REBusinessOnline - News Archive

	NORTHEAST
	MASSEY KNAKAL BROKERS SALE OF MULTIPLE PROPERTIES NEW YORK CITY — Massey Knakal Realty Services has brokered the $7.4 million sale of 121 LaSalle, a six-story apartment building near Columbia University in Manhattan, New York City. The 25,412-square-foot building, located at 3139 Broadway in the Morningside Heights neighborhood, contains 26 residential units, five commercial units and has views of Columbia's main campus. Sole brokers, Patrick O'Malley and Robert Knakal of Massey Knakal represented the seller, who purchased the property from a Long Island investor. Massey Knakal has also brokered the $1.5 million sale of two mixed-use buildings in the Homecrest neighborhood of Brooklyn, New York City. The properties, located at 2419-21 Coney Island Ave., contain a combined total of 6,600 square feet. One building contains four three-bedroom apartments and a ground-floor tenant with a lease expiring in 2014. The other building was delivered vacant and contains a retail component. Michael Harari and Kevin Clark of Massey Knakal represented the undisclosed seller in the transaction and the buyer, a 1031 exchange buyer from Brooklyn. In addition, Joseph Sitt of Massey Knakal has completed the $1.08 million sale of a vacant three-story loft building in Staten Island, New York City. Located at 660 Bay St., the 50-foot-wide brick property contains 8,600 square feet and lies in an R4 zone with a C2-2 overlay. Massey Knakal was the sole broker in the transaction. The property was purchased by a Staten Island user. SL GREEN REALTY CORP. FORMS BELMONT INSURANCE COMPANY NEW YORK CITY — SL Green Realty Corp. (NYSE:SLG) has formed an insurance captive, Belmont Insurance Company. The captive, currently licensed to write up to $100 million of coverage for SL Green, has been formed to insure a portion of certain risks of SL Green pursuant to captive legislation that was enacted in 1997. Belmont Insurance Company will allow SL Green to tailor insurance coverage to its specific needs through direct access to reinsurance markets for wholesale premium quotes, underwriting and retention customization and greater control over claims and creative incentives for loss control. ONCOR INTERNATIONAL ACQUIRED BY REALOGY CORP. PARSIPPANY, N.J. — Realogy Corp. has acquired the assets of Chicago-based ONCOR International, a global commercial real estate referral network. ONCOR International will broaden the reach of Realogy's commercial real estate offering, increase referral traffic and strengthen Realogy's ability to provide access to commercial real estate services on a global basis. ONCOR will operate as a distinct unit within the Realogy Franchise Group, and is not expected to impact Realogy's financial results. Terms of the transaction were undisclosed. RIVERWALK HOSPITALITY GROUP OPENS MICROTEL INN & SUITES HOTEL DOVER, DEL. — Dover-based Riverwalk Hospitality Group has opened Delaware's first Microtel Inn & Suites Hotel in Dover. The three-story hotel, located at 1703 Lebanon Rd., contains 70 rooms that feature single, double and suite accommodations. Amenities include free local and long distance phone calls, hardware Internet access, expanded cable, wireless Internet access, a fitness center, free continental breakfast, phones with data reports and a meeting room. The hotel is in close proximity to Dover Air Force Base, the State Capitol, Dover Downs for NASCAR and downtown Dover. DLC MANAGEMENT CORP. OPENS MICHAELS ARTS & CRAFTS SPRING VALLEY, N.Y. — DLC Management Corp. has opened Michaels Arts & Crafts at the Spring Valley Marketplace in Spring Valley. The new 25,000-square-foot store has a highly visible location on Rte. 59, off exit 14 on the New York State Thruway. Other shopping center tenants include Target, TJ Maxx, David's Bridal, Bed Bath & Beyond and Christmas Tree Shops.

WEST

The $90 million Rancho del Chino retail project in Chino, Calif., will be home to The Home Depot.

THE HOME DEPOT PURCHASES LAND FOR NEW STORE IN $90 MILLION RETAIL PROJECT
CHINO, CALIF. — The Home Depot has purchased 9.2 acres in Chino to open a new store in the Rancho del Chino retail project, located on 42 acres in Chino. Panattoni Development Co. in Irvine, Calif., is developing the $90 million, 450,000-square-foot retail center at the northeast corner of Ramona Avenue and Chino Hills Parkway. The Home Depot will construct a 106,278-square-foot store plus a 34,760-square-foot garden center at Rancho del Chino. Groundbreaking for the new store is scheduled for December, with completion slated for fall 2007. In addition, Panattoni will build 328,000 square feet of office and light industrial space on 18 acres on the northeast side of the retail project.

JOHNSON CAPITAL ARRANGES $75 MILLION LOAN FOR MARKETCENTER
SAN DIEGO — The Los Angeles office of Johnson Capital has arranged a $75 million, 10-year, fixed-rate loan for a private trust for the Mira Mesa MarketCenter in San Diego. The west phase of the 487,807-square-foot retail center is anchored by The Home Depot, Albertsons and a Longs Drugs. Edward Theatres, Ross Dress For Less, Barnes & Noble and Old Navy anchor the east phase of the center.

The Vantage at Westlake in Westlake Village, Calif., will feature 34,000 square feet of office space.

GROUNDBREAKING OF THE VANTAGE AT WESTLAKE TO OCCUR IN NOVEMBER
WESTLAKE VILLAGE, CALIF. TR Funding is scheduled to break ground on a $17 million office condominium project in Westlake Village in November. The two-story, Class A, 34,000-square-foot Vantage at Westlake will be located on a 2-acre site at 2629 Townsgate Rd. and will offer 23 office units for sale, ranging from 917 to 32,000 square feet. Neil Scribner Architecture of Thousand Oaks, Calif., designed the building, and Westlake Village-based Westcord Commercial Real Estate Services will handle the financial aspects of the project. Completion is slated for fall 2007.

COMMERCIAL ASSOCIATES BROKERS $28 MILLION OFFICE PURCHASE
HENDERSON, NEV. — Judi Woodyard of Commercial Associates has represented the buyer, Touro University, in the $28 million purchase of a Henderson office property. The 300,000-square-foot Black Mountain Business Park is located at 874 and 882 American Pacific Dr. The seller was Harsh Investment Properties.

Fortune Business Park in City of Industry, Calif., has been sold for $21 million.

MDC INDUSTRY SELLS FORTUNE BUSINESS PARK FOR $21 MILLION
CITY OF INDUSTRY, CALIF. — MDC Industry, a partnership of Master Development Corp. and GE Capital Real Estate, has sold a 157,904-square-foot business park in the City of Industry for $21 million. The 100 percent-leased Fortune Business Park, located at 13668 Valley Blvd., consists of five multi-tenant buildings and two single-tenant buildings. Michael Ross, Thomas Taylor, Steven Belletti and Fred Cordova of Colliers International represented both the seller and the buyer, Lincoln Property Co., through its advisory affiliate Lincoln Advisory Group, in the transaction.

Cottonwood Corners in Fort Collins, Colo., is anchored by Albertsons.

THE 80,276-SQUARE-FOOT COTTONWOOD CORNERS SELLS FOR $9.2 MILLION
FORT COLLINS, COLO. — Cottonwood Corners, located at College Avenue and Horsetooth Road in Fort Collins, has been sold for $9.2 million to a limited liability company headed by NewMark Merrill Cos. of Woodland Hills, Calif. Tenants of the 80,276-square-foot shopping center include Albertsons, Famous Footwear, Country Cleaners, Cottonwood Liquors and 13 other retailers. The seller was Cottonwood Corners LLC, and John Hancock Life Insurance Co. financed the acquisition. Cottonwood Corners will be leased and managed by NewMark Merrill Cos. in partnership with Pacific Retail Partners. Rhys Christensen with Realtec Commercial Real Estate Services was the listing agent for the property.

THE BENTLEY GROUP ARRANGES $11.6 MILLION MULTIFAMILY SALE
LAS VEGAS — Christopher Bentley of Las Vegas-based The Bentley Group Real Estate Advisors has represented both the buyer, National Commercial Ventures, and the seller, Fore Property Co., in the $11.6 million sale of a Las Vegas apartment community. The 146-unit Paradise Square Apartments are located at 4801 Harrison Dr.

MIDWEST

V LAND CORP. JOINT VENTURE ACQUIRES 76.3 ACRES FOR PROPOSED DEVELOPMENT
ANTIOCH, ILL. — Chicago-based V Land Corp. has partnered with Equibase Capital Group to acquire a 76.3-acre retail site in Antioch. A power center, Antioch Marketplace, has been proposed on the site, which is located on Route 73. Upton Properties and Larry Cohen sold the property for an undisclosed price. Upon completion, the development, which is adjacent to a Wal-Mart Supercenter and a Menards, will feature more than 550,000 square feet of retail space. Chris Pope of John Pope & Associates represented the joint venture in the transaction and has been retained as the exclusive marketing agent for the new development. JTS is providing architectural services, while Woolpert is providing structural engineering services for the project.

CB RICHARD ELLIS BROKERS SALE AND LEASE OF 440,000-SQUARE-FOOT INDUSTRIAL BUILDING
JACKSON, MICH. — CDC Mead LLC has acquired a 440,000-square-foot industrial building located at 2400 Enterprise Dr. in Jackson. G.I.P.-M-U-M LLC sold the property for an undisclosed amount. Stephen Kurtz of CB Richard Ellis Detroit (CBRE) represented both the seller and buyer in the sale transaction. Following the sale, CDC Mead leased the building to Comprehensive Logistics. Kurtz represented the property owner, while Comprehensive Logistics was represented by CBRE|Martin.

Premier Design+Build has partnered with CenterPoint Properties to develop a 161,200-square-foot speculative facility within CenterPoint Business Center in Gurnee, Ill.

PREMIER DESIGN+BUILD JOINS CENTERPOINT TO DEVELOP 161,200-SQUARE-FOOT SPECULATIVE FACILITY
GURNEE, ILL. — Premier Design+Build has partnered with CenterPoint Properties to develop a 161,200-square-foot multi-tenant speculative facility in Gurnee. Situated on a 9.52-acre land parcel, the development site is located along Interstate 94 within CenterPoint Business Center. The facility will feature 30-foot clear ceiling heights, a precast and glass curtain-wall façade, an ESFR sprinkler system, 16 loading docks and two drive-in doors. Cornerstone Architects provided architectural services and Manhard Consulting provided civil engineering services. Construction began in September and completion is scheduled for February 2007.

THE MISSNER GROUP SELECTED FOR 42,120-SQUARE-FOOT BUILD-OUT FOR YS HEALTH
MT. PROSPECT, ILL. — Skokie, Ill.-based The Missner Group has been selected as the general contractor to complete a 42,120-square-foot build-out of an existing warehouse facility located at 411 Kingston Court in Mt. Prospect for YS Health. Interior and exterior renovations of the property include a new roof, an asphalt parking lot, a product display room, a lunch/break room and improved finishes to the existing offices, as well as the addition of a packaging, powder and clean rooms. Stephen Rankin & Associates is providing architectural services for the project. Larry Much of NAI Hiffman represented YS Health in the recent acquisition of the property; John Gledhill and Tyler Hardy of CB Richard Ellis represented the seller, Hyundai Machine Tools.

NAI OLYMPIA PARTNERS NEGOTIATES SALE OF OAKLANDON PLAZA
INDIANPOLIS — RN Oaklandon Plaza Acquisitions has acquired Oaklandon Plaza at 11725 Pendleton Pike in Indianapolis for an undisclosed price. The 32,114-square-foot single-building shopping center was 96 percent occupied at the time of acquisition. Janice Paine of NAI Olympia Partners represented the seller, Oaklandon Plaza LLC, in the transaction.

	SOUTHEAST
	BROAD REACH RETAIL PARTNERS IS FORMED VIRGINIA BEACH, VA., ATLANTA AND BALTIMORE — Retail real estate investment firms Coastal Capital Partners and Tower Realty Investments (TRI) have merged to form Broad Reach Retail Partners. Coastal Capital Partners has offices in Virginia Beach and Atlanta, while TRI is based in Baltimore. Broad Reach Retail Partners draws upon the combined experience of Coastal Capital Partners' Charles Moore and TRI's Nate Tower, who are responsible for future acquisition efforts with an emphasis on value-added shopping centers in the Midwest, Northeast, Mid-Atlantic and Southeast. CONSTRUCTION TO BEGIN ON LONDON SQUARE SHOPPING CENTER KENDALL, FLA. — Woolbright Development, in a joint venture with Master Development, has purchased a 40-acre site in Kendall for the development of London Square. The partnership will break ground on the 300,000-square-foot shopping center by the end of the year. Located two miles south of Kendall Drive, the center will include anchor tenants such as TJ Maxx/Home Goods, Ross Dress for Less and Costco. Occupancy is scheduled for the first quarter 2008. ARA BROKERS THREE MULTIFAMILY SALES OVIEDO, SUNRISE AND NORTH MIAMI, FLA. — The Florida headquarters of Apartment Realty Advisors (ARA) has recently brokered three transactions in the state of Florida. The 253-unit Tradition at Alafaya, located in Oviedo, was purchased by an undisclosed buyer. Average unit size in the new Class AA property is 1,081 square feet. Kevin Judd and Richard Donnellan of ARA represented the seller, Broad Street Partners. The 280-unit Harbour Island Club, located in Sunrise, sold to Miami-based BHI, a subsidiary of Breakstone Homes, for $30 million. Avery Klann and Marc deBaptiste of ARA represented the seller, M.S.L. Management. The 348-unit Summerwinds, located in North Miami, also sold to BHI for $31.65 million. The property contains approximately 300,000 rentable square feet. Klann and Donnellan represented the seller, Chicago-based Waterton Associates. These transactions have brought ARA's 2006 year-to-date sales volume to more than $1.3 billion. INDUSTRIAL CENTER SELLS FOR $5.3 MILLION TAMPA, FLA. — Tim Callahan, Rian Smith and Chris Sass of Cushman & Wakefield have represented Hobbs Road Industrial Park, LLC in the sale of a 70,000-square-foot industrial service center. Kennedy Frost Investments purchased the center, located at 213, 217 and 221 Hobbs Rd. in Tampa, for $5.3 million. 6.77-ACRE INDUSTRIAL SITE SELLS FOR $3.2 MILLION WEST PALM BEACH, FLA. — West Palm Beach-based Ranch House Properties has sold 6.77 acres of land to Palm Beach, Fla.-based Breakers Palm Beach for $3.2 million. The land, located on the northeast corner of Congress Avenue and Ranch House Road in West Palm Beach, is zoned for industrial use. Edward Kearney of Sperry Van Ness/Kearney Commercial Realty represented the buyer and Patrick Koenig of Flagler Realty & Investments represented the seller in the transaction. REGIONS BANK SELLS OFFICE BUILDING FOR $2.2 MILLION NORTH MIAMI BEACH, FLA. — Regions Bank has sold a 22,000-square-foot office building to SAE Miami for $2.2 million. The multi-tenant building is located at 16051 W. Dixie Hwy in North Miami Beach. Josh Stein with the Fort Lauderdale, Fla., office of Colliers Abood Wood-Fay represented the buyer and Jose Cordero of Wynco Realty represented the seller in the transaction.

	TEXAS
	BROOKFIELD PROPERTIES ACQUIRES FOUR ALLEN CENTER HOUSTON — Brookfield Properties recently acquired Four Allen Center, a 50-story Class A office building located at 1400 Smith St. in downtown Houston. The property, which spans approximately 1.2 million square feet, was purchased for $120 million. In addition to the acquisition, Chevron Corp. has signed a lease with Brookfield Properties to occupy the entire property. Brookfield Properties' Paul Layne, Paul Frazier, Steven Lukingbeal, Jeremiah Larkin and Duncan McCuaig represented the landlord in the lease transaction. Steve Koliba of Chevron Business and Real Estate Services and Tim Relyea of Cushman & Wakefield represented Chevron. MARCUS & MILLICHAP BROKERS SALE OF TWO HOTELS SAN ANTONIO AND NEW BOSTON, TEXAS — Marcus & Millichap has represented a Texas-based limited partnership investor in the sale of the Clarion O'Brien Historical Hotel in downtown San Antonio. The 39-room hotel, which is located at 116 Navarro St., was built in 1904 and completely restored, remodeled and converted into a hotel in 2003. Marcus & Millichap's Allan Miller and Kaiyi Yu represented the seller as well as the buyer, a New York-based investor. Marcus & Millichap also has negotiated the sale of a Best Western hotel in New Boston. The 49-room hotel, which is located at 1024 N. Center St., was purchased by a California-based limited liability company. Rahul Bijlani and Michael Yu of Marcus & Millichap represented the buyer as well as the seller, a Texarkana, Texas-based limited liability company. CBRE HANDLES SALE OF MULTIFAMILY COMMUNITY HOUSTON — CB Richard Ellis (CBRE) has brokered the sale of a multifamily community located at 7510 Burgoyne in the Galleria area of Houston. CBRE's Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks represented the seller, Wentwood Capital Fund I LP. The 142-unit La Scala Apartments was purchased by GC 127 Voss Holdings LLC, which represented themselves.