Property Type

Irvine Co. Announces Plans to Build Six New Buildings at Irvine Spectrum

by Nellie Day August 5, 2015

IRVINE, CALIF. — The Irvine Co. has announced its plans to build six “Next Gen Campus Office” buildings at the Irvine Spectrum. The buildings will total 528,000 square feet. They will be situated within the Spectrum’s Discovery Business Center and Sand Canyon Business Center projects. Discovery Business Center will receive four buildings totaling 317,000 square feet. The customizable space will be called the Quad at Discovery Business Center. Two new buildings totaling 212,000 square feet are planned at Sand Canyon Business Center as well. Construction is scheduled to commence early next year, with a completion date of early 2017. The Next Gen Campus Office will feature modern architecture, including floor-to-ceiling glass and aluminum curtain walls for natural light and energy efficiency. Amenities will include advanced infrastructure for technology, and fitness and wellness centers offering indoor and outdoor activities like yoga and bike-sharing programs. The Commons, a large open-air space at the heart of each campus, will feature a Wi-Fi-enabled outdoor living room, sun decks, al fresco dining, barbeques and other areas for people to work, collaborate or take a break.

August 5, 2015

Arizona Office Western

Griffin Capital Buys Aetna Life Insurance Building in Tucson

by Nellie Day August 5, 2015

TUCSON, ARIZ. — Griffin Capital Corp. has acquired the 100,273-square-foot Aetna Life Insurance Co. building in Tucson for an undisclosed sum. The building is fully leased to the life insurance company. Aetna signed a new 10-year lease at the property as part of the sale-leaseback. The terms include an annual base rental rate increase of 3 percent with no termination or contraction options. The company has resided at this space since it was constructed as a build-to-suit in 2001. Cushman & Wakefield’s Boston office, along with Cushman & Wakefield’s Tucson affiliate, Picor Commercial Real Estate Services, represented Aenta in the deal. Griffin Capital Essential Asset REIT II is the official purchaser of the asset.

August 5, 2015

New Jersey Northeast Office

HFF Brokers Sale of 100,000 SF Office Building in Parsippany

by Amy Works August 5, 2015

PARSIPPANY, N.J. — Holliday Fenoglio Fowler (HFF) has arranged the sale of Halsey Corporate Center, an office building located at 90 E. Halsey Road in Parsippany. Stockbridge Capital Group sold the property to Boxer F3 LLC for an undisclosed price. The 100,000-square-foot building features a three-story, glass-enclosed atrium lobby and full-service cafeteria. At the time of sale, the property was leased to eight companies, including Chemtrade. Jose Cruz, Kevin O’Hearn, Michael Oliver, Stephen Simonelli and Andrew Scandalios of HFF represented the seller in the transaction.

August 5, 2015

Colorado Retail Western

Pine Tree Commercial Buys Arvada Marketplace-Connection Near Denver

by Nellie Day August 5, 2015

DENVER — Pine Tree Commercial Realty has acquired Arvada Marketplace-Connection, a 367,510-square-foot shopping center in the Denver submarket of Arvada, for $54.9 million. The center is located at the intersection of Wadsworth Boulevard and interstates 70 and 76. Arvada Marketplace-Connection was built in 1987. A 142,491-square-foot Sam’s Club anchors the center. Other notable tenants include Sports Authority, Dollar Tree and Youfit health club. CBRE’s Brad Lyons executed the transaction. The seller was RPAI. Bank of America provided the financing.

August 5, 2015

New York Northeast Retail

Urstadt Biddle Properties Acquires 25,000 SF Shopping Center in New York

by Amy Works August 5, 2015

HARRISON, N.Y. — Urstadt Biddle Properties Inc. has acquired The Harrison Shopping Center in Harrison. Located on Halstead Avenue, the 25,000-square-foot shopping center is anchored by an A&P Fresh Supermarket, which will be replaced by a prominent grocer. Additional tenants include a bakery, hair salon, florist, restaurants and A&T. Urstadt Biddle acquired the property, which was built in 1957, for an undisclosed price in an all-cash transaction. The name of the seller was not released.

August 5, 2015

Multifamily Southeast Virginia

Franklin Johnston Breaks Ground on $44M Apartment Community in Virginia Beach

by John Nelson August 5, 2015

VIRGINIA BEACH, VA. — Franklin Johnston Group has broken ground on Southern Pine Apartments, a $44 million, 240-unit luxury apartment community in Virginia Beach’s Princess Anne area. Upon completion, the property will feature a multi-story clubhouse with a fitness center, bowling alley and pool deck with grilling stations. Other amenities will include a resort-style swimming pool, walking trails and a dog park. The first units will begin leasing next spring, and occupancy will begin in late summer. Rents start at $1,100 per month.

August 5, 2015

Georgia Office Southeast

Grubb Properties Acquires Three Office Buildings in Atlanta’s Central Perimeter Submarket for $32.7M

by John Nelson August 5, 2015

ATLANTA — Grubb Properties has purchased three mid-rise office buildings in Atlanta’s Central Perimeter submarket from Atlanta Property Group for $32.7 million. The buildings, known as The Park at Perimeter Center East, total 284,500 square feet and are located north of I-285 and east of Ashford Dunwoody Road. Grubb Properties plans to invest $5.2 million in capital improvements for the office assets. This is the first office acquisition in the Atlanta area for Grubb Properties.

August 5, 2015

Industrial Southeast Virginia

Equus to Build 330,000 SF Spec Warehouse in Northwest Virginia

by John Nelson August 5, 2015

WINCHESTER, VA. — Equus Capital Partners plans to build a 330,000-square-foot spec industrial warehouse and distribution center within Stonewall Industrial Park in Winchester, a town located along I-81 roughly 75 miles west of Washington, D.C. Equus plans to break ground in August. The facility will sit on a 52-acre site, which can accommodate a second building up to 500,000 square feet. Upon completion in March 2016, the facility will feature 32-foot clear heights, T5 lighting, concrete floors, 50- by 50-foot column spacing, an ESFR sprinkler system and a 180-foot truck court. The property will be in close proximity to established industrial employers such as OHL (Red Bull), Rite Aid, Home Depot, Kraft Foods, McKesson and TREX. BPG Development Co. LP, the development arm of Equus, will oversee development and construction of the spec project. John Lesinski of Colliers International will oversee the property’s leasing and marketing efforts.

August 5, 2015

Industrial Maryland Southeast

Ridgeline Property Group to Develop Distribution Center in Metro Baltimore

by John Nelson August 5, 2015

HANOVER, MD. — Ridgeline Property Group has plans to develop Hanover Business Center, a 100,000-square-foot, Class A distribution center in Hanover, a southwest suburb of Baltimore. The property will be located on a 7.9-acre site at 1520 Stoney Run Road adjacent to the Baltimore-Washington International Airport. Construction is set to begin in the second quarter of 2016 and wrap up in the first quarter of 2017. Ridgeline Property Group’s capital partner on the project is Cabot Properties Inc. Upon completion, Hanover Business Center will feature 28-foot clear heights, ESFR sprinklers, a 120-foot truck court and separate entrances for cars and trucks. Since its inception in 2014, Ridgeline has developed projects totaling 5.9 million square feet.

August 5, 2015

District of Columbia Multifamily Southeast

UIP Acquires Multifamily Community in D.C. for $7.6M

by John Nelson August 5, 2015

WASHINGTON, D.C. — Urban Investment Partners (UIP) has purchased Rhode Island Gardens, a 81-unit apartment community located at 230 Rhode Island Ave. N.E. in Washington, D.C. UIP purchased the asset from Roydun Corp., an affiliate of DARO Realty, for $7.6 million. CBRE represented the seller in the transaction. Originally built in 1931, the apartment property is located in Washington’s Edgewood neighborhood a half mile from the Rhode Island Avenue Metro station. UIP coordinated the acquisition with the Rhode Island Gardens Tenant Association, and the two entities are planning a $7 million renovation that will be performed by UIP General Contracting Inc., a subsidiary of UIP.

August 5, 2015

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