RONKONKOMA, N.Y. — The Town of Brookhaven Industrial Development Agency (IDA) has closed on a package of economic benefits for the first phase of Tritec Real Estate Co.’s planned Ronkonkoma hub transit-oriented development project, which is expected to break ground soon. The package was approved unanimously in 2014, but did not close until recently due to the timing of required approvals, including sewer connections, and the acquisition by East Setauket, N.Y.-based Tritec and its partner of various properties at the project site from private owners. The total project, valued at $538 million, is expected to feature up to 1,145 apartments and 545,000 square feet of retail and office space on 50 acres near the Long Island Rail Road station. Phase 1 of the project, which includes the construction of infrastructure and 477,300 square feet of apartments on 11.9 acres, is valued at $112.7 million. The first phase is expected to create 977 construction industry jobs and 76 full-time jobs upon completion. The construction of the first phase is expected to take three years.
HAUPPAUGE, N.Y. — CBRE has brokered the sale of Hauppauge Office Park, a three-building office complex located between Long Island Expressway and Northern State Parkway in Hauppauge. Colin Development sold the property to Signature Associates for $61 million. The 282,656-square-foot complex is occupied by Allstate, Bridgehampton National Bank, Crawford & Co., Urban Financial America and Morgan Stanley. Jeffrey Dunne, Steven Bardsley and Philip Heilpern of CBRE represented the seller and procured the buyer in the deal.
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of a 38,793-square-foot flex office building in Mount Prospect, 22 miles northwest of Chicago, for $4.2 million. The property is located at 585 Slawin Court and is fully leased to Siemens Real Estate, a division of Siemens Corp. The building was constructed in 1987. John Abuja and Michael Lawrence of Marcus & Millichap represented the undisclosed seller. The buyer was also not disclosed.
TAMPA, FLA. — CBRE has arranged the $45.1 million sale of Tampa International Business Park, a six-building office park in Tampa’s Westshore submarket, roughly six miles north of Tampa International Airport. Dale Peterson, Zachary Eicholtz, Courtney Snell, Philip Weber and Hans Kaunath of CBRE arranged the transaction on behalf of the seller, TerraCap Management LLC. Real Estate Value Advisors LLC acquired the property. At the time of sale, the office park was 98 percent leased to tenants including WellCare, Gateway One Financial & Lending and MedHOK Health Care. The six buildings were constructed between 1980 and 1986 and renovated between 2014 and 2017. The property offers 1,816 parking spaces, accounting for a parking ratio of 5.61 spaces per 1,000 rentable square feet.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell 600 Lexington Ave. in Midtown Manhattan for $305 million. The 36-story, 303,515-square-foot office building is located on the corner of 52nd Street and Lexington Avenue in the heart of the Plaza District. The property is 99 percent leased to tenants such as MKP Management, Element Capital Management and Hawkins Parnell Thackston & Young. The sale is expected to close by the first quarter of 2018, and generate net cash proceeds of approximately $292 million, according to a news release. Darcy Stacom of CBRE represented SL Green in the transaction. The buyer was not disclosed. SL Green acquired 600 Lexington Ave. through a joint venture in May 2010 for $193 million, and took full ownership of the property in December 2015. SL Green is a fully integrated real estate investment trust, focused on acquiring and managing retail and office properties in Manhattan. The company’s stock price closed on Thursday, Nov. 16 at $100.81 per share, down from $104.49 per share one year ago. — Kristin Hiller
SANTA CLARA, CALIF. — Preylock Real Estate Holdings has obtained $195 million in acquisition financing for a seven-property office portfolio in Silicon Valley. The 626,000-square-foot office and R&D campus is located at 2770-2800, 2880 and 2890 Scott Blvd.; 2220, 2300 and 2330 Central Parkway; and 2001 Walsh Ave. All seven buildings are triple-net leased to Nvidia and Huawei. Four of the buildings serve as the U.S. headquarters for Huawei, a multinational telecommunications equipment company that is currently the world’s third-largest smartphone producer. The remaining three buildings are leased to Nvidia, inventor of the graphic processing unit and PC gaming, computer graphics and artificial intelligence innovator. The seven-year, floating-rate loan features an initial five-year term followed by two one-year extension options and full-term, interest-only payments. Meridian Capital Group arranged the loan.
SEATTLE — Greenbridge Investment Partners has completed the renovation of Georgetown Squared (G2), a five-story office building in the Georgetown neighborhood of Seattle. The building is located at 5601 Sixth Ave. South. G2 is currently 76 percent occupied. Notable tenants include Iridio Studios, Builders Capital, Andersen Construction, Archbright, Darigold, Girl Scouts of Western Washington, Leukemia & Lymphoma Society and Netfortris. The American Lung Association will soon move into G2. G2 was originally built as a showroom for the adjacent Seattle Design Center. The renovations include new floor-to-ceiling windows, bringing natural light and panoramic views of the Seattle skyline and Mt. Rainier into the building. It also includes a new exterior monument sign, refreshed concrete and tile flooring, new and refurbished elevators, and atrium seating. Tenant amenities include a gym, contemporary conference center, on-site parking and new restaurant concepts that will open in 2018.
MADISON, WIS. — Reich Brothers Holdings LLC and Rabin Worldwide have partnered to redevelop the former Oscar Mayer plant in Madison. The partnership will sell the equipment within the facility at a live and online public auction onsite on Dec. 6-8. Oscar Mayer, a producer of hot dogs, bacon and cold cuts, had occupied the property since 1919, with the site serving as its headquarters from 1957 to 2016. Kraft Heinz announced the closure in 2015 and officially ceased production this summer. The campus features 1.7 million square feet on a 72-acre site. The plan is to redevelop the campus, including repurposing several existing buildings, with a balanced mix of light manufacturing, warehouse, distribution and office space.
TROY, MICH. — Hayman Co. has unveiled plans for a $10 million upgrade of a 732,000-square-foot office complex in Troy. The company purchased the five-building property earlier this year for $55 million. Along with external updates to the complex, renovations will be made to the lobbies and bathrooms. A conferencing center will also be added. The name change to PentaCentre is part of the rebranding process for the property, which is located along East Big Beaver Road and was originally built in the mid 1980s. Hayman Co. will handle management and leasing of the property.
FORT WORTH, TEXAS — Bob Moore Construction Inc. has completed a 641,226-square-foot facility for TTI Inc., a Fort Worth-based distribution firm. The facility, which will serve as the company’s main office headquarters and distribution center, is located within Mercantile Center, an industrial park situated along Meacham Boulevard on the city’s north side. Bob Moore Construction broke ground on the property, which features a tilt-wall configuration and 38 loading docks, in June 2016.