NEW YORK CITY — Cushman & Wakefield has arranged the sale of a mixed-use property located at 1623 Kings Highway in Brooklyn’s Gravesend neighborhood. The 21,960-square-foot property sold for $17 million in an all-cash transaction. The four-story building is fully occupied by Verizon Wireless, Tiger Schulman’s and Interborough Consulting. Bob Knakal, Alex Svetlakou and Jonathan Hageman of Cushman & Wakefield represented the undisclosed seller, while Chaim Cahane of Forte Capital Management represented the undisclosed buyer in the transaction.
CHANTILLY, VA. — A joint venture between The Goldstar Group and Boston-based CrossHarbor Capital Partners LLC has purchased a three-story, 150,000-square-foot office building located within Westfields Office Park in Chantilly for $16.4 million. The property, known as Victory Point, is located at 14200 Park Meadow Drive and was 82 percent leased at the time of sale to tenants such as Travelers Insurance. The former owner, Carr Properties, recently invested more than $2 million to renovate the common area lobby, upgrade the building’s physical plant and install a fitness and health center. Eric Berkman and Steve Gichner of Cushman & Wakefield represented Carr Properties in the sale. Goldstar Group and CrossHarbor Capital were self-represented in the transaction.
MARIETTA, GA. — NorthMarq Capital has arranged a $5.9 million acquisition loan for a 106,000-square-foot office building located at 1090 Northchase Parkway in Marietta, a northern suburb of Atlanta. Johnny Rankin and Wanda Riggs Mack of NorthMarq Capital’s Atlanta office arranged the non-recourse loan through a local bank. The loan featured no pre-payment penalties and a 25-year amortization schedule.
CHICAGO — A joint venture organized by Alex Brown Realty Inc. and Ameritus LLC has acquired a 150,815-square-foot office building in the medical district of Chicago for an undisclosed price. The Hasting Center was constructed in 1942 and is currently 90 percent occupied. The building is the office component of a larger industrial facility. The four-story building features loft office elements such as 15-foot ceilings, exposed ductwork, open floor plates and 10-foot windows. The joint venture plans to renovate the entrance, lobby and parking ratio.
DALLAS — Swagit Productions, which specializes in streaming media for government and TV stations, has leased 22,618 square feet of office space at North Central Plaza III, located at 12801 Central Expressway in Dallas. Kent Smith of NAI Robert Lynn negotiated the lease with Laura Maczka and Mark Jordan of JP Realty Partners / Sooner Management.
As 2015 came to an end, construction deliveries for the office, retail and apartment sectors were on the rise, according to Reis. That trend is expected to continue through 2016, the New York-based commercial real estate data firm says. For the fourth quarter of 2015, the apartment sector recorded its third consecutive quarter above 50,000 units delivered. Deliveries for office properties were above 9 million square feet for the third consecutive quarter. Retail deliveries increased for the second consecutive quarter. Apartment Sector Ramps Up “2015 was the highest year for apartment construction since 1999,” says Ryan Severino, senior economist and director of research at Reis. “With the pipeline continuing to swell, completion figures for 2016 are expected to exceed those from 2015.” Texas markets led deliveries for new apartment units, with Houston posting 4,330 new units and Dallas delivering 3,178 units in the fourth quarter of 2015. Behind the Lone Star State is Seattle, posting 2,806 newly constructed units. Los Angeles delivered 2,795 units, and Denver added 2,671 units to the multifamily landscape. Office Sector Stays Steady Office construction has slowly increased over the last few quarters. The fourth quarter of 2015 ended with just under 11 million square feet …
CHELMSFORD, MASS. — Griffith Properties/Echo Bridge Partners has completed the disposition of an office building located at 5 Omni Way in Chelmsford. A private New York-based investment firm acquired the 131,430-square-foot asset for $32.5 million. The property recently underwent a $15 million redevelopment and renovation. The building will serve as a key regional call center and executive hub for Comcast with 24/7/365 operations and full call center backup redundancy. Robert Griffin, Edward Maher and Matthew Pullen of NGKF Capital Markets represented the seller in the transaction.
Jacobson Properties, RE/MAX Right Choice Broker $6.1M Sale of Medical Center Property in Connecticut
WESTBROOK, CONN. — Jacobson Properties and RE/MAX Right Choice have arranged the sale of Lakebrook Medical Center in Westbrook. An institutional healthcare real estate investment firm acquired the Class A medical office building for $6.1 million. At the time of sale, the 24,500-square-foot property was leased by Yale Heart & Vascular and Middlesex Hospital. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice handled the transaction. The name of the seller was not released.
LOWELL, MASS. — Novaya Real Estate Ventures has secured two new leases totaling 32,627 square feet at 55 Technology Drive in Lowell. In the first transaction, Lowell General Hospital leased 24,116 square feet to house an expansion for the hospital administrative offices. In the second deal, Contract Logix LLC inked a lease for 8,516 square feet, which will be used for the company’s headquarters. The two-story office building is now 100 percent leased. Additional tenants include Boston Scientific, Borrego Solar and Lowell Five Center Savings Bank. Joel Kahn of Equity Alliance LLC represented Lowell General Hospital, Matt Adams of NGKF represented Contract Logix, and Mark Reardon of CBRE| New England represented Novaya in the transactions.
MELVILLE, N.Y. — RUI Credit Services has expanded its lease by 11,834 square feet at the Melville Square Corporate Center at 1305 Walt Whitman Road in Melville. The company will now occupy 30,845 square feet on the second floor of the 165,310-square-foot office building, which is owned by The Feil Organization. Richard Caputi of Cresa Long Island represented RUI, while Nicholas Forelli and David Turino provided in-house representation for landlord.