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NORTHEAST

JLL COMPLETES $150.35 MILLION APARTMENT TOWER SALE
NEW YORK CITY — Jones Lang LaSalle (JLL) has completed the sale of The Wimbledon, a 230-unit apartment tower located at 200 E. 82nd St. on the Upper East Side of Manhattan, New York City, for $150.35 million. Located near Central Park, the 28-story building contains 6,203 square feet of ground-floor retail space, which is fully occupied by Citibank. The transaction was handled by Jubeen Vaghefi, Jeff Morris, Nat Rockett and Thomas Beneville of JLL. JP Morgan Investment Management purchased the building from P&H Associates.

CONSTRUCTION BEGINS FOR 600,000-SQUARE-FOOT POWER CENTER
MILLSBORO, DEL. — Construction has commenced for Peninsula Crossing, a 600,000-square-foot power center located on U.S. Highway 113 in Millsboro. The retail property will comprise 400,000 square feet of big box and junior box space, 50,000 square feet of specialty store and restaurant space, and eight highway-fronted outparcels. Lowe’s Home Improvement Warehouse and BJ’s Wholesale Club will co-anchor the new center; additional tenants already signed include Royal Farms and WSFS Bank. Completion is scheduled for late 2008 or early 2009. The project is being developed by Millsboro Town Centre LLC.

The former headquarters of Pathmark, located in West Carteret, N.J., was acquired for $14.7 million.

JV ACQUIRES $14.7 MILLION OFFICE BUILDING
WEST CARTERET, N.J. — A joint venture between Stamford, Conn.-based RiverOak Investment Corp. and Cofinance has acquired the former Pathmark headquarters building in West Carteret for $14.7 million. Situated on 12.24 acres at 200 Milik St., the property contains a two-story, 150,000-square-foot, Class B office building. Pathmark has vacated the property, but its lease runs until the end of 2011. In the meantime, Pathmark has signed an agreement with the new owners that permits them to sublease the space for the duration of Pathmark’s term. The buyers also plan to invest in a capital improvements program to lease up the property. The joint venture acquired the property from entities controlled by Lexington Property Investors. The acquisition of the former Pathmark building marks the fourth acquisition made on behalf of RiverOak Investment Fund IV, a $26 million, value-added real estate fund started by RiverOak in 2007.

KISLAK BROKERS THREE-BUILDING OFFICE SALE
WEST ORANGE, N.J. — Woodbridge, N.J.-based The Kislak Company has brokered the sale of three office buildings for $2.62 million. The properties are located at 95-99 Northfield Ave. in West Orange and total 14,000 square feet. As of closing, the buildings were 91 percent occupied, with only one vacant space remaining. Joni Sweetwood of Kislak represented the seller, Chrisdon LLC, as well as the undisclosed buyer.

	WEST
	NOBLE INVESTMENT ACQUIRES 244-ROOM HYATT REGENCY VALENCIA VALENCIA, CALIF. — Noble Investment Group has acquired Hyatt Regency Valencia, which is located within master-planned Valencia Town Center at 24500 Town Center Dr. in Valencia. The 244-room hotel also houses the Santa Clarita Conference Center, which features 16,000 square feet of meeting and event space including three outdoor garden areas overlooking the Valencia Country Club. The guestrooms feature upscale amenities and finishes, including the new Grand Hyatt bed, i-Home systems, high-speed Internet access and views of the surrounding Santa Susana and San Gabriel Mountains. Additionally, the hotel offers an outdoor heated swimming pool, a whirlpool and a sundeck area. Noble will operate the hotel under a long-term license agreement with Hyatt Hotels Corp. TANGER TO DEVELOP 330,000-SQUARE-FOOT UPSCALE OUTLET CENTER PHOENIX — Tanger Factory Outlet Centers Inc. has unveiled plans to develop an upscale outlet shopping center in the western suburb of Phoenix. Located at the South West quadrant of the 101 Loop and Camelback Road, the 330,000-square-foot center will be situated in one of the fastest growing sections of the Phoenix market and in close proximity to some of the highest household incomes in the metropolitan area. Tanger has entered into a purchase and sale agreement with HWWCC Development LLC for the center’s more than 30-acre site. The center will feature 80 upscale, brand-name and designer outlet stores. Designed as an open-air shopping center, the project will feature landscaped courtyards, unique architectural details and a park-like setting. Groundbreaking is slated for 2009, with completion scheduled for 2010. REXFORD INDUSTRIAL TAKES 57,117-SQUARE-FOOT INDUSTRIAL BUILDING GLENDALE, CALIF. — Los Angeles-based Rexford Industrial has purchased a freestanding industrial building in Glendale for $6.2 million. Located at 700 Allen Ave., the 57,117-square-foot property offers 3,840 square feet of office space. The property is currently occupied by Grant Industries on a 21-year lease, with approximately 1 year remaining. The tenant has the option to renew its lease for an 18-month extension. Peter Castleton of Voit Commercial Brokerage’s Anaheim, Calif., metro office represented the buyer and the seller, the Peterson Family Trust, in the transaction. 60-UNIT MULTIFAMILY PORTFOLIO SELLS FOR $11.9 MILLION MOUNTAIN VIEW AND CAMPBELL, CALIF. — Craig Chiappone and Mike Colhoun of Arroyo & Coates represented the Larkspur Woods LLC and San Marino II LP in the disposition of a two-property, 60-unit multifamily portfolio for $11.9 million. A private individual acquired the two properties, Carmel Court Apartments in Campbell and Larkspur Woods Apartments in Mountain View, as part of a 1031 exchange. Ryan Wagner, also of Arroyo & Coates, represented the buyer in the transactions. NBS REAL ESTATE CAPITAL CLOSES $5M ACQUISITION LOAN COLORADO SPRINGS, COLO. — NBS Real Estate Capital has closed a $5 million preferred-equity investment in the entity purchasing the Sagebrook Apartments, a 314-unit multifamily complex in Colorado Springs. Located within the Briargate master-planned community, the property was constructed in 2001. Along with a senior mortgage from Freddie Mac and equity from a fund sponsored by the Griffis Group of Denver, the preferred equity will be used for the acquisition and renovation of the property. NBS Real Estate Capital, on behalf of Morrison Street series of funds, invests in direct value-added equity transactions and secondary financings including mezzanine debt, bridge loans and preferred equity.

	MIDWEST
	FIFIELD COS. COMPLETES APARTMENT TOWER WITHIN $750 MILLION K STATION CHICAGO — Chicago-based Fifield Cos. and its joint-venture partner, Newport Beach, Calif.-based Pacific Life Insurance Co. have opened Echelon at K Station, a 350-unit apartment community, which is located at 353 N. Desplaines St. in Chicago. The facility is the second apartment tower to be completed within K Station, a $750 million, master-planned community containing 2,400 units. Echelon includes studio, one- and two-bedroom units, with floorplans ranging in size from 572 to 1,111 square feet. Amenities at the facility include a spa, fitness center, an on-site valet dry cleaner, and a game room and lounge. Additionally, Fifield Cos. has completed construction of a 1-acre park —ThePark at K Station — that is slated to open in August. The third and fourth buildings at K Station, Alta and Cirrus, are currently under construction, with first occupancy expected in fall 2009 and completion several months later. ALIXPARTNERS RELOCATES TO DOWNTOWN CHICAGO’S 300 N. LASALLE BUILDING CHICAGO — In March 2009, AlixPartners will relocate its Chicago office to a 33,997-square-foot space located within 300 N. LaSalle in downtown Chicago. The 1.4 million-square-foot 300 N. LaSalle project, which is being developed by Hines, is slated for completion in the first quarter of 2009. With more than 200 feet of frontage along the Chicago River, the 775-foot tall, Class A office building’s outdoor plaza will feature a waterfront café with seating areas adjacent to the river. The facility is a pre-certified LEED-CS Gold structure. Todd Lippman and Brad Serot of CB Richard Ellis represented the tenant; J.F. McKinney & Associates represented the owner in the lease agreement. Terms of the deal were not disclosed. DARLAND CONSTRUCTION BREAKS GROUND ON HOME INSTEAD SENIOR CARE HEADQUARTERS OMAHA, NEB. — Omaha-based Darland Construction Co. has begun building the new corporate headquarters for Home Instead Senior Care within the West Business Park located at 132nd and Dodge streets in Omaha. The 4-story, 60,000-square-foot office facility will include enclosed parking, exterior verandas and upper-story decks with views of the city. Holland Basham Architects is serving as the project’s architect. The estimated cost of construction was not disclosed. STAN JOHNSON CO. COMPLETES $4.8 MILLION SALE OF WALGREENS STORE SUN PRAIRIE, WIS. — Stan Johnson Co. has completed the sale of a 14,820-square-foot, free-standing retail store that is 100 percent leased to Walgreens. The drugstore is located within the SunTowne Shopping Center at 546 Grand Ave. in Sun Prairie. Tenants adjacent to the facility include Copps Grocery, Subway and a proposed SuperTarget. The building, which is situated on a 1.7-acre site, was acquired by Barsky Family Limited Partnership for $4.8 million. Joey Odom of the Hughes Team of Stan Johnson Co. represented the seller, a preferred Walgreens developer; Justin Earley of Capital Real Estate Investments represented the buyer in the transaction. J.P WEIGAND & SONS BROKERS SALE OF 225,000-SQUARE-FOOT SHOPPING CENTER WICHITA, KAN. — Doug Malone and Christi Royse of J.P. Weigand & Sons have brokered the sale of the 225,000-square-foot Westway Plaza Center located in Wichita. Triple Net Properties sold the development to Raymond Plaza LLC for an undisclosed amount. The new owner plans to renovate and redevelop the center, which was built in 1968.

	SOUTHEAST
	LEED INDUSTRIAL BUILDING UNDERWAY IN ATLANTA ATLANTA — Commonwealth Southeast’s 440,000-square-foot Braselton Logistics Center, the first industrial property in Atlanta to be built to Silver LEED standards, will deliver in the fourth quarter of this year. Located in the Braselton Distribution Center on Georgia Hwy. 124 near I-85, the property will feature a low-impact storm water design, high-efficiency heating and lighting and recycled building materials. DURHAM DISTRIBUTION CENTER ACQUIRED FOR $14 MILLION DURHAM, N.C. — New York City-based Crown West Realty has acquired the 325,000-square-foot CenterPoint Distribution Center, located at 1805 T.W. Alexander Dr. in Durham, from Illinois-based Medline Industries for $14.5 million. The Class A warehouse was built in 2000 and is 100 percent occupied by the medical suppliers Teleflex and Medline Industries. Chris Norvell of Colliers Pinkard’s Raleigh office represented the seller. SUBURBAN ATLANTA OFFICE BUILDING PURCHASED ALPHARETTA, GA. — California-based ESRI has purchased a 129,421-square-foot, five-story office building in Alpharetta’s Brookside Concourse from the Skokie, Ill.-based Alter Group for an undisclosed amount. The 8-year-old building, located at Georgia Hwy. 120, is part of the 204-acre Brookside business park. James Clark, III, of Lombard, Ill.-based EnTrust Realty Advisors represented the seller. CENTRAL FLORIDA OFFICE BUILDING CHANGES HANDS MAITLAND, FLA. — Jacksonville, Fla.-based Flagler Development Group recently purchased Maitland Promenade, a 230,000-square-foot, five-story office building located at 495 N. Keller Rd. in Maitland, for an undisclosed amount. Grubb & Ellis Realty Investors represented the sellers, tenant-in-common investors, and the buyer was represented by Daniel Finkle of Holliday Fenoglio Fowler’s Miami office. PEACHTREE CITY SHOPPING CENTER PURCHASED FOR $7 MILLION ATLANTA — A private investor from West Virginia has purchased the 21,885-square-foot shopping center Wisdom Pointe, located at 277 Hwy. 74 North in Peachtree City, Ga., for $7.1 million. The seller, a private Idaho-based company, was represented by Patrick Nutt of Tampa, Fla.-based Calkain Companies.

TEXAS

Boulder ORIX Net Lease has acquired a 261,700-square-foot industrial facility located in Allen, Texas.

BOULDER, ORIX ACQUIRE 261,700-SQUARE-FOOT INDUSTRIAL BUILDING
ALLEN, TEXAS — Boulder ORIX Net Lease has acquired a 261,700-square-foot, single-tenant industrial building located at 105 W. Bethany Dr. in Allen. The facility is situated on 13.65 acres and is fully occupied by Sanmina Texas. It features 32-foot clear ceiling heights, 18 dock doors and 512 parking spaces. The seller, New York City-based iStar Financial, was represented by Evan Stone, Cary Krier and Stephen Link of the Dallas office of Jones Lang LaSalle. Boulder ORIX Net Lease is a joint venture between Chicago-based ORIX Real Estate Capital and Northbrook, Ill.-based Boulder Net Lease Funds.

MARCUS & MILLICHAP ARRANGES SHOPPING CENTER SALE
HOUSTON — Marcus & Millichap has arranged the sale of Wilcrest at Lakeside Center, a 14,875-square-foot shopping center located in Houston. Situated on 1.3 acres at 700 Wilcrest, the property currently has an occupancy rate of 94 percent. James Bell of Marcus & Millichap’s Houston office represented the seller, a Houston-based limited liability company. The shopping center was acquired by a San Jose, Calif.-based limited liability company. The sale price was not disclosed, but the property listed for $3 million.

WRIGHTWOOD CAPITAL PROVIDES $13.53 MILLION OFFICE LOAN
PLANO, TEXAS — Chicago-based Wrightwood Capital has provided a $13.53 million loan for the acquisition of Pitman Atrium Tower, a 10-story office building located at 1255 W. 15th St. in Plano. The building totals more than 183,000 square feet, and features a shared conference room, a delicatessen and glass-backed elevators that open to a central atrium. The borrower, Dallas-based Holt Lunsford Commercial, plans to undertake a capital improvements program, and lease the remaining space. Terms of the loan include a 36-month term.

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