DENVER — A 20-unit apartment building in Denver has sold to an unnamed buyer for $2.7 million. The community is located at 4353-4373 Clay St. Kevin Calame and Matt Lewallen of Pinnacle Real Estate Advisors represented both the buyer and seller in this transaction.
RALEIGH, N.C. — Kane Realty Corp., a Raleigh-based commercial real estate developer, has joined with Newport Beach, Calif.-based KBS Realty Advisors as a joint venture partner for the development of Park Central in Raleigh. The development costs for the 16-story, mixed-use tower are estimated to total $100 million, according to Triangle Business Journal. “We are delighted for our partnership with KBS Realty Advisors to continue with Park Central,” says John Kane, CEO of Kane Realty Corp. “The vision we’ve shared with KBS fulfills the [area’s] demand for an upscale, urban lifestyle that’s rich with amenities. As Raleigh continues to grow, we are proud to provide a vibrant community … for residents and workers to enjoy.” The 252,204-square-foot high-rise retail and apartment building will be located at the intersection of Six Forks Road and the 440 Beltline in Midtown Raleigh’s North Hills district. Construction is already underway on the project, which is situated adjacent to Midtown Park. “We truly believe Park Central’s dynamic location within an attractive market like Raleigh, coupled with the luxury style of living we’re offering, will be a very attractive draw to tenants,” says Marc DeLuca, regional president of KBS. “Raleigh has become an appealing location for …
SAN DIEGO — Teledyne Instruments has signed a 10-year lease for two industrial buildings in the San Diego submarket of Scripps Ranch. The lease is for two buildings that total 124,828 square feet. The new lease allowed the measurement device provider to renew its lease at 9855 Carroll Canyon Road, while expanding into the neighboring 9970 Carroll Canyon Road. Craig Estey of Cushman and Wakefield represented Teledyne. CBRE’s Bill Dolan and Chris Pascale represented the landlord, Gateway Colorado Properties, in this transaction.
When talking about the retail sector, the economy has to be part of the conversation. Trends in retail concepts follow consumer behavior. In 2010, when the recovery began, wealthy consumers were the first to return to the marketplace. Not surprisingly, luxury retail concepts followed these wealthy shoppers. To appeal to consumers who were experiencing a slower recovery and to address the concerns of consumers who were still budget-conscious coming out of the downturn, discount retailers and off-price concepts also flooded the market at the same time. These two ends of the spectrum have dominated the retail landscape, leading to challenges for the middle-priced retailers. Despite the acceleration of the economic recovery, these retailers will continue to face challenges as many consumers have maintained a fiscally conservative, or even frugal, mindset. E-Commerce Has Clout The prediction that the advent of the Internet would spell the death of the brick-and-mortar store has not come to fruition. However, e-commerce’s impact on retail is certainly undeniable. Although 75 percent of retail sales still take place in stores, consumers are becoming more educated about products and prices as a result of the Internet. Consumer surveys show that 75 percent of millennials use the Internet to …
GARDEN CITY, N.Y. — Treeline, a value-add asset developer, owner and investor, has received $106 million in first mortgage and mezzanine financing for its four-building Garden City Plaza office portfolio, located at 100, 200, 300 and 400 Garden City Plaza in Garden City. The loans consist of $86 million in new first mortgage financing provided through Terry Livingston of Wells Fargo, and a $20 million mezzanine loan provided through Robert Dirks of Principal Real Estate Investors. Proceeds of the financing will be used to buy out an existing equity partner and retire construction financing for a new restaurant for Maggiano’s Little Italy, which will open its first Long Island location at the property. The 600,000-square-foot portfolio is 90 percent leased. Robert Turner, Adam Spies and Joshua King of Eastdil Secured arranged the financing for the borrower.
WEST CONSHOHOCKEN, PA. — Newmark Grubb Knight Frank (NGKF) Capital Markets has arranged the sale of an office building located at 300 Four Falls in West Conshohocken. A tenants-in-common ownership group sold the seven-story glass and granite tower building to Maguire Hayden Real Estate Co. for $98.4 million. The 298,482-square-foot tower, which sits atop a six-story concrete parking deck, was 97 percent occupied at the time of sale. Mike Margolis, Taylor King, Dave Dolan and Brett Segal of NGKF represented the seller in the transaction.
WELLESLEY AND NEEDHAM, MASS. — CBRE/New England has arranged the sale of Phillips Park, an age-restricted apartment community in Wellesley and Webster Green, an apartment community in Needham. TrueNorth Capital Partners acquired Phillips Park for $15 million and Webster Green for $25.5 million. Built in 1894 and rehabilitated in 1988, the 49-unit Phillips Park features six one-bedroom units and 43 two-bedroom units, which are restricted to households 55 years of age or older. Built in 1985, the 76-unit Webster Green features two one-bedroom units and 74 two-bedroom units. CBRE/NE represented the undisclosed seller and procured the buyer in the transaction.
HARRISBURG, PA. — Colliers International Capital Markets (CICM) has arranged $28 million in refinancing for Campus Heights Student Housing, an apartment community serving the Penn State Harrisburg campus. Located in Harrisburg, the property features 111 units for a total of 444 beds. The 12-year, fixed-rate loan features a 30-year amortization schedule. Kristopher Wood and John Banas of CICM’s Philadelphia office arranged the loan for the undisclosed borrower.
NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.
AUSTIN, TEXAS — CBRE Capital Markets’ Investment Properties division has sold Arbor Square, a 50,836-square-foot, multi-tenant office park in Austin. Los Angeles-based Entrada Partners purchased the asset from California-based AMC Investments for an undisclosed price. Arbor Square I & II consists of two storefront-style office buildings. Arbor Square is located at 12885 Research Blvd., adjacent to Lakeline Mall in the northwest Austin submarket. The Class B asset was developed in 1984 and renovated in 2007. It was 90.2 percent occupied at closing.
