Office

Lionstone–Hermes Acquires University Park in Austin

by Haisten Willis March 14, 2016

AUSTIN, TEXAS — Lionstone–Hermes Real Estate Venture, a joint partnership, has purchased University Park, a Class A office building located in central Austin near the University of Texas. The eight-story, 206,657-square-foot building was 94 percent leased at the time of sale to tenants such as Google, WeWork, ESPN and Evernote. Launched in 2014, the primary objective of the Lionstone–Hermes Investment Management joint venture is to invest in office properties in high-growth U.S. markets such as Austin. HFF brokered the sale. Aquila Commercial Properties will continue to manage leasing, and Transwestern will provide property management.

March 14, 2016

The Silverman Group Sells Five-Property Office/Flex Park in Connecticut for $26.7M

by Amy Works March 14, 2016

TRUMBULL, CONN. — The Silverman Group has completed the sale of Trefoil Park, a five-building office/laboratory/flex park in Trumbull. 265 West 34th Street LLC acquired the asset for $26.7 million. The park includes a three-story, 54,899-square-foot building located at 35 Corporate Drive; a three-story 47,264-square-foot building located at 55 Corporate Drive; a 44,221-square-foot asset at 126 Monroe Turnpike; a 45,615-square-foot property at 30 Trefoil Drive; and a 40,675-square-foot building at 204 Spring Hill Road. In addition to a mix of office, industrial and flex space, the park features a fitness center and a child care center. At the time of sale, Trefoil Park was 95 percent leased to a diverse roster of 37 corporate and industrial tenants. Tom O’Leary, Gary Gabriel, Andrew Merin, David Bernhaut and Andrew Schwartz of Cushman & Wakefield represented the seller in the transaction.

March 14, 2016

Mixed-Use Multifamily New York Northeast Office Retail

Alpha Realty Brokers Four Sales in Brooklyn Totaling $9.7M

by Amy Works March 14, 2016

NEW YORK CITY — Alpha Realty has arranged the sales of four apartment and mixed-use properties in Brooklyn neighborhoods. The transactions include a 16-unit apartment building at 354 E. 54th St. in East Flatbush selling for $2.2 million, or $222 per square foot; a 16-unit apartment building at 845 Schenectady Ave. in Flatbush trading for $2.2 million; a six-unit multifamily property at 540 Bainbridge St. in Bedford-Stuyvesant selling for $2.8 million, or $514 per square foot; and a four-story mixed-use building located at 278 Albany Ave. in Crown Heights for $2.4 million. Lev Mavashev and Jacob Aronov of Alpha Realty handled the off-market transactions. The names of the buyers and sellers were not released.

March 14, 2016

New Jersey Northeast Office

Unity Bancorp Acquires Headquarters Facility in New Jersey for $4.1M

by Amy Works March 14, 2016

CLINTON, N.J. — Unity Bancorp has acquired its headquarters facility, which is located at 64 Old Highway 22 in Clinton. Clinton Unity Group sold the property for $4.1 million. Built in 1996, the three-story building features 20,000 square feet of office space. Recently the property underwent renovations including new workspaces, flooring and a remodeled lunchroom with new seating and appliances. With this acquisition, Unity Bancorp now owns 12 of its 15 business locations.

March 14, 2016

Illinois Midwest Office

PREMIER Design + Build LLC Completes Phase II of Chicago Innovation Exchange Project

by Christina Cannon March 14, 2016

CHICAGO — PREMIER Design + Build LLC has completed Phase II of the Chicago Innovation Exchange. The project consisted of renovating the core and shell of the Doerr Building, which houses high-tech facilities for the Chicago Innovation Exchange, an innovation hub for the University of Chicago and other startup companies. The new space features a digital fabrication lab, co-working spaces, new offices and conference rooms. Built Form LLC and Beyer Blinder Belle provided architectural services for the project. TGRWA LLC and Advance Consulting Group International Inc. provided engineering services.

March 14, 2016

Mixed-Use Multifamily New York Northeast Office Retail

TerraCRG Arranges $6M Sale of Commercial Building in Brooklyn

by Amy Works March 11, 2016

NEW YORK CITY — TerraCRG has brokered the sale of a residentially-zoned commercial building located at 283 Greene Ave. in Brooklyn’s Clinton Hill neighborhood. Kilroy Architectural Windows sold the 13,300-square-foot property to an undisclosed seller for $6 million, or $375 per existing square foot. The two-story building features 16,085 buildable square feet and can be converted into residential lofts or repositioned as an owner/user residential or office building. Ofer Cohen, Melissa Warren and Dan Marks of TerraCRG were the sole brokers in the transaction. The names of the seller and buyer were not released.

March 11, 2016

Office Texas

Quasar Galleria Acquires Houston Galleria Area Office Building

by Katie Sloan March 11, 2016

HOUSTON — Local investment group Quasar Galleria Ltd. has acquired 5433 Westheimer, an 11-story, 123,477-square-foot office building located in Houston’s Galleria area. Dan Miller and Martin Hogan of HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads LLC and Edens. The property, built in 1967, was acquired for an undisclosed amount free and clear of existing debt. On-site amenities include Ruth’s Chris Steakhouse, an 11,000-square-foot common area with meeting space and an attached two-level structured parking garage. The building recently underwent a renovation program and was 81.2 percent leased at the time of sale.

March 11, 2016

Mixed-Use Multifamily New Jersey Northeast Office Restaurant Retail

O’Neill Properties Completes Remediation, Starts Construction of The Pointe at Sayreville

by Amy Works March 10, 2016

SAYREVILLE, N.J. — O’Neill Properties Group (OPG) has completed brownfield remediation at the 40-acre lagoon at The Pointe, a $2.2 billion mixed-use project in Sayreville. Vertical construction will commence in spring 2016 on a 200,000-square-foot Bass Pro Shops Outdoor World, which will be the largest Bass Pro in the country outside of its original flagship operation. When OPG acquired the 440-acre site in 2008, the company committed to cleaning the massive brownfield contamination, including a 40-acre lagoon that was contaminated with titanium dioxide waste byproducts from the former on-site National Lead manufacturing facility. The cost of the nine-year remediation project was $8 million. Upon build out, The Pointe will bring 725,000 square feet of retail space; 2,000 upscale waterfront townhomes and luxury apartments; 32,000 square feet of Class A office space; and 1,250 hotel rooms. Additional community amenities will include a 45,000-square-foot community and fitness center, a 9,700-square-foot facility for fire and EMS services and a 10,000-square-foot performing arts center, as well as a rooftop solar farm. Project partners include MLP Builders, Maser Consulting and Ripco Real Estate.

March 10, 2016

Office Texas

Cousins Properties Signs Headquarters Lease with CommunityBank of Texas at Greenway Plaza

by Katie Sloan March 10, 2016

HOUSTON — Cousins Properties Inc. has signed a 12-year, 29,000-square-foot headquarters lease with CommunityBank of Texas, NA at 9 Greenway Plaza in Houston. Greenway Plaza is a 10-building, 4.4 million-square-foot office portfolio. The space leased in 9 Greenway Plaza provides the bank first floor lobby presence and tower space on the ninth floor for bank executives and personnel, according to Bob Boykin, senior vice president and market leader for Cousins Properties. Charlie Neuhaus and Harry Holmes of Avison Young represented CommunityBank of Texas in the lease transaction. Boykin, Bubba Harkins and Warren Savery represented Cousins Properties in-house.

March 10, 2016

Michigan Midwest Office

NAI Wisinski Brokers Sale of 9,333 SF Office Building in Grand Rapids Suburb

by Christina Cannon March 10, 2016

COMSTOCK PARK, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 9,333-square-foot office building in Comstock Park, a northern suburb of Grand Rapids, for an undisclosed price. OPMA Properties LLC sold the building, located at 4211 N. Division Ave., to Sun Coast Packaging Inc., a provider of bags and packaging materials. Sun Coast Packaging acquired the facility through the acquisition of the company Shapiro Packaging. Mary Anne Wisinski and Dave Smies of NAI Wisinski of West Michigan represented the seller in the transaction, and Chip Bowling of X Ventures represented the buyer.

March 10, 2016

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