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NORTHEAST

RESIDENTIAL UNITS TO BE CONSTRUCTED AT VOORHEES TOWN CENTER
VOORHEES, N.J. — The Dewey Companies, in a joint venture with Grosvenor Investment Management, will develop 425 multifamily units as part of Pennsylvania Real Estate Investment Trust’s (PREIT) Voorhees Town Center, a $150 million mixed-use community in Voorhees. The $90 million development will contain 317 rental apartments and 108 condominiums. PREIT sold a 6-acre parcel to Dewey and Grosvenor for the residential project and negotiated a ground lease for the remaining 19 acres. Grosvenor Investment Management has provided $14.5 million in equity for the development. Construction is scheduled to begin first quarter 2007, with completion slated for third quarter 2008.

CONSTRUCTION UNDERWAY AT THE COMMONS IN LEXINGTON CENTER
LEXINGTON, MASS. — Waltham Street Partners, a joint venture between Oaktree Development, Lexvest Partners and Line Company Architects, is currently developing The Commons in Lexington Center, a residential community in the heart of Lexington. The condominium building, located at 50 Waltham St., will contain 30 units ranging in size from 800 to 2,050 square feet. The second and third floors will feature upscale penthouse units. In addition, 5,800 square feet of retail space will be constructed, replacing The Battle Green Inn, a 90-room vintage motel. The building has been green designed and LEED certified. Prices range from $550,000 to more than $1 million. Construction is slated to begin April 2007 with occupancy scheduled for summer 2008.

Heritage Management Co. has purchased a 2.5-million-square-foot 13-property industrial portfolio located in New York, Ohio and Pennsylvania for $86 million.

HERITAGE MANAGEMENT PURCHASES 13-PROPERTY INDUSTRIAL PORTFOLIO
NEW YORK, OHIO AND PENNSYLVANIA — Heritage Management Co. has purchased an $86 million, 13-property industrial portfolio located in New York, Ohio and Pennsylvania. The 13-warehouse/distribution buildings total approximately 2.5 million square feet and are 95 percent leased to tenants such as Iron Mountain, Sumitomo, Staples, Owens Brockway and Wegmans. Heritage Management purchased the properties from American Landmark Properties of Chicago and David Werner of Brooklyn, New York City. The transaction’s debt financing was arranged by John Mikula of Holliday Fenoglio Fowler and was financed by David Goldfisher of LaSalle Bank.

SPERRY VAN NESS BROKERS SALE OF RETAIL CENTER
LOWER NAZARETH TOWNSHIP, PA. — Costas Hrousis and Shawn Donahue of Sperry Van Ness/ Imperial Realty have brokered the $1.29 million sale of a retail center in Lower Nazareth Township. The 9,055-square-foot retail center, located at 191-197 Nazareth Pike, is fully occupied and is in close proximity to Route 22. Sperry Van Ness represented the buyer, AMSM Realty, and the sellers, private investors from Nazareth.

NORTHMARQ CAPITAL SECURES MORTGAGE LOAN FOR OFFICE CENTER
WHITE PLAINS, N.Y. — On behalf of borrower, 1311 Mamaroneck, LLC, Ernest DesRochers and Deanna Polizzo of NorthMarq Capital’s Greater Westchester New York/Connecticut Regional office has secured $52 million in first mortgage financing for Parker Corporate Center in White Plains. The 316,800-square-foot office building, located at 1311 Mamaroneck Ave., is currently leased to tenants including The Leukemia & Lymphoma Society. Financing was arranged through NorthMarq’s relationship with CSFB/Column Financial.

WEST

Security Title Plaza in Phoenix has been sold for $38 million.

BROAD STREET ADVISORS COMPLETES $38 MILLION OFFICE SALE
PHOENIX — Robert Rizzi of New York-based Broad Street Advisors has represented the sellers, Equastone OCP LLC and Equastone Valley Commerce Center LLC, entities of Equastone Real Estate Investment Advisors, in the $38 million sale of a Phoenix office building. The 12-story, Class A Security Title Plaza totals 217,249 square feet and is located on Central Avenue along the North Central Corridor. The buyer was Alliance Commercial Partners.

Bristol Marketplace in Santa Ana, Calif., has been sold for $20.5 million.

SPERRY VAN NESS BROKERS $20.5 MILLION RETAIL SALE
SANTA ANA, CALIF. — Ryan Litrich of Sperry Van Ness in San Diego and Brian Sperry of Sperry Van Ness in Irvine, Calif., have represented the seller, a private limited liability company from Oxnard, Calif., in the $20.5 million sale of a Santa Ana shopping center. The 107,687-square-foot Bristol Marketplace is located at 1800 N. Bristol St. near the 5, 22 and 57 freeways. Tenants include Kohl’s, Sprint, UPS Store and Countrywide Home Loans. David Monetta of Monetta Ventures represented the 1031-exchange buyer, a private investor from Albion, Calif.

WARE MALCOMB TO DESIGN 217,740-SQUARE-FOOT OFFICE/RETAIL COMPLEX
EL SEGUNDO, CALIF. — The Los Angeles office of Ware Malcomb will design The Edge at Campus El Segundo, an office/retail complex in El Segundo. Located between Nash Street and Atwood Way, the project will include 15 two-story office buildings and two retail buildings totaling 217,740 square feet. The office buildings, totaling 198,140 square feet, will range in size from 7,718 to 19,807 square feet and will be for sale to multiple owners. AMB Property Corp. of San Francisco owns the project, and its partner, Mar Ventures of Torrance, Calif., will develop the complex. Construction is scheduled to begin this month with completion slated for fall 2007.

JOHNSON CAPITAL ARRANGES $13.6 MILLION LOAN FOR SHOPPING CENTER ACQUISITION
VISALIA, CALIF. — Geoffrey Arrobio of Johnson Capital’s Los Angeles office has arranged a $13.6 million acquisition loan for a Visalia shopping center. The loan was a 10-year, fixed-rate loan at a rate of 5.81 percent. Tenants of the 97,264-square-foot retail property include Jo-Ann Fabrics & Crafts, DeeDee Discounts, Petco and Anne’s Linens. Marty Indvik of Lee & Associates in San Luis Obispo, Calif., represented the buyer, JMWHP Visalia LLC, in the $16.78 million acquisition.

CASHEN REALTY ADVISORS NEGOTIATES $5.1 MILLION LAND SALE FOR MULTIFAMILY DEVELOPMENT
PHOENIX — Ray Cashen of Cashen Realty Advisors has represented both the buyer, Colonial Properties Trust, and the seller, C.M.B. I LLC, in the $5.1 million sale of 5.3 acres of land within Metro North Corporate Park in Phoenix. Colonial may develop up to 35 residential units per acre on the land. The corporate park consists of 1 million square feet of office space, 450,000 square feet of retail space and 500 residential units.

	MIDWEST
	RED DEVELOPMENT NEARS COMPLETION OF 880,000-SQUARE-FOOT SHOPPING CENTER PAPILLION, NEB. — Kansas City, Mo.-based RED Development and Omaha, Neb.-based The Lerner Co. have signed 14 new tenants for Shadow Lake Towne Center, an 880,000-square-foot regional shopping center currently under construction in Papillion. Situated on a 127-acre land parcel at the southwest corner of Highway 370 and 72nd Street, Shadow Lake will feature large retailers on the south and west perimeter; restaurants, banks and other service providers on a number of pad sites located along the east and north perimeter; and a grocery store and more than 225,000 square feet of specialty retailers in the interior portion. The 14 new tenants include Lane Bryant, Bath & Body Works, Dress Barn, EyeMasters, GNC, Kay Jewelers, Texas Roadhouse, ULTA, Victoria’s Secret and Yankee Candle. Previously committed tenants include World Market, Gordmans, OfficeMax, Old Navy, Pac Sun, Jos. A. Bank, JC Penney, Famous Footwear, Best Buy, Bed Bath & Beyond, American Eagle Outfitters, T.J. Maxx, PetsMart, Red Robin Gourmet Burgers, First National Bank of Omaha. The development’s grand opening is scheduled for Memorial Day weekend. USAA REAL ESTATE CO. COMPLETES DISPOSITION OF 10.6 MILLION-SQUARE-FOOT INDUSTRIAL PORTFOLIO SAN ANTONIO, TEXAS — San Antonio-based USAA Real Estate Co. has completed the disposition of its 10.6 million-square-foot U.S. Supply Chain industrial portfolio. London, England-based StratREAL acquired the portfolio for an undisclosed price. The Class A portfolio includes 23 industrial buildings located in Columbus, Ohio; Memphis and Nashville, Tenn.; and Sacramento, Calif. The Columbus portfolio includes 11 buildings, which are 96 percent leased and total approximately 4.4 million square feet. Jack Fraker, Randy Baird and John Robinson of CB Richard Ellis represented the seller; John Carter of Tampa, Fla.-based Carter & Associates represented the buyer in the transaction. THF REALTY TO BUILD $78 MILLION SHOPPING CENTER, NEW VFW FACILITY ARNOLD, MO. — St. Louis-based THF Realty is currently constructing a 14,000-square-foot Veterans of Foreign Wars (VFW) post, which will be located at the intersection of Highway 55 and Church Road in Arnold. When complete, VFW Post 2593 will serve 840 veterans and feature multiple meeting rooms, which will allow for the organization to host two events simultaneously. The new facility will also replace a more than 50-year-old facility at 1540 Big Bill Rd. The demolition also clears way for THF to begin sitework on Arnold Commons, a new 54-acre power center under development along Interstate 55, Highway 141 and Church Road. The $78 million, 325,800-square-foot retail development will feature a Lowe’s Home Improvement Warehouse, Dierbergs and Office Depot when it is completed in spring 2008. ST. LOUIS COMMUNITY COLLEGE TO DEVELOP $18 MILLION WILDWOOD CAMPUS WILDWOOD, MO. — Construction is currently underway on the first phase of the St. Louis Community College (SLCC) Wildwood Campus, located at the intersection of Missouri Routes 109 and Old 100 in Wildwood. The $18 million project includes a 73,000-square-foot building that will include 25 classrooms, a science lab, an art studio, computer labs, and faculty and administrative offices; and two parking areas totaling 560 parking spaces. St. Louis-based Wm. B. Ittner Inc. provided architectural and design services for the project, which is targeting LEED (Leadership in Energy & Environmental Design) certification from the U.S. Green Building Council. Completed is slated for August. CAMINS TOMASZ KRITT BROKERS 45,000-SQUARE-FOOT INDUSTRIAL SALE CHICAGO — Chicago-based Camins Tomasz Kritt recently completed the sale of a 45,000-square-foot industrial building, located at 1900 N. Springfield in Chicago, to an undisclosed residential developer for $1.85 million. The developer plans to demolish the existing building, which sits on a 34,500-square-foot site. Howard Caplan of Camins Tomasz Kritt was the sole broker the in the transaction.

	SOUTHEAST
	BUSINESS CONDOS USA AND MALCO THEATRES TO DEVELOP SITE SMYRNA, TENN. — Business Condos USA and Malco Theatres will develop a 25-acre site at Sam Ridley Parkway and Wolverine Drive in Smyrna. The project will include 133,600 square feet of retail condominium space and a 14-screen Malco Theatres. It is slated for completion in spring 2008. NAPLES OFFICE BUILDING SELLS NAPLES, FLA. — Thomas Wanderon LLC and Sebalia LLC have sold the freestanding office building located at 809 Walkerbilt Rd. to Walkerbilt LLC for $2.9 million. The property has nine tenants that will remain on site on a long-term basis. Paul Sands of VIP Commercial TCN Worldwide negotiated the transaction. OFFICE/RETAIL TOWER TO BE BUILT IN HALLANDALE HALLANDALE, FLA. — Retzsch Lanao Caycedo (RLC Architects) has been retained by Domus Investment Group to design a 19-story office/retail tower at Biscayne Boulevard and S.E. 8th St. in Hallandale. The landmark-style building will offer a gross building area of 454,244 square feet to accommodate 191,104 square feet of office space, 13,021 square feet of retail space, and a 238,608-square-foot parking garage. Groundbreaking is anticipated for October, and completion is anticipated for April 2009. DILLARD’S EXPANDS PRESENCE AT HAMILTON PLACE CHATTANOOGA, TENN. — Dillard’s will expand its presence at Hamilton Place in Chattanooga through its purchase of the Parisian building from Belk. Dillard’s, which currently operates a two-level building on the north side of the mall, will expand into the two-level space currently operated as a Parisian department store. The completed dual-anchor Dillard’s format will measure approximately 210,000 square feet. The completely remodeled former Parisian building will open this summer. ECKERD DRUG STORE SELLS FOR $5.9 MILLION WILLIAMSBURG, VA. — Troy Legge of Charlotte, N.C.-based Sperry Van Ness/Lighhouse Commercial Realty has represented the undisclosed seller in the $5.9 million sale of a 13,813-square-foot Eckerd drug store, located at 4501 News Rd. in Williamsburg. David Butchello of Williamsburg-based Sperry Van Ness/Land Strategies represented the buyer, a private investor.

	TEXAS
	RREEF ACQUIRES INDUSTRIAL PORTFOLIO AUSTIN, TEXAS — RREEF has acquired the North/Northwest Industrial Portfolio in Austin on behalf of an institutional client. The portfolio comprises six buildings that span a combined 484,132 square feet. Included in the transaction were Kramer 6 & 7 located on Kramer Lane; NorthTech Business Center 1 & 2 located on West Howard Lane; and Waterford Centre 1 & 2 located on Burnet Road. RREEF purchased the properties from Hill Partners. GRUBB & ELLIS BROKERS THE SALE OF RETAIL PROPERTY CONROE, TEXAS — Grubb & Ellis has recently brokered the sale of Conroe Marketplace Shopping Center, a retail property located on Interstate 45 in Conroe. The retail center spans approximately 300,000 square feet and features a 32,000-square-foot T.J. Maxx, a 30,000-square-foot Ross Dress For Less and a 25,000-square-foot Bed Bath & Beyond. Other tenants include PetSmart, Old Navy, Ulta, Kirkland’s Home and Applebee’s. Grubb & Ellis represented the seller, Gulf Coast Commercial Group, which sold the property to a joint venture between Kimco Realty Corp. and Crow Holdings. MARCUS & MILLICHAP HANDLES DISPOSITION OF APARTMENT COMMUNITY HOUSTON — Marcus & Millichap has handled the disposition of Le Montreal Apartments, a 52-unit multifamily community located at 4015 Broadway Blvd. in Houston. The property, which was built in 1965, spans 51,600 square feet and is 92 percent occupied. Brian Janak represented the seller, a local private investor, and Marcus & Millichap also represented the buyer, a Conroe, Texas-based investor.