HOUSTON — Marketing agency Keystone Advisors has signed a 32,000-square-foot office lease in West Houston. According to LoopNet Inc., the building at 4920 Westway Park Blvd., which is part of the Corporate Centre development, was constructed in 2007 and totals 131,908 square feet. Scott Fikes, Matt Pruitt and Christian Canion of JLL represented the landlord, Agellan Commercial REIT, in the lease negotiations. Josh Marcell and Anthony Porraz of Moody Rambin represented the tenant.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has agreed to sell the fee ownership interest in 625 Madison Avenue, a 563,000-square-foot office building in Midtown Manhattan, for $632.5 million. The 17-story building is located between 58th and 59th streets and includes ground-floor retail space. In connection with the sale, SL Green and its partners will originate a $234.5 million preferred equity investment in the property, and the locally based real estate giant will use net proceeds from the sale for repayment of corporate debt. The buyer was an undisclosed global investment group.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 15,085-square-foot office lease in Houston. According to LoopNet Inc., the property at 9949 W. Sam Houston Parkway N was built in 2006 and totals 41,117 square feet. Andrew Bischoff and Jack Gaffney of Finial Group represented the undisclosed landlord in the lease negotiations. Wes Williams and Jordan Trout of Colliers represented the tenant, engineering firm W-Industries of Texas.
NORWALK, CONN. — Locally based developer Seligson Properties has completed a $20 million healthcare and retail conversion project in Norwalk, located in southern coastal Connecticut. Seligson redeveloped a three-story, 27,000-square-foot historic bank building that was originally constructed in 1955 into a 24,000-square-foot medical facility for Stamford Health and a 3,000-square-foot bank branch office for Wells Fargo. The gut renovation delivered new roofing, windows, doors and lighting, as well as a covered exterior entrance. The development team also reimagined the lobby and updated the building interiors, parking areas and landscaping. Liberty Bank financed the project.
ALLENTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $17.8 million sale of Dorneyville Shopping Center, a 101,651-square-foot retail center in the eastern Pennsylvania city of Allentown. German discount grocer Aldi anchors the property, which was 86 percent leased at the time of sale. Brad Nathanson and J.P. Colussi of IPA represented the seller, Joshi Hotel Group, in the transaction. LS Property acquired the center.
ISELIN, N.J. — Cushman & Wakefield has negotiated a 40,000-square-foot office lease renewal in the Northern New Jersey community of Iselin. The building at 99 Wood Ave. S is located within the six-building Centerline at Metropark campus and totals 271,988 square feet. Todd Elfand, Kevin Carton, Paul Giannone and Brody Strickland of Cushman & Wakefield represented the landlord, Opal Holdings, in the lease negotiations. The representative of the tenant, law firm Greenbaum Rowe Smith & Davis, was not disclosed.
TRENTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has arranged the $3 million sale of Riverbank Commons, a 30-unit apartment complex in Trenton. The three-story building houses three efficiency apartments, 12 one-bedroom units and 15 two-bedroom units. Barry Waisbrod of Kislak represented the seller, River Bank Rentals LLC, in the transaction. The buyer was an entity doing business as NJ Mercer Investments Realty LLC.
MOUNT PROSPECT, ILL. — Standard Communities has led a public-private partnership that acquired Huntington Towers in Mount Prospect for an undisclosed price. The transaction preserves affordability for the 214-unit senior living community for the next 30 years. The total capitalization of the transaction is approximately $74.9 million, including $16.1 million in planned renovations. Standard completed the acquisition in partnership with the Illinois Housing Development Authority and the U.S. Department of Housing and Urban Development. Located at 551-571 W. Huntington Commons Road, Huntington Towers was built in 1978. Planned renovations include new flooring, kitchen cabinet hardware, countertops, ranges, refrigerators, microwaves and toilets. Light fixtures will be replaced, hallways will be painted and new carpet will be installed. New amenities will include a fitness center and business center. A new rooftop solar system will reduce the property’s carbon footprint by more than 215 tons of carbon dioxide per year. A resident services coordinator will be added to the staff.
AURORA, ILL. — JLL Capital Markets has brokered the sale of Aurora Commons, a 125,826-square-foot, open-air shopping center in Aurora. The sales price was undisclosed. Built in 1988, the property is 75 percent leased to tenants such as Ross Dress for Less, DD’s Discounts, Five Below, Dollar Tree, T-Mobile and H&R Block. Cermak Fresh Market shadow anchors the center, which is located at 1272 N. Lake St. Michael Nieder, Keely Polczynski and Caity Tirakian of JLL represented the seller, IRC Retail Centers. Sperry Equities was the buyer.
BURLINGTON, IOWA — Marcus & Millichap has arranged the sale of a 136-room hospitality portfolio in Burlington, a city in southeast Iowa. The sales price was undisclosed. The portfolio includes the 60-room Fairfield Inn & Suites and the 76-room Holiday Inn Express & Suites. Jared Plamann, Jon Ruzicka, Jake Erickson and Joseph Ferguson of Marcus & Millichap represented the seller and procured the buyer, which completed a 1031 exchange.