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NORTHEAST |
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Kushner Cos. has acquired 666 Fifth Avenue, a 41-story, 1.55 million-square-foot skyscraper in Manhattan, New York City, from Tishman Speyer Properties for $1.8 billion. |
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41-STORY SKYSCRAPER SELLS FOR $1.8 BILLION
NEW YORK CITY — Kushner Cos. has acquired 666 Fifth Avenue, a 41-story, 1.55 million-square-foot skyscraper in Manhattan, New York City, from Tishman Speyer Properties for $1.8 billion. The office tower, located between 52nd and 53rd streets in New York City’s plaza district, also features approximately 85,000-square-feet of retail space with frontage on Fifth Avenue, which is occupied by The NBA Store, Brooks Brothers and Hickey Freeman. Arthur Mirante of Cushman & Wakefield’s Global Business Development department, along with Richard Baxter, Jon Caplan, Ron Cohen, Scott Latham, Karen Wiedenmann and Helen Hwang of the firm’s New York Capital Markets Group, negotiated on behalf of the buyer and the seller.
NEW 17-STORY UNFCU HEADQUARTERS OPENS
NEW YORK CITY — The United Nations Federal Credit Union (UNFCU) has celebrated the opening of its new headquarters in Court Square Place in the Long Island City area of Queens, New York City. The 17-story, Class A building contains 270,000 square feet of office space. Located at 24-01 44th Rd., it is the tallest building that has been constructed in Long Island City in 16 years. UNFCU, which relocated 245 of its employees from midtown Manhattan properties to the new facility, will occupy the first seven floors; a total of 125,200 square feet in the remaining floors will be available for rent. Amenities include key-card access, a cafeteria and a coffee bar. HLW International served as the project’s architect, Tisman Construction Corp. was the construction manager, and JRT Realty Group and Cushman & Wakefield will provide leasing and management services.
LAGUARDIA AIRPORT MARRIOTT HOTEL SELLS FOR $69 MILLION
NEW YORK CITY — LaSalle Hotel Properties has sold the 438-room LaGuardia Airport Marriott Hotel in New York City to Bethesda, Md.-based RLJ Development for $69 million. The hotel, located across the street from LaGuardia Airport, includes amenities such as 15,000 square feet of meeting space, concierge services and a 24-hour shuttle service to LaGuardia. Sonnenblick Goldman represented LaSalle in the sale.
TWO-BUILDING OFFICE PORTFOLIO SELLS FOR $21 MILLION
PARSIPPANY, N.J. — LWS II Real Estate, a joint venture between Lincoln Property Co. and Goldman Sachs Whitehall Fund, has sold a two-building office portfolio totaling 207,671 square feet to a private entity. David Csontos and Eric Rubin represented the seller in the $21 million transaction. 959 Route 46 East, a 131,439-square-foot, five-story office building, is currently 75 percent leased to tenants such as Toshiba, Progressive Insurance and Medtronics. 199 Pomeroy Road, a 76,232-square-foot, three-story office building, is currently 85 percent leased with Magellan Health Services as the majority tenant.
THE KISLAK COMPANY NEGOTIATES $16 MILLION SALE OF SIX-CENTER RETAIL PORTFOLIO
PENNSYLVANIA, ALABAMA AND NEW YORK — The Lightstone Group has sold a six-center retail portfolio to WP Realty for $16 million. Jeffrey Wiener of The Kislak Company represented the seller in the transaction; Matthew Weilheimer, also of Kislak, represented the buyer. The portfolio consists of properties throughout Pennsylvania, Alabama and New York: Circle Plaza, a 92,000-square-foot center anchored by Kmart in Shamokin Dam, Pa.; Kingston Plaza, a 65,000-square-foot center in Kingston, Pa.; Midway Plaza, a 207,000-square-foot center anchored by Office Depot in Opelika, Ala.; Plaza 15, a 120,000-square-foot center anchored by Save-A-Lot in Lewisburg, Pa.; Shamokin Plaza, a 99,000-square-foot center in Shamokin, Pa.; and Troy Plaza, a 131,000-square-foot center anchored by Big Lots in Troy, NY.
CBRE | MELODY ARRANGES $12.45 MILLION IN FINANCING FOR JEWELRY DISTRICT OFFICE COMPLEX
PROVIDENCE, R.I. — Frank Petz and Debora Dalton of the Boston office of CBRE | Melody have arranged $12.45 million in financing on behalf of Davol Square Jewelry Mart, LLC for 3 Davol Square. A national CMBS lender provided the loan for the 113,551-square-foot office complex, which is located in the jewelry district of Providence. The complex is more than 90 percent occupied. The Providence office of CBRE | Melody, which serves as leasing agent for the property, was also involved in the deal.
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BNSF RAILWAY CO./VICTORVILLE/STIRLING TO DEVELOP 3,500 ACRES OF INDUSTRIAL SPACE
VICTORVILLE, CALIF. — The City of Victorville has approved a Memorandum of Understanding with the BNSF Railway Co. to develop an intermodal logistics facility at Southern California Logistics Airport (SCLA) in Victorville. SCLA is on the site of the former George Air Force Base, which closed in 1992. The facility will be a component in the development of the 3,500-acre Southern California Rail Complex at SCLA, which will offer rail, ground and airfreight distribution. The 3,500-acre complex near BNSF’s facility includes plans for 20 million square feet of manufacturing and distribution uses. Foothill Ranch, Calif.-based Stirling will develop this component, which will be integrated with the anticipated facility. SCLA is jointly managed by the Southern California Logistics Airport Authority and Stirling.
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NoHo Lofts in the NoHo Arts District of North Hollywood, Calif., has been sold for $92.5 million. |
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TRANSWESTERN MULTI HOUSING CAPITAL ADVISORS BROKERS $92.5 MILLION MULTIFAMILY SALE
NORTH HOLLYWOOD, CALIF. — Curtis Palmer and Herb Chase of Transwestern Multi Housing Capital Advisors have represented the seller, J.H. Snyder Co., in the $92.5 million sale of a North Hollywood luxury apartment community. The 292-unit NoHo Lofts is located at 11136 Chandler Blvd. in the NoHo Arts District. NoHo Lofts, primarily comprising loft-style units, is located within walking distance of the Academy of Television Arts, north of Universal Studios and west of Burbank, Calif. The buyers were Redwood Partners and Rockwood Capital.
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Hudson Realty Capital and Biltmore Holdings will develop a retail and office complex in Phoenix. |
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HUDSON REALTY CAPITAL/BILTMORE HOLDINGS ACQUIRE TWO PROPERTIES WITH RETAIL, OFFICE SPACE
PHOENIX AND CHANDLER, ARIZ. — Hudson Realty Capital, in conjunction with Phoenix-based Biltmore Holdings, has acquired two Phoenix-area properties. The partnership acquired a 13-acre land parcel at the intersection of Power and Guadalupe roads. Development plans include two retail buildings of 11,000 square feet each and six two-story office condo buildings ranging in size from 6,200 to 13,500 square feet. Hudson and Biltmore also acquired a 104,303-square-foot, single-story office building for $10.4 million. The property, located on 10 acres at 1951 N. Alma Rd. in Chandler, currently serves as a back office/call center facility.
GRUBB & ELLIS NEGOTIATES $11.35 MILLION OFFICE PURCHASE
PORTLAND, ORE. — Eric Haskins of Grubb & Ellis has represented the buyer, Walker Place LLC, in its $11.35 million purchase of a Portland office building. The 620 Building totals 103,077 square feet and is located at 620 SW Fifth Ave. Mike Kapnick of Marcus & Millichap represented the seller, 620 Associates LLC, in the transaction.
THE WEITZ COMPANY COMPLETES FOURTH BUILDING IN OFFICE CAMPUS
ENGLEWOOD, COLO. — The Weitz Company has completed construction of the fourth and final building in CH2M HILL’s office campus located on 30.82 acres in Englewood. The 97,738-square-foot East building is located at 9127 Jamaica St. and was designed and built implementing LEED design initiatives. Weitz also completed the first three CH2M HILL buildings using LEED standards.
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A 58-unit condo community will be developed on Vineland Avenue in North Hollywood, Calif. |
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multifamily PROJECT TO FEATURE 58 CONDO UNITS IN TWO BUILDINGS
NORTH HOLLYWOOD, CALIF. — A joint venture of C.O. Wood Development, Habitat Group Los Angeles and Brix Properties has purchased 29,000 square feet of property at 4900 Vineland Ave. in North Hollywood’s NoHo Arts District for the development of a condo community. Development plans for the project, tentatively called 4900, call for the construction of 58 condo units in a two-building complex. The plans consist of five ground-floor live/work units, seven two-story penthouses and 46 flats with open floor plans. A six-story structure will face Vineland Avenue and a five-story building will face east. A linear garden courtyard will separate the two buildings. Groundbreaking for the $30 million project is slated for this spring, with an opening anticipated for late summer 2008. Phoenix Realty Group provided the financing, and Stenfors Associates Architects of Los Angeles designed 4900. Frank Evanisko of Evanisko Realty & investment represented both the buyer and the seller, Specter Development Co., in the land transaction.
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MIDWEST |
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MARCUS & MILLICHAP BROKERS $26.13 MILLION SALE OF 112-UNIT APARTMENT COMPLEX
GLENVIEW, ILL. — Marcus & Millichap has completed the sale of Valley Lo Towers II, a 112-unit apartment complex located Glenview, to an undisclosed buyer for $26.13 million, or $233,304 per unit. Situated on a 7.2-acre site, the 97-percent occupied complex features a mix of one-, two- and three-bedroom units. The property features an outdoor swimming pool and sundeck, a clubhouse party room and business center, a tennis court and storage rooms on each floor. In March 2009, the property will qualify for condominium conversion following the expiration of the bond financing. Scott Harris and David Tarnoff of Marcus & Millichap’s Chicago office represented both the buyer and the seller in the transaction.
STAG CAPITAL PARTNERS ACQUIRES FOUR-BUILDING PORTFOLIO
TROY, MICH. — Boston-based STAG Capital Partners has acquired a four-building portfolio in Troy from KIRCO for an undisclosed price. The 100-percent leased portfolio includes 92,685 square feet of office, flex and manufacturing space. Progressive Marketing and Wiltel Communications occupy a 16,584-square-foot building; Image Televideo occupies a 39,071-square-foot facility; Michigan Bell Communications has leased a 20,360-square-foot building and I Logic occupies a 16,670-square-foot facility.
CLAYCO COMPLETES 237,000-SQUARE-FOOT OFFICE BUILDING
CREVE COEUR, MO. — St. Louis-based Clayco has completed CityPlace Six, a 237,000-square-foot, 10-story office building located within the CityPlace development in Creve Coeur. Located at the intersection of Olive Boulevard and CityPlace Drive, the $26 million high-rise features large floor plates, a training center, multiple conference areas and a deli/coffee kiosk, as well as a five-story, 800-car parking garage. Upon completion, the building was two-thirds pre-leased to Smurfit-Stone Container Enterprises. The building marks the company’s fifth collaboration with CityPlace’s developer, The Koman Group.
INLAND REAL ESTATE SALES NEGOTIATES $4 MILLION SALE OF 27,000-SQUARE-FOOT RETAIL CENTER
ROSELLE, ILL. — Oak Brook, Ill.-based Inland Real Estate Sales has completed the sale of Plum Grove Shopping Center, a 27,000-square-foot retail center located at 731 E. Nerge Rd. in Roselle, for approximately $4 million. The 12-unit center houses long-term office and retail tenants including a dentist and a day care. Also included in the sale was a vacant half-acre parcel of land, which the undisclosed buyers plan to develop into a commercial site. Susan Valle of Inland’s Lake Bluff, Ill., office led the representation team for the undisclosed seller. Dena Levy of Borek & Goldhirsh represented the buyer in the transaction. Bennett Klasky of Bennett Klasky & Associates provided legal counsel to the buyer.
KWAME BUILDING GROUP COMPLETES 5,500-SQUARE-FOOT OLIVETTE VANTAGE CREDIT UNION BRANCH
ST. LOUIS — St. Louis-based Kwame Building Group has completed the Olivette Vantage Credit Union Branch located at 9200 Olive Blvd. in St. Louis. The 5,500-square-foot, one-story building features remote tellers, a waiting area targeted towards kids and teenagers, two drive-up lanes and a 24-hour automated teller machine. The Olivette branch marks the fourth in a series of Vantage Credit Union projects with Kwame serving as construction manager.
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WOOLBRIGHT DEVELOPMENT SELLS FIVE PROPERTIES FOR $281 MILLION
BOCA RATON, FLA. — Boca Raton-based Woolbright Development has completed the portfolio sale of Oak Grove Shoppes, Sea Ranch Centre, River Bridge Centre, Murdock Carrousel and Galt Ocean Marketplace to Morgan Stanley for $281 million. The five Florida retail properties total 735,920 square feet. Oak Grove Shoppes is located in Altamonte Springs, Fla.; Sea Ranch Centre in Lauderdale By the Sea, Fla.; River Bridge Centre in Greenacres, Fla.; Murdock Carrousel in Port Charlotte, Fla.; and Galt Ocean Marketplace in Fort Lauderdale, Fla.
SECOND TAMPA OAKS OFFICE BUILDING TO BREAK GROUND
TAMPA, FLA. — Opus South Corp. and Cushman & Wakefield will break ground in April on Tampa Oaks II, a three-story, 104,000-square-foot Class A office building located within the Tampa Oaks mixed-use development in Tampa. Scheduled for completion next January, it will be the second office building constructed in the mixed-use development. Mercedes Angell and Melissa Ackermann of Cushman & Wakefield will be responsible for marketing and leasing the building.
ROBERTS COMMERCIAL ACQUIRES OFFICE BUILDING IN WOODSTOCK
WOODSTOCK, GA. — Alpharetta, Ga.-based Roberts Commercial Real Estate Services has acquired ParkBrooke Place, a 54,594-square-foot office building located in the Towne Lake area of Woodstock, for $7.4 million. The acquisition was executed with a conduit loan from JP Morgan Chase, equity provided by the Roberts Commercial Opportunity Fund I and a private equity partner. ParkBrooke Place is the first of several properties to be acquired by Roberts Commercial Opportunity Fund I, a $20 million equity fund created by Roberts Commercial.
SEVEN OAKS SHOPPING CENTER SELLS FOR $6.1 MILLION
WESLEY CHAPEL, FLA. — Larry Randolph and Brad Luger of GVA Advantis have represented Tampa, Fla.-based DeBartolo Development in the $6.1 million sale of Seven Oaks Shopping Center, a 16,054-square-foot upscale neighborhood shopping center located at the intersection of State Road 56 and Bruce B. Downs Boulevard in Wesley Chapel. Boise, Idaho-based Discovery Real Estate Services purchased the retail property, which is 100 percent leased to seven tenants including Republic Bank, Mattress Giant and Bagel Bagel Café.
PERSEUS REALTY CAPITAL SECURES $132.7 MILLION LOAN FOR SWEDISH EMBASSY BUILDING
WASHINGTON, D.C. — Perseus Realty Capital has secured $132.7 million in bridge financing on behalf of developers Armada Hoffler and Lano International for the recently completed House of Sweden and neighboring Harbourside building. Located at 2900 K St. NW along the Potomac River in the Georgetown area of Washington D.C., The House of Sweden houses the Swedish Embassy. The five-story building contains 69,000 square feet of office space, residences for embassy dignitaries, exhibition space and a business event center. Harbourside is a speculative building comprising 127,000 square feet of Class A office space and 26,000 square feet of condominiums. A 182-car, underground parking garage connects the two buildings.
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PM Realty Group represented Eastfield Realty in the sale of Baybrook Gateway, a 236,854-square-foot retail property in Houston. |
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PM REALTY GROUP HANDLES DISPOSITION OF 22-ACRE RETAIL CENTER
HOUSTON — PM Realty Group has brokered the disposition of Baybrook Gateway, a 22-acre retail property located at the intersection of Bay Area Boulevard and Interstate 45 in Houston. The single-story center spans 236,854 square feet and houses tenants such as Barnes & Noble, Michaels, Jared, CompUSA, la Madeleine and Old Navy. PM Realty Group represented the seller, Eastfield Realty, which sold Baybrook Gateway to a joint venture between New Plan Excel Realty Trust and JPMorgan Investment Management. Baybrook Gateway is currently 100 percent leased.
NEW CHILDREN’S FITNESS CENTER TO JOIN THE VILLAGE AT COLLEYVILLE
COLLEYVILLE, TEXAS — My Gym, a children’s fitness center franchise, recently leased space at The Village of Colleyville, a mixed-use development in Colleyville featuring retail, restaurant, office and residential components. The new My Gym location, which features class programs for children ages six weeks to 13 years, will be located at 99 Main St. Realty Capital Corp.’s Jobi Decker and Chad O’Neal represented the landlord, 5K Properties, while My Gym was represented by Aaron Ashore and Charlie Richmon of United Commercial Realty.
SPERRY VAN NESS BROKERS SALE OF 148-UNIT APARTMENT COMMUNITY
HOUSTON — Sperry Van Ness has handled the sale of Antoine Village Apartments, a 148-unit multifamily community located at 5550 Hollyview Dr. in Houston. The property, which is situated on 5.57 acres, features amenities such as gated access, two pools, a club room, a laundry facility and a playground. Jim Scofield of Sperry Van Ness represented the buyer, a Baltimore, Md.-based private investor, while Patrick Tollett of Oak Leaf Management represented the seller, San Antonio-based GAR Associates II. Antoine Village Apartments is currently 92 percent occupied.
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