ORLANDO, FLA. — CBRE has brokered the sale of a 133,075-square-foot office property located at 5900 Lake Ellenor Drive in Orlando Central Park, an office park in south Orlando. Cardinal Point Management acquired the eight-story building from D Group Acquisition Three Inc. for $5.8 million. The purchase also included an adjoining outparcel at 1854 W. Oak Ridge Road. Ronald Rogg and Chip Wooten of CBRE represented the seller in the transaction.
Industrial real estate market fundamentals in the Toledo, Ohio, area remained quite sound at the end of 2014. Most key indices showed stability or improvement. The most noteworthy statistic is the 2.3 million square feet of positive net absorption recorded in the second half of the year — the highest amount in recent memory. The lion’s share of the absorbed space can be attributed to the delivery of the 1.6 million-square-foot Home Depot warehouse in Troy Township. Even if the Home Depot deal is excluded from the data, the total absorption notched in the third and fourth quarters was impressive. Absorption would have been higher had the nearly 400,000-square-foot former Ace Hardware distribution center in Perrysburg Township not become vacant. In 2014, Ace announced that it would relocate its warehouse in the Columbus, Ohio area. Dearth of Suitable Space Despite the generally strong performance of the industrial real estate sector this past year, one senses that many of the players in the market are feeling some level of frustration. The frustration stems from the sentiment that things could be better — a result of the generally tight supply of buildings and the even tighter supply of the right types of …
NEW YORK CITY — Himmel + Meringoff and The Swig Company, co-owners of 1460 Broadway, have selected MdeAS Architects to redevelop and reposition the 16-story mixed-use office tower in New York City. Planned renovations and construction for the 215,000-square-foot building include an office component, renovations to the 35,000-square-foot ground- and lower-ground retail space, a new three-story glass façade, new retail storefronts and a revitalized building entry. Construction for the property’s office component is scheduled to begin in April, and renovation to the retail space is expected to end by 2015.
EWING TOWNSHIP, N.J. — A joint venture between Black Oak Associates and Broad Oak Partners has acquired a 98,000-square-foot mixed-use property located at 1600 N. Olden Ave. in Ewing Township. 1600 Olden LLC sold the property for $6.2 million. Family Dollar and the State of New Jersey Department of Motor Vehicles anchor the property, which offers a mix of retail, office and flex space. At the time of sale, the property was 70 percent occupied. The acquisition is the third in Black Oak’s investment fund vehicle, Black Oak IV LP. David Bernhaut of Cushman & Wakefield represented the seller in the transaction.
WORCESTER, MASS. — Hertz Investment Group has acquired Chestnut Place, a two-building office complex located in Worcester’s central business district. The 218,625-square-foot asset, including One Chestnut Place and Two Chestnut Place, sold for $14 million. Constructed in 1990, the 183,781-square-foot One Chestnut Place is currently 98 percent leased to tenants, including Fallon Community Health, UBS Financial Services and Sullivan Group Insurance. Two Chestnut Place, which was built in the 1800s, features 38,844 square feet of Class B office space. Two levels of underground parking and an outdoor plaza connect the two buildings.
PARSIPPANY, N.J. — Transwestern has brokered a 71,500-square-foot lease for Langan Engineering at the newly redeveloped 300 Kimball Drive in Parsippany. Additionally, Transwestern will oversee construction management services, on behalf of the landlord, for the fit-out of Langan’s space. 300 Kimball Drive recently underwent an extensive capital improvement program that transformed the single-tenant building into a multi-tenant office facility. Designed by Gensler, the redeveloped building features stainless steel pillars, polished Italian marble flooring, Shaw carpet tiles and wood wall coverings. Additionally, the renovation included upgrading the lobby, bistro and adding a fitness center with cardio and weight machines, free weights, yoga space and flat-screen televisions. Terms of the lease were not disclosed.
HAMILTON, N.J. — DTZ has brokered a 63,500-square-foot lease for industrial space within the Hamilton Business Center at 8 Marlen Dr. in Hamilton. Global Essence, a provider of high-quality natural ingredients for fragrance, flavoring, beauty and household products, plans to use the space as corporate headquarters and an operations facility. Robin Ritter-Ceriello and Larry Casey of DTZ represented the tenant, while Steve Tolkach and Dov Sortzkin of Newmark Grubb Knight Frank represented the landlord, Hamilton Business Center, in the transaction.
LAKEWOOD, COLO. – Bethany Rehabilitation Center, a 56,502-square-foot skilled nursing facility in Lakewood, has sold to CareTrust for $17.9 million. The center is located at 5301 West 1st Ave., about five miles southwest of Denver. The property was built in 1969. It has 170 active beds and is licensed for 50 additional beds. CareTrust entered into a triple-net lease with Eduro Healthcare LLC, which took over operations on Feb. 1. The seller was represented by Mark Myers, Joshua Jandris and Charles Hilding of Institutional Property Advisors. Richard Bird of Marcus & Millichap’s Denver office was the firm’s broker of record in Colorado.
LOS ANGELES – O’Neill Logistics has leased Hathaway Industrial Park, a 288,000-square-foot industrial facility in Los Angeles. The five-year lease is valued at $6.7 million. The space is located at 11811-11831 E. Florence Ave. in the Santa Fe Springs submarket. It was built in 1984. O’Neill Logistics is a third-party logistics company specializing in apparel and consumer goods products. O’Neill was represented by Dillon Dummit and Wayne Lamb of Cresa Orange County. The landlord, Westcore Properties, was represented by Luke McDaniel, Cameron Driscoll and Zac Sakowski of Jones Lang LaSalle.
SAN JOSE, CALIF. – Cambrian Park Plaza, a 170,000-square-foot shopping center in San Jose, has sold to Weingarten Realty Investors for an undisclosed sum. The property is located at 14900 Camden Ave. Notable tenants include Dollar Tree and BevMo! The center serves San Jose, Los Gatos, Campbell and Saratoga.
