Property Type

Intercontinental Real Estate Buys PennySaver Building in Brea

by Nellie Day April 13, 2015

BREA, CALIF. – Intercontinental Real Estate has acquired the 101,420-square-foot corporate headquarters of PennySaver USA Publishing in Brea for an undisclosed sum. The space is located at 2830 Orbiter Street. The facility is adjacent to Imperial Highway, less than 30 miles from Downtown Los Angeles. It contains 52,069 square feet of office space throughout two floors, as well as 49,351 square feet of industrial manufacturing, assembly and distribution space. The facility houses the operations for the weekly PennySaver pamphlet, web-based advertising systems and salesforce. The seller, a joint venture between Cohen Asset Management and American National Insurance Company, was represented by HFF’s Anthony Brent and Ryan Martin.

April 13, 2015

California Industrial Western

Chino Industrial Building Sells for $9.7M

by Nellie Day April 13, 2015

CHINO, CALIF. – An 86,204-square-foot industrial building in Chino has sold to Emare for $9.7 million. The building is located at 4850 Eucalyptus Ave. Emare is a local company that distributes cell phone cases and accessories. It was represented by Stephen Shatafian of Lee & Associates. The unnamed seller was represented by Henry Hong of the same firm.

April 13, 2015

California Office Western

KTLA-TV Renews Studio Space at Sunset Bronson Studios in Hollywood

by Nellie Day April 13, 2015

LOS ANGELES – Independent television station KTLA-TV has renewed its lease for 94,205 square feet at Sunset Bronson Studios in Hollywood. The studio is located on the southeast corner of the Sunset Bronson, with frontage along Sunset Boulevard. The station has been headquartered at this location for nearly 60 years. KTLA plans to renovate its space. The lease renewal will go through 2030. The station is owned by Tribune Media, which was represented by CBRE’s Todd Doney, Paul Stockerll and Adam Seltzer. The landlord, Hudson Pacific Properties, was represented by Blake Mirkin of the same firm.

April 13, 2015

Arizona Retail Western

Nightclub Building in Scottsdale Sells for $2.1M

by Nellie Day April 13, 2015

SCOTTSDALE, ARIZ. – A single-tenant property in Scottsdale that is leased to Red Revolver Night Club has sold to Tornga Family LLC for $2.1 million. The space is located at 7316 E. Stetson Drive in the Old Town district. The buyer was represented by Robert Jones of Torrey Pines Real Estate Investments. The seller, GEM Realty Advisors, was represented by CBRE’s Steve Julius and Jesse Goldsmith.

April 13, 2015

Market Reports Office Southeast Southeast Market Reports Tennessee

Memphis Office Market’s Pecking Order is Easily Visible During the Current Upturn

by John Nelson April 12, 2015

When it comes to grading commercial office space, there is no doubt that location is still king — and other factors such as price, architecture, functionality and amenities all take a back seat to the property’s location. Since we assign buildings letter grades (A and B), let’s take a look at what these letter combinations mean and the relationship of quality to location. In these scenarios, the first letter describes the building’s class (A or B) and the second letter represents the desirability of its location (A or B). The A/A designation refers to Class A buildings in Class A locations. It’s no surprise that this is the first category of office space absorbed when a market heats up and leasing volume intensifies. During this stage of the cycle, rental rates to inch upward, and more importantly, lease renewal terms tighten as landlords sense a shift toward the middle. For Memphis, Tenn., the total vacancy for Class A space in the East Memphis submarket decreased from 2.9 percent during third quarter 2014 to 2 percent in fourth quarter 2014. Almost 24,000 square feet of Class A office space in the East submarket was leased during fourth quarter 2014, and this …

April 12, 2015

Industrial New Jersey Northeast Pennsylvania

Dermody Partners Breaks Ground on Two Industrial Facilities

by Amy Works April 10, 2015

LOGAN TOWNSHIP, N.J., AND CARLISLE, PA. — Reno, Nev.-based Dermody Partners has broken ground on the development of two industrial facilities in New Jersey and Pennsylvania. In New Jersey, Dermody and its capital partner, Great Point Investors, have broken ground for the construction of a multi-tenant facility at 1110 Commerce Blvd. in Logan Township. Situated within LogistiCenter Logan, the 171,600-square-foot facility is slated to be complete in June. The property will feature 32 feet of clear heights, 106-car parking spaces and 39-trailer parking spaces. In Pennsylvania, Dermody and Pacific Coast Capital Partners have broken ground on construction for a 602,250-square-foot facility at One Ames Dr. within LogistiCenter Carlisle industrial park in Carlisle. The facility will feature 36 feet of structural clear height, 142 loading docks, 187-car parking spaces and 93-trailer parking spaces. The facility is slated for completion in September.

April 10, 2015

New York Northeast Retail

Cushman & Wakefield Brokers $86M Sale of Manhattan Retail Property

by Amy Works April 10, 2015

NEW YORK CITY — Cushman & Wakefield has brokered the sale of a retail co-op unit at 85 Fifth Ave. in Manhattan’s Ladies’ Mile Historic District. The property sold in an all-cash transaction for $86 million, or $6,643 per square foot. The 12,946-square-foot turnkey retail space features 6,406 square feet of ground floor space with 15-foot ceiling heights and 6,540 square feet of sellable lower level space with 10-foot ceiling heights. The property is currently leased to Anthropologie until April 2021. Bob Knakal and John Ciraulo of Cushman & Wakefield handled the transaction. The names of the seller and buyer were not released.

April 10, 2015

Industrial New Jersey Northeast

Tulfra Real Estate, Hamsphire Cos. Acquire 202,000 SF Distribution Facility

by Amy Works April 10, 2015

CLIFTON, N.J. — Tulfra Real Estate has partnered with Hampshire Cos. to acquire a distribution facility located at 65 Industrial St. South in Clifton for an undisclosed price. The former Glaxo SmithKline building, features 202,000 square feet of space, including 28,000 square feet of office space, as well as 16 loading docks and 200 on-site parking spaces. The buyers have launched a major repositioning program for the former manufacturing plant to convert the property to a single-tenant use and increase the ceiling height to 27 feet. Additional renovations include a new ESFR sprinkler system, new exterior skin, T5 lighting, epoxy floors and new electrical and mechanical systems, as well as 22,000 square feet of space for lab and/or office use. The name of the seller was not released.

April 10, 2015

Hospitality New York Northeast

Muss Development Launches $43M Renovation of New York Marriott at the Brooklyn Bridge

by Amy Works April 10, 2015

NEW YORK CITY — Muss Development LLC has launched a $43 million renovation and repositioning program for the 667-unit New York Marriott at the Brooklyn Bridge, located at 333 Adams St. in downtown Brooklyn. The first phase of renovation, including The Bar, front desk and M Club Lounge, will be revealed in May. The renovation of the hotel’s ballroom and meeting rooms is slated for completion in September. Additionally, the redesign of the guestrooms will be revealed this spring, with renovations expected to be complete in 2016.

April 10, 2015

Northeast Retail Rhode Island

RK Centers Acquires 98,575 SF Retail Center in Rhode Island for $16.7M

by Amy Works April 10, 2015

MIDDLETOWN, R.I. — RK Centers has acquired Middletown Village, a retail center located on Route 114 in Middletown, for $16.7 million. The 98,575-square-foot center is occupied by a variety of national tenants, including Barnes & Noble, Sports Authority, Michaels and Petco. The name of the seller was not released.

April 10, 2015

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