Property Type

KBS Inks 22,578 SF in Leases at Tollway North Office Park in Plano

by Haisten Willis March 3, 2016

PLANO, TEXAS — KBS Realty Advisors has signed two new leases totaling 22,578 square feet at Tollway North Office Park in Plano. SomnoMed, a treatment facility providing solutions for sleep-related breathing disorders, signed a lease for 17,254 square feet, and Eikon Consulting Group, a full-service design and consulting firm, signed a 5,324-square-foot lease. Tollway North Office Park consists of seven Class A office buildings located within Legacy Business Park. The one-story buildings range in size from 29,023 square feet to 64,137 square feet. The property covers 27 acres and has 1,400 parking spaces. Construction at the property was completed in 2001. Johnathan Hill and Carlie Wilmes of Morrow Hill represented SomnoMed and Al Paniagua of Swearingen represented Eikon. Justin Miller of Transwestern represented KBS Realty Advisors in the lease transactions.

March 3, 2016

Henry S. Miller Brokers Land Sale in Irving

by Haisten Willis March 3, 2016

IRVING, TEXAS — Lane Kommer of Henry S. Miller’s investments and land division has brokered the sale of 4.5 acres with 14,000 square feet of industrial and warehouse space at 310 Rogers Road in Irving. The asset and land, located just off Irving Boulevard, was purchased for the purpose of adding additional parking to a soon-to-be-opened second location of a country dancing, live entertainment and dining venue. An undisclosed buyer purchased the land and warehouse from Lorac Real Estate.

March 3, 2016

Granite-Clover-Self-Storage-Londonderry-NH

New Hampshire Northeast Retail

NAI Norwood Group Brokers $28.8M Sale of Five-Property Self-Storage Portfolio in New Hampshire

by Amy Works March 3, 2016

AMHERST, NASHUA, LONDONDERRY, DERRY AND PEMBROKE, N.H. — NAI Norwood Group has arranged the sale of a five-property Granite Clover Self-Storage portfolio located in Amherst, Nashua, Londonderry, Derry and Pembroke. National Storage Affiliates Trust acquired the assets from multiple entities under the Granite Clover Self-Storage trademark for $28.8 million. The assets total 235,000 rentable square feet with 1,900 self-storage units. Joseph Mendola of NAI Norwood Group represented the seller in the transaction.

March 3, 2016

Loans Multifamily New Jersey Northeast

Joint Venture Receives $17.4M Construction Loan for Multifamily Project in New Jersey

by Amy Works March 3, 2016

WESTFIELD, N.J. — The Hampshire Companies and The Claremont Companies have received a $17.4 million loan for the construction of a 70-unit multifamily property located at 333 Central Ave. in Westfield. Located within walking distance to downtown Westfield, the new four-story, 126,340-square-foot property will feature a variety of one- and two-bedroom layouts ranging from 700 to 1,550 square feet with select units featuring a den and private terrace. All units will have hardwood floors throughout, nine-foot ceilings, stainless steel appliances, granite countertops and spacious walk-in closets. Community amenities will include secure and covered parking, a luxurious lounge with wet bar for entertaining, state-of-the-art gym with yoga room, rooftop lounge and additional storage units located on each floor. The multifamily community is slated for completion in spring 2017. Jon Mikula and Michael Klein of HFF secured the financing for the borrowers through Capital One Bank.

March 3, 2016

Mixed-Use Multifamily New York Northeast Restaurant Retail

Cushman & Wakefield Arranges $10M Sale of Mixed-Use Building in East Harlem

by Amy Works March 3, 2016

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a mixed-use property located at 265 Pleasant Ave. in Manhattan’s East Harlem neighborhood. A private investor acquired the seven-story, 19,584-square-foot mixed-use building for $10 million in a 1031 exchange. The property features one commercial unit, which is occupied by Rao’s Restaurant, and 22 residential units. Thomas Gammino and Lev Kimyagarov of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

March 3, 2016

Multifamily New York Northeast

TerraCRG Arranges Sales of Two Multifamily Buildings in Brooklyn Totaling $8.9M

by Amy Works March 3, 2016

NEW YORK CITY — TerraCRG has brokered the sales of two multifamily buildings in Brooklyn totaling $8.9 million. In the first transaction, a 16-unit multifamily property located at 851 Franklin Ave. in Crown Heights sold for $5.5 million, or $652 per square foot. The fully renovated 8,440-square-foot property features six two-bedroom units, six studio units and four one-bedroom apartments. Additionally, the property features bike storage, laundry facilities and storage lockers for tenants. In the second deal, a 16-unit multifamily building located at 4109 Seventh Ave. in Sunset sold for $3.4 million, or $257 per square foot. Adam Hess, Sam Shalumov, Eddie Setton and Kirill Galperin of TerraCRG were the sole brokers in both transactions.

March 3, 2016

Midwest Mixed-Use Ohio

CASTO, Daimler Group, New Albany Unveil Plans for 320-Acre Mixed-Use Development in Columbus

by Christina Cannon March 3, 2016

COLUMBUS — A joint venture comprised of CASTO, The Daimler Group and The New Albany Company has unveiled plans to develop a 320-acre, mixed-use project in Columbus. Hamilton Quarter, which will be located at the State Route 161 and Hamilton Road interchange, will include over 700,000 square feet of office space, 1 million square feet of retail, restaurant, and entertainment space, up to 800 multifamily units and 130 senior living units. The development will also include hospitality components. The development team and the City of Columbus will also develop the S-Curve extension, a new roadway that will connect the Hamilton Road exit directly with Hamilton Road to the west. In addition to the S-Curve extension, part of Dublin Granville Road will be rerouted to allow for a Central Boulevard to be constructed. The Central Boulevard will be a walkable, destination space that will feature Main Street-style restaurants and retail spaces. The first wave of development on Hamilton Quarter is expected to begin in late 2016 or early 2017.

March 3, 2016

Northeast Pennsylvania Retail

Marcus & Millichap Arranges $1M Ground Lease Sale in Pennsylvania

by Amy Works March 3, 2016

CANONSBURG, PA. — Marcus & Millichap has arranged the sale of a Dunkin’ Donuts ground lease at 105 Casavina Drive in Canonsburg. A private investor acquired the 2,653-square-foot net-leased property for $1 million. Alan Cafiero and Ben Sgambati of Marcus & Millichap represented the seller, a partnership, and secured and represented the buyer in the transaction.

March 3, 2016

Iowa Midwest Multifamily Student Housing

Vesper Holdings Acquires Student Housing Property Near Iowa State University

by Christina Cannon March 3, 2016

AMES, IOWA — Vesper Holdings has acquired an off-campus student housing property, located in Ames near Iowa State University, for an undisclosed price. The Foundry contains one six-story building with an underground parking garage, and offers two- and four-bedroom floor plans with bed-to-bath parity. Units feature large fully equipped kitchens, full-sized washers and dryers, furniture, 50-inch flat screen televisions, stainless steel appliances, granite countertops and high-speed internet connection in every bedroom. Amenities at the property include ground-floor retail anchored by Starbucks Coffee, a fitness center, study areas, a game room, secure bike storage and a tanning booth. The Foundry was fully occupied in its first year of opening. With this transaction, Vesper’s student housing portfolio now totals 19 apartment complexes and approximately 10,700 beds. This transaction is the fifth student housing acquisition for Vesper over the past 10 months. The seller in the deal was undisclosed.

March 3, 2016

Midwest Retail Wisconsin

Kohl’s to Close 18 Stores Nationwide in 2016

by Christina Cannon March 3, 2016

MENOMONEE FALLS, WIS. — Menomonee Falls-based Kohl’s Corp. (NYSE: KSS) is set to close 18 underperforming stores during 2016, according to the company’s fourth-quarter earnings report released Feb. 25. The closures, representing less than one percent of total sales, will generate annual savings of approximately $45 million and annual depreciation savings of approximately $10 million. Specific locations will be announced by the end of March. Kohl’s expects to incur approximately $150 million to $170 million in charges as a result of these planned closures and realignment at the company’s headquarters, which occurred in early February. “While the decision to close stores is a difficult one, we evaluated all of the elements that contribute to making a store successful, and we were thoughtful and strategic in our approach,” says Kevin Mansell, chairman, president and CEO of Kohl’s. “We are committed to leveraging our resources on more productive assets.” Alongside these closures, Kohl’s plans to pilot a new, smaller format Kohl’s store, with seven planned to open in various regions around the country this year. Kohl’s also plans to open two Off-Aisle pilot stores in Wisconsin, as well as 12 Fila outlet stores — marking Kohl’s first entry into the outlet space. …

March 3, 2016

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