Property Type

Vastgood Properties Acquires 246,000 SF Retail Center Near Harrisburg for $17M

by Amy Works January 9, 2017

ETTERS, PA. — Vastgood Properties has acquired Newberry Commons, a 246,000-square-foot grocery-anchored retail center located at 10 Newberry Commons in Etters. Newberry Commons LLC sold the property for $17 million. Constructed in 1987, the center underwent an extensive $2 million renovation in 2014. Rite Aid Pharmacy occupies approximately 130,000 square feet of the property. At the time of sale, the property was 95 percent leased. Andy Stape and Vito Lupo of KLNB Retail represented the seller and procured the buyer.

January 9, 2017

New York Northeast Retail

RKF Arranges $10M Sale of Retail Property in Manhattan

by Amy Works January 9, 2017

NEW YORK CITY — RKF has brokered the sale of a 1,400-square-foot retail property located at 682 Broadway in Manhattan’s NoHo district. Premier Equities sold the property to Ascot Properties for $10 million. The property features ground-floor retail space, basement space and 50 feet of street frontage. GNC Holdings currently leases the space on a long-term basis. Brian Segall and Ariel Schuster of RKF represented the seller, while Matthew Marshall of Marshall Real Estate represented the buyer in the transaction.

January 9, 2017

New York Northeast Office

IPsoft Inc. Renews, Expands Office Lease to 139,642 SF in Manhattan

by Amy Works January 9, 2017

NEW YORK CITY — IPsoft Inc. has renewed and expanded its lease at RFR Realty’s 17 State Street, a 42-story office tower located in Manhattan. The artificial intelligence company renewed its 97,955-square-foot lease and expanded to add 41,687 square feet of space on floors 16, 19 and 20. AJ Camhi of RFR Realty, along with Mitch Knosker of JLL, represented the landlord, while Rob Lowe of Cushman & Wakefield represented the tenant in deal.

January 9, 2017

Office Texas

Columbia Property Trust Sells Houston Office Portfolio to Spear Street Capital for $272M

by Amy Works January 9, 2017

HOUSTON — Columbia Property Trust has exited the Houston market with the $272 million sale of its three-property portfolio to Spear Street Capital. Totaling 1.2 million square feet, the assets include 5 Houston Center, a 581,000-square-foot office building at 1401 McKinney St.; Energy Center I, a 332,000-square-foot office building at 585 N. Dairy Ashford Road; and 515 Post Oak Boulevard, a 12-story, 274,000-square-foot office building located in Houston’s Galleria submarket. Atlanta-based Columbia Property Trust will use the proceeds to reinvest in its high-barrier target markets.

January 9, 2017

Multifamily Texas

Joint Venture to Develop 300-Unit Residential Property in Plano

by Amy Works January 9, 2017

PLANO, TEXAS — A joint venture between High Street Residential and Principal Real Estate Investors is developing The Residences at Legacy, a 25-story, 372,734-square-foot residential tower within Legacy Tower Center in Plano. The property will feature 300 apartment units in one-, two- and three-bedroom layouts ranging in size from 661 square feet to more than 3,000 square feet. Additionally, the property will offer more than 14,500 square feet of indoor amenity space, including a 2,383-square-foot fitness center, conference rooms, business center, lounge, media room, an entertaining kitchen and bike storage. Outdoor amenities include two pools, courtyards, water features, fire pits, grilling areas and a dog park. Construction in slated to begin this month. Project members include Good Fulton & Farrell as architect, Waldrop + Nichols Studio as interior designer, The Office of James Burnett as landscape architect and Andres Construction as general contractor. Wells Fargo Bank provided construction financing.

January 9, 2017

Multifamily Texas

Bascom Group Buys 280-Unit Apartment Property in San Antonio

by Amy Works January 9, 2017

SAN ANTONIO — The Bascom Group has purchased Redlands Apartments, a Class A apartment community located in San Antonio’s Stone Oak submarket, for an undisclosed price. The property comprises 15 residential buildings, totaling 280 units in a mix of one-, two- and three-bedroom layouts, and a standalone leasing center. Community amenities include a fitness center, swimming pool, volleyball and basketball courts, barbecues, picnic areas, a children’s playground, pet park and clubhouse with a business center. De’On Collins, John Brownlee and Charles Halladay of HFF arranged debt financing for the transaction. James D’Argenio provided in-house representation for Bascom Group.

January 9, 2017

Multifamily Texas

Innovative Multi-Family Investments Acquires Two-Property Apartment Portfolio in San Antonio for $11M

by Amy Works January 9, 2017

SAN ANTONIO — Innovative Multi-Family Investments LLC has purchased a two-property multifamily portfolio in San Antonio for $11 million. The portfolio includes the 153-unit Crestwood Apartments, located at 5009 Royalgate Drive, and the 130-unit Whitewood Oaks Apartments, located at 200 Whitewood St. Totaling 205,587 square feet, the properties were built in the 1960s and feature a swimming pool, clubhouse and picnic areas. Innovative Multi-Family Investments will manage the properties. Cody Courtney of Berkadia San Antonio brokered the transaction. The name of the seller was not released.

January 9, 2017

Industrial Office Texas

Cypressbrook Co. Brokers Two Leases in Houston Totaling 19,740 SF

by Amy Works January 9, 2017

HOUSTON — Cypressbrook Co. has arranged two leases in Houston totaling 19,740 square feet. In the first lease, D&M Auto Leasing, a Dallas-Fort Worth-based auto leasing company, leased 14,420 square feet of office space at 4635 Southwest Freeway in Houston from EP Office Holding LP. John Hornbuckle of Cypressbrook Co. represented the landlord, while Kevin Saxe of CBRE represented the tenant in the deal. In the second lease, Houston Custom Metal Works, a prototyping and light production facility, renewed and expanded to 5,500 square feet of warehouse space at 1105-1111 Upland Drive in Houston. Greg Usher of Cypressbrook Co. represented the tenant, while Sandra Wolters of Whitestone REIT represented the landlord, Whitestone Industrial-Office LLC, in the transaction.

January 9, 2017

Florida Multifamily Southeast

Tutor Perini Awarded $72M Contract to Construct High-Rise at Metropica Project in Broward County

by John Nelson January 9, 2017

SUNRISE, FLA. — Tutor Perini Corp.’s subsidiary, Tutor Perini Building Corp., has signed a contract with Metropica Development LLC valued at approximately $72 million to construct the first of eight residential towers at Metropica in Broward County. Located at 1800 N.W. 136th Ave. in Sunrise, the 28-story residential tower will feature 263 units and 10 penthouses, a resort-style pool, indoor game room, a 24-hour fitness center, massage therapy rooms, tennis courts, movie theater and a parking garage. The entire development will comprise approximately 697,947 square feet. Construction is underway and expected to wrap up in August 2018.

January 9, 2017

Retail Southeast Tennessee

CBL & Associates Properties to Redevelop Four Macy’s Locations in its Portfolio

by John Nelson January 9, 2017

CHATTANOOGA, TENN. — CBL & Associates Properties Inc. plans to redevelop four Macy’s anchor locations in its portfolio that will close at the end of March. The Macy’s stores were announced to be closing by Macy’s last week. The four locations include Jefferson Mall in Louisville, Ky.; Layton Hills Mall in Layton, Utah; Parkdale Mall in Beaumont, Texas; and Eastland Mall in Bloomington, Ill. CBL will replace the Macy’s at Layton Hills Mall with a new anchor retailer, which will open its new store by the end of the year. Macy’s Inc. currently owns the other three locations and will sell them to CBL for a total of $5 million. In addition to these four locations, Macy’s will close its store at River Ridge Mall in Lynchburg, Va., in which CBL holds a minority interest. The majority owner of the mall will handle the acquisition and redevelopment of this store.

January 9, 2017

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