REBusinessOnline - News Archive

NORTHEAST

Orin Wilf of Skyline Developers has purchased the three-story elevatored commercial building at 2856-2860 Steinway St. in the Astoria section of Queens, New York City, for $22.5 million.

A 15-story, 19,920-square-foot condo building is planned for 304 Fifth Ave. in the Murray Hill neighborhood of Manhattan,
New York City.

MASSEY KNAKAL COMPLETES SALES OF DEVELOPMENT SITE, COMMERCIAL BUILDING
NEW YORK CITY — Massey Knakal Realty Services has completed the $7.5 million sale of a 20 feet by 100 feet development site in the Murray Hill neighborhood of Manhattan, New York City, to an undisclosed buyer. Located at 304 Fifth Ave., the property will situate a 15-story, 19,920-square-foot condominium building with retail on the ground floor, commercial spaces on the second through fourth floors and residential living on the remaining floors. The 14th and 15th floors will contain duplex penthouse units, while the seventh floor will feature a terrace in front of the building. Brock Emmetsberger and John Ciraulo of Massey Knakal represented the undisclosed seller in the transaction. Massey Knakal and Nancy Cibrano of NCibrano Realty brokered the transaction.
In addition, Massey Knakal has completed the $22.5 million sale of a three-story elevatored commercial building in the Astoria section of Queens, New York City, to Orin Wilf of Skyline Developers. The 100 feet wide property is located at 2856-2860 Steinway St. and contains approximately 50,997 square feet. It is fully occupied and currently leased to Duane Reade, Washington Mutual Bank and New York Sport Club. Rubin Isakharov and Robert Knakal of Massey Knakal represented the buyer and the undisclosed seller in the transaction.

Occupancy will be available early 2008 in the 10-story residential condominium VUE in Brooklyn, New York City.

FAIRMONT CAPITAL AND KATAN GROUP DEVELOP VUE
NEW YORK CITY— Fairmont Capital and Katan Group are developing VUE in the South Slope neighborhood of Brooklyn, New York City. Located within the retail corridors of Fifth and Seventh Avenues, the 10-story residential condominium project will feature nine one-bedroom, 18 two-bedroom and 18 three-bedroom residences ranging from 671 to 1,168 square feet. Prices range from approximately $380,000 to more than $900,000. Amenities will include a meditation garden, a fitness center and a fully-equipped children’s playroom. Occupancy will be available early 2008. Karl Fischer Architects and Lessard Design Associates designed VUE, while Aguayo & Huebener is the development’s exclusive marketing and sales agent.

Hudson Hill Condominium in Manhattan, New York City, will contain 67 residences.

GROUND BREAKS ON HUDSON HILL CONDOMINIUM
NEW YORK CITY — Ground has broken on the development of luxury residential building Hudson Hill Condominium, located at 462 W. 58th St. in Manhattan, New York City. Upon completion by year-end 2008, the building will contain 67 one-, two- and three-bedroom residences ranging in price from $900,000 to $2.98 million, as well as from 760 to 3,253 square feet in size. Amenities will include a full-time lobby attendant, a live-in super, a video-intercom system, a common recreation room and an outdoor patio. The building will be wired for Internet, cable and telecommunications. Manhattan-based Alchemy Properties is developing the building.

WHISPERING HILLS CONSTRUCTION TO BEGIN SPRING 2008
BARNEGAT, N.J. — Construction is slated to begin spring 2008 on the 258-unit residential development Whispering Hills, located on Rose Hill Road between Barnegat Avenue and Route 9 in Barnegat. Situated on 78 acres, Whispering Hills will feature 107 three-bedroom townhouses, 99 two-story single-family homes and 52 garden-style rental apartments containing one-, two- and three-bedroom units ranging from 815 to 1,250 square feet. Pre-construction townhouse prices are more than $200,000, while single-family homes are expected to cost approximately $300,000. The entire project will feature Energy Star products.

MUNICIPAL BUILDING SERVES AS NEW TOWN HALL
DENVILLE, N.J. — The administration and associated departments of Denville have moved into the township’s recently completed town hall. In addition to offices, the two-story, 28,000-square-foot municipal building features a community room and courtroom both organized around a public forecourt and garden. An elementary school that previously served as the town hall is being prepared for demolition. KSS Architects designed the building.

WEST

Lee & Associates has negotiated the $48.7 million sale of a three-building office portfolio located within Warner Center Business Park (above) in Woodland Hills, Calif.

THREE-BUILDING OFFICE PORTFOLIO TRADES HANDS FOR $48.7 MILLION
WOODLAND HILLS, CALIF. — Bantry Holdings LLC has partnered with Guggenheim Real Estate to acquire a three-building office portfolio, which is located within Warner Center Business Park in Woodland Hills, from Schaub Properties LLC for $48.7 million. The Class A portfolio includes a 90,734-square-foot, six-story building located at 5950 Canoga Ave., a 53,283-square-foot, two-story building located at 5955 DeSoto Ave., and a 35,646-square-foot, single-story building located at 21155 Califa Ave. All three buildings are fully leased with the exception of 1,200 square feet of space at 5955 DeSoto. Tenants include Texas Instruments, Avnet Inc., Zenith Insurance and the University of Phoenix. Mark Leonard of Lee & Associates LA North/Ventura’s Calabasas, Calif., office brokered the transaction.

PROCTER & GAMBLE TO DEVELOP MANUFACTURING FACILITY
BOX ELDER COUNTY, UTAH — Economic Development Corporation of Utah (EDCUtah) and Box Elder County have approved Procter & Gamble’s (P&G) plan to develop a new manufacturing facility in Box Elder County. The company plans to invest approximately $300 million into the initial phase of the new facility, which is scheduled to break ground in early 2008. Production of P&G’s Bounty and Charmin brands is slated to be underway at the new plant by late 2009. The new facility is expected to initially create approximately 300 jobs, with the potential of nearly 700 jobs as the plant reaches full production.

47 OFFICE/FLEX BUILDINGS SELL FOR $66 MILLION
COSTA MESA, CALIF. — On behalf of The Brookhollow Group and Ameritas Life Insurance Corp., Cushman & Wakefield has completed the disposition of 47 office/flex buildings, which are located within Coppertree Business Park at the intersection of 55 and 73 freeways in Costa Mesa, for a combined value of $66 million. Totaling 245,000 square feet, the properties offer flexible floorplans and sizes that range from 2,800 to more than 5,400 square feet. Jeff Chiate and Rick Ellison of Cushman & Wakefield represented The Brookhollow Group in the unit sale program at Coppertree Business Park’s 16-acre parcel.

Marcus & Millichap has negotiated the $26 million sale of Fremont Motor Cars, a 50,654-square-foot automotive dealership in Fremont, Calif.

MARCUS & MILLICHAP BROKERS $26 MILLION AUTO DEALERSHIP SALE
FREMONT, CALIF. — Fremont Motor Cars LLC has purchased Fremont Motor Cars, a 50,654-square-foot automotive dealership located at 5601 and 5701 Cushing Pkwy. in Fremont, for $26 million or $523 per square foot. Situated on a 7.22-acre site, the single-story property comprises two buildings and a 2.34-acre site of development land. The facility is absolute triple-net leased to Sonic Automotive and consists of a Volvo sales and business office in a 13,095-square-foot building, a Jaguar and Land Rover sales office, and a parts and services department in a 37,559-square-foot building. Chris Maling and Dave Maling of Marcus & Millichap’s Los Angeles office represented the seller, NICPA Fremont LLC, in the transaction.

108-UNIT APARTMENT COMMUNITY SELLS FOR $6 MILLION
MESA, ARIZ. — Phoenix-based VGAZ LLC has acquired Village Green, a 108-unit apartment community located at 1045 S. San Jose St. in Mesa, from Tempe, Ariz.-based Village Green Associates for approximately $6 million. Built in 1975, the two-story property features a majority of one-bedroom floorplans and units that are master-metered with large patios. At the time of acquisition, the property was 95 percent occupied. Greg Thielen and John Kobierowski of Hendricks & Partners’ Phoenix office negotiated the transaction on behalf of the buyer.

MIDWEST

Construction of Phase I of Market at McKnight, a $95 million mixed-use development located in Rock Hill, Mo., is set to be complete in November.

PHASE I OF MARKET AT MCKNIGHT NEARING COMPLETION
ROCK HILL, MO. — Phase I construction will be complete in November for Market at McKnight, a $95 million mixed-use development located south of Highway 40 in Rock Hill. Phase I of the development includes 126,000 square feet of retail space. The center will be anchored by Stein Mart, with additional tenants including Starbucks Coffee, Clarkson Eye Care, Cartridge World and Bandana’s.
      Phase II of the development will include 150,000 square feet of retail space, 50,000 square feet of office space and 150,000 square feet of residential space. Completion is scheduled for 2010. The project is being developed by Novus Development, with The Lawrence Group providing master planning for the entire project and complete architectural services for the first phase. Hensley Construction is serving as general contractor.

FORESITE REALTY PARTNERS ARRANGES OFFICE TOWER SALE
SOUTHFIELD, MICH. — Rosemont, Ill.-based Foresite Realty Partners has brokered the sale of North Park Plaza, a 17-story, 295,715-square-foot office building located at 17117 W. Nine Mile Rd. in Southfield. Greg Nieder and Donald Shapiro of Foresite represented the seller, an undisclosed CMBS special servicer, in the transaction. The Class B property was acquired by a New York-based private investor. The acquisition price was not disclosed, but the asking price was more than $9 million.

SIGNATURE ASSOCIATES COMPLETES THREE INDUSTRIAL SALES
SOUTHFIELD, MICH. — The Southfield office of Signature Associates has negotiated three industrial sales in Michigan. In Milan, Signature represented both parties in the sale of a 356,246-square-foot industrial property located at 620 S. Platt Rd. Garrett Keals, Jay Chavey and Keenan Fields represented the seller, Autolign Manufacturing Group. Greg Hudas represented the buyer, Johnston’s Enterprises dba Bay Logistics.
       In Ann Arbor, Chavey and Steve Gordon of Signature represented both parties in the sale of a 141,041-square-foot industrial property located at 3930-3990 Varsity Dr. in Ann Arbor. Ann Arbor Commerce Center LLC acquired the property from Ann Arbor Commerce Center LP.
      Finally, in Detroit, Chris Monsour of Signature represented both parties in the sale of a 100,000-square-foot industrial property located at 9260 Freeland. R.H. Holdings acquired the property from Freeland Manufacturing. The acquisition prices in all three transactions were undisclosed.

JOINT VENTURE ACQUIRES 283,630-SQUARE-FOOT INDUSTRIAL FACILITY
BOLINGBROOK, ILL. — A joint venture between Chicago-based Bridge Development Partners and San Francisco-based McMorgan & Co. has acquired Bolingbrook Corporate Center II, a 283,630-square-foot industrial facility located at 101 E. Crossroads Pkwy. in Bolingbrook. The facility features 30-foot clear ceiling heights, 5,000 square feet of office space, 28 docks and two drive-in doors. The undisclosed seller was represented by Steve Disse, Jeff Devine and Jeff Kahan of Rosemont, Ill.-based Colliers Bennett & Kahnweiler (CBK). Vern Schultz and Peter Bourke, also of CBK, will be serving as leasing agents for the currently vacant property. The acquisition price was not disclosed.

REED ILLINOIS CORP. SELECTED FOR MEDICAL OFFICE BUILD-OUT
HIGHLAND PARK, ILL. — Chicago-based Reed Illinois Corp. has been selected to construct 15,000 square feet of medical office suites for Highland Park Hospital’s Ambulatory Care Center, located at 757 Park Ave. West in Highland Park. The build-out of the center will include three medical office suites, physician offices and examination rooms. The 67,000-square-foot ambulatory care center features Kellogg Cancer Care Center, a CT/PET Scan for diagnostics, and a CT Simulator and Linear Accelerator for radiation therapy. Completion of the project is scheduled for early December. Eckenhoff Saunders Architects is providing design services for the project.

SOUTHEAST

Bellini, a 24-story condominium property, will soon undergo construction in Aventura, Fla.

CONSTRUCTION TO BEGIN ON 24-STORY CONDOMINIUM PROJECT
AVENTURA, FLA. — South Florida developer Martin Margulies is building Bellini, a 24-story condominium project on Williams Island in Aventura. The boutique-style property will offer 70 three-bedroom corner units ranging in size from 2,300 to nearly 2,700 square feet. Amenities at the property, located at 4100 Williams Island Blvd., will include a fitness center, a media room, a children’s gameroom and lounge, concierge and service desk and computer-controlled access elevators. Construction is scheduled to begin first quarter 2008 and finish fourth quarter 2009.

JOINT VENTURE FORMED TO DEVELOP AUTOMOTIVE SUPPLY FACILITY
GRIFFIN, GA. — Sumitomo Chemical and Toyo Ink Group have formed a joint venture, Sumika Polymer Compounds America (SPCA), for the purpose of building a 90,000-square-foot facility in Griffin. The Tokyo-based joint venture plans to manufacture polypropylene compounds for the automotive industry at the facility, which will be situated on 30 acres in the Hudson Industrial Park. Expected to create 50 jobs, the capital investment for the project will be approximately $30 million. Completion is scheduled for early 2009.

SCHEER PARTNERS COMPLETES 102,000-SQUARE-FOOT FACILITY FOR MEDIATECH
MANASSAS, VA. — Scheer Partners has completed construction on a 102,000-square-foot facility for Mediatech in Manassas. The facility is situated on 10 acres in Innovation Technology Park, a 1,500-acre business and technology park. Mediatech, a manufacturer and supplier of cell culture and molecular biology, has already taken occupancy.

Aztec Group has arranged the $13.85 million sale of Lauder Ridge Garden Apartments in North Lauderdale, Fla.

AZTEC GROUP ARRANGES $13.85 MILLION SALE OF MULTIFAMILY COMMUNITY
NORTH LAUDERDALE, FLA. — Peter Mekras, director with Miami-based Aztec Group, has arranged the $13.85 million sale of Lauder Ridge Garden Apartments in North Lauderdale. The 152-unit garden-style property is situated on 7.47 acres and consists of four residential buildings. The buyer, a local rental apartment operator, plans interior renovations. The seller was undisclosed.

451 ACRES SOLD TO GOOGLE SUBSIDIARY
BLYTHEWOOD, S.C. — Arum Composites, a subsidiary of Google, has acquired a total of 451 acres in Blythewood with potential plans to build an Internet server farm. A total of 171 acres was purchased from Firetower Associates for $6.6 million and an additional 280 contiguous acres were also purchased. The property fronts Interstate 77 at Firetower Road. Tom Milliken with NAI Avant represented the seller in the 171-acre transaction.

	TEXAS
	HERMANSEN LAND DEVELOPMENT ACQUIRES LAND FOR TWO MIXED-USE PROJECTS FRISCO AND FLOWER MOUND, TEXAS — Dallas-based Hermansen Land Development has acquired two tracts of land in Frisco and Flower Mound with plans to develop more than 1 million square feet of mixed-use projects. The company plans to create Frisco Market Center, an 88-acre development that will be located at the northwest corner of Main Street and Dallas North Tollway. Plans include space for retail, office and multifamily uses. Hermansen Land Development also purchased land in Flower Mound with plans to develop The Plaza of the Oaks, a 125,000-square-foot mixed-use specialty center featuring retail, restaurant and office space. The site is located along Long Prairie Road and FM 407. The Plaza of the Oaks is scheduled for completion late next year. TURNER CONSTRUCTION CO. BREAKS GROUND ON 15-STORY HOTEL AND CONFERENCE CENTER LUBBOCK, TEXAS — Turner Construction Co. has broken ground on Overton Hotel and Conference Center, a 15-story, 226,627-square-foot project located between MacDavis Avenue and Avenue X in Lubbock. The $47 million development, which is a joint venture between Turner Construction Co. and Lee Lewis Construction, will feature 304 rooms, an indoor fitness facility, an outdoor pool and lounge, a business center and a 45,000-square-foot conference center with three ballroom areas. BH PROPERTIES ACQUIRES 80,000-SQUARE-FOOT RETAIL CENTER DEL CITY, OKLA. — BH Properties recently purchased Del Crest Shops, an approximately 80,000-square-foot shopping center located at the intersection of Southwest 15th Street and Sunnylane in Del City. The property, which is 70 percent occupied, is anchored by Dollar and Ace Westlake Hardware. The company plans to renovate the property. Scott Henry of BH Properties’ Dallas office negotiated the deal on behalf of BH Properties, while Robin O’Grady of NAI Sullivan Group represented the seller, Epperly Real Estate, in the transaction.