovated. Dining options include a 140-seat TerraNova Dining Room overlooking a lake and offering outdoor clubhouse seating and a "Fields and Sun Breakfast" buffet. The Wyndham Orange County Hotel has also partnered with The Spa and Fitness Club located near South Coast Plaza. Hotel guests will have access to the spa including the saltwater lap pool, a sun deck, saunas and a whirlpool.
BUCHANAN STREET PARTNERS STRUCTURES TWO LOANS TOTALING $23.3 MILLION
FRESNO AND FREMONT, CALIF. — Buchanan Street Partners has advised Centers Dynamic on two loans for grocery-anchored retail centers in California. A $13.5 million bridge loan was provided for the purchase of Ashlan Park Shopping Center in Fresno, and a $9.8 million refinancing permanent loan was provided for Crossroads Shopping Center in Fremont. The non-recourse loan for Ashlan Park provided 80 percent of the purchase price and 100 percent of future repositioning costs for the borrower.
MARCUS & MILLICHAP BROKERS $19 MILLION RETAIL SALE
LAS VEGAS — Chris Cunning of Marcus & Millichap has represented the seller in the $19 million sale of a 95,425-square-foot retail center in Las Vegas. Desert Crossings, located at 4810-4890 W. Desert Inn Rd., is anchored by Smith’s Food and Drug. Other tenants include Starbucks Coffee, Vegas Golf, CDG Management, Kosters Cash Loans, Sinclair Gas Station, Van Phy Restaurant and 99 Cent Store.
CBRE REPRESENTS SELLER IN $12.86 MILLION OFFICE SALE
NEWPORT BEACH, CALIF. — A 42,891-square-foot office building, located at 4440 Von Karman in Newport Beach, has been sold for $12.86 million. Robert Smith and Michael Kane of CB Richard Ellis’ (CBRE) Newport Beach office represented the seller, Spectrum Investments. The buyer was Greenlaw Partners.
COLDWELL BANKER COMMERCIAL NRT ARRANGES PURCHASE OF APARTMENT COMMUNITY
PHOENIX — John Brigham of Coldwell Banker Commercial NRT has represented the buyer, Susan M. Jackson Trust of South San Francisco, Calif., in the $2.97 million sale of a Phoenix apartment community. Village Phoenix Apartments is located on 44 acres at 2620 N. 40th St. Rick Turner of Prudential Arizona Properties represented the seller, Louis Beltran, in the transaction.
|
|
|
|
MIDWEST |
|
|
ALLIANZ LIFE INSURANCE ACQUIRES 358,760-SQUARE-FOOT WAREHOUSE
GROVEPORT, OHIO — Westport, Conn.-based Allianz Life Insurance Co. has acquired a 358,760-square-foot distribution facility in Groveport from Sacramento, Calif.-based Panattoni Development Co. for an undisclosed price. The building is located on a 19.5-acre site at 5765 Green Pointe Dr. North. The building, which is 100 percent leased to Excel, offers 7,000 square feet of office build-out, 32-foot clear ceiling heights, 50-foot by 50-foot bays, four drive-in doors, 86 exterior truck-level docks with levelers, an ESFR fire-suppression system, and parking for 57 trailers and 216 cars. Mark Goode and Roy Splansky of Chicago-based Venture One Real Estate, in association with Thomas Mechenbier of CB Richard Ellis, represented the seller in the transaction.
DUKE REALTY SECURES 194,000-SQUARE-FOOT LEASE AT THE LANDINGS
BLUE ASH, OHIO — Citigroup has leased 194,000 square feet at The Landings, Duke Realty Corp.’s 525,000-square-foot master-planned office park in Blue Ash. The company will occupy Landings I, a 175,695-square-foot building, and 10 percent, or 18,305 square feet, of Landings II. Duke is in the final stages of construction of Landings I, while construction of Landings II, a five-story, 175,695-square-foot building, will begin immediately, with completion scheduled for June 2007. Citigroup will occupy Landings I in October. The buildings will offer large, efficient floorplans, lobbies, a center courtyard and a 300-vehicle parking area.
 |
| Sarasota, Fla.-based SRS Investments has acquired Unity Health and Resource Center, a 48,488-square-foot medical office center in Columbus, Ohio, for $7.5 million. |
|
SRS INVESTMENTS ACQUIRES 48,488-SQUARE-FOOT MEDICAL CENTER FOR $7.5 MILLION
COLUMBUS, OHIO — Sarasota, Fla.-based SRS Investments, on behalf of tenant-in-common investors, has acquired Unity Health and Resource Center in Columbus from Omni Management for $7.5 million. The 48,488-square-foot medical center is 93 percent occupied by nine tenants including Ohio Health, Columbus Children’s Hospital, Columbus Neighborhood Health Center, Capital City Medical Associates and Urban Pediatrics. Citigroup Global Markets Realty Corp. provided financing for the acquisition.
TRIPLE NET PROPERTIES ACQUIRES SEVEN-BUILDING PORTFOLIO
INDIANAPOLIS — Santa Ana, Calif.-based Triple Net Properties has acquired a seven-building portfolio in Indianapolis from Southpointe Associates for an undisclosed price. Six of the office buildings are located within Southpointe Office Parke at the corner of County Line Road and Shelby Street and total approximately 76,000 square feet. The seventh building is located at the corner of East Street and Epler Avenue and is approximately 20,772 square feet. Janice Hawkins of NAI Olympia Partners negotiated on behalf of Southpointe Associates.
BECOVIC MANAGEMENT GROUP PURCHASES APARTMENT COMPLEX
INDIANAPOLIS — Becovic Management Group has purchased Grande Reserve at Geist, a 146-unit apartment community in Indianapolis from Kensington Realty Advisors, a Chicagoland investment management firm. Steve LaMotte of CB Richard Ellis brokered the transaction on behalf of the seller.
| |
|
|
SOUTHEAST |
|
|
 |
| MG Pembroke Place is developing Pembroke Park Place, a gated condominium community in Pembroke Park, Fla. |
|
PEMBROKE PARK PLACE TO BE BUILT IN JOINT VENTURE
PEMBROKE PARK, FLA. — MG Pembroke Place, a partnership between Roger Miller of The Miller Group and Ken Gordon of AmeriBuilt Corp., is developing Pembroke Park Place, located at 5400 W. Hallandale Beach Blvd. in Pembroke Park. The gated condominium community will feature three mid-rise buildings, a 4,100-square-foot clubhouse and 7,000 square feet of separate retail space. Prices will start from $165,000 for one-bedroom units, from $199,000 for two bedrooms and from $265,000 for three bedrooms. Construction is expected to begin this fall with occupancy slated for early 2008.
WOOLBRIGHT DEVELOPMENT PURCHASES LAND FOR RETAIL PROJECT
KENDALL, FLA. — Woolbright Development has purchased a site, located at the southeast corner of North Kendall Drive and S.W. 137th Avenue in Kendall, that is currently occupied by Don Carter Kendall Lanes. Woolbright plans to construct Carter Square, a 67,000-square-foot shopping center on the site. It is 100 percent pre-leased, and its anchor tenants are Staples and Walgreens. Other tenants include Citibank, Cingular Wireless, Starbucks Coffee, Hair Cuttery, Pei Wei Asian Diner and Panera Bread. Construction will commence this fall with occupancy set for next spring.
 |
H.J. High Construction Co. is building an 80,000-square-foot Worship Center for Bell Shoals Baptist Church in Brandon, Fla. |
|
H.J. HIGH CONSTRUCTION CO. BUILDS BELL SHOALS BAPTIST CHURCH WORSHIP CENTER
BRANDON, FLA. — H.J. High Construction Co. is serving as construction manager for the new 3,000-seat Worship Center and a 240-seat Choir Loft at Bell Shoals Baptist Church in Brandon. The 80,000-square-foot facility will include the Worship Center, choir rehearsal space, office space and classrooms. The construction plan incorporates site construction with a new pond and landscaped parking areas. West Palm Beach, Fla.-based STH Architectural Group is the architect. The project began in June and is expected to take 18 months to complete.
MEDALIST CAPITAL CLOSES $272.3 MILLION IN LOANS
CHARLOTTE, N.C. — Charlotte-based Medalist Capital has closed seven permanent loans totaling $272.3 million. Fixed-rate, long-term debt was placed with three Medalist Capital correspondent lenders — AmerUs Capital Management, Genworth Financial and Green Park Financial — and with several CMBS lenders. The AmerUs Capital Management debt was placed on Lexington Medical in Columbia, S.C.; the Genworth Financial debt was placed on Plaza at East Cooper in Mount Pleasant, S.C.; and the Green Park Financial debt was placed on Amelia Village in Clayton, N.C. Other deals include Sugaw Corners in Charlotte and Flowers Plantation in Clayton.
BULLS CAPITAL ARRANGES $37.7 MILLION IN FANNIE MAE FINANCING
ORLANDO AND MELBOURNE, FLA. — Bulls Capital Partners has completed four loans totaling $37.7 million on garden-style apartment complexes in Orlando and Melbourne. The loans were completed on behalf of a limited liability corporation consisting of LaSalle Income and Growth Fund IV, an institutional fund managed by LaSalle Investment Management and Affirmative Equities Co. In separate transactions, Bulls Capital Partners placed $8.5 million in financing for Misty Oaks Apartments, $11.9 million for The Reserve at Rosemont I, and $7.4 million for The Reserve at Rosemont II in Orlando; and Bulls Capital Partners placed $9.7 million for The Landings at Palm Bay in Melbourne. The combined portfolio totals 1,010 units.
| |
|
|
TEXAS & OKLAHOMA |
|
|
 |
| SCM Real Estate has represented a local partnership in the purchase of a 118,000-square-foot office building in Grand Prairie, Texas. |
|
SCM REAL ESTATE REPRESENTS BUYER IN PURCHASE OF OFFICE BUILDING
GRAND PRAIRIE, TEXAS — SCM Real Estate has represented a local partnership in the purchase of an office building located at 2505 N. State Hwy. 360 in Grand Prairie. The Class A property, which spans 118,000 square feet, is currently 75 percent occupied by tenants such as D&M Leasing, Farmer’s Insurance, Molina Healthcare and Realty Mortgage. Trammell Crow’s John Alvarado represented the seller, and Brad Francis of Realty America Group arranged the financing, which was provided by GE Real Estate.
SPERRY VAN NESS BROKERS SALE OF OFFICE BUILDING
FORT WORTH, TEXAS — Sperry Van Ness recently completed the sale of The Western Insurance Building, located at 5601 Bridge St. in Fort Worth. The office building spans 84,831 square feet and was 82 percent occupied at the time of sale. Tenants include Xerox, Plaza Executive Suites and J&K Professional Medical. Steve Fithian of Sperry Van Ness/Visions Team in Keller, Texas, represented the buyer, Keller Properties. Cantex Realties’ Tim McNamara and Steven Mancillas represented the seller, Germany-based The Commons at Cliff Creek.
 |
Cadence McShane has completed two buildings in Dallas for Proterra Properties. |
|
CADENCE MCSHANE COMPLETES TWO BUILDINGS FOR PROTERRA PROPERTIES
DALLAS — Cadence McShane has completed construction on two buildings for Proterra Properties in Valley View Business Center, located at 5350 FAA Blvd. in Dallas. Building Two and Building Three feature a combined 207,534 square feet of warehousing and distribution space. Building Two is a 115,860-square-foot facility featuring 20 truck docks and custom offices, and Building Three is a 91,674 square foot industrial building with 15 truck docks and offices. Pritchard Associates served as construction manager for the two-building project, and Halff Assoc. provided architectural services.
|
|
|
To search the news archives, please first select a month and
then a date from the drop down menus below:
|
|
|
