REBusinessOnline - News Archive

NORTHEAST

The Walters Group has received approval to develop Stafford Park, a 361-acre mixed-use project located in Stafford Township, N.J.

PLANS APPROVED FOR STAFFORD PARK REDEVELOPMENT
STAFFORD TOWNSHIP, N.J. — The Walters Group has received approval to redevelop a 361-acre former landfill site located just south of Route 72 in Stafford Township. The development, called Stafford Park, will feature 565 age-restricted residential units, 112 affordable housing units, 25,000 square feet of office space including municipal public works facilities, a 650,000-square-foot retail complex, and a recreation area with a 71,000-square-foot twin ice skating rink.

ONYX EQUITIES PURCHASES OFFICE BUILDING
JERSEY CITY, N.J. — Onyx Equities recently acquired 30 Montgomery St., a 15-story, 292,000-square-foot office building located in the waterfront district of downtown Jersey City. A joint venture between Denholtz Associates and Jerold Zaro sold the property for an undisclosed price. Michael Nevins of Onyx is handling leasing for the 24,000 square feet of space available in the building.

NAI HUNNEMAN BROKERS SALE OF RETAIL PROPERTY
FRANKLIN, MASS. — Robert Tito, Lowell Peabody and Jonathan Aron of NAI Hunneman Commercial have represented the seller and procured the buyer of the Boston Sports Club, a 25,852-square-foot retail building located at 750 Union St. in Franklin. The Davis Marcus Partners purchased the development from APCA TSI LLC for $3.58 million.

CB RICHARD ELLIS NEGOTIATES DISPOSITION OF INDUSTRIAL BUILDING
CONCORDVILLE, PA. — Steve Italiano has brokered the sale of 98 Lacrue Ave., a 40,000-square-foot office/warehouse building located within Concord Business Park in Concordville. P&Z Development sold the property to Lacrue LLC for $2.1 million. Italiano represented both the buyer and seller in the transaction.

A new 50,000-square-foot office building, 80 Misty Lane @ Lanidex, recently opened in Parsippany, N.J.

NEW OFFICE BUILDING OPENS IN PARSIPPANY
PARSIPPANY, N.J. — 80 Misty Lane @ Lanidex, a 50,000-square-foot office building located in Parsippany, recently opened. James Sousa and Jon Williams of Weichert Commercial Brokerage are responsible for marketing the remaining 17,000 square feet for lease in the building. The International Brotherhood of Electrical Workers (IBEW) Local 102 owns the property.

WEST

600 B St. in San Diego has been sold to Legacy Partners for $95.5 million.

GRUBB & ELLIS/BRE COMMERCIAL FACILITATES $95.5 MILLION OFFICE SALE
SAN DIEGO — Louay Alsadek, Frank Wright, Andy La Dow and Scott Diggs of Grubb & Ellis/BRE Commercial and Kevin Shannon of CB Richard Ellis have represented both the buyer, Foster City, Calif.-based Legacy Partners, and the seller, Santa Ana, Calif.-based Triple Net Properties, in the $95.5 million sale of a San Diego office tower. The 338,905-square-foot, 24-story 600 B St. property is located in downtown San Diego's Financial Corridor. The tower is 98 percent leased with the City of San Diego occupying nearly 50 percent of the building. Comerica Bank is another tenant. Amenities include a full-service Comerica Bank branch, a gourmet coffee cart, a food stand, a flower cart and a daycare facility.

The first phase of The Promenade Shops at Dos Lagos in Corona, Calif., will open in October.

SEVEN NEW TENANTS SIGN AT PHASE I OF LIFESTYLE CENTER
CORONA, CALIF. — Seven new tenants have signed leases to occupy space in the first phase of The Promenade Shops at Dos Lagos in Corona. The 350,000-square-foot first phase is scheduled to open in October. Those tenants are Banana Republic, bebe, Ann Taylor Loft, Bakers Shoes, Frederick's of Hollywood, Wood Ranch BBQ & Grill and Windsor Fashion. The lifestyle center, located along Interstate 15 south of Highway 91, is a joint venture between Poag & McEwen and SE Corp.

SCRIPPS INVESTMENTS & LOANS PROVIDES $26 MILLION IN FINANCING FOR BUSINESS PARK CONSTRUCTION
BANNING, CALIF. — La Jolla, Calif.-based Scripps Investments & Loans has provided $26 million in construction financing to MG Banning LLC for a business park project in Banning. The six-building, 163,600-square-foot Banning Business Park will be located on Lincoln Street at the Eighth Street off-ramp of Interstate 10. The loan will be used to pay off existing debt and to construct 102 Class A office condominiums ranging in size from 560 to 6,000 square feet.

CBRE NEGOTIATES THREE INDUSTRIAL SALES TOTALING $40 MILLION
ANAHEIM, TEMECULA AND LAKE FOREST, CALIF. — Tom McAllister and Jim Wootan of CB Richard Ellis' (CBRE) Anaheim office have represented Whittle Investments in the sale of a 106,000-square-foot warehouse in Anaheim to Lennar Homes; the purchase of a fully leased, 116,763-square-foot manufacturing building in Temecula; and the purchase of a fully leased, 26,232-square-foot corporate headquarters facility in Lake Forest. Tension Envelope Co. leases the Temecula building long-term, and Tristate, dba Journey Electric Technologies, leases the Lake Forest building long-term. The three transactions totaled just under $40 million.

3000 The Plaza in Irvine, Calif., will feature the area's first rooftop pool.

3000 THE PLAZA DEVELOPMENT TO FEATURE 105 CONDO UNITS
IRVINE, CALIF. — OWR Development and Geoffrey H. Edmunds California are developing 3000 The Plaza, a luxury, high-rise condominium development on Jamboree Road between Campus and Dupont drives in Irvine. The condo community will feature 105 one- to three-bedroom units in a 15-story tower. Amenities will include a rooftop pool, a sundeck, a club room — featuring a dining room, a wet bar, a caterer's kitchen, and individual wine storage lockers — a terrace with gardens and dining areas, a conference room, a state-of-the-art fitness center and five levels of parking. MV&P International is the architect. Occupancy is slated for summer 2008.

FEDERATED DEPARTMENT STORES SELLS FOUR MALL STORES TO TARGET CORP.
ALBUQUERQUE, N.M.; WESTMINSTER AND GLENDALE, CALIF.; AND SPRINGFIELD, PA. — Federated Department Stores has sold four mall department store locations to Target Corp. The acquired properties are a 153,000-square-foot Macy's Coronado Center in Albuquerque, a 175,000-square-foot Macy's Westminster Mall in Westminster, a 179,000-square-foot Robinsons-May Glendale Galleria in Glendale and a 186,000-square-foot Strawbridge's Springfield Mall in Springfield.

MIDWEST

Construction has begun on the $207 million, 370,000-square-foot West Chester Medical Center in West Chester, Ohio.

CONSTRUCTION BEGINS ON $207 MILLION WEST CHESTER MEDICAL CENTER
WEST CHESTER, OHIO — Construction has begun on Health Alliance's 370,000-square-foot West Chester Medical Center in West Chester. The $207 million medical center, designed by the Dallas office of RTKL, will include an acute care hospital and a 90,000-square-foot medical office building. The first phase of construction includes a five-story, 160-private bed hospital and a 90,000-square-foot, four-story medical office property that will be built adjacent to the hospital. The three-phase project includes plans for an additional 144-bed tower, a medical office building and a 1,200-care parking garage. Completion is expected at the end of 2008.

Construction is scheduled to begin on 757 Orleans @ Chicago, a 198-unit condominium building, this fall.

GAMMONLEY GROUP TO BUILD 198-UNIT CONDOMINIUM BUILDING
CHICAGO — The Gammonley Group will begin construction of 757 Orleans @ Chicago, a 198-unit condominium building, this fall. The community, located in the River North neighborhood, will offer 18 different floor plans ranging from 644 to 1,818 square feet. The units, which will include studio layouts, one to three bedrooms, and one or two baths, will be priced from $200,000 to $700,000. 757 Orleans @ Chicago will feature a sixth-floor pool and terrace, a fitness center, a business center, a conference room and ground-level retail space.

DUKE REALTY TO BUILD WEST LAKE AT CONWAY
LAKE FOREST, ILL. — Duke Realty Corp. will break ground this fall on West Lake at Conway within Conway Park in Lake Forest. The 100,000-square-foot, Class A office building will be located on a 9-acre land parcel in the eastern portion of the office park. The three-story facility, designed by Wright Architects, is expected to be complete by December 2007. CB Richard Ellis' Hank Cox and Bob Reaumond will list the property.

BURTON & MAYER BUILDING SELLS FOR $1.6 MILLION
BROOKFIELD, WIS. — BAMCO Investments has sold the 61,000-square-foot Burton & Mayer industrial building located at 12995 W. Lisbon Rd. in Brookfield for $1.6 million. The buyer, Donald Krause, plans to use the building to expand his printing business, National Graphics, while the seller plans to relocate to Menomonee Falls, Wis. Colliers Barry's Kevin Barry and Kurt Van Dyke co-brokered the transaction with Sam Dickman Jr. of Dickman Co.

FIRST WESTERN PROPERTIES SELLS TWO APARTMENT COMMUNITIES
SOUTHFIELD, MICH., AND HOBART, IND. — First Western Properties has sold two apartment complexes in Southfield and Hobart. Southfield Apartments, a 369-unit complex in Southfield, sold for $22 million, and Lake in the Woods Apartments, a 300-unit community in Hobart, sold for $16.4 million. First Western represented the private equity buyers in both transactions.

PARKWAY PLAZA SELLS FOR $3.05 MILLION
MAUMEE, OHIO — Toledo, Ohio-based Eidi Properties has purchased Parkway Plaza, located at 2509 Parkway Plaza in Maumee, for $3.05 million. Tolson Investments sold the 140,582-square-foot retail center, which is situated on 11.67 acres and currently occupied by Lifestyles for Ladies, Sherwin-Williams, Dollar General, Maumee Wines and The Pharm. Joseph Belinske of Michael Realty Co. represented both parties in the transaction.

IDI has leased 110,437 square feet of Building 3 in Bolingbrook Corporate Center in Bolingbrook, Ill., to Lincoln Electric Co.

IDI CLOSES FOUR LEASES IN CHICAGO AREA
BOLINGBROOK, MONTGOMERY AND ROSELLE, ILL. — IDI has closed four leases in the Chicago area totaling 645,000 square feet. In Bolingbrook, Lincoln Electric Co. signed a 10-year lease for an 110,437-square-foot space in Building 3 of Bolingbrook Corporate Center. Scott Jacobs of Allegro Realty Advisors represented the lessee in the transaction, and Lee & Associates' Jeffrey Galante and David Pals were the listing brokers. Walker International Transportation leased 96,507 square feet in Carlow Corporate Center, located at 903 Carlow Dr. in Bolingbrook. NAI Hiffman's Daniel Leahy represented the tenant, and Galante and Pals were the listing brokers.
In Montgomery, Great American Group signed a short-term lease to occupy 290,947 square feet at 2001 Baseline Rd. NYPRO, a plastic injection molder, signed a 10-year lease to occupy 146,538 square feet at Turnberry Lakes International Business at 6325 Muirfield Dr. in Roselle. Keith Puritz of CB Richard Ellis represented NYPRO in the transaction, and Jeff Kapcheck of Colliers Bennett & Kahnweiler listed the property.

NORTHFIELD LABORATORIES ACQUIRES INDUSTRIAL FACILITY FOR $6.7 MILLION
MT. PROSPECT, ILL. — Northfield Laboratories has acquired a 106,000-square-foot industrial building located at 1200 Business Center Dr. in Mt. Prospect. Chicago-based First Industrial Realty Trust sold the property for $6.7 million. Northfield has initiated a capital improvement campaign for the property. Trammell Crow Co.'s David DesRosiers, Ed Lowenbaum and Doug Shehan represented the seller in the transaction, while Mike Fonda of Cushman & Wakefield represented the buyer.

SOUTHEAST

McGarvey Development has begun construction on Phase II of the Mid Cape Corporate Center in Cape Coral, Fla.

MCGARVEY DEVELOPMENT BEGINS PHASE II OF MID CAPE CORPORATE CENTER
CAPE CORAL, FLA. — McGarvey Development has begun construction on Phase II of the Mid Cape Corporate Center, a Class A office/industrial business environment located in close proximity to the intersection of Pine Island Road and Santa Barbara Boulevard in Cape Coral. Phase I has been completed and it includes Cape Coral Charter School. Phase II includes the construction of three flex buildings with two grade level buildings measuring 36,000 square feet each and one dock height building measuring 39,600 square feet. The completed project will include seven buildings comprised of 176,500 square feet of Class A office space and 111,600 square feet of industrial/flex space. The project is slated for completion in November.

Crosswinds Florida is developing Village Lofts in Fort Lauderdale, Fla.

CROSSWINDS FLORIDA DEVELOPS VILLAGE LOFTS
FORT LAUDERDALE, FLA. — Crosswinds Florida, a division of Michigan-based Crosswinds Communities, is developing Village Lofts, located at 700 N.E. Fourth St. in Fort Lauderdale. When complete, Village Lofts will contain single-story flats, two-story lofts and oversized studios. Floorplans will range in size from 1,055 to 1,504 square feet. Pre-construction prices for the 72 residences will begin in the mid $300,000s. Amenities will include a second-floor swimming pool with a sun deck, a state-of-the-art fitness center, underground parking and special areas for social gatherings. The groundbreaking is expected to take place later this month.

PHASE I OF GEORGETOWN AT PERIMETER WALK UNDERWAY
ATLANTA — Richard Aaronson Signature Homes, Atlantic Realty Partners' for-sale division, has begun construction of Phase I of Georgetown at Perimeter Walk in the Atlanta submarket of Central Perimeter. Located next to the recently developed 44-acre Perimeter Place, the blend of townhomes and carriage homes will feature one-, two- and three-bedroom residences ranging in size from 918 to 2,171 square feet. Prices begin from $199,900. Construction of the 88 homes is scheduled to be complete in September.

CUSHMAN & WAKEFIELD BROKERS MULTIFAMILY SALE
BRANDON, FLA. — Byron Moger and Luis Elorza of Cushman & Wakefield have represented the seller, Los Angeles-based National Commercial Ventures, in the $38.5 million sale of BaLaye Apartments in Brandon. Denver-based AIMCO purchased the multifamily property, which features units averaging 1,055 square feet. Units include 9-foot ceilings, plantation blinds, crown molding, ceramic tile and hardwood cabinets; and amenities include an indoor basketball court.

GVA ADVANTIS NEGOTIATES WAREHOUSE ACQUISITION
KENNESAW, GA. — Kristy Williams and Trey Carswell of GVA Advantis have represented the buyer, Hoover Management Co., in the $1.8 million purchase of a 35,000-square-foot warehouse located at 3775 Cobb International Blvd. in Kennesaw. Marc Pope III of Atlanta, represented by Hailey Realty, sold the property, which is situated on 3.2 acres of land. Direct Metals Co., a distributor of industrial metal and fiberglass products, occupies 100 percent of the building.

	TEXAS & OKLAHOMA
	PASSCO COS. ACQUIRES TWO MULTIFAMILY COMMUNITIES HOUSTON — Passco Cos., along with its tenant-in-common investor group, has acquired two multifamily communities in greater Houston. The company purchased Alanza Brook Apartments, a 336-unit luxury apartment complex located between Loop 610 and Beltway 8, and The Moorings, a 201-unit luxury apartment complex located at 601 Enterprise Ave. Alanza Brook Apartments features amenities such as a resort-style swimming pool and a fitness center. Ed Cummins of Hendricks & Partners represented Passco, which purchased the property from Wood Partners. The Moorings is situated on 9.27 acres in the South Shore Harbour master-planned development and consists of seven two-story buildings and three four-story buildings. Todd Stewart of CB Richard Ellis represented Passco and the seller, Drever Moorings. GRUBB & ELLIS BROKERS SALE OF OFFICE PROPERTY SAN ANTONIO — Grubb & Ellis recently handled the sale of a 4,000-square-foot office property located at 16116 University Oak in San Antonio. Grubb & Ellis' Vicki Cade and Teresa Corbin represented the seller, Curt Lundberg. Gilles Ghez of Grubb & Ellis represented the buyer, IPI Grammtech. HENDRICKS & PARTNERS NEGOTIATES SALE OF CASA DE LOMA DALLAS — Hendricks & Partners has negotiated the sale of Casa de Loma, a 102-unit apartment complex located at 102 N. Randolph Dr. in Dallas. San Antonio-based C.D.L. Apartments sold the property to Dallas-based HL Side. Peter Hartnett of Hendricks & Partners' Dallas office handled the sale.