NEW YORK CITY — KZA Realty Group has arranged the acquisition of a lot located at 972 Washington Ave. in the Bronx. Post Graduate Center for Mental Health acquired the property from Tammuz LLC for $3.4 million. The site features 79,000 square feet of buildable space and air rights from 962 Washington Ave. Kathy Zamechanksy of KZA Realty Group represented the buyer, while Ross Schneiderman of Friedland Realty Advisors represented the seller.
WARRENVILLE, ILL. — Ryan Companies US Inc. has acquired a 9.5-acre site within the Cantera Business Park for the future development of a $15 million medical office complex. Located in Warrenville, approximately 35 miles west of Chicago, the 80,000-square-foot complex envisioned by Ryan Cos. will include two two-story office buildings with shared amenities and common space. David Justh of CBRE represented the seller, a private investor, and is working with Ryan Cos. to market the development to healthcare systems and related users.
MIAMI — Volatility in world markets affected capital flows to the U.S., contributing to a slowdown in office deals in the first quarter of 2016, but foreign funds are expected to surge in the second half of the year, according to an office roundtable held at Accesso Partners’ second annual Capital Markets Conference in Miami. Commercial brokerages attending the conference included CBRE, Eastdil Secured, JLL, HFF, NAI Global and NGKF. The majority of brokers in attendance said the opportunities today are in Class A suburban office properties with walkable amenities. “In almost every market, there are trophy suburban assets that offer a stronger risk-adjusted return than comparable properties in the central business district,” said Jim Postweiler, managing director of JLL’s Chicago office. “In strong submarkets, a suburban property can command yields that are difficult to obtain in CBDs today.” Other brokers and office acquisition specialists said office towers and mid-rise buildings in CBDs are experiencing rising demand from institutional investors eager to invest in “repositioned” assets. “There is still good leasing activity in these markets and more importantly, a good rent growth story,” said Will Yowell, vice chairman of CBRE’s Atlanta office. “We think the markets have another 18 to …
SAN JOSE, CALIF. — A partnership between SteelWave (formerly Legacy Partners Commercial) and USAA Real Estate Co. has broken ground on Phase II of America Center in San Jose. This phase will add 450,000 square feet of office space in two six-story buildings. America Center is situated off Highway 101 at the junction of Highway 237 and Great America Parkway. It sits adjacent to the 175-room Aloft Hotel, and is surrounded by a 30-acre open space preserve, with access to public jogging and bicycle paths. The new phase will bring America Center to a total of 885,000 square feet. The project will eventually include 1.1 million square feet of Class A office space once Phase III is completed. Phase I is 88 percent leased. It is occupied by tech companies like Polycom and Flextronics International. The project was initially built in 2009. Newmark Cornish & Carey is handling leasing for the property.
ATLANTA — Transwestern Development Co. plans to develop Nexus, a 354,500-square-foot trophy office tower in Atlanta’s Central Perimeter submarket. The building will be situated at the intersection of Hammond Drive and Perimeter Center Parkway. Transwestern expects to break ground on Nexus in the first quarter of 2017 and wrap up construction in the fourth quarter of 2018. Nexus will feature floor-to-ceiling glass, flexible floorplates for both open and closed layouts, 10-foot ceilings, a two-story lobby and structured parking below the office building and in an adjacent deck connected via skybridge. The property will also featured a covered connection to the Dunwoody MARTA station. Cooper Carry has been selected to design Nexus, and Transwestern will provide leasing and management services.
NEW YORK CITY — Marcus & Millichap has brokered the sale of an office and retail building located at 243 Canal St. in Manhattan’s Chinatown neighborhood. The six-story building sold for $25 million, or $1,152 per square foot. The 21,700-square-foot property features two elevators, a full basement with 11-foot ceilings, a ground-floor retail unit and five floors of loft-style office space. Barbara Dansker, Steven Lusby and Zachary Ziskin of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released.
SMITHTOWN, N.Y. — MIDI, an international medical research, design and engineering firm, has opened its new 6,500-square-foot headquarters and innovation center in the Village of The Branch, a part of Smithtown on Long Island. Stalco Construction served as general contractor for the new $5 million medical and life sciences facility, which is located at 226 E. Main St. Whitetop Mountain Professional Properties developed the17,300-square-foot building, which also houses a 10,800-square-foot diagnostic imaging center operated by Northwell Health, formerly North Shore-LIJ Health System. Featuring an open-space layout, the facility features a collaborative workspace, an engineering and design lab, a manufacturing shop, and a conference room with teleconferencing system, as well as executive and administrative offices.
ST. LOUIS AND HARVARD, ILL. — Ten-X has brokered the sale of two office/industrial properties for a total of $17.3 million. In the first deal, an undisclosed seller disposed of a Class A, 347,399-square-foot office tower in St. Louis for $8 million. AKNO 1010 Market Street St Louis Missouri LLC was the buyer. The 20-story property, built in 1981, is located at 1010 Market St. Amenities include ground-floor retail, a gym, conference room, lounge, covered parking, courtyard, 24-hour security, concierge services and on-site management. In the second deal, Optima Ventures LLC sold a 1.5 million-square-foot office and industrial property in Harvard, Ill. for $9.3 million. The 325-acre Midwest Corporate Campus is located at 2001 North Division St. The property is comprised of five manufacturing, distribution and office buildings and was formerly the regional headquarters for Motorola. The building, constructed in 1997, has been vacant since 2003. Amenities at Midwest Corporate Campus include two on-site daycare facilities, a cafeteria, rooftop and ground-level heliports, fitness center, auditorium, ponds and running and biking trails. Both properties were sold on the Ten-X Commercial online platform.
BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists. Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space. The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row,” says Oliver Carr III, CEO of Carr Properties. “We could not be more excited about this opportunity for our company.” In a related transaction, the American Society of Health-System Pharmacists will relocate its headquarters to Carr’s recently developed LEED Platinum-certified office building located at 4500 East West Highway in Bethesda. Carr Properties is a private REIT that owns, acquires and develops commercial real estate, predominately office properties, in …
WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.