REBusinessOnline - News Archive

NORTHEAST

The Treeline Companies has purchased Atria East, a six-story, 207,000-square-foot office building in Hempstead, N.Y. for $46 million.

THE TREELINE COMPANIES ACQUIRES ATRIA EAST OFFICE BUILDING
HEMPSTEAD, N.Y. — The Treeline Companies has purchased Atria East, a 207,000-square-foot office building in Hempstead for $46 million. The six-story building, located at 990 Stewart Ave., is part of a two-building complex situated on 5 acres. The building is currently 100 percent occupied and features a full-service cafeteria, a two-level underground parking facility and an atrium lobby. The property was purchased from Heritage Management Co.

ONYX EQUITIES PURCHASES THREE-BUILDING OFFICE COMPLEX
EDISON, N.J. — Onyx Equities has purchased 2025-2045 Lincoln Highway, a three-building office complex in Edison, for $24 million from Berkshire Funding Group. The 230,969-square-foot complex, located within 1 mile of Exit 2B of Interstate 287, is currently 62 percent leased to tenants including Metropolitan Life Insurance, PDL BioPharma, Janney Montgomery Scott and Nestle USA. Onyx Equities plans to upgrade the common areas in all three buildings, improve the property’s exterior and add new amenities.

JONES LANG LASALLE BROKERS SALE OF SOUTH HADLEY SQUARE
SOUTH HADLEY, MASS. — James Koury of Jones Lang LaSalle has brokered the $11.6 million sale of South Hadley Square, a single-tenant retail property in South Hadley. The 56,850-square-foot property, located at the junction of Routes 33 and 202, is currently occupied by Big Y and includes two small developable out parcels and an option to purchase an additional ten acres adjacent to the site. Jones Lang LaSalle represented the seller, CHK and KHC South Hadley Associates, and procured the buyer, Alvero Acquisition Corp.

Massey Knakal Realty Services has completed the $1.11 million sale of an apartment building in the Midwood area of Brooklyn.

MASSEY KNAKAL COMPLETES SALE OF APARTMENT BUILDING
NEW YORK CITY — Massey Knakal Realty Services has completed the $1.11 million sale of a four-story apartment building in the Midwood area of Brooklyn, New York City. The 16-unit building, located at 567 E. 22nd St., contains three three-bedroom apartments that are more than 13,520 square feet, four two-bedroom apartments, six one-bedroom apartments and two studio apartments. All residences are rent stabilized. Eric Greenfield of Massey Knakal represented the seller, Jean Claude Couer, who purchased the property from Avi Esses. Massey Knakal was the sole broker in the transaction.

THE LOUIS BERGER GROUP SIGNS 108,332-SQUARE FOOT OFFICE LEASE
MORRIS TOWNSHIP, N.J. — The Louis Berger Group has signed a 108,332-square-foot lease at Kemble Plaza II, an office building in Morris Township. The Class A office building, located at 412 Mt. Kemble Ave., contains 475,100 square feet and is owned by Mack-Cali Realty Corp. George Martin and Joseph Messina of Studley represented the tenant and Mack-Cali was represented in-house by Jane Greenblatt.

WEST

HEALTH CARE PROPERTY INVESTORS SELLS PORTFOLIO OF NURSING FACILITIES FOR $443.5 MILLION
LONG BEACH, CALIF. — Long Beach-based Health Care Property Investors has sold a portfolio of 78 skilled nursing facilities for $443.5 million. The facilities are operated by 28 different operators and include 8,881 beds. The sale of 69 facilities to an investor for $391.6 million closed on December 1. Tenants of the remaining nine facilities exercised rights of first refusal to acquire the facilities. The $51.9 million in sales of the remaining facilities are expected to close before January 31, 2007.

A 185,000-square-foot SuperTarget has opened in Brighton, Colo.

SUPERTARGET OPENS IN 1,887-ACRE MIXED-USE PRAIRIE CENTER DEVELOPMENT
BRIGHTON, COLO. — THF Realty has completed an 185,000-square-foot SuperTarget located in the company’s $500 million, 1,887-acre mixed-use Prairie Center development in Brighton. Greeley, Colo.-based Roche Constructors constructed the store, which also includes a Starbucks Coffee. SuperTarget is part of the first phase of Prairie Center, which will contain 758,507 square feet of retail space, including a 140,308-square-foot The Home Depot, which opened in 2005. A Chili’s restaurant will open next, followed in early 2007 by the 65,000-square-foot Village Area pedestrian-oriented retail development. A 65,000-square-foot medical office building will also be launched in 2007. Upon full build out, Prairie Center will include 3 million square feet of retail space in power centers, destination retail and lifestyle centers; 4,500 homes, condominiums and apartments; and a medical office development. Completion is scheduled for 2015.

01 Townsend Street sold for $16.8 million.

COLLIERS INTERNATIONAL BROKERS $16.8 MILLION OFFICE SALE
SAN FRANCISCO — Tony Crossley and Frank Wheeler of Colliers International have represented the seller, Rosenberg SOMA Investments, in the $16.8 million sale of a San Francisco office building. The 73,755-square-foot, four-story 410 Townsend Street is located on the north side of Townsend Street between Fifth and Sixth streets. Tenants of the 100 percent-leased building include Wells Fargo, Sony and Avenue A Razorfish. The buyer was PMI Properties.

GRANITE PEAK PARTNERS ACQUIRES THREE APARTMENT COMMUNITIES FOR $34.25 MILLION
SEATTLE — Granite Peak Partners has acquired three apartment buildings in Seattle’s Queen Anne and Capitol Hill districts for $34.25 million from Birkeland and Associates. The apartments were acquired for a private investment fund syndicated to high net worth investors. The properties are the six-story, 87-unit Queen Vista at 321 Queen Anne Ave N; the four-story, 34-unit Highland Crest at 1205 Queen Anne Ave. N; and the four-story, 52-unit The Summit at 733 Summit Ave. E. Steffenie Birkeland and Joe Maas of Synergy Real Estate in Seattle represented both parties in the transaction.

Golden Ridge I and II in Golden, Colo., have been sold for $11.35 million.

CROWN WEST REALTY COMPLETES $11.35 MILLION ACQUISITION OF TWO OFFICE BUILDINGS
GOLDEN, COLO. — Crown West Realty has completed the $11.35 million acquisition of two Class A office buildings in Golden. The single-story Golden Ridge I and II total 100,800 square feet and are located at 500 and 560 Golden Ridge Rd. Tenants in the 84 percent-occupied properties include Rockwell Automation, Health Grades Inc. and TechLaw Inc.

LARKSPUR HOSPITALITY PURCHASES 91-ROOM MONTICELLO INN
SAN FRANCISCO — Larkspur Hospitality has acquired the 91-room Monticello Inn in San Francisco from Continental Renaissance Partners. The inn, located between Union Square and the new Westfield Centre, will be renovated and repositioned into a four-star property. Designed using the 18th century home of Thomas Jefferson as its inspiration, the hotel features 91 guest rooms, including 20 two-room Jefferson suites. All rooms include complimentary wireless Internet access, writing desks and voicemail. The hotel’s library features numerous literary works and a fireplace and hosts a complimentary manager’s wine reception each night. Puccini and Pinetti Italian Grill is adjacent to the hotel.

MIDWEST

Frankfurt, Germany-based SEB Immobilien-Investment GmbH has acquired the USG Building, an 18-story, 479,000-square-foot office tower in Chicago, for $178 million.

FIFIELD COS. SELLS 479,000-SQUARE-FOOT OFFICE BUILDING FOR $178 MILLION
CHICAGO — Chicago-based Fifield Cos. has closed on the sale of the USG Building, an 18-story, Class A office tower located in Chicago’s West Loop. Frankfurt, Germany-based SEB Immobilien-Investment GmbH purchased the 479,000-square-foot building for $178 million, or $375 per square foot. As part of the sale, SEB Immobilien-Investment GmbH will also receive credits from Fifield for free rent and tenant incentives of approximately $12 million. The building, which was designed by Chicago-based DeStefano+Partners, is currently 95 percent leased to tenants such as USG Corp.; Fifield Cos.; Louisville, Ky.-based Humana; Chicago-based law firm Lewis, Brisbois, Bisgaard and Smith; and Chicago-based WhittmanHart. Mike Vesper and Tony Smaniotto of Los Angeles-based CB Richard Ellis Investment Properties represented Fifield in the transaction. The $375 per square foot price tag represented the highest price per square foot ever for an office property in the city west of the Chicago River.

DUKE REALTY TO REDEVELOP 220,400-SQUARE-FOOT INDUSTRIAL FACILITY
NILES, ILL. — Duke Realty Corp. is redeveloping Niles Distribution Center, an industrial facility located at 6300 Howard St. in Niles. The company plans to demolish 229,500 square feet of the existing 364,000-square-foot vintage building and redevelop 220,400 square feet for lease. Upon completion in October 2007, the center will feature pre-cast construction, 28-foot clear ceiling heights, 18 exterior truck docks, four drive-in doors and approximately 14,000 square feet of office space. During the redevelopment, an existing 134,500 square feet will remain intact for a tenant holding a long-term lease. Duke has retained John Hauser and Steve Trapp of Cushman & Wakefield as exclusive leasing agents for the distribution center.

COLLIERS BENNETT & KAHNWEILER BROKERS $40.07 MILLION RETAIL CENTER SALE
CHICAGO — Rosemont, Ill.-based Colliers Bennett & Kahnweiler has completed the sale of Lincoln Village, a 140,000-square-foot, multi-tenant retail property located at 6075-6201 N. Lincoln Ave. in Chicago. An affiliate of Inland Real Estate Group of Companies acquired the property for approximately $40.07 million. Office Depot, Borders Books & Music, Factory Card Outlet, Famous Footwear and others occupy the center, which was more than 97 percent leased at the time of acquisition. Kevin Gazley of Colliers Bennett & Kahnweiler represented the seller, a partnership led by Terraco.

WRIGHTWOOD CAPITAL SELLS 331,000-SQUARE-FOOT INDUSTRIAL PROPERTY FOR $20.8 MILLION
NAPERVILLE, ILL. — Wrightwood Capital has sold a 331,000-square-foot industrial building located at 175 Ambassador Dr. in Naperville to an undisclosed buyer for $20.8 million. Wrightwood acquired the building in August 2003, on behalf of Wrightwood Capital Industrial Property Fund II, and completed a 90,000-square-foot tenant build-out, which increased the building to its current size. The building is the first asset from the Wrightwood Capital Industrial Property Fund II to be sold.

IMPRESSIONIST DEVELOPMENT CORP. BUILDS 14-UNIT CONDOMINIUM PROJECT
CHICAGO — Impressionist Development Corp. has entered the final stages of construction on The Avenue on North Lincoln, a 14-unit condominium building located at 2757-2767 N. Lincoln in Chicago. The four-story building will feature a collection of two-bedroom/two-bath units and three-bedroom/two-bath units, as well as three commercial spaces. The two-bedroom condos range in price from $475,000 to $619,900 and the three-bedroom units are priced at $775,000. The condos feature stainless steel appliances; gourmet kitchens with Wolf, Sub-Zero, Bosch and Dacor appliances; Grohe faucets; 42-inch cherry cabinetry; granite countertops and a large center island or peninsula. All units also include security systems; pre-wiring for cable, telephone, data and stereo; and built-in washers and dryers.

	SOUTHEAST
	WATERFORD DEVELOPMENT ACQUIRES 50 ACRES FOR EXECUTIVE CENTER PRINCE WILLIAM COUNTY, VA. — Waterford Commercial Development, in partnership with RER Equities and Bouwfonds Property Finance, has acquired 50.6 acres of land in the Innovation submarket of Prince William County for the development of Innovation Executive Center. The project is a master-planned commercial campus providing up to 640,000 square feet of one-, two- and three-story commercial product. Innovation Executive Center is located within Prince William County’s Innovation Sector, an area strategically designed to foster economic development and partnerships between the county, George Mason University and the private sector. THREE ALABAMA HOTELS SELL FOR $18 MILLION FULTONDALE, ALA. — Molinaro Koger (MK) has completed the $18 million sale of three hotels in Fultondale. MK represented a regional investor in the sale of a 65-room Hampton Inn, a 67-room Holiday Inn Express, and a 70-room Comfort Suites to a related entity of Stafford Hospitality. The assets were previously managed by Birmingham, Ala.-based H.P. Hotels. STIRLING LAFAYETTE SHOPPING CENTER TO BREAK GROUND LAFAYETTE, LA. — Stirling Properties is breaking ground this month on Stirling Lafayette Shopping Center, located at the southwest quadrant of Interstate 10 and Louisiana Avenue in Lafayette. The 450,000-square-foot development will feature top national retailers that will offer discount, entertainment and lifestyle components. Target and JCPenney will anchor the development, which is scheduled to open in fall 2008. HARD ROCK HOTEL AT UNIVERSAL ORLANDO UNDERGOES RENOVATION ORLANDO, FLA. — Hard Rock Hotel at Universal Orlando has undergone a $6.8 million renovation of its 650 guestrooms and suites. The renovation includes the installation of 32-inch flat panel televisions and MP3 landing stations with connectivity to the in-room stereo system. The chic new look includes a complete upgrade of the bedding linen, new carpeting, new wall paint and granite tops on the mini bars. All club level rooms feature DVD players. MICROTEL INN & SUITES TO BE BUILT IN PORT CHARLOTTE PORT CHARLOTTE, FLA. — Port Charlotte-based Village Port is breaking ground this month on a three-story, 86-room Microtel Inn & Suites, located at 4056 Tamiami Trail in Port Charlotte. Scheduled to open next summer, the Microtel Inn & Suites is the first hotel to be built in the area since the devastation of Hurricane Charley in 2004. The hotel will include a fitness center, a meeting room and an outdoor pool.

	TEXAS
	COURTYARD BY MARRIOTT JOINS MIXED-USE DEVELOPMENT PEARLAND, TEXAS — A 110-room Courtyard by Marriott hotel has been added to development plans for Pearland Town Center, CBL & Associates Properties’ 1.2 million-square-foot mixed-use development in Pearland. The four-story hotel will include amenities such as a courtyard area, a restaurant/lounge, meeting space, a swimming pool and an exercise room. Ground breaking is scheduled in the next few months and completion will coincide with the center’s opening in 2008. In addition to the Courtyard by Marriott, Pearland Town Center will feature 710,000 square feet of retail space. Tenants will include Macy’s, Dillard’s, Barnes & Noble, Chico’s and Bath & Body Works. PATIENTS MEDICAL CENTER DEVELOPMENT NEARS COMPLETION PASADENA, TEXAS — In January 2007, Ascension Group Architects is scheduled to finish work on Patients Medical Center, a Rockwall Hospitals development in Pasadena. The 101,000-square-foot medical/surgical acute care hospital, which is owned by Pasadena-area physicians, will feature 53 private inpatient overnight suites, four intensive-care unit beds, four intermediate-care beds, an emergency department, eight operating rooms and space for open-heart surgery. Richardson, Texas-based Rockwall will manage the facility. An opening date has yet to be determined. GRUBB & ELLIS NEGOTIATES OFFICE ACQUISITION IRVING, TEXAS — Liberman Broadcasting of Dallas has purchased a 43,460-square-foot office building from T/E Gateway 2410. The building is located at 2410 Gateway Dr. in Irving. Bo Estes and Patrick McCown of Grubb & Ellis represented the buyer in the transaction.