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NORTHEAST |
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KBS REIT ACQUIRES RIVERTECH PARK
BILLERICA, MASS. — KBS Real Estate Investment Trust has acquired Rivertech Park in Billerica for $45.2 million. The 285,772-square-foot park, which is located along the Route 3 corridor, contains two twin office buildings that are 100 percent leased. Nuvera Fuel Cells leases Rivertech I, a 110,684-square-foot office facility, and Entegris leases Rivertech II, a 175,088-square-foot building. The seller was undisclosed.
ATLANTIC REALTY TO CONSTRUCT RETAIL CENTER
MILLVILLE, N.J. — Atlantic Realty Company has acquired a 4-acre site to construct a new grocery-anchored retail center in Millville. Located at 700 N. High St., the center will be anchored by a 38,000-square-foot Sav-A-Lot grocery store. The project is slated for completion in summer 2008. Randy Hope of Metro Commercial represented Atlantic realty in the purchase of the blighted site.
WRIGHTWOOD CAPITAL PROVIDES $17.5 MILLION IN CONSTRUCTION FINANCING
NEW YORK CITY — Wrightwood Capital has provided $17.5 million in construction financing for the redevelopment of two vacant buildings comprising 45,000 square feet of space. Located at 44 Berry St., the property is situated in the Williamsburg neighborhood of Brooklyn, New York City. The borrower, Cayuga Capital Management plans to convert the two building into 42 residential units with 13,600 square feet of retail space.
GE REAL ESTATE SECURES $16.5 MILLION ON BOOK LOAN
VALHALLA, N.Y. — GE Real Estate has provided a $16.5 million on book loan for the acquisition of a three-story Class A office building in Valhalla in Westchester County. Abbey Road Advisors and Guardian Life Insurance Co. of America have acquired the 98,026-square-foot building along with four other subdivided lots totaling 27 acres. Located at 465 Columbus Ave., the building’s largest tenant is the New York City Department of Environmental Protection.
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WEST |
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GOLDEN BOY PARTNERS BREAKS GROUND ON URBAN INFILL PROJECT
SOUTH GATE, CALIF. — Golden Boy Partners has broken ground on a 107-unit multifamily community in South Gate. Tierra del Rey will be situated on 5 acres at Firestone Boulevard and Calden Avenue, and will offer two- and three-bedroom townhomes. Golden Boy Partners is a real estate development company formed by Oscar De La Hoya and John Long, CEO of Highridge Partners. Tierra del Rey is scheduled for completion in March 2009.
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La Costa Glen Carlsbad, a retirement community located in Carlsbad, Calif., has completed its final phase of construction and is expected to welcome 300 residents by the end of March. |
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CONSTRUCTION COMPLETE ON PHASE IV OF LA COSTA GLEN CARLSBAD
CARLSBAD, CALIF. — Continuing Life Communities has completed Phase IV of La Costa Glen Carlsbad, a retirement community located in Carlsbad. The final phase features 211 apartment homes, 52 villas and a 32,000-square-foot Fairway Clubhouse. New amenities include a 12,000-square-foot recreation/fitness center featuring a sauna, yoga, massage and exercise facilities, a heated indoor swimming pool, a movie theater, and a pitch-and-putt golf course. The 281-acre community, located at 1940 Levante St., first opened in 2002.
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One of New Urban Properties’ three newly acquired buildings, 166 Geary St., is a 16-story historic building located in San Francisco. |
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NEW URBAN PROPERTIES ACQUIRES THREE HISTORIC BUILDINGS
SAN FRANCISCO — San Francisco-based New Urban Properties has acquired three Category I historic buildings in San Francisco. The first property, 166 Geary St., is a 16-story building; 17 Maiden Ln. is a two-story boutique building; and 944 Market St. is an eight-story building located in the Mid-Market submarket. The acquisition price and seller’s name were undisclosed.
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Merrill Gardens LLC is developing Merrill Gardens at Bankers Hill, a senior community in San Diego. |
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DESIGN CHOSEN FOR MERRILL GARDENS AT BANKERS HILL
SAN DIEGO — San Diego-based Benson & Bohl Architects have been chosen to design Merrill Gardens at Bankers Hill in San Diego. The 84-unit senior residential community will be situated on 1.38 acres at the corner of Laurel Street and Second Avenue. The 131,018-square-foot, five-story property will feature 18 studio units, 46 one-bedroom units and 20 two-bedroom units. Construction is slated to begin in early 2009.
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MIDWEST |
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Franklin Medical Center is a 230,000-square-foot mixed-use campus located near an outpatient medical facility in Franklin, Wis. |
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RYAN COS. TO DEVELOP 28-ACRE MIXED-USE MEDICAL CAMPUS
FRANKLIN, WIS. — Ryan Cos. has announced plans to develop a 28-acre mixed-use campus located adjacent to Wheaton Franciscan Healthcare in Franklin. The project, called Franklin Medical Center, will comprise 180,000 square feet of Class A medical/specialty office space, 50,000 square feet of retail space, 6 acres of outlot parcels for build-to-suit development and approximately 1,200 parking spaces. Inland Cos. will serve as the exclusive leasing agent for the project. Wheaton Franciscan Healthcare is a 275,000-square-foot outpatient care facility that is scheduled for completion this spring.
HOLLIDAY FENOGLIO FOWLER BROKERS PURCHASE OF 24-STORY MULTIFAMILY TOWER
EVANSTON, ILL. — Holliday Fenoglio Fowler (HFF) has brokered the purchase of The Park Evanston, a 24-story multifamily tower located at 1630 Chicago Ave. in Evanston. The building comprises 283 units and 39,000 square feet of retail space, and was 97 percent occupied at the time of closing. Property amenities include covered parking, a rooftop swimming pool and sundeck, a fitness center, a business center and a community room. The retail portion of the building is occupied by Whole Foods, among other tenants. Matthew Lawton, Marty O’Connell, Sean Fogarty and Janice Sellis of HFF’s Chicago office represented the seller, The John Buck Company. The property was acquired by TIAA-CREF for an undisclosed amount.
COLDWELL BANKER ARRANGES 120,000-SQUARE-FOOT OFFICE PURCHASE
PENDELTON, IND. — Coldwell Banker Commercial dba Realty Service has arranged the purchase of a 120,000-square-foot office property, located at 600 Corporate Dr. in Pendelton, $5.9 million. The building is situated on 20 acres, and features 10,000 square feet of warehouse storage space. Thomas Willey and Kurt Mathewson of Coldwell Banker Commercial’s Indianapolis office represented the buyer, Tower Pendelton LLC. Zane Brown of CB Richard Ellis represented the seller, Guide Corp.
BLESSING PHYSICIANS SERVICES BREAKS GROUND FOR SECOND MEDICAL OFFICE BUILDING
QUINCY, ILL. — Blessing Physicians Services has broken ground for the construction of an $8 million medical office building located at 927 Broadway in Quincy. The three-story building, which totals 52,150 square feet, will be a mirror image of the adjacent Blessing Health Center. Both buildings will be connected on all three floors. The new building will also have access to Blessing Hospital, via a walkway that connects the hospital to Blessing Health Center. Project construction is being led by St. Louis-based S.M. Wilson & Co.
THOMAS ENGLISH COMPLETES CHERRY TREE CROSSING
INDIANAPOLIS — Indianapolis-based Thomas English Retail Real Estate has completed Cherry Tree Crossing, a 32,000-square-foot shopping center located at 9950 E. Washington St. in Indianapolis. The property contains three buildings, and is occupied by tenants such as Qdoba, T-Mobile, AllCare Dental, McAlister’s Deli, Mattress Firm, Anytime Fitness and Eyeglass World. The project is a redevelopment of a former hotel property, which was razed prior to construction of Cherry Tree Crossing.
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SOUTHEAST |
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Bala-Cynwyd, Pa.-based Keystone Property Group and Coral Gables, Fla.-based Colliers Abood Wood Fay have acquired Dadeland Towers North, a 244,176-square-foot, three-building office complex in Miami, from Boston-based Cabot Investment Properties, for $41 million. |
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CABOT INVESTMENT PROPERTIES sells MIAMI OFFICE COMPLEX
MIAMI— Bala-Cynwyd, Pa.-based Keystone Property Group and Coral Gables, Fla.-based Colliers Abood Wood Fay have acquired Dadeland Towers North, a 244,176-square-foot, three-building suburban campus-style office complex in Miami, from Boston-based Cabot Investment Properties, for $41 million. The complex is situated on 4.6 acres, west of Highway 1, and includes a 150,497-square foot, 8-story building; a 80,983-square foot, 7-story building; and a 12,696-square-foot, two-story building. Major tenants include Burger King; Independent Purchasing Corp.; City College; and Quintairos, McCumber, Prieto & Wood law firm. Christian Lee, Charles Foschini and Christopher Apone of CB Richard Ellis’ Miami-Downtown office represented the seller. The buyers were represented in-house.
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New Orleans-based Downtown Development Group and Calif.-based OceanView Development are planning Century Park, a $20 million, 62,000-square-foot Class A office/retail complex in Slidell, La. |
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DEVELOPERS TO BUILD CLASS A OFFICE/RETAIL COMPLEX
SLIDELL, LA. — New Orleans-based Downtown Development Group and Calif.-based OceanView Development are planning Century Park, a $20 million, 62,000-square-foot Class A office and retail complex in Slidell. The project is situated on 2.4 acres along the Interstate 10 service road and Fremeaux Interchange at Highway 190. Construction of the LEED-certified buildings will begin this summer and be completed in three phases: Phase 1 features a 12,000-square-foot two-story office building, which will be completed this winter; Phase 2 includes a 14,000-square-foot one-story retail center featuring restaurants retail and banking; and Phase 3 features a 36,000-square-foot office building. New Orleans-based Steven J. Finegan Architects designed the project.
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Chattanooga, Tenn.-based CBL & Associates and Atlanta-based Ewing Southeast Realty are breaking ground on Statesboro Crossing, a 162,000-square-foot, 50-acre community center in Statesboro, Ga. |
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SOUTH GEORGIA CENTER BREAKS GROUND
STATESBORO, GA. — Chattanooga, Tenn.-based CBL & Associates and Atlanta-based Ewing Southeast Realty are breaking ground on Statesboro Crossing, a 162,000-square-foot, 50-acre community center in Statesboro. The shopping center will be anchored by T.J. Maxx, Hobby Lobby, Books-A-Million and Petco, and also feature more than 38,000 square feet of specialty stores including Rack Room Shoes. The project is located at the southwest corner of Brannen Street Extension and Veteran’s Memorial Parkway, and is expected to deliver this fall.
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Miller-Valentine Group’s Columbia office broke ground on a Class A, 150,000-square-foot industrial building in Orangeburg, S.C. |
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MILLER-VALENTINE GROUP TO BUILD INDUSTRIAL FACILITY
ORANGEBURG, S.C. —Miller-Valentine Group’s Columbia office broke ground on a Class A, 150,000-square-foot industrial building in the Orangeburg County/City Industrial Park, located at the intersection of Interstate 26 and Highway 301. The facility is expandable up to 300,000 square feet and can accommodate distribution and manufacturing needs. Construction is expected to complete in August.
CAPITAL GROWTH BUCHALTER TO DEVELOP SHOPPING CENTER
TUSCALOOSA, ALA. — Birmingham, Ala.-based Capital Growth Buchalter, a division of Capital Growth Properties, will develop Capital Market Center, a $20 million, 86,500-square-foot shopping center in Tuscaloosa. The property is situated on 20 acres at the corner of Highway 69 South and Southview Lane. The center will be anchored by a 46,500-square-foot Publix grocery store and an additional 40,000 square feet of retail shops, inclusive of eight outparcels. Construction is slated to begin this spring and be completed in three phases by year-end 2008. Birmingham-based Paul B. Krebs & Associates designed the project.
COLDWELL BANKER COMMERCIAL ARRANGES SALES IN MYRTLE BEACH AND ORLANDO
MYRTLE BEACH, S.C., AND ORLANDO, FLA — Coldwell Banker Commercial (CBC) has arranged two sales, totaling $9.5 million, in Myrtle Beach and Orlando. Gary Roberts of Myrtle Beach-based Chicora Real Estate, a CBC affiliate, negotiated the $4.2 million sale of 20 acres of land, located in the Withers Preserve mixed-use development, on behalf of the seller, Myrtle Beach Property Development. AWP Apartments, the buyer, an affiliate of Trammell Crow Residential, was represented in-house. The site is approved for the development of 200 luxury apartments.
Also, Peoples First Community Bank acquired an office/retail property, located at 101 & 115 East Colonial Dr. in downtown Orlando, from GS Realty for $5.3 million. Jeff Tanner and Kim Brackett of CBC’s Maitland Fla., office were the sole brokers in the transaction.
STAG CAPITAL PARTNERS ACQUIRES WAREHOUSE AND DISTRIBUTION FACILITY
LEXINGTON, N.C. — Boston-based Stag Capital Partners has acquired a 201,800-square-foot warehouse and distribution facility in Lexington from Lexington Associates and 800 East Washington LLC, for an undisclosed amount. The building is situated on 10 acres at 200 Woodside Dr., and is fully leased to Kimberly-Clark Corp. Ken Butler of NAI Avant and Dick Merritt of Merritt & Co. represented the seller. Michael Chase represented the buyer in-house.
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TEXAS |
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JOINT VENTURE BEGINS CONSTRUCTION ON HOTEL PORTION OF MIXED-USE REDEVELOPMENT
HOUSTON — Two commercial real estate firms, Houston-based AmREIT and Atlanta-based Songy Partners LLC, have begun construction on a hotel located at the corner of Westheimer Road and Yorktown Street in Houston’s Galleria district. The project, which will be a 153-room Starwood Aloft Hotel built on 3.2 acres, is part of a complete redevelopment on the site that also includes the renovation of 135,000-square-foot office building located at 5433 Westheimer Rd. The office building renovation will begin sometime in 2008. JE Dunn Construction Co. is the contractor for the project. Fruchtman Associates Architects worked with Starwood on the hotel’s architecture, and Ziegler Cooper is the architect for the master planning and the office renovation.
HENDRICKS & PARTNERS COMPLETES SALE OF PARK DALE GARDEN APARTMENT COMPLEX
DALLAS — Hendricks & Partners has finalized the sale of Park Dale Garden, an apartment complex located at 9701 Dale Crest in Dallas. Torrance, Calif.-based Windsor Exchange Corp. purchased the 224-unit property, which was built in 1974, from New York, N.Y.-based Park Dale Gardens National Corp. for an undisclosed amount. Tom Warren and Christopher Thomson of Hendricks & Partners’ Dallas office, and Ed Cummins and Jim Hearn of the company’s Houston office, represented the seller in the transaction. Copelan Group represented the buyer.
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Hines is developing the new Austin Museum of Art building along with Museum Tower, a 425,000-square-foot office building in downtown Austin, Texas. |
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HINES TO DEVELOP NEW MUSEUM AND OFFICE BUILDING
AUSTIN, TEXAS — Hines, a commercial real estate development firm, is developing a new museum facility for The Austin Museum of Art (AMOA) located at Fourth and Guadalupe Streets in downtown Austin. The museum, which will be a three-story, 40,000-square-foot facility, is one piece of a two-part project by Hines. The museum development also will feature a 30-story, 425,000-square-foot office building located one block South of Republic Square called Museum Tower, which will be the first LEED-certified project in downtown Austin. Pelli Clarke Pelli will serve as architect for both projects.
LIVE OAK CAPITAL ARRANGES FINANCING FOR FROST BANK BUILDING
SUGAR LAND, TEXAS — Live Oak Capital Ltd., a commercial real estate mortgage banking firm, has arranged fixed financing on behalf of Fidelis Realty Partners Ltd. for the Frost Bank building located at 8410 Highway 90A in Sugar Land. The 1.74 acre site includes a 17,575-square-foot office building and an 815-square-foot motor bank. Financing was arranged through ViewPoint Bank in Houston, which structured a 75 percent loan-to-acquisition cost with a 10-year term, 30-year amortization and a fixed interest rate of 6.5 percent.
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