Property Type

The Woodmont Co. Arranges $6.3M Sale of Metro Dallas Retail Property

by Haisten Willis August 5, 2015

NORTH RICHLAND HILLS, TEXAS — The Woodmont Co. has completed the $6.3 million sale of North Hills Village, a 188,856-square-foot retail center located in North Richland Hills, to a private investor. Brad Cruickshank, Trip Green and Randy Bell of The Woodmont Co. represented the seller, a subsidiary of LNR Partners LLC, in the transaction. Built in 1988, the two-building property is located at 7520-7640 N.E. Loop 820 and is situated on 16.4 acres. It was 34 percent occupied at the time of sale with tenants including Cinemark Theaters, Mattress Firm, Subway and T-Mobile. North Hills Village is adjacent to City Pointe Center, a 74-acre mixed-use and municipal complex currently in development.

August 5, 2015

Boyd Commercial/CORFAC Negotiates Sale of 21-Acre Property in Houston

by Haisten Willis August 5, 2015

HOUSTON — Boyd Commercial LLC/CORFAC International, a full-service commercial real estate services provider in Houston, has negotiated the sale of a 21-acre Houston property to Summer Street Retail LP, a business entity backed by Gulf Coast Commercial Group. The Houston Business Journal reported that the property sold for $40 million. Previously owned by Texas Tile Manufacturing LLC, an affiliate of Tarkett USA Inc., the property was marketed for sale by Conrad Bernard of Boyd Commercial/CORFAC, as well as the firm’s founder, J. Michael Boyd. They were the only brokers involved in the transaction. Tarkett ceased manufacturing at its facility located at 1705 Oliver St. in Houston last fall and used portions of the property as warehouse product as recently as June. The French-owned company had occupied the site since 1932, constructing in excess of 750,000 square feet of manufacturing and warehouse space in the ensuing years.

August 5, 2015

Industrial Texas

EastGroup to Develop 350,000 SF Industrial Development in Metro Dallas

by Haisten Willis August 5, 2015

LEWISVILLE, TEXAS —EastGroup Properties has purchased a 28-acre site in Lewisville for the development of four Class A industrial buildings totaling 350,000 square feet. The project will accommodate tenants ranging from 12,750 square feet to 122,000 square feet. The development, CreekView 121, will benefit from the site’s direct access to TX-121 and its proximity to I-35 East, Dallas North Tollway, DFW International Airport, Nebraska Furniture Mart and Toyota’s new headquarters.

August 5, 2015

Office Texas

NAI Partners, NAI Robert Lynn Arrange Office Relocation in Metro Dallas for GEICO

by Haisten Willis August 5, 2015

RICHARDSON, TEXAS — NAI Partners and NAI Robert Lynn have represented GEICO with the relocation and leasing of its regional office. The new complex, located at 2280 N. Greenville Ave. in Richardson, is the former headquarters of Fossil Inc. The office spans 233,000 square feet and will serve more than 1,600 GEICO associates. Griff Bandy and Jon Silberman of NAI Partners, along with Tom Lynn and Nick Lee of NAI Robert Lynn, represented GEICO in the transaction. Chuck Sellers and Lauren Perry of Peloton Commercial Real Estate represented the landlord, CNL Commercial Real Estate.

August 5, 2015

Loans Retail Texas

HFF Arranges $10.2M Acquisition Loan for Retail Center in Metro Dallas

by Haisten Willis August 5, 2015

PLANO, TEXAS — HFF has arranged $10.2 million in first lien financing for the acquisition of Ruisseau Village, a 124,567-square-foot neighborhood retail center in Plano. HFF worked on behalf of the borrower, a private real estate investor, to place the 10-year, fixed-rate loan through Morgan Stanley Bank N.A. Located at 3303-3309 N. Central Expressway, Ruisseau Village is situated on 12.6 acres at the northwest corner of West Parker Road and North Central Expressway, which connects Plano to downtown Dallas. Renovated in 2014, the center consists of two single-story buildings leased to Top Golf, Hertz, Boxes to Go, Monarch Dental, Jazzercise, Kelly Moore Paints, The Mum Shop, Rover Dramawerks and restaurants including Bavarian Grill and A-Star Buffett. Kevin Mackenzie, Greg Brown and Jim Curtin led HFF’s debt placement team representing the borrower.

August 5, 2015

Multifamily New York Northeast Retail

Eastern Consolidated Arranges $58M Sale of 14 Upper Manhattan Multifamily Buildings

by Amy Works August 5, 2015

NEW YORK CITY — Eastern Consolidated has arranged the sale of 14 multifamily properties, with 176 residential units and eight retail stores, located in Upper Manhattan, in two separate transactions. Morningside Partners I LP and 9-11 CPN LLC sold the properties for $58 million to an undisclosed private investor. Thirteen of the walk-up apartment buildings are located on one city block between Manhattan Avenue, Frederick Douglass Boulevard, West 114th Street and West 115th Street in Morningside Heights. The 13 properties, which total more than 125,000 square feet, sold for $47 million, or $376 per square foot. In a separate transaction, a five-story, 23,640-square-foot property located at 9-11 Central Park North sold for $11 million, or $465 per square foot.

August 5, 2015

California Multifamily Western

Kennedy Wilson Buys Slate Creek at Johnson Ranch in Roseville for $100M

by Nellie Day August 5, 2015

ROSEVILLE, CALIF. — Kennedy Wilson has purchased Slate Creek at Johnson Ranch, a 612-unit multifamily community in Roseville, for $100 million. The community is located at 8800 Sierra College Blvd. The company and its equity partners invested an aggregate of $38.5 million of equity in the transaction. The group also assumed $63 million of debt as part of the off-market transaction. The seller was not named. Kennedy Wilson has acquired interests in 6,449 multifamily units in the Western U.S., year to date. Its global multifamily portfolio totals more than 26,000 units.

August 5, 2015

Industrial Northeast Pennsylvania

Joint Venture Acquires 43-Acre Site for Industrial Development in Jonestown, Pa.

by Amy Works August 5, 2015

JONESTOWN, PA. — PCCP has partnered with Dermody Properties to acquire a 43-acre site for the development of LogistiCenter 78-81 in Jonestown. The joint venture purchased the site for an undisclosed price from Pennsylvania-based Vision Group Ventures. The Class A distribution center will feature 405,000 square feet of industrial space. Construction is slated to begin immediately and completion is scheduled for spring 2016. The property will consist of a front-load distribution building featuring 36-foot clear heights, an ESFR sprinkler system, 81 dock doors, two drive-in doors, clerestory glass to allow natural light, 60-foot loading bays, T-5 lighting, parking for 220 cars and one extra trailer parking space per dock door.

August 5, 2015

California Office Western

YouTube World Headquarters in San Bruno Changes Hands

by Nellie Day August 5, 2015

SAN BRUNO, CALIF. — A two-building office campus in the San Francisco Bay submarket of San Bruno has changed hands. The Class A campus serves as the world headquarters for YouTube. Neither the buyer, nor the price was disclosed. The campus is located at 900 and 1000 Cherry, within the Bayhill Office Park. It is situated directly adjacent to interstates 280 and 380. Both properties are fully leased to Google through 2022. They feature highly improved video/audio suites, high-end office finishes with creative spaces and conference rooms, and an “Immersion Room” that simulates a 360-degree video stream. The buildings also offer two full-service cafeterias, kitchen/pantry suites with lounge areas on each floor, a fitness center with lockers and showers, bike room with storage, and a multi-functional conference room for corporate events and executive retreats. HFF’s Steven Golubchik represented the seller, a fund managed by Cornerstone Real Estate Advisers.

August 5, 2015

New Jersey Northeast Retail

Partnership Buys 517,000 SF Ledgewood Mall in Roxbury, New Jersey

by Amy Works August 5, 2015

ROXBURY, N.J. — A joint venture between Advance Realty, DeBartolo Development and Invesco has acquired Ledgewood Mall in Roxbury for an undisclosed sum. Built in 1972 and situated on 46 acres, the three-building 517,000-square-foot property consists of a 445,000-square-foot enclosed mall, a 60,000-square-foot outbuilding and a 12,000-square-foot outbuilding. Current tenants include Walmart, The Sports Authority, Marshalls, Barnes & Noble, Ashley Furniture and Ruby Tuesday. Christopher Bellapianta of Advance Realty led the transaction on behalf of the joint venture. The name of the seller was not disclosed.

August 5, 2015

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