REBusinessOnline - News Archive

	NORTHEAST
	JV ACQUIRES INTEREST IN FIFTH AVENUE RETAIL SPACE FOR $525 MILLION NEW YORK CITY — The Carlyle Group and Crown Acquisitions have acquired a controlling interest in the retail portion of 666 Fifth Avenue in New York City from Kushner Cos. for $525 million. The 90,000-square-foot property is positioned on Fifth between 52nd and 53rd streets, and contains 200 feet of uninterrupted retail frontage. Carlton Advisory Services negotiated the transaction, as well as the financing, which was provided by a lending syndicate that includes Barclays and SL Green. Prior to completion of the transaction, Abercrombie & Fitch leased 20,000 square feet of space at the property, where it will join the NBA Store and Hickey Freeman. CHOZICK REALTY COMPLETES SALE OF WILLIAMSBURG APARTMENTS WINDSOR, CONN. — Chozick Realty has completed the sale of Williamsburg Apartments, a 140-unit multifamily community located in Windsor, for $19.22 million. Situated on 15.72 acres at 250 Bloomfield Ave., the property comprises 10 buildings in a mix of 32 one-bedroom units and 108 two-bedroom units. Property amenities include a clubhouse and a swimming pool. The community is 98 percent occupied. Rick Chozick of Chozick Realty represented the seller, Williamsburg Associates, as well as the buyer, Windsor Castle. HAMPSHIRE ACQUIRES 33,000-SQUARE-FOOT MEDICAL OFFICE BUILDING WESTWOOD, N.J. — The Hampshire Companies has acquired a 33,000-square-foot medical office building located at 400 Old Hook Rd. in Westwood. Situated on 1.23 acres, the facility was 80 percent occupied at the time of closing. The building is located less than a mile from the former Pascack Valley Hospital, which is currently being converted into a medical school. Cushman & Wakefield represented Hampshire in the transaction. The property was acquired from Life Key Ventures on behalf of Hampshire Partners Fund VII, Hampshire’s institutional real estate investment fund. The acquisition price was not disclosed. CORUS BANK SECURES $27.5 MILLION CONSTRUCTION LOAN FOR CONDO PROJECT NEW YORK CITY — Corus Bank has secured a $27.5 million construction loan for Irving Place, an 11-story luxury condominium building located in the Gramercy Park neighborhood of Manhattan, New York City. The project will comprise 9 residential units totaling approximately 31,000 square feet of residential space. The borrower was Madison Equities. Terms of the loan were not disclosed.

WEST

HF Lakeside II LLC has acquired a 299,540-square-foot, Class A office tower, which is located within Hayden Ferry Lakeside in Tempe, Ariz., for $92.5 million.

HAYDEN FERRY LAKESIDE OFFICE TOWER SOLD FOR $92.5M
TEMPE, ARIZ. — A 12-story office tower in Tempe has traded hands for $92.5 million. The 299,540-square-foot, Class A tower is located within Hayden Ferry Lakeside, a 43-acre mixed-use development of office, retail and residential space.
SunCor Development Co. has sold the building to HF Lakeside II LLC, a subsidiary of Sumitomo Corporation of America.
“SunCor has done a superb job attracting blue-chip companies to this mixed-use development,” said Robert Obringer, vice president of HF Lakeside II LLC. “This waterfront property and the overall vision for Hayden Ferry Lakeside are extremely impressive and the quality architecture, construction and central location are what drove us to be a buyer,” he said.
The property is currently 83 percent leased to tenants such as KPMG, MetLife, and Fidelity National Title Insurance.
“Hayden Ferry Lakeside is well on its way to achieving the ultimate vision created by SunCor,” said Randy Levin, vice president of commercial/urban development and design for SunCor. “Vibrant commercial and residential aspects of the development are flourishing. Clearly, the central live-work-play theme of Hayden Ferry Lakeside is striking a chord in this market,” Levin said.
The sale transaction was negotiated by executive director Chris Toci and director Ted Harrison of Cushman & Wakefield of Arizona, in cooperation with R. Craig Coppola, Mark Seale, Chris Krewson and Andrew Cheney of Lee & Associates, Arizona.

Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles.

FOX INTERACTIVE MEDIA LEASES 421,000 SQUARE FEET OF OFFICE SPACE
LOS ANGELES — Fox Interactive Media has signed a 12-month lease for 421,000 square feet of office space at Horizon at Playa Vista in Los Angeles. The company will occupy virtually the entire first phase of the 15-acre office campus. The first phase consists of two five-story buildings surrounded by pedestrian pathways and open courtyard spaces. Designed by Johnson Fain, the property features many modern aspects including a progressive, contemporary design and state-of-the-art workplace technology. Located at the intersection of Bluff Creek Drive and Campus Center Drive, the property is seeking Gold LEED certification. Fox Interactive plans to consolidate its Los Angeles facilities, which currently house a variety of companies including My Space, Fox Sports Interactive and Rotten Tomatoes. The company plans to take occupancy by June 2009. Cushman & Wakefield arranged the lease on behalf of the owners, Lincoln Property Company and ASB Real Estate Investments; Studley Inc. represented Fox Interactive Media.

JV ACQUIRES 347,000-SQUARE-FOOT RETAIL CENTER FOR $94.5M
DENVER — Gart Properties LLC has partnered with ING Clarion Partners LLC to purchase Denver Pavilions, a 347,000-square-foot shopping center located along 16th Street Mall in downtown Denver. Denver Pavilions Real Estate Owner LLC sold the property for $94.5 million. Current tenants include Niketown, Barnes & Noble, Virgin Megastore, Maggiano’s Little Italy, Corner Bakery Café, United Artists theaters and Jazz at Jack’s. The buyers are planning to invest an additional $25 million on renovations and new tenant incentives.

TRAMMELL CROW TAKES 49,347-SQUARE-FOOT OFFICE BUILDING
SAN DIEGO — Trammell Crow Company’s (TCC) private equity group has acquired a 49,347-square-foot office building, which is located within the Torrey Pines submarket of San Diego. Constructed in 2001 and located off Genesee Avenue, the two-story property features 24,674-square-foot floorplates, 9-foot ceilings with acoustical system and ample parking. TCC’s private equity group, along with the firm’s Southern California Business Unit, plan to renovate and update the asset and reposition it as either Class A office space or lab/biotech space for single or multi-tenant uses. Jerry Keeney and Matt Nickels Jr. of CB Richard Ellis’ (CBRE) San Diego office will market and lease the property, while Dick Shope and Jennifer McClendon, also of CBRE, are managing the property.

SOUTHWEST GAS CORP. TO DEVELOP $10.8M FACILITY
HENDERSON, NEV. — Southwest Gas Corp. has selected Jaynes Corp. to develop its $10.8 million operations facility in Henderson. The new facility, Southwest Operations Center, will feature a 58,000-square-foot concrete tilt-up office/warehouse building, a 14,000-square-foot fabrication shop and a 16-building training facility complex, as well as streets and utilities to support the operations center. The training center will feature 16 mock-up buildings and an open excavation area, which will be used to train employees. The complex is situated on a 16-acre site located south of St. Rose Parkway and east of Henderson Airport. Completion is slated for June 2009.

MIDWEST

GRUBB & ELLIS HEALTHCARE REIT ACQUIRES 13 HEALTHCARE PROPERTIES
INDIANAPOLIS — Grubb & Ellis Healthcare REIT has acquired Medical Portfolio 3, a 689,000-square-foot collection of 13 healthcare-related properties encompassing 20 buildings throughout Indianapolis. The portfolio is anchored by Clarian Health Partners, which leases approximately 325,000 square feet of space throughout nine of the properties. Medical Portfolio 3 was acquired from HCP Inc. for an undisclosed amount. Financing for the acquisition was provided by Fifth Third Bank and through the utilization of the Grubb & Ellis Healthcare REIT line of credit.

JOHN Q. HAMMONS OPENS 257-UNIT EMBASSY SUITES AND CONFERENCE CENTER
LA VISTA, NEB. — Hotelier John Q. Hammons has opened the 257-suite Embassy Suites Omaha/La Vista — Hotel & Conference Center located at 12520 Westport Pkwy. in La Vista. Adjacent to the seven-story facility is a 100,000-square-foot conference center, which includes a grand ballroom that can host approximately 2,000 people. Springfield, Mo.-based John Q. Hammons Hotels & Resorts will manage the hotel. The development complex also includes Hammons’ 246-unit Courtyard by Marriott, which is slated for completion in spring 2009. Courtyard by Marriott will be connected to the La Vista Conference Center through a glass walkway.

WELSH COS. ARRANGES 211,750-SQUARE-FOOT INDUSTRIAL ACQUISITION
WARREN, MICH. — Twin Cities-based Welsh Cos. has arranged the acquisition of a vacant 211,750-square-foot industrial building located at 25295 Guenther Rd. in Warren. Two companies have signed leases at the facility, requiring a 22,150-square-foot building expansion. Brose North America has leased 96,250 square feet; Oakley Industries has leased 137,650 square feet. Thomas Schoenberger of Welsh Cos. represented the landlord in the transaction. Neither the acquisition price nor the financial terms of the leases were disclosed.

ARCO Construction Co. has completed the Copia Medical Office Building, a 25,000-square-foot facility that will host up to eight physician practices in Kirkwood, Mo.

ARCO COMPLETES CONSTRUCTION OF $3 MILLION MEDICAL OFFICE BUILDING
KIRKWOOD, MO. — On behalf of a group of independent physicians, St. Louis-based ARCO Construction Co. has completed the $3 million Copia Medical Office Building located at 816 S. Kirkwood Rd. in Kirkwood. The two-story, 25,000-square-foot facility, which is situated on a 2-acre site, will house eight physician practices including an asthma and allergy specialist, an obstetrician, and a gynecologist. Each practice contains a private reception and waiting area. Ross Baruzzini designed the building, which features a brick exterior accompanied by 20 two-story curtain wall panel windows.

VIKING HOSPITALITY FUND TO DEVELOP 124-ROOM HAMPTON INN & SUITES
ROCHESTER, MINN. — Viking Hospitality Fund has announced plans to develop a 124-room Hampton Inn & Suites located at the corner of 59th Street and Bandel Road NW in Rochester. Situated on a 2.3-acre site, the facility will be managed by Prism Hotels & Resorts. The building is slated for completion in mid-2009. Viking Hospitality, which builds hotels nationally under the Hilton and Marriott brands, was formed as a joint venture between Dallas-based Prism Hotels & Resorts, Des Moines, Iowa-based SeaCys Holdings and Atlanta-based Hotel Assets Group.

SOUTHEAST

Whole Foods Market, which anchors Plaza San Remo in Coral Gables, Fla., was purchased by Venera Holdings.

WHOLE FOODS MARKET IN CORAL GABLES SOLD FOR $31.1 MILLION
CORAL GABLES, FLA. — Florida-based Venera Holdings recently sold the 59,155-square-foot Whole Foods Market, located in Plaza San Remo in Coral Gables, for $31.1 million. The retail space anchors the shopping center, located at 6705 Red Road. Colliers Abood Wood-Fay represented the seller, and information about the buyer was not released.

GRUBB & ELLIS HEALTHCARE PURCHASES DECATUR MEDICAL PLAZA
DECATUR, GA. — Grubb & Ellis Healthcare acquired Decatur Medical Plaza, a 43,000-square-foot, three-story building located at 200 E. Ponce De Leon Avenue in Decatur. The property, which was renovated in 2007, is composed of four units, which are all currently leased. Stewart Calhoun of Cushman & Wakefield’s Atlanta office represented the buyer.

B&B Realty Investments received a $13 million mezzanine loan for the 271,688-square-foot Alexandria Office Park.

MEZZANINE LOAN SECURED FOR VIRGINIA OFFICE PARK
LOAN SECURED
ALEXANRDIA, VA. — B&B Realty Investments received a $13 million mezzanine loan from Cohen Financial for the purchase of the 271,688-square-foot Alexandria Corporate Park, which was sold by Bethesda, Md.-based First Potomac Realty Trust. The flex property, located at 6315 Bren Mar Drive, is fully occupied by a variety of tenants, including the General Services Administration. Mark Strauss and Kevin Greenberg of Cohen Financial’s Newport Beach office arranged the financing for the buyer.

TOWN & COUNTRY CORPORATE CENTER IN MIAMI PURCHASED
MIAMI — RREEF Real Estate purchased the Town & Country Corporate Center in Miami, a five-story, 117,458-square-foot office building located at Kendall Drive and 117th Avenue, for an institutional client. Gabe Menocal of Miami-based Powerhouse Realty represented RREEF in the purchase from KICAN Realty. The sale amount was not released.

$11 MILLION LOAN FOR ALEXANDRIA OFFICE PROPERTY
ALEXANDRIA, VA. — Transwestern Realty Finance Partners, a commercial real estate investment firm, closed an $11 million loan for MGP Real Estate’s acquisition of the 348,218-square-foot, four-building office property Braddock Place. This is the second time the investment and real estate companies have worked together on financing.

	TEXAS
	COPT PURCHASES THREE-BUILDING OFFICE PORTFOLIO FOR $40.5 MILLION SAN ANTONIO — Corporate Office Properties Trust (COPT) has acquired three office buildings for a total of $40.5 million. Two of the buildings are located in San Antonio; known as 151 Technology Center, the buildings were acquired for $17.3 million. The two-story buildings are located at 1560 Cable Ranch Rd. and total 122,975 square feet. Both are fully occupied, with prominent tenants including Sears, Air Force Federal Credit Union and AFNI. The third building in the transaction, the 124,305-square-foot Cresterra building located in Colorado Springs, Colo., was acquired for $23.2 million. COPT’s San Antonio portfolio now consists of four office buildings totaling 601,000 square feet; two office buildings currently under construction that total 91,000 square feet; and 58 acres of land that can support approximately 725,000 square feet of development. TRADEMARK ACQUIRES INTEREST IN MARKET STREET THE WOODLANDS, TEXAS — A partnership led by Fort Worth, Texas-based Trademark Property Co. has acquired a 50 percent interest in Market Street - The Woodlands, a 560,000-square-foot mixed-use development located in The Woodlands, from Kimco Developers. Trademark is the developer of the project, as well as the owner of the other 50 percent interest in the property. The partnership that purchased the interest comprises Trademark, private investors and Institutional Mall Investors LLC, an institutional investment entity owned by California Public Employee’s Retirement System and an affiliate of Miller Capital Advisory. Market Street – The Woodlands is located within the urban core of The Woodlands master-planned development. It comprises 400,000 square feet of retail space, 100,000 square feet of Class A office space and a soon-to-be-completed AVIA boutique hotel. MARCUS & MILLICHAP BROKERS SALE OF ASBURY PARK APARTMENTS HOUSTON — Marcus & Millichap has brokered the sale of Asbury Park Apartments, a 228,452-square-foot multifamily community located in Houston. Situated on 10 acres of land at 6200 W. Tidwell Rd., the property had a 90 percent occupancy rate at the time of closing. Robert Su of Marcus & Millichap’s Houston office represented the seller, a Charlotte, N.C.-based company. Asbury Park was acquired by a Phoenix-based investor. PROLOGIS LEASES 505,000 SQUARE FEET OF INDUSTRIAL SPACE DALLAS — Denver-based ProLogis has completed 505,000 square feet of industrial leases throughout Dallas area. SpeedFC has leased approximately 270,000 square feet of distribution space at Northgate Distribution Center, which is located near the intersection of Interstate 635 and U.S. Highway 75 in northeast Dallas. Additionally, Siemens Government Services, a wholly owned subsidiary of Siemens AG, has leased approximately 115,000 square feet in Dallas. Finally, CHEP USA has leased approximately 120,000 square feet of distribution space at Dallas Corporate Center, which is located at the intersection of interstates 635 and 35E near Dallas-Fort Worth International Airport. Terms of the leases were not disclosed.