Property Type

Newmark Knight Frank Negotiates $55.2M Sale of Office Campus in Bellevue, Washington

by Amy Works July 31, 2019

BELLEVUE, WASH. — Newmark Knight Frank has arranged the sale of Corporate Campus East III, an office complex in Bellevue. TA Realty sold the property to a joint venture between Steelwave and Ares Management for $55.2 million. Situated on 11.7 acres at 3001, 3005, 3009 and 3015 112th Ave NE, the four-building campus features 154,765 square feet of office space. Built in the mid-1980s, the asset underwent a major renovation in 2015. At the time of sale, the property was 90 percent occupied. On-site amenities include a cafeteria, plaza, canopies, outdoor benches and seating areas, and ample parking. Kevin Shannon, Nick Kucha, Rob Hannan, Ken White, Michael Moll and Bill Delacy of Newmark Knight Frank represented the seller, while the buyer was self-represented in the deal.

July 31, 2019

Acquisitions Arizona Retail Western

Commercial Retail Advisors Brokers Sale of Orange Grove Village Shopping Center in Tucson

by Amy Works July 31, 2019

TUCSON, ARIZ. — Commercial Retail Advisors has brokered the sale of Orange Grove Village Shopping Center, a retail strip center located at the northwest corner of Oracle and Orange Grove roads in Tucson. After 55 years of ownership, California-based 4-D Properties sold the asset to S1K LLC for an undisclosed price. The new owner plans to renovate the property and retained Stickley Design Group to head project design. Chapman Management Group was hired as the property manager, and Commercial Retail Advisors will continue in its capacity as the project leasing agent. Craig Finfrock of Commercial Retail Advisors represented both parties in the transaction.

July 31, 2019

Development Mixed-Use Nevada Top Stories Western

Bleutech Park Properties to Develop $7.5B Technology-Driven Project in Las Vegas

by Kristin Harlow July 31, 2019

LAS VEGAS — Bleutech Park Properties Inc. has unveiled plans for a $7.5 billion mixed-use project known as Bleutech Park Las Vegas. The developer plans to break ground this December, and construction is expected to take six years. Bleutech has confirmed that financing is in place. Bleutech Park will be home to workforce housing, luxury residential, office, retail, hotel and entertainment space. The project will incorporate environmental and technological features such as water purification, on-site waste treatment and localized air cleaning. Described as an “insular mini-city,” plans call for use of autonomous vehicles, artificial intelligence, augmented reality, robotics and other advanced technologies. Smart buildings will be equipped with energy-generating materials using wind, water, solar and other sustainable forms of power. Flooring systems within Bleutech Park will capture and reuse the energy of human movement throughout the park, including common areas and parking structures. Resources for heating, cooling, lighting and electricity will be harvested on-site. Project partners include general contractor Martin-Harris Construction and technology company Cisco. Aerial construction, digitization and robotics will be utilized during the construction of the project, which is expected to create 25,000 jobs. “Bleutech believes in the rise of digitization and robotics in construction as this will …

July 31, 2019

Acquisitions Connecticut Multifamily Northeast

JLL Negotiates Sale of 304-Unit Multifamily Asset in Stamford, Connecticut

by Alex Patton July 30, 2019

STAMFORD, CONN. — JLL has negotiated the sale of AVA Stamford, a 304-unit multifamily property in Stamford, a city on the southwest coast of Connecticut. The property has since been renamed Sofi at 50 Forest. The 18-story tower offers one-, two- and three-bedroom units averaging more than 1,000 square feet, each equipped with laundry appliances and patios or balconies. Amenities include a heated pool, fitness center, clubhouse and a 1.1-acre private park with tennis courts. The property, construction of which was completed in 2001, was 95 percent occupied at the time of sale. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Andrew Scandalios, Michael Oliver, Mark Mahasky and Grace Braverman of JLL represented the seller, AvalonBay Communities Inc., in the transaction. The buyer was West Coast-based multifamily investor Pacific Urban Residential. The exact sales price was undisclosed.

July 30, 2019

Acquisitions Connecticut Northeast Retail

CBRE Arranges $30M Sale of Retail Property in Greenwich, Connecticut

by Alex Patton July 30, 2019

GREENWICH, CONN. — CBRE has arranged the $30 million sale of a retail property leased to CVS in Greenwich, a city on the southwest coast of Connecticut. The 10,695-square-foot property is located at 99 Greenwich Ave., in a retail and restaurant corridor that also includes apparel vendors Saks Fifth Avenue and Gucci. Jeffrey Dunne, David Gavin, Travis Langer and Will Pike of CBRE represented the seller, Midwood Investment & Development, in the transaction. The trio also procured the undisclosed buyer.

July 30, 2019

Lehigh-University-Bethlehem-Pennsylvania

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Rittenhouse Realty Brokers $21.4 Million Sale of Student Housing Portfolio in Bethlehem, Pennsylvania

by Alex Patton July 30, 2019

BETHLEHEM, PA. — Rittenhouse Realty Advisors has brokered the $21.4 million sale of a student housing portfolio located near Lehigh University in Bethlehem, a town near the eastern border of Pennsylvania. The portfolio consists of 44 properties totaling 219 beds. The buyer in the transaction was an undisclosed family office new to the student housing market. The seller was also undisclosed.

July 30, 2019

Leasing Activity New York Northeast Retail

RIPCO Secures 68,000 SF Retail Lease on Long Island

by Alex Patton July 30, 2019

EAST GARDEN CITY, N.Y. — RIPCO Real Estate has secured a 68,000-square-foot retail lease for department store chain Century 21 Stores on Long Island. The property is located in the Roosevelt Field shopping center of East Garden City, which also includes a Bloomingdale’s Furniture, Nordstrom, Macy’s and a variety of other retail and dining businesses. The store is scheduled to open in spring of 2021. Gene Spiegelman of RIPCO represented Century 21 Stores in the transaction. Simon Property Group owns Roosevelt Field.

July 30, 2019

Development Northeast Office Pennsylvania

RedGo Breaks Ground on 25,000 SF Office Project in Limerick, Pennsylvania

by Alex Patton July 30, 2019

LIMERICK, PA. — RedGo Development has broken ground on a 25,000-square-foot office property in Limerick, a city located northwest of Philadelphia. The property will serve as the new headquarters of Maillie LLP, an accounting firm operating in the northeast. Avison Young is the construction manager; Customers Bank is the lender; D2 Groups is the designer; and Fickler Construction is the general contractor. Construction is underway and slated for completion in the summer of 2020.

July 30, 2019

Acquisitions Industrial Midwest Wisconsin

JV Acquires 354,000 SF Manufacturing Facility in Kenosha, Wisconsin

by Kristin Harlow July 30, 2019

KENOSHA, WIS. — A joint venture between Clear Height Properties and Israel-based Buligo Capital Partners has acquired the 354,000-square-foot headquarters of Kenall Lighting Inc. The purchase price was not disclosed. The manufacturing and distribution facility is located within the Business Park of Kenosha. Completed in 2014, the building sits on a 20.4-acre site and includes 50,000 square feet of office space. It features a clear height of 32 feet, eight exterior docks, one drive-in door and 442 car parking stalls. Kenall Lighting produces lighting fixtures, with applications in corrections, healthcare, public spaces, food processing and transit. Jeffrey Devine and Steve Disse of Colliers International represented the seller, a private investor.

July 30, 2019

Development Healthcare Midwest North Dakota

Kraus-Anderson Completes Construction of $12M Ambulatory Surgical Center in North Dakota

by Kristin Harlow July 30, 2019

BISMARCK, N.D. — Kraus-Anderson Construction Co. has completed construction of a new ambulatory surgical center for Bismarck Surgical Associates at 106 E. Greenfield Lane in Bismarck. The new facility will provide same-day surgical procedures. Designed by Sperides Reiners Architects, the $12 million facility features five operating rooms and 20 pre-operation and recovery rooms. The 36,450-square-foot property also includes a sterile processing area and decontamination room as well as an administrative area. The basement houses all mechanical, electrical and medical support equipment.

July 30, 2019

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