NEW YORK CITY — On behalf of Li & Associates Development, Cushman & Wakefield has brokered the sale of a 16,500-buildable-square-foot development site at 296-300 St. Nicholas Ave. in Bushwick, Brooklyn to 300 St. Nicholas LLC. The all-cash transaction was valued at $4.5 million or approximately $273 per buildable square foot.
COLUMBIA AND GLEN BURNIE, MD. — First Potomac Realty Trust (NYSE: FPO) and an affiliate of AEW Capital Management have sold two office developments in Maryland for $59.5 million. An affiliate of Adler Kawa Real Estate Advisors purchased the two assets: Rivers Park I and II in Columbia and Aviation Business Park in Glen Burnie. The sale of the 428,268-square-foot portfolio is part of First Potomac Realty Trust’s strategic plan, which includes the sale of $350 million of non-core assets. First Potomac owned a 25 percent interest in Rivers Park I and II and a 50 percent interest in Aviation Business Park. “The sale of these joint-venture assets marks another meaningful step forward at FPO,” says Robert Milkovich, CEO of First Potomac Realty Trust. “In 2017, we have generated over $100 million of proceeds, at our share, providing capital to repay debt and fund our redevelopment program, and have now sold $311 million of assets. As we progress through 2017, we remain focused on completion of our strategic plan and driving long-term value for our shareholders.” First Potomac’s share of the gross proceeds from the sales — approximately $19 million — was utilized to pay down its share of mortgage …
Ben Franklin, one of our nation’s Founding Fathers, famously said, “Well done is better than well said.” Milwaukee has a long history of ideas that are well said. There is no shortage of opinions and sound ideas on how to attract companies to the city, how to improve the public transportation system and how to get more people to live in the city. But these well-intentioned ideas, more often than not, don’t get implemented. Finally, after a decade of virtually no new development, things are happening. In the August 2015 issue of this magazine, I wrote a column focusing on development in downtown Milwaukee titled “Proposed New Arena for Milwaukee Bucks Could Lead to a Development Run.” Indeed, that’s what is happening. After much debate, the arena is finally under construction. It will span 715,000 square feet and hold 17,500 people. Just as impressive is the ancillary development surrounding the arena, including the Froedtert & the Medical College of Wisconsin Sports Science Center that will serve as the new practice and training facility for the Milwaukee Bucks as well as a health center. The new Arena District will also be home to a “live block” comprised of four to five …
DALLAS — Colliers International Group Inc. has brokered the sale of Banner Place, a two-building office property located at 12660 and 12770 Coit Road in north Dallas. Built in 1985, the property, which consists of a 12-story, 258,493-square-foot tower and a three-story, 27,018-square foot mid-rise and medical office building, was 70 percent leased at the time of sale. Creighton Stark and Chris Boyd of Colliers represented Gaedeke Group, which sold the property to Mark Jordan of JP Realty Partners for an undisclosed amount.
GEORGETOWN, TEXAS — GVA LLC and Decisive Ventures LLC, two Austin area-based investment firms and joint venture partners, have received acquisition financing for Apple Creek, a 176-unit apartment community in Georgetown, a northern suburb of Austin. Amenities of the 10-building property, which is situated on a 10.5-acre tract at 302 Apple Drive near Interstate 35, include a pool, playground, basketball court and a dog park. HFF arranged the seven-year loan, which has a floating interest rate starting at 3.31 percent, through Freddie Mac on behalf of the joint venture.
LEAGUE CITY, TEXAS — Marcus & Millichap has closed the sale of Westover Plaza, a 50,962-square-foot shopping center located at 6011 W. Main St. in League City, about 25 miles southeast of Houston. Justin Miller, Derek Hargrove and Davis Hansen of Marcus & Millichap represented the seller, a local developer. The name and representative of the buyer, a private investor, were not disclosed.
ADDISON, TEXAS — Retail Solutions, a Texas-based brokerage firm, has negotiated a 10,641-square-foot lease at Addison Preschool, located at 14450 Marsh Lane in Addison, a northern suburb of Dallas. Brian Sladek and Chris Flesner of Retail Solutions represented the landlord, an undisclosed party. Riis Christensen of Transwestern represented the tenant, ELS Language Centers, which offers English language classes to people all over the world.
HOUSTON — Moody Rambin has finalized the sale of 7810 Fairbanks-N. Houston Road, a 23.4-acre property zoned for retail or office use in northeast Houston’s Cypress Fair neighborhood. Brent Fredricks and Bob Gulley of Moody Rambin represented the seller, The Zaidi Family Trust, in the transaction. Debbie Barela and Crystal Robinson of Fidelity National Title represented the buyer, Jarrar Holdings LLC.
ALLENTOWN, PA. — Ridgeline Property Group (RPG) will redevelop a former Kraft facility site located at 7352 Industrial Boulevard into a Class A rail-accessible logistics campus. RPG has acquired the 92-acre site and will build two distribution facilities totaling up to 1.5 million square feet. The project, known as Park 100 Logistics Center, will be located approximately one mile from the Route 100/I-78 Interchange. Demolition of the Kraft facility has commenced. The initial phase of Park 100 Logistics Center, a 730,080-square-foot distribution facility, is slated for completion in the first quarter of 2018. Jake Terkanian, Joe McDermott and Vincent Ranalli of CBRE’s Philadelphia office will market the property. Park 100 Logistics Center will feature 36-foot clear heights, a cross-docked loading configuration, four drive-in doors per building, 56-foot by 50-foot column spacing, 70-foot speed bays, early suppression fast response (ESFR) fire sprinklers, parking for 982 cars/light trucks and 376 trailer storage stalls.
NEW YORK CITY — Brookfield Property Partners and JLL today announced that Rauxa, an independent advertising agency, will expand and relocate its New York operations with a move to 225 Liberty St. at Brookfield Place New York in Lower Manhattan. The company has signed a 50,000-square-foot, 11-year lease at the Class A, 2.7 million-square-foot office tower. The agency will relocate its New York office from SoHo. JLL’s Paul Glickman, John Wheeler, Michael Berman and Clayton Kline represented Brookfield Properties in the transaction. JLL’s Steven Rotter, Justin Haber and Richard Miller represented Rauxa. Rauxa will occupy part of the 43rd floor and the entire 44th floor at 225 Liberty St., which is located at the intersection of Liberty and West streets. The 44-story building was constructed in 1987.