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CBRE has completed the sale of two office condominium units at Garnett Plaza, a new flex business park in Boothwyn, Pa. |
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CONDO UNITS SOLD AT GARNETT PLAZA
BOOTHWYN, PA. — CB Richard Ellis (CBRE) has completed the sale of two office condominium units at Garnett Plaza, a new flex business park in Boothwyn. The units total 9,120 square feet and are located in the first building constructed within the park. Steve Italiano of CBRE represented the seller, Wood Duck Real Estate, and the buyer, 3060 LP, in the disposition. The sale price was undisclosed.
CUSHMAN & WAKEFIELD NEGOTIATES 163,000-SQUARE-FOOT LEASE
NEW YORK CITY — Cushman & Wakefield has negotiated an approximately 163,000-square-foot lease for Newsweek at 395 Hudson Street in Manhattan, New York City. The 600,000-square-foot Class A office building is owned by the New York City District of Carpenters Pension Fund. Josh Kuriloff, Gus Field and Melissa Bazar of Cushman & Wakefield represented Newsweek, and Jonathan Serko, Barry Zeller and David Malawer, also of Cushman & Wakefield, represented the building owner in the negotiations. American Realty Advisors’ Christina Hill is the asset manager advising the pension fund. Peter Bassano of Blealley, Platt & Schmidt LLP acted on behalf of the pension fund.
MULTIFAMILY PROPERTY SELLS FOR $2.1 MILLION
NEW YORK CITY — Marcus & Millichap has completed the $2.1 million sale of an 8-unit multifamily property in Brooklyn, New York City. Located at 9 St. Marks Ave., the facility was sold as part of a larger portfolio of properties located throughout Park Slope and Brooklyn Heights. Matthew Fotis, Daniel O’Brien and Matthew Rosenzweig of Marcus & Millichap represented the undisclosed seller, and Fotis procured the undisclosed buyer in the transaction.
KALMON DOLGIN BROKERS INDUSTRIAL SALE IN QUEENS
NEW YORK CITY — Dmitri Gourianov of Kalmon Dolgin Affiliates has completed the $1.9 million sale of an industrial facility in the Queens Village neighborhood of Queens, New York City. The 15,000-square-foot property is located at 212-20/24 99th Ave. The property features a 10,000-square-foot industrial building and a 5,000-square-foot lot that contains a single-family home. The building features multiple drive-in doors, high ceilings and offices on the second floor. Gourianov represented the buyer, Public Utilities Maintenance, and George Kines of Kaplon-Belo represented the seller, Albert Abney, in the transaction.
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MAYHEW TRADE CENTER CHANGES HANDS FOR $9 MILLION
SACRAMENTO, CALIF. — Portland, Ore.-based NBS Real Estate Capital, on behalf of its Morrison Street series of funds, has acquired Mayhew Trade Center in Sacramento. Located at 9323 and 9333 Highway 50, the two-building flex/office property is currently divided into 10 tenant suites totaling 68,639 square feet. At the time of acquisition, the center was 82 percent leased to seven tenants. The seller was not disclosed.
KOLL CENTER III BUSINESS PARK COMPLETE
IRVINE, CALIF. — The Koll Company has completed Koll Center III, a 188,374-square-foot business park located in Irvine. The park consists of 11 one- and two-story industrial/research and development buildings offering 56 units that range in size from 1,100 to 29,000 square feet. LPA Architects provided architectural services for the project. Michael Hartel, Kevin Turner, Joe Winkelmann and Travis Haining of Voit Commercial Brokerage are marketing the project.
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DBN Development is developing Radio Square, a mixed-use redevelopment project located in downtown Santa Barbara, Calif. |
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DBN DEVELOPMENT TO BUILD MIXED-USE PROJECT
SANTA BARBARA, CALIF. — Laguna Hills, Calif.-based DBN Development LLC has received approval to develop Radio Square, a mixed-use project located at 210 W. Carrillo St. in downtown Santa Barbara. The project will involve the demolition of an old strip center and the clean up of an environmentally impacted site. Environmental clean up is slated to begin late this year, with project completion scheduled for late 2010. The two- and three-story development will feature 32 residential units built over and around 16,000 square feet of commercial space and a subterranean parking area. Additionally, the project will incorporate the city’s sustainable design and green building practices with features such as tankless water heaters, accommodations for alternative transportation, renewable energy, water efficient landscaping and storm water management, as well as the storage and collection of recyclables. Santa Barbara-based The Conceptual Motion Company is providing architectural services for the project.
PALM CANYON PLAZA SELLS FOR $2.15 MILLION
CATHEDRAL CITY, CALIF. — Gary Griggs and Brian Rissman of Marcus & Millichap have brokered the sale and acquisition of Palm Canyon Plaza in Cathedral City. Located at 68487 E. Palm Canyon Dr., the 23,681-square-foot office property sold for $2.15 million or $101 per square foot. The seller and buyer were not disclosed.
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O&S Holdings and Strategic Retail Development are developing a 3.5 million-square-foot mixed-use project in Joliet, Ill. |
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O&S, STRATEGIC RETAIL RECEIVE APPROVAL FOR $1 BILLION MIXED-USE PROJECT
JOLIET, ILL. — Los Angeles-based O&S Holdings and Hollywood, Fla.-based Strategic Retail Development have received unanimous approval from the Joliet City Council for the development of Bridge Street Town Centre, a 314-acre, 3.5 million-square-foot mixed-use development to be located at the intersection of interstates 55 and 80, and Route 59. The nearly $1 billion project, which is scheduled to break ground in early 2009, will comprise approximately 1.7 million square feet of retail and restaurant space; 96,000 square feet of Class A office space, including some offices above retail; a 66,000-square-foot upscale movie theater; at least two hotels and a variety of residential units. O&S will be handling retail leasing for the project, along with Strategic Retail and the Chicago office of CB Richard Ellis. Baltimore-based Development Design Group is designing the project, with Chicago-based OWP/P serving as the architect and engineer of record. Completion is scheduled for 2010.
SPERRY VAN NESS COMPLETES 73,757-SQUARE-FOOT RETAIL SALE
WICHITA, KAN. — Sperry Van Ness (SVN) has completed the sale of Ken-Mar Shopping Center, a 73,757-square-foot retail center located at 4610 E. 13th St. in Wichita, for $2.21 million. The building is situated on 7.95 acres, and is 79 percent occupied. Jason Little of SVN’s Oklahoma City office and Michael Roberts of the firm’s Kansas City, Mo., office represented the seller, California-based Madison Property Group. Nick Esterline of Landmark Commercial Real Estate represented the undisclosed buyer, which has plans to redevelop the property.
L.L. BEAN ANNOUNCES SECOND CHICAGO STORE
SKOKIE, ILL. — Freeport, Maine-based outdoor retailer L.L. Bean will be opening its second Chicagoland store in Old Orchard Shopping Center in Skokie. The 30,000-square-foot location will be built to the U.S. Green Building Council’s LEED standards, and will include the creative use of recycled and reclaimed materials, as well as energy-efficient heating, cooling and lighting systems. It is scheduled to open in November. L.L. Bean has previously announced a new store to be located inside The Arboretum of South Barrington in South Barrington, Ill. The two stores are part of the retailer’s plans to open 32 stores nationally by 2012.
HOTEL INDIGO OPENS THIRD CHICAGO LOCATION
VERNON HILLS, ILL. — Hotel Indigo has opened its third Chicagoland property at 450 Milwaukee Ave. in the Chicago suburb of Vernon Hills. The 127-room hotel was formerly an Amerisuites Hotel before the owner, FCLC Vernon Hills, undertook a $5 million renovation and conversion of the property. Amenities at the six-story hotel include a restaurant and bar, 24-hour fitness and business centers, an indoor heated pool, 1,100 square feet of flexible meeting space, complimentary wireless Internet and 32-inch flat-panel televisions in each room. Hotel Indigo Chicago – Vernon Hills will be managed by Northbrook, Ill.-based Lane Hospitality under a license agreement with Atlanta-based InterContinental Hotels Group.
HFF ARRANGES $72.1 MILLION LOAN FOR OFFICE TOWER
CHICAGO — The Chicago and Boston offices of Holliday Fenoglio Fowler (HFF) have arranged a $72.1 million loan for the refinancing of 550 West Washington, a 16-stry, Class A office tower located in Chicago’s West Loop. The office building contains 371,415 square feet of space, and is 97.5 percent leased to investment-grade tenants. Tim Joyce, Mike Kavanau and Fred Wittmann of HFF secured the financing on behalf of Boston-based Beacon Capital Partners. The loan, which was provided by Landesbank Hessen-Thuringen Girozentrale, carries a 5.84 percent fixed interest rate over a 5-year term.
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Regency Centers is developing The Shops at Stonewall in Prince William County, Va. |
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REGENCY CENTERS TO DEVELOP THE SHOPS AT STONEWALL
PRINCE WILLIAM COUNTY, VA. — Regency Centers is developing The Shops at Stonewall, a $52 million, 318,000-square-foot retail center in Prince William County, located at the intersection of Lee Highway and Old Carolina Road. The center is situated on 40 acres and will be anchored by a 140,000-square-foot Wegman’s supermarket, slated to open this fall. Other tenants include Staples, Ross Dress For Less, Bed Bath & Beyond and Suntrust Bank. Construction began last May and is projected to complete this summer.
SOUTHEAST SHOPPING CENTERS TO DEVELOP SOLIVITA MARKETPLACE
POINCIANA, FLA. — South Florida-based Southeast Shopping Centers Development is building Solivita Marketplace, a 60-acre mixed-use project in Poinciana. The first phase is situated on 6.6 acres and includes five buildings totaling 41,000 square feet. First phase tenants include Revelations 21 Jewelry, Martin’s BBQ of Orlando, Quizno’s Subs, Gigi’s Beauty Salon and Poinciana Dry Cleaners. Walgreens, Wachovia Bank and Fifth/Third Bank occupy freestanding buildings. The project is located at the intersection of Cypress Parkway and Marigold Avenue.
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Donohoe Construction was the general contractor for Camden Potomac Yard and Bennett Park Apartments in Arlington and Rosslyn, Va. |
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DONOHOE COMPLETES TWO VIRGINIA MULTIFAMILY COMPLEXES
ARLINGTON AND ROSSLYN, VA. —Donohoe Construction worked as the general contractor on two multifamily projects recently completed in the Washington, D.C. area. In Arlington, Houston-based Camden developed Camden Potomac Yard, a $66 million, 396,000-square-foot apartment building. The project is comprised of 378 units and 12 stories, with an additional 190,400-square-foot parking garage. Amenities include a rooftop pool and spa with adjoining party room and theatre, a fitness room, a public conference room and an internet café. Washington, D.C.-based WDG Architecture was the project architect. Construction began in April 2005 and completed this March.
In Rosslyn, Rockville, Md.-based Washington Real Estate Investment Trust developed Bennett Park Apartments, a $64 million, two-building complex. The high-rise building is located at 1601 Clarendon Blvd. and features 224,000 square feet, 15 stories, 178 units and an 110,700-square-foot parking garage. The mid-rise building is located at 1600 Wilson Blvd. and features 62,900 square feet, 9 stories, 46 units and a 29,500-square-foot parking garage. Shared amenities include a fitness room, club/community room and a billiards room. Additionally, the midrise features 5,000 square feet of ground-floor retail. Bethesda, Md.-based Architects Collaborative was the project architect. Construction began in August 2004 and completed this March.
NORTHMARQ ARRANGES FINANCING FOR NEW ORLEANS APARTMENT COMMUNITY
NEW ORLEANS — Bill Matone of NorthMarq Capital’s Charlotte, N.C., office has negotiated a $13 million loan for the 400-unit Wind Run Apartments in New Orleans. Financing was based on a 10-year term with a 30-year amortization schedule. NorthMarq arranged the financing through its relationship with Freddie Mac.
MICROMERITICS PURCHASES INDUSTRIAL FACILITY
NORCROSS, GA. — Micromeritics Instrument Corp. has acquired a 137,717-square-foot industrial facility in Norcross, from CT Communications, operated by BH Properties, for $4.3 million. The seller was represented by Nathan Anderson and Darren Butler of NAI Brannen Goddard, and the buyer was represented by Rick Lackey of City Commercial. The property is located at 4356 Communications Drive in Gwinnett Park.
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The W Hotel and Residences project in Austin, Texas, received a $165 million loan to finance its construction. |
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CORUS CLOSES $165 MILLION LOAN FOR W HOTEL AND RESIDENCES
AUSTIN, TEXAS — Corus Bank has closed a $165 million loan to finance the construction of the W Hotel and Residences in Austin. The 37-story condominium and hotel project, which is located at 308 W. Second St., will feature 198 residential condominiums, 252 hotel guest rooms, 60,000 square feet of retail and office space and a live performance venue. Amenities at the W Hotel and Residences include a signature restaurant with an outdoor terrace, an outdoor grill area, a spa and fitness center, two outdoor pools, a courtyard garden with private cabanas, meeting space and concierge services. The borrower, CJUF II Stratus Block 21 LLC, is an affiliate of Stratus Properties and Canyon-Johnson Urban Fund II LP.
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Trammell Crow Co. has been selected to develop KBR’s new 910,000-square-foot campus facility in Katy, Texas. |
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TCC TO DEVELOP 62-ACRE CAMPUS FOR KBR
KATY, TEXAS — Trammell Crow Co. (TCC) is developing a 62-acre campus for KBR, a global engineering, construction and services company, in Katy. The 910,000-square-foot facility will be located on a 124-acre site, which TCC owns in a joint venture, at the southwest corner of Grand Parkway and Interstate 10. Construction is set to begin later this year, and completion is expected in 2010. KBR’s facility is being designed within LEED specifications.
POST COMPLETES 952-UNIT MULTIFAMILY ACQUISITION
DALLAS — Los Angeles-based Post Investment Group has directed the acquisition of a two-property, 952-unit multifamily portfolio in Dallas. The garden-style, Class B properties were acquired on behalf of one of Post’s institutional investors, Lagovent Real Estate Group. The portfolio includes the 440-unit Wimberley Park and the 512-unit Camelot Village. First mortgage financing was arranged by Wachovia’s Fannie Mae DUS.
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Southwest Guaranty has closed on a $5.4 million refinancing loan for the Royce Homes Office Building in Houston. |
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SOUTHWEST GUARANTY PROVIDES $5.4 MILLION LOAN FOR OFFICE BUILDING
HOUSTON — Houston-based Southwest Guaranty has provided a $5.4 million refinancing loan for the Royce Homes Office Building in Houston. The 40,851-square-foot building, which is situated on 1.44 acres at 7850 N. Sam Houston Pkwy. West, is fully occupied by Royce Homes. Jude Hopkins of Southwest Guaranty completed the transaction for the borrower, Turfway Development Partners. The 1-year, floating-rate loan includes an interest-only amortization schedule.
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