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NORTHEAST

The Dolben Company has purchased Emerson Gardens, a 160-unit multifamily property, in Lebanon, N.H., for $21.6 million.

THE DOLBEN COMPANY PURCHASES 160-UNIT EMERSON GARDENS
LEBANON, N.H. — The Dolben Company has purchased a 160-unit multifamily property, Emerson Gardens, from Emerson Gardens LP for $21.6 million. Situated on 5.7 acres of land at 19 & 21 Spencer St. in Lebanon, Emerson Gardens consists of two four-story buildings, each containing 80 two-bedroom, two-bathroom units. Community occupancy was 94 percent when the sale was completed. Amenities include heated underground parking, elevators, full-size washers and dryers, modern fully applianced kitchens with garbage disposals and air conditioning. Terry Scott, Richard Robinson and Travis D’Amato of Apartment Realty Advisors New England represented the seller in the transaction.

The CB Richard Ellis New York Tri-State Region Institutional Group has brokered the $19.05 million sale of Cranberry Plaza in Parsippany, N.J.

CB RICHARD ELLIS BROKERS $19.05 MILLION SALE OF CRANBERRY PLAZA
PARSIPPANY, N.J. — Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of the CB Richard Ellis New York Tri-State Region Institutional Group have brokered the $19.05 million sale of the approximately 203,871-square-foot industrial/flex building Cranberry Plaza in Parsippany. Dunne, Welsh and Oram represented the seller, AVR-PARS, and procured the buyer, Gottesman Real Estate Partners, in the transaction. The team also worked with the servicer in the assumption of an existing securitized loan on the building. The 21-year-old asset is located at 2 Cranberry Rd., within the Fox Hill Industrial Park, and features 20 dock high-loading doors, three drive-in doors and a 1.80 per 1,000 square feet parking ratio. The property, fully leased at the time of sale, includes Ingersoll Rand Security Technologies, Aviall Services and Tronex International among its tenants.

LONGTIME OWNERS SELL APARTMENT BUILDING FOR $6.63 MILLION
NEW YORK CITY — After owning and managing 45-16 44th St. in the Sunnyside neighborhood of Queens, New York City, for more than 40 years, the Schneider family has sold the six-story residential elevator apartment building to a Queens and Manhattan investor for $6.63 million. The building consists of 46 units. GFI Realty Services brokered the transaction.

The Madison, a 125,000-square-foot office building in Reading, Pa., has been sold for $6.5 million.

THE KISLAK COMPANY COMPLETES $6.5 MILLION SALE OF THE MADISON
READING, PA. — The Kislak Company has completed the $6.5 million sale of a 125,000-square-foot office building, The Madison, in Reading. Barry Waisbrod of Kislak represented the buyer, a New York-based investment firm, and the seller, Madison Reading Associates, in the transaction. The Madison’s two 13-story and five-story office buildings are connected by a vaulted glass atrium. Government offices occupy a majority of the currently 85 percent leased building.

INVESTMENT GROUP AFFILIATE PURCHASES MANUFACTURING FACILITY
MIDDLETOWN, CONN. — An Investment Capital Partners affiliate has purchased a 50,000-square-foot industrial manufacturing facility at 422 Timber Ridge Rd. in Middletown from Pegasus Manufacturing for $4.05 million. The purchase was part of a 1031 exchange, and was traded in a leaseback, with Pegasus leasing back the property. The building is completely air conditioned and contains 24-foot ceiling heights. Steven Inglese of New Haven Group represented the seller and procured the buyer in the transaction.

ROADWAY INN SELLS FOR $2.7 MILLION
LANCASTER, PA. — Bhavesh Patel has purchased the Roadway Inn in Lancaster from Melinda Roda for $2.7 million. Jeff Rake, Vikram Antin and Gordon Allred of Marcus & Millichap secured the buyer in the transaction, while Rake, Allred and Brad Nathanson, also of Marcus & Millichap, represented the seller.

WEST

Maxxam Enterprises received $47 million in refinancing for Beverly Hills Gateway Tower in
Beverly Hills, Calif.

MAXXAM ENTERPRISES SECURES $162 MILLION IN REFINANCING
BEVERLY HILLS, CALIF. — Beverly Hills-based Maxxam Enterprises has received approximately $162 million in refinancing for three premier properties located in Southern California. Arranged by Bob Safai of Madison Partners, the financing package consists of three separate loans, each a 10-year, fixed-rate loan provided by Countrywide. The company received a $60 million loan for Janss Marketplace Shopping Center, a 455,000-square-foot retail center in Thousand Oaks, Calif.; $47 million in financing for Beverly Hills Gateway Tower located at 9777 Wilshire Blvd. in Beverly Hills; and a $55.1 million loan for Promenade Gateway, a 7-story mixed-use development in Santa Monica, Calif.

SHORENSTEIN PURCHASES $40 MILLION INTEREST IN CONSTRUCTION FINANCING FOR OFFICE PROJECT
SUNNYVALE, CALIF. — Shorenstein Properties LLC has purchased a $40 million subordinated debt obligation for Jay Paul Company’s Moffett Towers, a Class A office project located at the intersection of highways 101 and 237 in Sunnyvale. The junior interest is part of a $66.75 million B-note included in a $216.75 million construction financing package, which was provided earlier this year to Jay Paul Company. Upon completion, the development will consist of three 8-story office buildings totaling 900,600 square feet and three parking areas offering a 3.3 per 1,000-square-foot parking ratio.

Corbella at Juanita Bay, a 169-unit apartment community located in Kirkland, Wash., has sold for $32.5 million.

169-UNIT APARTMENT COMMUNITY SELLS FOR $32.5 MILLION
KIRKLAND, WASH. — An undisclosed investment client of San Francisco-based BlackRock Inc. has acquired Corbella at Juanita Bay, a 169-unit apartment community located at 9536 NE 120th St. in Kirkland, for $32.5 million. The community features a mix of studio, one- and two-bedroom units in five floorplans. Additionally, the property features a clubhouse with full kitchen, resident lounge and business center, a fitness center with pool and creek views, a tanning salon, walking trails and a recreation facility. David Young of Hendricks & Partners’ Seattle office brokered the transaction on behalf of the seller, Juanita, My Sweet Chiquita LLC, a subsidiary of Auburn, Wash.-based Landmark Development Group LLC.

LNR COMMERCIAL PROPERTY GROUP ACQUIRES BANGERTER CROSSING BUSINESS PARK
SALT LAKE CITY — Newport Beach, Calif.-based LNR Property Corp.’s Commercial Property Group has acquired the first phase of Bangerter Crossing Business Park, a 34-acre commercial site located in Salt Lake City. Currently under construction, the first phase includes two state-of-the-art warehouse distribution buildings comprising 162,866 and 244,300 square feet, respectively. The buildings are slated for completion in May and August 2008. The third building of phase one, a 325,000-square-foot cross-dock facility, is scheduled to break ground during mid-year 2008. The company, who acquired the land from Randy Abood and Gary McEntee of the Ninigret Group, will be acquiring additional phases of the project through a four-phase acquisition. Upon completion, the total project will be approximately 3.5 million square feet. Zach Anderson of NAI Utah Commercial negotiated the land purchase transaction.

CB Richard Ellis has brokered the $21.1 million sale of Raintree Office Center, a 111,206-square-foot office building located in North Scottsdale, Ariz.

RAINTREE OFFICE CENTER CHANGES HANDS FOR $21.1 MILLION
SCOTTSDALE, ARIZ. — Kent, Wash.-based Walker Business Plaza has acquired Raintree Office Center, an office building located in North Scottsdale, for $21.1 million. Located at 8801 and 8901 E. Raintree Dr., the property comprises two single-story buildings totaling 111,206 square feet. At the time of acquisition, the property was 100 percent occupied. Steve Brabant, Rick Abraham, Bob Young, Glenn Smigiel, Brad Anderson and Luke Walker of CB Richard Ellis’ Phoenix office represented the seller, Scottsdale-based Pima Raintree Partners LLC (Byxbee Development Partners and Heyl Corp.), in the transaction.

STAG Capital Partners has acquired a 43,843-square-foot office building located in Pocatello, Idaho, for an undisclosed price.

STAG CAPITAL PARTNERS ACQUIRES 43,843-SQUARE-FOOT OFFICE BUILDING
POCATELLO, IDAHO — Boston-based STAG Capital Partners has acquired a 43,843-square-foot office building in Pocatello for an undisclosed price. Situated on a 2.07-acre site at 805 N. Main St., the property is fully leased to Convergys, a leading provider of outsourced customer service, billing and human resources. Vincent Schwab and Scott Pertel of Marcus & Millichap represented the seller, Pioneer Block Inc., in the transaction.

MIDWEST

GROUNDBREAKING OCCURS FOR NEW NOVUS HEADQUARTERS
ST. CHARLES, MO. — Novus International has broken ground for the construction of its new global headquarters, located at the 200-acre Missouri Research Park in St. Charles. The $20 million project will include the renovation of Novus’ existing 42,000-square-foot facility, as well as the construction of a 48,000-square-foot addition. The new building will feature 10 research laboratories, an employee and customer-training center, a fitness center, a library, and a coffee bar and lounge. The project will also be seeking platinum-level LEED certification, and will feature efficient electrical and mechanical systems, bamboo wood flooring and doors, skylights and floor-to-ceiling windows for natural light, and zero-irrigation landscaping. Forum Studio is providing design services for the project, and Clayco is serving as general contractor.

CTMT BROKERS TWO INDUSTRIAL ACQUISITIONS TOTALING $11.21 MILLION
FRIDLEY AND MINNEAPOLIS, MINN. — Colliers Turley Martin Tucker (CTMT) has brokered two Minnesota industrial acquisitions totaling $11.21 million. In Fridley, Matthew Klein and Shawn Moore of CTMT represented Cobalt Capital Partners in the acquisition of a two-building, 194,040-square-foot industrial portfolio for $9.15 million. In Minneapolis, David Stokes of CTMT represented Syndic VI in the acquisition of a 53,000-square-foot industrial building, located at 635 N. Prior Ave., for $2.06 million. The sellers in both transactions were undisclosed.

HSA Commercial Real Estate has acquired a 40,564-square-foot industrial facility located in Waukesha, Wis.

HSA COMMERCIAL REAL ESTATE ACQUIRES INDUSTRIAL BUILDING
WAUKESHA, WIS. — Chicago-based HSA Commercial Real Estate has acquired a 40,564-square-foot industrial facility located at 2000 Airport Rd. in Waukesha. The building is fully occupied by Acme Machell Co., and features 18-foot clear ceiling heights, four dock-height loading doors, one drive-in door and 4,878 square feet of office space. Eric Ogden of HSA represented the undisclosed buyer. The seller and the acquisition price were also undisclosed.

NAI OLYMPIA PARTNERS ARRANGES OFFICE ACQUISITION
INDIANAPOLIS — Indianapolis-based NAI Olympia Partners has arranged the acquisition of a 20,000-square-foot office building located at 211 S. Ritter Ave. in Indianapolis. Rich Forslund and Brett Spitzer of NAI represented the buyer, Inhabit Property Group, in the transaction; Bill McLane of McLane Realty represented the buyer, Fridlund Realty Corp. The acquisition price was not disclosed.

CBRE NEGOTIATES LEASE FOR GOLD’S GYM
NOVI, MICH. — The Detroit office of CB Richard Ellis (CBRE) has brokered a 59,576-square-foot retail lease, located in the Fountain Walk shopping center at 44125 W. Twelve Mile Rd. in Novi, for a new Gold’s Gym location. Drew Chorney of CBRE represented the tenant, Champion Athletic Performance Novi, in the transaction; Scott Young, also of CBRE, represented the landlord, HHT Devco.

	SOUTHEAST
	DOCKERTY ROMER & CO. SECURES $134 MILLION FOR RESORT DELRAY BEACH, FLA. — Dockerty Romer & Co. has secured $134 million in construction financing for the development of The Seagate Hotel & Spa, The Seagate Residences and The Seagate Beach Club in Delray Beach. Shannon Rex of Dockerty Romer & Co. arranged the loan. The resort is comprised of a 162-suite boutique hotel, 29 luxury condominium units and a beach club. The lead lender is CIBC World Markets. MANNING MINI STORAGE SELLS IN NATCHITOCHES NATCHITOCHES, LA. — Donald Clements of Marcus & Millichap’s Houston office has represented a San Diego-based seller in the $1.4 sale of the 72,815-square-foot Manning Mini Storage, located at 1516 Keyser Ave. in Natchitoches. A Temcula, Calif.-based buyer purchased the property, which was constructed in 1983 and is situated on 5.3 acres. BH PROPERTIES ACQUIRES TWO INDUSTRIAL PROPERTIES IN GEORGIA MORROW, GA. — BH Properties, represented by Scott Henry in house, has acquired two warehouse/distribution properties, totaling 363,182 square feet, in Morrow for $7.9 million. The first property, a 203,850-square-foot distribution center, is located at 1260 Southern Rd., while the second property, a 159,332-square-foot warehouse/flex building, is located at 1235 Commerce Rd. The buildings are currently 17 percent occupied by tenants Capitol Color, United Factor Warehouse and Autograph Signs. Dallas-based Crow Holdings, represented by Brian Budnick of CB Richard Ellis, sold the property. SPRAYBERRY SQUARE SHOPPING CENTER UNDERGOES REDEVELOPMENT MARIETTA, GA. — DLC Management Corp. is redeveloping Sprayberry Square Shopping Center, located at the intersection of East Piedmont and Sandy Plains roads, directly across the street from Sprayberry High School, in Marietta. The 134,000-square-foot retail redevelopment will be anchored by a 45,000-square-foot LA Fitness. The redevelopment is slated for completion in fall 2008.

	TEXAS
	TWO OFFICE BUILDINGS TOTALING 436,300 SQUARE FEET BREAK GROUND IN WESTWAY PARK HOUSTON — Dienna Nelson Augustine Co., a Houston developer, has broken ground on two speculative office buildings totaling 436,3000 square feet in Houston’s Westway Park. The first building is a 10-story, 250,000-square-foot tower and the second building is a three-story, 186,300-square-foot building. The Class A properties will be situated on a 13.5-acre site at the intersection of Sam Houston Tollway and Clay Road, and will be built to LEED specifications. Project partners include Kirksey Architects and Transwestern Houston. Completion is scheduled for December 2008. CB RICHARD ELLIS BROKERS SALE OF TWO HOTELS HOUSTON AND SUGAR LAND, TEXAS — CB Richard Ellis’ Hotels Group, led by Lisa Hankamer and Bert Stevens, has represented Morning View Hotels/Atlantic Pearl Investments in the sale of two hotels to TLG Hotel Acquisitions, LLC. The new owner, The Lightstone Group, will convert Baymont Inn & Suites Houston and Baymont Inn & Suites Sugar Land into Extended Stay Deluxe properties, a division of Extended Stay America. MARCUS & MILLICHAP BROKERS SALE OF CARRIAGE HOUSE APARTMENTS GALVESTON, TEXAS — Marcus & Millichap has brokered the sale of Carriage House Apartments in Galveston. The 49,700-square-foot complex features 54 units and is located at 615 Holiday near Stewart Beach. Financing was provided through Tom LaRue of Prosperity Bank in Galveston. Brian Janak and Monte Lowery of the firm’s Houston office secured and represented both the undisclosed seller and the buyer, a Houston-based limited liability company.