DALLAS — Citadel Partners LLC has represented the Richardson Independent School District in the acquisition of an 86,310-square-foot office building situated on 4.5 acres in Dallas. The property will undergo an adaptive reuse process to transform from an office building into an elementary school. Scott Morse, Scott Jessen, Andy Goldston and Mac Morse of Citadel Partners represented the buyer, and Grant Brodeur of Novus Realty Advisors LLC represented the seller, Cocanougher Asset 2 Ltd.
SAN ANTONIO — InvestCore Commercial has secured the sale of a 50,150-square-foot building that is net leased to the City of San Antonio Pre-K Education Center. The 5.4-acre site is located at 1235 Old Highway 90 W. A private California-based REIT purchased the property, which was built in 2014. The city of San Antonio maintains a long-term lease at the facility, with options to extend. Ed Colson Jr. and Michael Campbell of San Diego-based InvestCore Commercial represented the seller, the developer of the property, in the transaction.
EULESS, TEXAS — Marcus & Millichap has arranged the sale of Arbor Creek, a 12,652-square-foot retail property located in Euless. Philip Levy and Chris Gainey of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy and Gainey also secured the buyer, a developer. Built in 2005 on 1 acre, Arbor Creek is 88 percent leased to tenants including T-Mobile, Little Caesars, Check ‘n Go and Euless Swiftcare. Albertson’s, which anchors the property, was remodeled in 2014.
DENVILLE, N.J. — Cushman & Wakefield has arranged the sale of Franciscan Oaks, a continuing care retirement community located at 19 Pocono Road in Denville. Springpoint Senior Living acquired the entrance-fee property for an undisclosed sum. Situated on 14 acres, the property features 285 independent living apartments, 33 assisted living units and an 84-bed skilled nursing facility. Allen McMurtry, Megan Fetter and David Kliewer of Cushman & Wakefield represented the seller, Catholic Health Initiatives, in the transaction.
NEW YORK CITY — Related Cos. and LargaVista Cos. have broken ground for 300 Lafayette Street, an 80,000-square-foot office and retail building located in SoHo. The seven-story building will feature 50,000 square feet office space on floors three through seven and 30,000 square feet of retail space on the first two floors. The office portion of the building will include a separate lobby from the flagship retail space. Designed by COOKFOX Architects for LEED Silver certification, the property is slated for completion in early 2018. JLL has been retained to market for lease both portions of the property.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Mohawk Apartments, a six-building apartment complex located at 369-379 Washington Ave. and 76-84 James Place in Brooklyn. An undisclosed buyer acquired the 91,514-square-foot asset for $56.5 million. Built in 1905 and rehabilitated in the 1980s, the complex features 86 apartment units in a mix of one-, two- and three-bedroom layouts, as well as a commercial unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, James Saros and Michael Salvatico of IPA represented the undisclosed seller and procured the buyer.
FLORENCE, N.J. — NAI Mertz has arranged the sale of an industrial development parcel located at 400 Cedar Lane in Florence. First Industrial Realty Trust acquired the 33-acre site for an undisclosed price. Scott Mertz of NAI Mertz was the sole broker in the transaction. First Industrial Realty Trust has started construction of First Florence Logistics Center, a 577,200-square-foot, cross-docked distribution facility on the site. Slated for completion in the fourth quarter of 2016, the property will feature 36-foot clear ceilings and more than 100 loading docks.
LITTLETON, MASS. — Hanscom Federal Credit Union has purchased an office building located at 25 Porter Road in Littleton. Wheelock Street Capital and Novaya Real Estate Ventures sold the building for $3.2 million. The 67,167-square-foot building is located off Route 2 at the intersection of Interstate 495. David Gilkie and Jim Boudrot of NAI Hunneman represented the buyer in the transaction. NAI Hunneman has been retained to market for lease the remaining space in the building.
BOCA RATON, FLA. — The merger agreement between Staples Inc. (NASDAQ: SPLS) and Office Depot Inc. (NASDAQ: ODP) has been terminated. As a result, Office Depot will receive a cash payment from Staples of $250 million on May 19, 2016. The news comes after Office Depot and Staples had recently agreed to extend their merger agreement termination date from February 4, 2016 to May 16, 2016. Staples had begun discussions to acquire Office Depot in September 2014. Simultaneously, Office Depot has successfully extended its asset-based credit facility for an additional 5 years. The new $1.2 billion facility will mature on May 13, 2021. The amended credit agreement reduces the overall fees and applicable spread on borrowing and modifies certain covenants to provide additional flexibility for incremental indebtedness, acquisitions, asset sales and restricted payments. Boca Raton-based Office Depot has annual sales of approximately $14 billion and has approximately 1,800 retail stores. The company operates under several banner brands including Office Depot, OfficeMax, Grand & Toy and Viking.
ORLANDO, FLA. — Tavistock Development Co. has named Columbus, Ohio-based Steiner + Associates as its retail planning, leasing and development partner for Lake Nona Town Center in Orlando. Phase I of the project opened in January, including an 85,000-square-foot office building, a Marriott Residence Inn, Courtyard by Marriott, 16,000 square feet of retail and restaurant space and a five-story parking structure. Upon completion, the 100-acre project will anchor the 11-square-mile, master-planned Lake Nona community, which has had more than $3 billion in construction in the last eight years spanning 7.1 million square feet of residential and commercial properties. Located adjacent to Orlando International Airport, Lake Nona features neighborhoods, schools, the Lake Nona Medical City and United States Tennis Association’s New Home of American Tennis facility, the largest of its kind in the world. Initial phases of Lake Nona Town Center will comprise more than 1 million square feet of retail, restaurant, entertainment, office and hotel space.