Property Type

Cushman & Wakefield Negotiates $90M Sale of Office Building in Downtown Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of an office building located at 9 DeKalb Ave. in downtown Brooklyn. JDS Development and The Chetrit Group acquired the 70,000-square-foot landmark property, which was delivered vacant, for $90 million in an all-cash transaction. The five-story property, which previously operated as a bank with offices on the upper floors, features 315,000 square feet of transferrable development rights. The air rights can be put to use at a neighboring development site or used to build out the maximum envelope of the property to 450,000 square feet. Bob Knakal, James Nelson and Stephen Palmese of Cushman & Wakefield handled the transaction. The name of the seller was not released.

January 22, 2016

Industrial Massachusetts Northeast Office

R.W. Holmes Realty Co. Brokers $2.3M Sale of 44,950 SF Office/Warehouse Facility in Massachusetts

by Amy Works January 22, 2016

NATICK, MASS. — R.W. Holmes Realty Co. has arranged the sale of a 44,950-square-foot office/warehouse property located at 245 W. Central St. in Natick. Snap-One Corp. sold the property to South Natick Partners LLC for $2.3 million. Situated on 2.5 acres, the property features four tailboard doors, one drive-in loading dock and 100 parking spaces. Craig Johnston of R.W. Holmes Realty represented the seller, while Eric Brosler of MetroWest Commercial Real Estate represented the buyer in the transaction.

January 22, 2016

Massachusetts Northeast Retail

Linear Retail Acquires 7,335 SF Retail Property in Massachusetts for $2.1M

by Amy Works January 22, 2016

WEST ROXBURY, MASS. — Linear Retail Properties has acquired a retail property located at 1869-1881 Centre St. in West Roxbury for $2.1 million. Built in 1920, the 7,335-square-foot property is occupied by Atlas True Value Hardware, Rox Diner, Iron Body Studios and Saigon Nails. The name of the seller was not disclosed.

January 22, 2016

New York Northeast Office

Kalmon Dolgin Affiliates Arranges $1.8M Sale of Commercial Property in Brooklyn

by Amy Works January 22, 2016

NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sale of a commercial property located at 384 Hendrix St. in Brooklyn’s Brownsville/East New York neighborhood. HRS NY Realty acquired the 13,200-square-foot property from NY PCC for $1.8 million. The buyer plans to renovated the building, which was most recently used as healthcare offices, for commercial office use. The building features 12-foot ceilings, gas heat and a full sprinkler system. Allison Chambers of KDA represented the seller, while Joel Kohn and Avrum Lieber of KDA represented the buyer in the transaction.

January 22, 2016

Northeast Pennsylvania Retail

J.G. Petrucci Co. Acquires 1.7-Acre Land Parcel in Pennsylvania

by Amy Works January 22, 2016

BUCKS COUNTY, PA. — J.G. Petrucci Co. has acquired a 1.7-acre land parcel located at 10 Old York Road in Bucks County for an undisclosed price. Situated on the property is a 13,900-square-foot Walgreens, which is on a long-term lease with multiple extension options. Donald MacLaren Jr. of Marcus & Millichap represented the buyer, while Mark Taylor, also of Marcus & Millichap represented the undisclosed seller in the transaction.

January 22, 2016

kroger-burleson-commons-cullinan-properties

Retail Texas

Kroger Marketplace Opens at Burleson Commons in Metro Dallas

by Haisten Willis January 22, 2016

BURLESON, TEXAS — Kroger Marketplace is now open in Burleson Commons, located at the intersection of Wilshire Boulevard (State Highway 174) and FM 731 in Burleson. Kroger conducted a grand opening of the 120,000-square-foot store on Jan. 8. The grocery store, which features a Kroger Fuel Center and Kroger Pharmacy, joins Premiere Cinemas as a co-anchor of the shopping center, which is owned and managed by Peoria, Ill.-based Cullinan Properties. SRS Real Estate’s Dallas/Fort Worth office represented Cullinan Properties in the transaction. The new store will feature more than 60 shopping aisles and more than 20 checkout lanes, as well as a Starbucks coffee shop. The store will employ more than 300 associates. Daily hours of operation are from 6 a.m. to 1 a.m.; pharmacy hours may vary.

January 22, 2016

Office Texas

Trigate Capital Purchases Northbelt Office Center II in Houston

by Haisten Willis January 22, 2016

HOUSTON — TriGate Capital has purchased Northbelt Office Center II, a two-story office building located at 785 Greens Parkway in Houston. C-III Asset Management, which took control of the property via foreclosure in April 2014, sold the office building. The property totals 124,000 square feet and is 68 percent occupied. The building is expected to be less than 50 percent occupied following a planned tenant move-out in mid-2016. TriGate has invested capital to reposition the building, including exterior and interior renovations. TriGate purchased the property without an operating partner and has hired Transwestern for third-party leasing and management services.

January 22, 2016

Mixed-Use Multifamily Office Restaurant Retail Texas

Southside Magnolia Purchases Mixed-Use Building in Fort Worth

by Haisten Willis January 22, 2016

FORT WORTH, TEXAS — Southside Magnolia Partners has acquired a mixed-use building located at 701 W. Magnolia Ave. in Fort Worth. Situated on the southwest corner of Magnolia Avenue and Hemphill Street, the building is the former headquarters of Fort Worth National Bank. The building features residential living, casual dining, retail and office space. Anchor tenants include Southside Bank and Shinjuku Station. There is a 4,000-square-foot site available for restaurant or retail, as well as five lofts on the second floor. Will Martin and Southside Magnolia Partners have a light restoration in plan for the property, but parts of the building still have original architectural features including exposed brick, hardwood floors and views of downtown Fort Worth. W. Martin and Co. represented the buyers and Grant Huff with Transwestern represented the seller.

January 22, 2016

Palm Bluff-Place-Apartments-Portland-Texas

Multifamily Texas

Oldham Goodwin, MGroup to Develop Apartment Community Near Corpus Christi

by Haisten Willis January 22, 2016

PORTLAND, TEXAS — Oldham Goodwin Group, in conjunction with MGroup, will develop Palm Bluff Place Apartments in Portland. The new development will be a 250-unit, Class A community located at the corner of Cedar Drive and Billy G. Webb Drive. Oldham Goodwin’s development services division will oversee the development of the project, as well as provide construction management services. The project team is working with ARRIVE Architecture Group to design the community. FCI Multi-Family Construction will oversee construction. Construction for Palm Bluff Place is expected to begin Jan. 25, with a projected completion date in the third quarter of 2017.

January 22, 2016

Industrial Texas

Stream to Develop Data Center in Plano

by Haisten Willis January 22, 2016

PLANO, TEXAS — Stream Data Centers has acquired 16 acres at Legacy Business Park, a master-planned, mixed-use development in Plano, to build a data center. The new data center will be a 210,000-square-foot, ground-up development. Additionally, Stream plans to build the data center to LEED Silver standards. This will be Stream’s second data center in Legacy and its fourth development in the Dallas market in the last four years. Stream Data Centers will break ground on the Plano data center in the second quarter of 2016, and the facility will be ready for occupancy in the first quarter of 2017.

January 22, 2016

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