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NORTHEAST

L haus is an 11-story residential tower located in the Long Island City neighborhood of Queens, New York City.

CONSTRUCTION ADVANCING FOR L HAUS
NEW YORK CITY — Construction is advancing for L haus, an 11-story residential condominium tower located in the Long Island City neighborhood of Queens, New York City. Upon completion in early 2009, the project will comprise 122 one-, two- and three-bedroom units ranging in size from 675 to 1,800 square feet. Additionally, two-bedroom convertibles, and two- and three bedroom duplexes and penthouses will be available. Prices range from $500,000 to more than $1.5 million, and residents benefit from a 15-year, 421-A tax abatement. Community amenities include 10,000 square feet of outdoor space with a lawn, a water feature, tables and a grill; a rooftop terrace; a common room with a catering kitchen; a fitness center and yoga room; and a media room with a big-screen TV and seating for 16. Prudential Douglas Elliman is the marketing and sales agent. The project is being developed by The Stahl Organization.

AZARIAN RECEIVES APPROVAL FOR ALLENDALE SHOPPING PLAZA RENOVATION
ALLENDALE, N.J. — Midland Park, N.J.-based The Azarian Group has received government approvals for the renovation and expansion of The Allendale Shopping Plaza in Allendale. Construction at the 5-acre site will consist of a 5,000-square-foot expansion to the north end of the mall, the redesign of the property’s parking lot, and a façade update to match A&P’s newly renovated Fresh Store. Construction is set to begin in September, with completion scheduled for spring 2009.

KUIKEN BROS. BREAKS GROUND FOR 12-ACRE LUMBER YARD
SUCCASUNNA, N.J. — Kuiken Brothers Co. has broken ground for the construction of a 12-acre lumber and building materials facility in Succasunna. Located at 33 Route 10 East, the drive-thru lumber yard will include inventory such as lumber, windows, doors, drywall, molding, decking and railing, hand and power tools, and other construction products. The facility will also include rail service, which had previously been inactive for more than a decade. The site had been operating as a lumberyard prior to Kuiken’s development of the property. In addition to the new construction, extensive landscaping will be installed, along with permanent conservation areas that will buffer Horseshoe Lake.

SHCA SELECTED FOR HEALTH CENTER REHAB
NEW YORK CITY — New York City-based Swanke Hayden Connell Architects has been selected by the Department of Design and Construction for the City of New York to provide design services for the rehabilitation of three New York City health centers. The facilities include Astoria District Health Center, located in the Astoria neighborhood of Queens; Bedford District Health Center, located in the Bedford-Stuyvesant neighborhood of Brooklyn; and Fort Green Health Clinic, also located in Brooklyn. Construction will consist of the rehabilitation of the exterior building envelopes, and ADA accessibility upgrades. Construction is underway, with completion scheduled for October.

WEST

REGENCY CENTERS ACQUIRES 92,307-SQUARE-FOOT RETAIL BUILDING
EAST PALO ALTO, CALIF. — Regency Centers has acquired a vacant 92,307-square-foot retail building in East Palo Alto from The Home Depot EXPO for an undisclosed price. Located at Ravenswood 101 Shopping Center, the property will be occupied by a 50,227-square-foot The Sports Authority and a 41,680-square-foot Nordstrom Rack, both of which signed leases with Regency Centers. The new stores are slated to open spring 2009 after construction of the new storefronts and interiors are completed. Ryan Nickelson of Regency Centers, along with John Kovaleski and David Buchholz of Colliers International represented, the buyer in the acquisition and re-tenanting.

THREE-PROPERTY STUDENT-HOUSING PORTFOLIO SELLS FOR $11.18M
TUCSON, ARIZ. — Hamid Panahi of Marcus & Millichap represented the seller in the $11.18 million disposition of a three-property student-housing portfolio in Tucson. The portfolio consists of SahuaroPoint Villas, a 20-unit property located at 2326-2366 N. 6th Ave.; GlennStar Apartments, a 12-unit complex located at 133-193 E. Glenn St.; and StoneWood Apartments, a 24-unit community located at 2621 N. Estrella Ave. Earle Hyman of Marcus & Millichap represented one of the buyers; while Mike McClain, also of Marcus & Millichap, represented the buyer in the SahuaroPoint transaction. The seller and buyers were not disclosed.

Dividend Capital Group has acquired a Lockaway Storage facility in Sunnyvale, Calif., for $8.6 million.

LOCKAWAY STORAGE LOCATION FETCHES $8.6 MILLION
SUNNYVALE, CALIF. — Dividend Capital Group has purchased Lockaway Storage in Sunnyvale for $8.6 million. Located at 222 W. Ahwanee Ave., the 533-unit property consists of 45,500 rentable square feet. At the time of acquisition, the property was 90 percent occupied. Greg Wells of Grubb & Ellis|BRE Commercial represented the seller, Lockaway Storage, in the transaction.

Cohen Financial has arranged a $13.2 million loan for the construction of The Shops on Brooklyn Yard, a retail project in Portland, Ore.

COHEN FINANCIAL ARRANGES $13.2 MILLION CONSTRUCTION LOAN
PORTLAND, ORE. — Cohen Financial has arranged a $13.2 million construction loan for the development of The Shops on Brooklyn Yard, a retail project located in the Brooklyn neighborhood of southeast Portland. The project is located at 4546 SE McLoughlin Blvd. at the intersection of SE Holgate and McLoughlin boulevards. The loan is being used to retire the land acquisition loan and provide funds for the development of more than 52,000 square feet of retail improvements. The project is currently 83 percent pre-leased to 24 Hour Fitness, which plans to open in third quarter 2009. Adam Cassie of Cohen Financial secured the 2-year, 70 percent loan-to-value facility. The borrower and lender were not disclosed.

HENDRICKS & PARTNERS BROKERS $4.19 MILLION MULTIFAMILY SALE
OCEANSIDE, CALIF. — Pasadena, Calif.-based Tenth Street Properties has acquired Tri-City Gardens in Oceanside for $4.19 million. The 35-unit apartment community is located at 4129 and 4130 Waring Rd. The seller was Investment Property Exchange Services Inc., co-trustees of the Brian Marcus and Suzanne Marcus Family Trust, and co-trustees of the Werbeloff Family Trust. Steve Huffman of Hendricks & Partners San Diego office represented the seller in the transaction.

The Gates Foundation Headquarters is scheduled to open in 2010.

GATES FOUNDATION HEADQUARTERS BREAKS GROUND
SEATTLE — Ground has broken on the Bill & Melinda Gates Foundation headquarters in Seattle.
The 900,000-square-foot, $500 million headquarters will feature two, 6-story office buildings, an entrance pavilion, a convening center and a visitor center. Situated on 12 acres, the campus is located at 500 Fifth Ave. N. across from the Seattle Space Needle.
The project aims to achieve LEED Gold certification by incorporating a number of green design elements, such as:

An underfloor air distribution system for ventilation, which conserves energy and facilitates future space modifications
A rainwater collection and storage system providing most of the water for non-potable uses, including irrigation, water features and toilets
Air-cooled chillers and thermal-energy storage which conserve water and capitalize on lower off peak air temperatures

A 1.5-acre living roof, situated on top of an employee-parking garage owned and operated by Seattle Center, is already complete. It features a natural habitat for birds and will eventually be sustained through rainwater by using the roof’s plantings.
Project partners include architecture firm NBBJ, Sellen Construction and Ralph Appelbaum & Associates.
The campus is scheduled to open in late 2010, with the visitor center opening in 2011.

MIDWEST

KANSAS SPEEDWAY/CORDISH CO. PROPOSE $700 MILLION HARD ROCK HOTEL & CASINO
KANSAS CITY, KAN. — Kansas Speedway and The Cordish Company (Kansas Entertainment LLC) have proposed a 1.5 million-square-foot Hard Rock Hotel & Casino, which would be located in Kansas City Speedway’s Turn 2, with strong visibility and access to Interstates 70 and 435. The facility will include a 300-room luxury hotel; a state-of-the-art casino with 3,000 slot machines and 140 gaming tables; 275,000 square feet of retail, dining and entertainment product, including a live music venue; and meeting and convention facilities. The project cost is estimated at more than $700 million. As part of the proposal, a temporary casino would be able to open within 8 months. Operating during construction, the temporary casino will include 2,000 slot machines and 75 gaming tables.

HEALTH CARE REIT TO PURCHASE 200,000-SQUARE-FOOT DANA HOLDING HEADQUARTERS
TOLEDO, OHIO — Toledo-based companies Dana Holding Corp. and Health Care REIT have reached a contingent agreement for Dana Holding to sell its corporate headquarters property in Toledo to Health Care REIT for an undisclosed amount. The sale agreement, which is contingent on state and local authorities’ support, is expected to close by October. The 200,000-square-foot facility is located at 2500 Dorr St. Dana Holding will move its headquarters to an existing 200,000-square-foot building, which is located on a 30-acre site in the Toledo suburb of Maumee, Ohio. Under terms of the sale agreement, Dana Holding would vacate its Dorr Street facility by September 2009.

Forum Development Group has plans to build a 220-acre mixed-use community in Columbia, Mo.

FORUM DEVELOPMENT GROUP PLANS 220-ACRE MIXED-USE DEVELOPMENT
COLUMBIA, MO. — Forum Development Group has announced plans for Discovery, a 220-acre mixed-use community, which will be located on the west side of the new Highway 63 interchange at Discovery Parkway in Columbia. The property is situated near Columbia’s new A. Perry Phillips regional park and lake, the new Columbia Catholic high school, the Bristol Lake residential community and a multi-phase life science research park developed by the University of Missouri. Current plans for the development include a lifestyle center with retail and restaurant pad sites, two office districts, as well as upscale apartments and condominiums. Additionally, a hotel and convention center will be located at Discovery. Crawford Architects is providing architectural services for the project.

EBERSPAECHER INDUSTRIAL FACILITY TO UNDERGO $59.8 MILLION IN IMPROVEMENTS
BRIGHTON, MICH. — Eberspaecher North America’s Brighton manufacturing facility will undergo $59.8 million in improvements to accommodate new EPA emissions reduction regulations aimed at the large truck market. In order to support the project, the Michigan Economic Growth Authority has approved a $7.4 million brownfield tax credit. The expansion will include acquisition and development of a contiguous 4.72-acre site, which will house 60,000 square feet of space for light industrial and warehousing operations.

SUMMIT REALTY GROUP ARRANGES 125,000-SQUARE-FOOT INDUSTRIAL LEASE
INDIANAPOLIS — Summit Realty Group has represented Superior Packaging Co. in leasing 125,000 square feet of industrial space located at 4750 Kentucky Ave. in Indianapolis. The company is relocating and expanding its warehousing operations from its former Indianapolis property, which was located at 7901 W. 21st St. Fritz Kauffman of Collier Turley Martin Tucker represented the landlord, LIT Industrial Limited Partnership; Steve Schaub of Summit Realty Group represented Superior Packaging Co. in negotiations. The terms of the lease were not disclosed.

SOUTHEAST

BOSTON REALTY TRUST ACQUIRES 470,000-SQUARE-FOOT ATLANTA OFFICE COMPLEX
ATLANTA — Boston-based Winthrop Realty Trust, in a joint venture with Shreveport, La.-based Sealy & Co., has acquired a six-building, 469,667-square-foot office complex, located in Northwest Atlanta, from an undisclosed seller for $47 million. In the transaction, the venture assumed the building’s $37 million, 6.12 percent existing mortgage that will mature in November 2016. The property is 88 percent occupied and is expected to yield an 11 percent return.

ST. PETERSBURG’S WACHOVIA PLAZA CHANGES HANDS FOR $26.3 MILLION
ST. PETERSBURG, FLA. — Parkway Properties has sold the 17-story, 185,674-square-foot Wachovia Plaza, located at 150 2nd Ave. in St. Petersburg, to CNL Commercial Real Estate, a division of CNL Financial Group, for $26.3 million. The Class A office tower is 98 percent leased to 30 tenants, including Wachovia Bank, UBS Financial Services, H&R Block and Universal Health Care. Dale Peterson of CB Richard Ellis’ Tampa, Fla., office represented Parkway Properties.

Virginia Tech basketball will move to a new home for the 2009–2010 season.

NEW BASKETBALL FACILITY UNDER CONSTRUCTION AT VIRGINIA TECH
BLACKSBURG, VA. — New York-based Cannon Design—along with Ballou Justice Upton Architects, civil engineers Anderson & Associates and the Whiting-Turner Contracting Co.— has begun construction on a 50,000-square-foot basketball facility on the campus of Virginia Polytechnic Institute & State University in Blacksburg. The building will house college basketball programs for women and men, and it will include two practice courts, physical therapy facilities, conference rooms, coaching offices and locker and lounge areas. Construction costs for the building, which will be completed in August 2009, are estimated at $18 million.

219-UNIT GREEN CONDOMINIUM BUILDING REACHES 20 FLOORS
ATLANTA — The Atlanta-based firms Regent Partners and Urban Realty Partners have completed vertical construction on their 219-unit The Brookwood condominiums, located at 1829 Peachtree Rd. in Atlanta. The property, which will be finished next year, is being constructed to LEED standards and features 1 acre of green space, an array of sidewalks and underground power lines. Sustainable construction practices included recycling 86 percent of the construction debris and installing a cistern to capture water for irrigation. The development will also include a pool, gazebo, clubhouse, gardens and an outdoor summer kitchen. Two and three-bedroom floor plans range in size from 1,200 to 2,900 square feet.

CUSHMAN & WAKEFIELD BROKERS CLEARWATER WAREHOUSE SALE
CLEARWATER, FLA. — Severna Park, Md.-based Continental Business Development has sold a 42,250-square-foot, one-tenant warehouse, located on Ulmerton Road in Clearwater, to Boston-based Cabot Properties for $3.57 million. Mike Davis, Rick Brugge and Rian Smith of Cushman & Wakefield represented the seller in the transaction.

	TEXAS
	ADAMS LASALLE ACQUIRES 322-UNIT APARTMENT COMMUNITY HOUSTON — Chicago-based Adams LaSalle Realty has acquired The Lodge at Baybrook Apartments, a 322-unit, Class A multifamily property located in the Clear Lake submarket of Houston. Situated on 13.7 acres of land, the community comprises 12 two- and three-story buildings. Amenities include a clubhouse, a swimming pool and spa, a fitness center, a surround sound theater, and a game room with billiards tables, televisions and bar seating. The property was acquired by the multifamily arm of Adams LaSalle from MBS-Baybrook, Ltd. Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CBRE’s Houston office represented the seller. The acquisition price was not disclosed. CONSTRUCTION UNDERWAY FOR 374,000-SQUARE-FOOT INDUSTRIAL COMPLEX IRVING, TEXAS — Construction is under way for DFW/161 Distribution Center, a 374,000-square-foot speculative warehouse project located at the corner of Northgate Drive and Valley View Lane in Irving. Situated on 25 acres, the project comprises a three-building complex. The first phase will include the construction of 176,000- and 103,700-square-foot buildings. The larger building will be cross-docked, contain 30-foot clear ceiling heights, and be able to accommodate tenants needing 45,000 square feet of space or more. It will lease for $4.25 per square foot with a $5 per square foot tenant improvement allowance. The $24 million project is being developed by Atlanta-based Republic Property Co., which recently opened a new office in Irving. CAPMARK ARRANGES $16.46 MILLION FOR TWO MULTIFAMILY PROPERTIES LEAGUE CITY, TEXAS — Capmark Finance has originated a total of $16.46 million in financing for the acquisition and renovation of two League City multifamily properties. Crows Nest Condominiums is a 176-unit property located at 501 Davis Rd., and Sandcastles Apartments, which was recently renamed Harbor Walk, is a 138-unit community located at 2751 FM 518. The loan proceeds comprised $14.75 million in first mortgage financing and $1.71 million in mezzanine debt. The fixed-rate loans carry 5-year terms with interest-only payments for the first 2 years, followed by a 30-year amortization schedule. Brant Smith and Andy Hill of Capmark’s Houston office originated the financing on behalf of the borrower, Houston-based Mosaic Residential. The primary lender is Fannie Mae, which utilized the company’s CI Mezz-Mod Rehab Program; RCG Longview acted as the mezzanine lender.