Office

K-A BUILDS BORDER STATION

by admin April 10, 2008

WARROAD, MINN. — Kraus-Anderson has been selected to provide preconstruction services for the development of a $31 million United States Port of Entry located in Warroad. The new border station will consist of a multi-lane drive-thru canopy with security stations, a commercial vehicle inspection building and a private-owner vehicle inspection building, The facilities will also provide office space, storage facilities and an indoor firing range. Designed by Minneapolis-based Julie Snow Architects, the project is applying for green building certification. Sustainable features will include geothermal heating, rainwater collection for irrigation, a green roof and native plants for landscaping. Construction is expected to begin in early summer, with completion slated for February 2010.

April 10, 2008

650 MADISON AVENUE SELLS

by admin April 10, 2008

NEW YORK CITY — Ashkenazy Acquisition Corp. and The Carlyle Group have acquired 650 Madison Ave. in Manhattan, New York City, for $680 million from Hiro Real Estate Co. Spanning 59th and 60th streets on Madison Avenue in the heart of the Plaza District, the trophy office and retail tower contains approximately 600,000 square feet of space. Retail tenants include Crate and Barrel and Todd’s, and office tenants include the corporate headquarters of Polo Ralph Lauren and Columbia Presbyterian. Financing was provided by a syndicate of lenders that include Natixis and Shorenstein. Ackman Ziff secured the financing for the transaction. Eastdil Secured provided an advisory role on behalf of the buyer, and JP Morgan Chase Realty Advisors represented the seller in the transaction. Kriss & Feuerstein LLP and Greenberg Traurig LLP provided counsel for the joint venture.

April 10, 2008

Northeast Office

UNIVERSITY SQUARE COMPLETE

by admin April 10, 2008

PRINCETON, N.J. — RexCorp Realty has completed construction on University Square, a 313,000-square-foot Class A office building in Princeton. The five-story, next generation office building features a two-story atrium lobby, multi-dimensional teleconferencing capabilities, a state-of-the-art health club and a full-service cafeteria. Located at the intersection of U.S. Highway 1 and Alexander Road, the office building is in close proximity to the New Jersey Transit Station and the Princeton Junction Amtrak. GVA Williams New Jersey is heading up the leasing efforts for the new facility.

April 10, 2008

Northeast Office

GE SECURES FINANCING

by admin April 10, 2008

LINDEN AND JERSEY CITY, N.J., AND FORDHAM, WEBSTER AND LAWRENCE, N.Y. — GE Real Estate has provided $41.5 million to an investment fund managed by Acadia Realty Trust for the purchase of five self-storage properties. The facilities are located in Linden and Jersey City, and Fordham, Webster and Lawrence. The five properties were part of a 10-property portfolio that was acquired by the Acadia Strategic Opportunity Fund III, LLC, a $500 million equity fund. The loan was arranged under GE’s Flexible Fixed-Rate Finance Program.

April 10, 2008

Office Western

OFFICE BUILDINGS COMPLETE

by admin April 10, 2008

NORTH FRESNO, CALIF. — Los Gatos, Calif.-based Granum Partners has completed two Class A office buildings at North Fresno Corporate Center, which are located at the corner of Alluvial and Ingram avenues within the Palm Bluff Circle development in North Fresno. The two buildings total 87,224 square feet. Located adjacent to Palm Bluffs Corporate Center, the project is easily accessible from Herndon Avenue and Freeway 41.

April 10, 2008

Office Southeast

INLAND CLOSES $736M LOAN

by admin April 9, 2008

OAKBROOK, ILL. — Oakbrook-based Inland Real Estate Acquisitions has negotiated the closing of two SunTrust portfolios that consist of 433 triple-net leased properties totaling more than 2.2 million square feet, including assets in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Tennessee, Virginia and Washington D.C., on behalf of an entity within The Inland Real Estate Group of Companies, from SunTrust Bank, the principal banking subsidiary of Atlanta-based SunTrust Banks, Inc., for a total of $736 million. SunTrust will lease all of the retail banking facilities for a 10-year term, with an additional 10-year and subsequent 5-year renewal options.

April 9, 2008

Office Southeast

S.C. CITY TO BUILD COMPLEX

by admin April 9, 2008

BEAUFORT, S.C. — The City of Beaufort is building a $14 million, 63,000-square-foot municipal complex, located at the intersection of Ribaut Road and Boundary Street. The first phase includes a $6.9 million, 28,000-square-foot city hall building, which will begin construction this month and complete next summer. The second phase consists of a $7.2 million, 35,000-square-foot police and courts building, which began construction last November and is slated for completion next spring. Leopardo Construction is the general contractor for the project.

April 9, 2008

Midwest Office

TWO OFFICE BUILDINGS SELL

by admin April 9, 2008

MOUNT PROSPECT AND ALGONQUIN, ILL. — CB Richard Ellis has brokered the sale of 81,480 square feet of Chicagoland office space. In Mount Prospect, Ted Buenger, Tom Rusthoven and Rob Graham of the firm were the sole brokers in the sale of a 64,080-square-foot office building located at 1601 Feehanville Dr. within Kensington Center Business Park. The single-story structure is situated on an approximately 6-acre site, and is 42 percent occupied to a tenant mix that includes the National Sporting Goods Association, Low Incidence Cooperative Agreement, Primerica Financial Services and the Engineering Export Promotion Council. In Algonquin, Buenger, Rusthoven and Gary Fazzio were the sole brokers in the sale of a 17,400-square-foot office building located at 2284-2298 County Line Rd. The single-story building is solely occupied by Advocate Health and Hospitals Corp. The property sold at a capitalization rate of 6.6 percent. The sellers and buyers in both transactions were undisclosed.

April 9, 2008

Northeast Office

CBRE SELLS OFFICE BUILDINGS

by admin April 9, 2008

LONG ISLAND, N.Y. — CB Richard Ellis (CBRE) has completed the $27.6 million sale of two office buildings in Long Island. Newport Realty acquired 99 Powerhouse Rd. in Roslyn Heights and 1101 Stewart Ave. in Garden City. The buildings total a combined 150,000 square feet of office space. Kelly Koukou of CBRE represented the buyer, and David Sargoy of Brown Harris Stevens represented the sellers, David and Marty Webber, in the transaction. Koukou is also the exclusive leasing agent for the two buildings.

April 9, 2008

Northeast Office

FINI GROUP BROKERS SALE

by admin April 9, 2008

BEDFORD, N.H. — Tom Fini of the Sperry Van Ness/Fini Group has brokered the sale of two Class A office buildings in Bedford. Totaling 24,000 square feet, 166 S. River Rd. was sold by Bedford Crossing, LLC for $2.62 million. Totaling 20,000 square feet, 35 Constitution Dr. was sold for $1.6 million by 35 Constitution Drive, LLC. Both buildings were acquired by Seattle-based Cantrell Industries. Fini represented the sellers in the transaction, and Cheryl Favreau of Award Winning Realty represented the buyer.

April 9, 2008

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