FLORHAM PARK, N.J. — CBRE has negotiated two office leases totaling 6,200 square feet at 23 Vreeland Road in Florham Park, about 30 miles west of New York City. International export company Hockman-Lewis inked a 4,600-square-foot lease, while law firm Bakos & Kritzer committed to a 1,600-square-foot space. Jonathan Meisel, Dan Casey and Erin Wenzler of CBRE represented the landlord, Eastman Cos., in the lease negotiations. Dylan Tusinac and David DeMatteis of Cushman & Wakefield represented Hockman-Lewis, while Bakos & Kritzer was self-represented.
SCOTTSDALE, ARIZ. — Exeter Property Group has purchased 92 Mountain View, an office property located in north Scottsdale, a suburb of Phoenix. Equus Capital Partners sold the asset for $19.2 million. The transaction completes the seller’s disposition of its two-property, 223,249-square-foot office portfolio, including the previously announced sale of Scottsdale Gateway I. CVS Health occupies 89 percent of the 116,200-square-foot property, which shares fiber connectivity with the main CVS Caremark campus that is near the building. Additionally, the property is adjacent to HonorHealth Scottsdale Shea Medical Center, a 433-bed, full-service, acute-care hospital. Ben Geelan, Andrew Milne and Michael Legget of JLL represented the seller, while John DiVall provided in-house representation for the buyer in the deal. John Chun and Tim Brousse, also of JLL, advised from a debt and structured finance perspective.
CEDARHURST, N.Y. — Avison Young has arranged the sale of a 4,523-square-foot retail property located at 424 Rockaway Turnpike in the Long Island town of Cedarhurst. Todd Korren and Amanda Gorozdi of Avison Young represented the seller, Lighting Your Way LLC, in the transaction. The buyer was an undisclosed user that will also occupy the space.
EL SEGUNDO, CALIF. — Boston Properties has acquired a 50 percent interest in an existing joint venture that owns Beach Cities Media Campus, a 6.4-acre site on the Rosecrans Corridor in El Segundo. Continental Development, a developer and owner of Class A properties in the El Segundo and South Bay submarkets of Los Angeles, is another partner in the joint venture. The site is fully entitled to support the future development of approximately 275,000 square feet of Class A creative office space. The Media Campus is the western border of Continental Park, a 3 million-square-foot, 86-acre office and mixed-use campus.
SALT LAKE CITY — Playa Vista, Calif.-based DB Capital Management has completed the disposition of Edgewood Park, a multifamily community located in Salt Lake City’s Cottonwood Heights submarket. A private investor acquired the property for $15.5 million. The seller originally purchased the asset in September 2018 for $11 million and immediately implemented an interior and exterior renovation program that included quartz countertops, stainless steel appliances and vinyl-plank flooring, as well as an updated leasing office and pool area. Additionally, DB Capital enhanced the community amenities with a fire pit, barbecue area and dog park, as well as the addition of managed high-speed internet for the residents. Greg Barratt of Berkadia represented the seller, while Greg Pavich of Colliers International represented the buyer in the deal.
BERKELEY, CALIF. — UC Funds has provided a $13 million construction loan for a student housing development in Berkeley. The undisclosed borrower plans to develop a 40-unit student housing project on the site, which is located on University Avenue adjacent to the University of California – Berkeley.
MCALLEN, TEXAS — The administration of Texas Gov. Greg Abbott has converted the McAllen Convention Center, located in the Rio Grande Valley near Mexico, into a temporary healthcare facility for COVID-19 patients. Texas, one of the first states to reopen, has seen a sharp rise in COVID-19 cases in recent weeks, recording as many as 8,000 new cases per day during some stretches. The 174,000-square-foot facility has the capacity to house as many as 250 patients, but it opened on Tuesday with the stated goal of taking up to 50 patients to start and increasing intake and capacity as needed. The property sits on 18.5 acres and features a 60,000-square-foot free exhibit hall, a grand ballroom, two boardrooms and 16 breakout rooms for meetings and smaller events. According to the Texas Department of Health and Human Services, the state has recorded about 460,000 positive cases and 7,500 deaths since the pandemic began.
HOUSTON — MetroNational has topped out The McKinley Memorial City, a 278-unit luxury apartment tower located at 9757 Katy Freeway in West Houston. The 25-story building, which is scheduled to be complete in the fourth quarter of 2021, will be part of a larger, four-acre mixed-use development. McKinley Memorial City will feature studio, one-, two- and three-bedroom units and amenities such as a pool, fitness center, movie theater, chef’s kitchen, wine bar, dog park and a golf simulator. Ziegler Cooper Architects designed the 332,231-square-foot project, and Anslow Bryant is serving as the general contractor.
LEWISVILLE, TEXAS —Bright Realty has completed Crown Centre at Castle Hills, a 109,000-square-foot office building in the northern Dallas suburb of Lewisville that represents Phase I of the locally based developer’s Crown Centre mixed-use project. The four-story, Class A property is the first of more that 35 buildings that will ultimately comprise Crown Centre. Upon completion, the development will consist of 35 buildings featuring 3 million square feet of office space, 2,000 apartments, 140,000 square feet of dining and retail space, and 500 hotel rooms interconnected by extensive walking trails lined. Hill & Wilkinson served as the general contractor for the office building.
KATY, TEXAS — Colliers International has brokered the sale of the Mason Creek medical office building, a 30,000-square-foot facility in the western Houston suburb of Katy. The property was fully leased to Village Family Practice LLP and Memorial MRI & Diagnostics LLC at the time of sale. Beth Young and Bob Parsley of Colliers represented the seller, Read King, in the transaction. The buyer was Montecito Medical Real Estate. Arch-Con Construction served as general contractor of the newly built facility. Several healthcare systems have recently opened hospital campuses within a four-mile radius of Mason Creek, including Houston Methodist Hospital, Memorial Hermann Hospital, Texas Children’s Hospital and MD Anderson Cancer Center.