Office

TerraCRG Arranges Sales of Two Mixed-Use Buildings in Brooklyn

by Amy Works August 26, 2015

NEW YORK CITY — TerraCRG has brokered the sales of two mixed-use properties in Brooklyn for a combined $10.5 million. In the first deal, a Manhattan ownership group acquired 3901 Fifth Avenue in Brooklyn’s Sunset Park area for $3.2 million, or $540 per square foot, from a Brooklyn family. The three-story, 6,000-square-foot property consists of four ground-floor retail spaces, three apartments and one office space. In the second transaction, a property located at 6901 Fifth Avenue in Brooklyn’s Bay Ridge neighborhood sold for $7.3 million, or $455 per square foot. The 10,248-square-foot property is currently occupied by Bank of America and features more than 7,000 square feet of available air rights. Adam Hess, Sam Shalumov, Edward Setton, Kirill Galperin and Amanda Keller were the sole brokers in both transactions.

August 26, 2015

Hospitality Mixed-Use Multifamily New Jersey Northeast Office Retail

iStar to Redevelop Asbury Park Waterfront in New Jersey

by Amy Works August 25, 2015

ASBURY PARK, N.J. — iStar has announced a multi-billion-dollar redevelopment plan to transform a 1.25-mile portion of Asbury Park’s waterfront into a mixed-use development. Ten years in the making, the project will feature residential, hospitality and infrastructure space. The 20-project redevelopment includes The Asbury, a 110-key independent hotel designed by Stonehill & Taylor Architects set to open summer 2016; Monroe, a 34-unit condominium property opening in summer 2016; Asbury Lanes, a music and bowling venue; and 1101 Ocean, a mixed-use hotel/condominium/retail project designed by Handel Architects. Upon completion, the redevelopment project will add more than 2,100 homes and 300 hotel rooms to the town. The project team includes hotel innovator David Bowd; architects Gary Handel, Paul Taylor and Chad Oppenheim; landscape designer Madison Cox; and landscape architects Melillo + Bauer Associates. Anda Andrei, formerly of Ian Schrager Co., is serving as creative lead for the redevelopment project, which will include music venues, galleries, chef-owned restaurants, local retailers, nightspots and seasonal farmers’ markets. Additionally, the development team is partnering with Asbury Park businesses, cultural institutions, entrepreneurs, artists and community groups to help revitalize the neighborhood. iStar is financing the 20 individual projects that comprise the Asbury Park redevelopment.

August 25, 2015

Northeast Office Pennsylvania

Equus Capital Partners Acquires Four-Building Office Park in Pennsylvania

by Amy Works August 25, 2015

WAYNE, PA. — Equus Capital Partners, through its affiliates, has acquired Bay Colony Executive Park, a four-building office park in Wayne, a suburb of Philadelphia, for an undisclosed price. The 247,294-square-foot property was 88 percent leased at the time of closing. The acquisition was made on behalf of BPG Investment Partnership IX LP, a discretionary fund managed by Equus. The seller is Radnor, Pa.-based Brandywine Realty Trust, a publicly traded REIT. Terms of the sale were not released.

August 25, 2015

Massachusetts Northeast Office

Avison Young Completes 30,995 SF Office Lease in Massachusetts

by Amy Works August 25, 2015

WILMINGTON, MASS. — Avison Young has brokered the lease of 30,995 square feet of office space at 46 Jonspin Road in Wilmington, north of Boston. Limbach Company LLC signed a seven-year lease for the space from Spinelli Commercial Properties for an undisclosed price. The mechanical contractor plans to relocate from its current location one town south in Woburn, Mass., to the new space in November. The lease brings the property to full occupancy. Jack Kerrigan and Colin Whitney of Avison Young represented the landlord, while Cushman & Wakefield represented the tenant in the transaction.

August 25, 2015

Florida Office Southeast

Investment Properties Corp. Brokers $14M Sale of Iberia Bank Building in Naples

by John Nelson August 25, 2015

NAPLES, FLA. — Investment Properties Corp. (IPC) has arranged the $14 million sale of the Iberia Bank Building, a 59,476-square-foot office building located at 2150 Goodlette Road N. in Naples. SHA Realty Holdings LLC purchased the asset from IberiaBank. The sale also included adjacent land. David Stevens and Clint Sherwood of IPC brokered the transaction.

August 25, 2015

Tarrant-County-Civil-Court-Tom-Vandergriff

Office Texas

Tom Vandergriff Civil Courts Building Opens in Fort Worth

by Haisten Willis August 24, 2015

FORT WORTH, TEXAS — A ribbon cutting ceremony has been held for the Tom Vandergriff Civil Courts Building in Fort Worth. Yates Construction provided preconstruction and construction services for the project. The downtown development consists of a public plaza and six levels, including 13 courtrooms spanning nearly 235,000 square feet. The finished building mirrors the architecture of other buildings downtown using local and regional materials. Historic elements from the original civil courts building were salvaged and are now featured on the front facade of the new civil courts building. The design and construction team utilized BIM for clash detection, verified and worked with several design models and incorporated sustainable features to pursue LEED Silver certification.

August 24, 2015

Office Texas

NAI Partners Brokers 8,200 SF Office Lease in Houston

by Haisten Willis August 24, 2015

HOUSTON — NAI Partners represented Rockwell Management in the lease of 8,200 square feet at the 1900 St. James Building in Houston’s Galleria submarket. Sam Hansen of NAI Partners represented the landlord, Rockwell Management, in the transaction. Connor Tamlyn of CBRE represented the tenant, ioMosaic.

August 24, 2015

Massachusetts Northeast Office

American Realty Advisors Sells Three-Building Office Complex in Boston Submarket

by Amy Works August 24, 2015

WALTHAM, MASS. — American Realty Advisors has completed the disposition of an office complex located at 10, 40 and 52 Second Ave. in Waltham. The three-building property consists of 294,663 square feet. The price and the buyer were undisclosed. At the time of sale, the property was 94 percent leased to a variety of tenants, including Massachusetts General Physicians Organization Inc. and National Grid.

August 24, 2015

Hospitality Massachusetts Mixed-Use Multifamily Northeast Office Retail

DivcoWest Acquires NorthPoint Development Site from Canyon Partners Real Estate

by Amy Works August 24, 2015

CAMBRIDGE, SOMERVILLE AND BOSTON, MASS. — DivcoWest has acquired a 42-acre master-planned development site known as NorthPoint from Canyon Partners Real Estate for an undisclosed price. The site is located across the Charles River from downtown Boston and spans the cities of Boston, Cambridge and Somerville. Located adjacent to two MBTA lines, the transit-oriented site is fully entitled for the development of approximately 4.5 million gross square feet, including 2.4 million gross square feet of residential space and 2.1 million square feet of commercial product. When complete, the project will feature a mix of residential, commercial office, retail, hospitality and life sciences uses surrounding a central park. JLL and DLA Piper represented the seller, while Goulston & Storrs represented the buyer in the transaction. Canyon originally purchased the property in 2010 through its Canyon-Johnson Urban Funds with its development partner, The HYM Investment Group.

August 24, 2015

Office Texas

Moody Rambin Arranges Office Lease in Houston

by Haisten Willis August 24, 2015

HOUSTON — Rent Recover has leased 4,840 square feet at the Park Plaza Business Park building located at 11104 W. Airport Blvd. in Houston. Spencer Starkey, Kurt Kistler and Griffin Jaggard of Moody Rambin represented the building owner, Stafford Office Park II LP, in the transaction. Brian Strait with Lincoln Property Co. represented the tenant in negotiations.

August 24, 2015

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