FRANKLIN TOWNSHIP, N.J. — CBRE Group Inc. has completed the sale of 600 Atrium Drive, a 15-acre development site located in Franklin Township, for an undisclosed price. Charles Berger and Elli Klapper of the Private Capital Group, along with Artie Weiss and Sandra Herman of Brokerage Services in New Jersey, represented the seller and procured the out-of-state buyer in the transaction. The vacant tract of land is located at Exit 10 of State Route 287 and sits approximately 35 minutes from midtown Manhattan and 15 minutes from Newark Airport and Port Elizabeth/Newark. The surrounding area is home to more than 4.5 million square feet of office properties and nearly 9 million square feet of industrial properties.
Mixed-Use
MIAMI — The Melo Group has topped off a 32-story mixed-use tower located along the Miami River at 340 W. Flagler St. in downtown Miami. Known as Flagler on the River, the property will include 250 residential units, as well as office space and two street-level floors of retail and restaurant space facing the river. The tower is slated to open in June. Rental rates for the residential units start at $1,450 per month for a one-bedroom unit, $1,900 per month for a two-bedroom unit and $2,400 per month for a three-bedroom unit. The property will feature a pool deck, fitness center, garage parking and a social room for residents.
LOS ANGELES — Markwood Enterprises has acquired a 16,000-square-foot lot in Hollywood for $4.4 million. The lot is located at 7100 Melrose Ave. It currently houses a Chevron gas station. Markwood plans to build a retail and office development on the site. New development would range from 6,000 square feet to 10,000 square feet. Construction should be complete by mid-2015. Markwood was represented by Jason Gribin from Wilson Commercial Real Estate. The unnamed seller was represented by David Aschkenasy of CAG Commercial Asset Group. Wilson’s Scott Burns and Tom Breen from Epsteen and Associates will jointly represent Markwood in leasing efforts.
INDIANAPOLIS — Browning, an Indianapolis-based development and construction firm, will complete a building expansion for NorthPark Community Credit Union. The facility is located in the Northwest Technology Center Park, a business park at the corner of Technology Center Drive and Zionsville Road in Indianapolis. Browning will expand the NorthPark building by adding six new offices that will include exterior storefront glazing to allow natural light to flow into the interior space. NorthPark Community Credit Union is one of 12 properties located in the Northwest Technology Center Park. Some other businesses at the center include the American Heart Society, the American Cancer Society and HC-1. NorthPark has occupied space in the Northwest Technology Center Park for more than 10 years.
HOLBROOK, MASS. — Denenberg Realty Advisors has arranged the $3.8 million sale of a 24,500-square-foot retail and office building in Holbrook, a southern suburb of Boston. The Heritage Cos. sold the property to ABC Commercial Realty. Built in 2007, the first floor is leased to Children of America. Neil Denenberg and Jonathan Blacker of Denenberg Realty Advisors arranged the transaction.
PASSAIC, N.J. — Marcus & Millichap has arranged the $1.1 million sale of Tulip Apartments, a 15-unit mixed-use property located in Passaic. Thomas McConnell and Kevin McCrann of Marcus & Millichap’s national multi-housing group marketed the property on behalf of the seller, a local private investor. McConnell and McCrann also represented the buyer. Tulip Apartments is located at 430 Monroe St. and has been owned by the same family for over 75 years.
TEMECULA, CALIF. — Old Town Center, a 29,502-square-foot, mixed-use development in Temecula, has sold to Fair Oaks Valley, LLC, for $7.6 million. The center is located at 28544 Old Town Front Street in the Historic Downtown District of Temecula. It was built in 2009. Old Town Center is fully occupied by tenants like Edge Restaurant, Crush & Brew, La Point Wealth Management, Reliable Realty, Southwest Desert Insurance, Living Yoga Center, Cornerstone, Eye Eco, and Canela Software. Fair Oaks was represented by Jim Ashcraft and Bill Harp of Ashcraft Investment Company. The seller, Old Town Center 1, LLC, was represented by Chuck Wasker of Colliers International and Mark Kagan of Kagan Commercial Real Estate.
SANDY SPRINGS, GA. — Core Property Capital has selected SRS Real Estate Partners to lease Sandy Springs Gateway, Core’s new 21-acre mixed-use development underway in Sandy Springs, a suburb of Atlanta. The new development will be located at the intersection of Roswell Road and Windsor Parkway. Core Property Capital is developing the office and retail portions and JLB is developing the multifamily component of Sandy Springs Gateway. The property’s tenant roster will include Tupelo Honey Café, Urban Cookhouse, CVS/pharmacy, an unnamed restaurant concept and a specialty grocer. Core Property has begun demolition on the site and construction is expected to wrap up in spring 2015. Lily Heimburger and Adrienne Crawford of SRS Real Estate Partners represented Core Property Capital in the lease transactions with its new tenants. Sarah Williams of SRS represented Urban Cookhouse and Howard Zoldessy of Southern Management & Development LP represented Tupelo Honey Café. The additional tenants did not have broker representation.
BOLINGBROOK, ILL. — NAI Hiffman has arranged an office lease extension with Wi-Tronix at The Promenade Bolingbrook, a 715,000-square-foot mixed-use center with more than 1 million square feet of shopping, dining and office space. Wi-Tronix, a supplier of remote monitoring systems for the locomotive industry, occupied approximately 13,470 square feet when it first moved into the complex in 2010. The company will now occupy 21,662 square feet of space at the center. The Promenade Bolingbrook, located at 631 E. Boughton Road, is fully leased and contains tenants such as Barnes & Noble, Macy’s, Ted’s Montana Grill and a list of other stores and restaurants. Jim Alder represented Forest City, owner of The Promenade Bolingbrook, in the transaction. Bill Main and James Soljacich of CBIZ represented Wi-Tronix.
NEW YORK CITY — RKF has arranged the $15 million sale of a 5,000-square-foot building located at 63 Spring St. in Manhattan’s SoHo District. The sale price equates to $3,000 per square foot. Jeff Fishman and Jonathan Butwin of RKF represented the sellers, Jason Silverstein and David Shorenstein of Silvershore Properties, in the transaction. Marc Finkel, also of RKF, represented the buyer, Spring Lafayette LLC. Silvershore Properties purchased the fully occupied property in 2013 for $6.4 million. The building includes ground-floor retail space with 100 feet of wraparound frontage and four floors of full-floor residential units.