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NORTHEAST |
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Atlantic Development Group has acquired 80-88 Bruckner Blvd., a 58,570-square-foot site located in the Bronx, New York City. |
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BRONX DEVELOPMENT SITE SELLS FOR $17 MILLION
NEW YORK CITY — Atlantic Development Group has acquired 80-88 Bruckner Blvd., a 58,570-square-foot site located in the Bronx, New York City. The 1.6-acre parcel was purchased for $17 million from Borda Products. Currently, a 44,310-square-foot building sits on the site, which is located n the corner of Bruckner Boulevard, Willis Avenue and E. 132nd St. David Schechtman of Eastern Consolidated and Barry Fishbach of Robert K. Futterman & Associates represented the seller and procured the buyer in the disposition.
NAI HUNNEMAN BROKERS SALE OF THREE CVS PHARMACY LOCATIONS
CAPE COD AND BROCKTON, MASS. — Jonathan Aron of NAI Hunneman has brokered the $9.2 million sale of three freestanding CVS Pharmacy locations in Cape Cod and Brockton. In Cape Cod, Liberty Properties purchased two facilities located at 1030 Putman Ave. in Marstons Mills and 176 N. St. in Hyannis. In Brockton, Main Street Brockton, LLC. acquired a facility located at 1933 Main St. Aron represented the seller, an entity affiliated with Coffman Realty, and procured the buyers in both transactions.
NEW BOSTON FUND SELLS 100 PEARL STREET
HARTFORD, CONN. — New Boston Fund has sold 100 Pearl Street, a 281,000-square-foot office building in Hartford, to The Sliverman Group for an undisclosed amount. The Class A facility is comprised of a six-story low-rise tower and a 17-story mid-rise tower. Amenities include a fitness center, a conference facility, a café, and on-site property management. John McCormick and Pat Mulready of CB Richard Ellis’ Hartford office and Jeff Dunne of CB Richard Ellis’ Metropolitan New York office represented the seller and procured the buyer in the transaction.
MARCUS & MILLICHAP COMPLETES SALE OF STRIP CENTER
JACKSON, N.J. — Marcus & Millichap has completed the $8.5 million sale of a strip shopping center in Jackson. The newly constructed strip center features 32,068 square feet with tenants such as The Learning Experience. Paul Hewitt of Marcus & Millichap represented the seller, Diversified Developers, and Mark Gjonbalaj of Marcus & Millichap represented the buyer, Jackson Square Equities.
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Grubb & Ellis|Coldstream Real Estate Advisors has completed the $2.6 million sale of an 83,000-square-foot industrial facility in Pelham, N.H. |
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GRUBB & ELLIS|COLDSTREAM BROKERS SALE OF INDUSTRIAL FACILITY
PELHAM, N.H. — Hugo Overdeput of Grubb & Ellis|Coldstream Real Estate Advisors has completed the $2.6 million sale of an industrial facility in Pelham. The approximately 83,000-square-foot building sits on about 25 acres at 60 Pulpit Rock Rd. Overdeput represented the seller, Lehman Brothers Small Business of California, and the buyer, J.T. Manufacturing Corp., was represented by Chris Goodnow of Goodnow Real Estate Services.
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WEST |
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Colliers International has brokered the $14.2 million sale of a Class A office building in Woodland Hills, Calif. |
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COLLIERS BROKERS $14.2 MILLION OFFICE BUILDING SALE
WOODLAND HILLS, CALIF. — Colliers International has brokered the $14.2 million sale of a Class A office building in Woodland Hills. Larkspur, Calif.-based Venture Corp. acquired the property from Van Nuys, Calif.-based Ashrad LLC. The 46,244-square-foot multi-tenant office building is located at 5900 Canoga Ave. The buyer plans to convert the property into for-sale office condominiums. John DeGrinis and Roger Beck of Colliers’ Encino office represented both parties in the transaction.
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CB Richard Ellis’ Las Vegas office has represented PVD Charleston Stone Mart in the sale of Durango Commons in Las Vegas. |
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CB RICHARD ELLIS BROKERS $6.97 MILLION SALE OF DURANGO COMMONS
LAS VEGAS — South Korea-based Shinhan E&C America has acquired Durango Commons in Las Vegas for $6.97 million from PVD Charleston Stone Mart. The 14,030-square-foot retail center is located at 950 S. Durango Dr. and is anchored by Starbucks Coffee. Charles Moore, Christina Roush and Marlene Fujita of CB Richard Ellis’ Las Vegas office represented the seller in the transaction.
LM CONSTRUCTION BREAKS GROUND ON WAGON TRAIL VILLAGE
LAS VEGAS — Las Vegas-based LM Construction Co. has broken ground on Wagon Trail Village in Las Vegas. The 29,120-square-foot, three-pad retail center is located at the northwest corner of Decatur Boulevard and Interstate 215. The project is estimated to cost $3.2 million and is being developed by San Francisco-based J3 Properties.
BAILEY HILL MEADOWS TRADES HANDS FOR $3.6 MILLION
EUGENE, ORE. — Hendricks & Partners has brokered the $3.6 million sale of Bailey Hill Meadows in Eugene. Denver-based Bailey Hill Meadows LLC sold the property to Portland, Ore.-based Los Arcos Associates LP. The 70-unit apartment community is located at 1515 Bailey Hill Rd. Phil Oester of Hendricks & Partners’ Portland office represented the seller in the transaction.
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Oak Knoll Apartments, located in Cary, Ill., was sold for $6.2 million. |
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INLAND ARRANGES TWO APARTMENT SALES TOTALING $11.1 MILLION
CARY AND GRAYSLAKE, ILL. — The Lake Bluff, Ill., office of Inland Real Estate Sales has arranged the sale of two Illinois apartment communities for $11.1 million. In Cary, the company sold Oak Knoll Apartments, a four-building, 97-unit community located at 100 Sunset Dr., for $6.2 million. The community comprises 57 one-bedroom, 35 two-bedroom, four three-bedroom and one studio unit. Amenities include individual balconies or patios and an outdoor pool. Richard Kehoe and John Hanson of Inland represented the undisclosed seller; the buyer was also undisclosed.
In Grayslake, Kehoe and Hanson represented both undisclosed parties in the $4.9 million sale of Grayslake Apartments, located at 325 Neville Dr. The property contains 70 one-bedroom units that each measure 650 square feet.
WELLS REIT II ACQUIRES 230,000-SQUARE-FOOT OFFICE BUILDIN
MILWAUKEE — Wells Real Estate Investment Trust II has acquired a three-story, 230,000-square-foot office building located within Park Place at 11200 W. Parkland Ave. in Milwaukee. The building is currently fully leased to Wells Fargo until 2016. It was acquired from Washington Mutual for an undisclosed amount.
HYATT SUMMERFIELD SUITES ANNOUNCED FOR HICKORY CREEK WATER PARK
MOKENA, ILL. — Mokena-based companies J-4 Development Co. and JL Burke Contracting have announced that a 125-suite Hyatt Summerfield Suites will be built at Hickory Creek Waterworks and Resort, a water park and sports complex located in Mokena. The hotel will feature a café/lounge, high-speed Internet access, a park area with a pool and grill, a gym, a complimentary breakfast buffet, a 24-hour market, and complimentary grocery services and laundry facilities. Groundbreaking is scheduled to occur this year, with completion in late 2009. In addition to the Hyatt Summerfield Suites, Hickory Creek will feature another 105-room hotel, a 45,000-square-foot indoor water park, an 80,000-square-foot sports academy with four multi-purpose athletic fields, a 94,500-square-foot mixed-use building and two multi-level parking structures.
KIESLAND DEVELOPING TWO PROJECTS
LEBANON AND DEERFIELD TOWNSHIP, OHIO — Kiesland is developing two projects in Ohio. In Lebanon, the firm has commenced construction of a 38,400-square-foot industrial building located within Kingsview Business Park in Lebanon. Situated on 5.25 acres, the building features 24-foot clear ceiling heights, 40-foot by 40-foot bays and expansion capability up to 80,000 square feet. Completion of the shell is expected in the second quarter.
In Deerfield Township, Kiesland has partnered with Cincinnati-based Vigran Bros. for the development of a 36,000-square-foot office condominium project. Phase I will consist of two 9,000-square-foot buildings divisible from 2,250 square feet. The development will ultimately include four single-story buildings in a campus setting. Completion of the first phase is scheduled for the third quarter. Cincinnati-based KBA Architects has provided design services for the project.
MARCUS THEATRES CORP. TO BUILD NEW THEATER IN HSA MIXED-USE DEVELOPMENT
FRANKFORT, ILL. — Marcus Theatres Corp., a division Milwaukee-based The Marcus Corporation, has signed a letter of intent to develop a new theater as part of a mixed-use center that is being developed by Chicago-based HSA Commercial in Frankfort. Located near the intersection of Lincoln Highway and LaGrange Road, the new development will feature upscale specialty retailers, entertainment venues, restaurants, office space, and will be able to accommodate future theatre expansion. Due diligence and planning will commence soon on the theater, with completion expected as early as summer or fall 2009.
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SOUTHEAST |
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crescent resources to develop crosstown center
BRANDON, FLA. — Charlotte, N.C.-based Crescent Resources is developing Crosstown Center, a 260-acre mixed-use development in Brandon, located along Lee Roy Selmon Expressway and Falkenburg Road. Construction of 300 multifamily homes will start this summer, with delivery of the first units in January 2009. The apartments will feature one-, two- and three-bedroom units, ranging from 782 to 1,563 square feet. Candlewood Hotels has acquired a 2.5-acre site in the development for a 100-room hotel, and Lifelink will build a 60,000-square-foot facility. Construction for both projects is slated to begin this year. The development will also include Crosstown Center One, a three-story, LEED-certified Class A office building.
DEVELOPER Plans retail center IN GOOSE CREEK
GOOSE CREEK, S.C. — Charlotte, N.C.-based Lincoln Harris, an affiliate of Lincoln Property Company, has acquired 16 acres in Goose Creek, from Charleston, S.C.-based The Daniel Island Company, for Phase 1 of The Market at Carnes Crossroads. The initial $25 million, 150,000-square-foot phase will feature a 48,756-square-foot Harris Teeter grocery store, 60,000 square feet of specialty shops and restaurants, 25,000 square feet of office space and multiple outparcel tenants. The retail-oriented center will be built within Carnes Crossroads, a 2,400-acre master-planned residential community developed by The Daniel Island Company. Erin England of Colliers Keenan’s Charleston office represented the buyer in the land transaction, and the seller was represented by Eric Meyer of Charleston-based Meyer Kapp.
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Intercontinental Hotels Group has opened The Staybridge Suites Fayetteville, a $10 million, 77,273-square-foot hotel in Fayetteville, Ark. |
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IHG OPENS STAYBRIDGE SUITES IN FAYETTEVILLE
FAYETTEVILLE, ARK. — Intercontinental Hotels Group has opened The Staybridge Suites Fayetteville, a $10 million, 77,273-square-foot hotel, located at 1577 West 15th St. The hotel features 109 suites, meeting space, fitness center and an indoor pool. Construction began on the four-story hotel in September 2006.
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Suffolk Construction has acquired a 45,000-square-foot office building in West Palm Beach, Fla., from One Harvard Circle LLC, for $9 million. |
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SUFFOLK CONSTRUCTION ACQUIRES NEW HEADQUARTERS BUILDING
WEST PALM BEACH, FLA. — Suffolk Construction has acquired a two-story, 45,000-square-foot office building in West Palm Beach, from One Harvard Circle LLC, for $9 million. Suffolk will utilize the building as its headquarters after a $2.5 million renovation, including LEED certification. The property is located at 1 Harvard Circle, near the intersection of Village Boulevard and Palm Beach Lakes Boulevard. Neil Merin of West Palm Beach-based NAI/Merin Hunter Codman represented the buyer, and the seller was represented by Thomas Gibson of West Palm Beach-based Asset Specialists.
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Northwestern Mutual has completed the $8.5 million renovation of Villas of St. John, a 257-unit apartment complex in Jacksonville, Fla. |
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JACKSONVILLE MULTIFAMILY COMPLEX UNDERGOES RENOVATION
JACKSONVILLE, FLA. — Milwaukee, Wis.-based Northwestern Mutual has completed the $8.5 million renovation of Villas of St. John, a 257-unit, four-story apartment complex in Jacksonville. The property is located on the St. John’s River, at the intersection of Riverside Avenue and Margaret Street. Orlando, Fla.-based Leffler & Heaney was the general contractor.
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TEXAS |
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CAPMARK ARRANGES $25.5 MILLION LOAN FOR ROCK CREEK APARTMENTS
AUSTIN, TEXAS — Capmark Finance Inc. has originated $25.6 million in 5.83 percent, fixed-rate refinancing for Rock Creek Apartments located at 12345 Alameda Trace Circle in Austin. Legacy Partners sponsored the borrower, Rock Creek Apartments LP. The loan, which has a 7-year term with interest-only payments, was supplemented with an equity investment provided by a fund managed by Capmark Investments LP. The 301,224-square-foot multifamily property is situated on 17.2 acres and is comprised of 306 garden-style units. Mike Bryant of the Capmark Finance Dallas office and Robert Jennett of the company’s Denver office originated the transaction through Capmark's Freddie Mac program.
CBRE BROKERS SALE OF 379,012-SQUARE-FOOT OFFICE BUILDING
EL PASO, TEXAS — CB Richard Ellis’ (CBRE) New York Institutional Group, along with the company’s El Paso office, has completed the sale of an office building located at 100 North Stanton in downtown El Paso. El Paso Electric Co., which houses its headquarters in the 18-story building, purchased the property from Zurich Alternative Asset Management and RVI Group for approximately $15 million. The approximately 379,012-square-foot building includes amenities such as an outdoor plaza, a cafeteria and a conference facility on the ground level, as well as basement storage space. Jeffrey Dunne, Patrick Bisceglia and Todd Newman of CBRE’s New York Institutional Group and Michael White of CBRE’s El Paso office represented the seller in the transaction.
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Cadence McShane Corp. has completed the second phase of Epsilon’s corporate campus located in Irving, Texas |
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CADENCE MCSHANE COMPLETES 75,000-SQUARE-FOOT SECOND PHASE OF EPSILON FACILITY
IRVING, TEXAS — Cadence McShane Corp. has completed the second phase of Epsilon’s corporate campus located at Koll Development Company’s (KDC) Regent Center in Irving. The two-story, 75,132-square-foot office property was constructed on a 5-acre parcel located at 5151 Regent Blvd. alongside Epsilon’s existing corporate headquarters, also developed by KDC and constructed by Cadence McShane. The facility includes an employee cafeteria and one truck dock to accommodate shipping and receiving among its amenities. Alliance Architects provided architectural services for both office facilities.
BOSTON CAPITAL ACQUIRES 120-UNIT MULTIFAMILY PROPERTY
BARTLESVILLE, OKLA. — Boston Capital has acquired Brookhaven Plaza Apartments, a multifamily development located at 1441 S. Santa Fe Ave. in Bartlesville. Located on 8 acres, Brookhaven Plaza Apartments includes 6 two-story, garden-style buildings containing 120 units. The company’s planned renovations for the property include the remodeling of the existing leasing office, new playground equipment, new roofs, kitchens, appliances, windows, HVAC equipment and parking for 177 cars. The proposed renovation is estimated to be $28,546 per unit.
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