Property Type

HFF Arranges Sale of Office Building in Houston

by Haisten Willis December 17, 2014

HOUSTON — HFF has arranged the sale of Sam Houston Crossing I, a Class A office building totaling 159,175 square feet in northwest Houston. HFF marketed the property on behalf of the sellers, Duke Realty Corp. and Chambers Street properties. SH Crossing I LP, a joint venture between Fuller Realty Partners LLC and Independencia was the buyer. The property is located in Houston’s West Belt Corridor off Sam Houston Parkway at 10343 Sam Houston Park Drive. The three-story building was completed in 2007. The building is fully leased to tenants including U.S. Steel, Farmers Insurance Exchange, CH Robinson Project Logistic, Brock Enterprises Inc., Axon EP Inc. and AMEC Oil & Gas Inc. Dan Miller, Martin Hogan and John Rogers of HFF represented the seller.

December 17, 2014

Cushman & Wakefield Brokers Sale of 135,115 SF Industrial Property

by Amy Works December 17, 2014

KEARNY, N.J. — Cushman & Wakefield has brokered the sale of an industrial property located at 680 Belleville Turnpike in Kearny. The 135,115-square-foot property is 100 percent net leased to Pepsi, which utilizes the site as its Northern New Jersey distribution center. Situated on 11 acres, the property features 18,000 square feet of office space, 16 loading docks, 36-foot clear ceiling heights and a 117-space trailer storage. Russo Development sold the property to TIAA-CREF for an undisclosed price. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer and Kyle Schmidt of Cushman & Wakefield worked with Omer Mir Ahmed of Russo Development to represent the seller. The Cushman & Wakefield team also procured the buyer, who was represented in-house by Henry Dong.

December 17, 2014

Hospitality New Hampshire Northeast

Starwood Hotels Opens First Element Hotel in New Hampshire

by Amy Works December 17, 2014

LEBANON, N.H. — Starwood Hotels & Resorts Worldwide’s eco-wise Element brand has opened its first hotel in New Hampshire. Located at 25 Foothill Road in Lebanon, Element Hanover-Lebanon features 120 guestrooms, a 24-hour fitness center, an indoor saline swimming pool and a meeting room with modular furnishings. The hotel, which is managed by True North Hotel Group, is a key anchor of Altaria Business Park, a mixed-used complex being developed by Norwich Partners. Once complete, the complex will include 300,000 square feet of research and office space, 42,000 square feet of retail space, up to 160 residential units, and conservation land.

December 17, 2014

Industrial New Jersey Northeast

Weiss Realty Brokers Sale of 12,324 SF New Jersey Warehouse Facility

by Amy Works December 17, 2014

FORT LEE, N.J. — Weiss Realty has arranged the sale of a warehouse facility, located at 1253 Inwood Terrace in Fort Lee. Baron Verizon Fort Lee sold the 12,324-square-foot property to BCU/Madeline Housing Partners LLC (c/o Bergen County’s United Way) for $2.75 million. The one-story building features two overhead drive-thru doors, private offices, a secured 40-car paved parking area and access to Manhattan via the George Washington Bridge. Jaime Weiss of Weiss Realty represented the seller in the transaction.

December 17, 2014

Multifamily New York Northeast

Marcus & Millichap Arranges $2.3M Sale of Brooklyn Apartment Building

by Amy Works December 17, 2014

NEW YORK CITY — Marcus & Millichap has brokered the sale of an apartment building located at 80 New York Ave. in Brooklyn. The eight-unit property sold for $2.3 million. Derek Bestreich, Lucien Sproviero and Steve Reynolds of Marcus & Millichap’s Brooklyn office represented the seller and buyer, both private investors, in the transaction.

December 17, 2014

California Retail Western

KZ DevCo to Develop 13 New CVS, Longs Drugstores in Hawaii, SoCal

by Nellie Day December 17, 2014

IRVINE, CALIF. — KZ DevCo LP has announced plans to build 13 new CVS/Health and Longs drugstores in Hawaii and Southern California. This totals about $150-million worth of construction in the pipeline. KZ DevCo completed construction on five CVS Health/Longs Drugs stores in Hawaii and California this past year. The full-service commercial real estate development firm anticipates it will complete three more outposts in 2015, valued at more than $25 million. Some of the 13 new drugstores will be delivered to Murrieta, Chula Vista and Long Beach, Calif. They will also be completed on the islands of Oahu, Kauai and Maui, as well as on the Big Island. Though Longs was acquired by CVS/Health in 2008, the chain still exists in Hawaii. Once the current pipeline is cleared, KZ will have delivered a total of more than 45 CVS/Health and Long’s Drugs stores. Irvine, Calif.-based KZ DevCo specializes in shopping center development, single-tenant representation, property management and construction management.

December 17, 2014

Loans Retail Utah Western

The Family Center at Taylorsville Receives $45M in Financing

by Nellie Day December 17, 2014

SALT LAKE CITY — The Family Center at Taylorsville, a 779,000-square-foot regional power center, has received $45 million in post-closing acquisition financing. The center is located at 5400 South and Redwood in the suburb of Taylorsville, less than nine miles south of Downtown Salt Lake City. Notable tenants at the Family Center include Jo-Ann Fabrics & Craft, Ross Dress for Less, Pet Smart, 24-Hour Fitness, Shopko, Guitar Center, Texas Roadhouse, Jamba Juice and Chick-fil-A. The three-year, floating-rate loan was arranged by HFF’s Jim Curtin on behalf of TriGate Capital. The loan was provided by Wells Fargo Bank. Proceeds were used to acquire the center.

December 17, 2014

Colorado Multifamily Western

Radco Buys Summit at Thornton Apartment Community Near Denver

by Nellie Day December 17, 2014

DENVER — The Radco Cos. has acquired the 322-unit Summit at Thornton apartment community for $28.2 million. The community is located at 101 E. 88th Ave. in Thornton, just north of Denver. Summit at Thornton was built in 1973. It is the second asset Radco has acquired in the Greater Denver area over the past four months. The company plans to upgrade and rebrand the property. The institutional seller invested significant capital to improve Summit at Thornton in 2011. It was represented by ARA’s Terrance Hunt, Shane Ozment, Doug Andrews, Jeff Hawks and Anna Stevens.

December 17, 2014

Arizona Industrial Western

Marco Display Specialists Leases Warehouse Space in Phoenix

by Nellie Day December 17, 2014

PHOENIX – Marco Display Specialists has leased 67,697 square feet of warehouse space in Phoenix. The space is located at 4141 W. Van Buren Street. It was built in 1998. The new lease brings the 243,039-square-foot industrial building to full occupancy. The U.S. grocery market merchandising manufacturer was represented by Rebecca Roberts of Green Street Commercial. The landlord, 4141 W. Van Buren LLC, was represented by Don MacWilliam and Payson MacWilliam of Colliers International.

December 17, 2014

Louisiana Mixed-Use Southeast

KTGY Group, JTS to Develop Alamo Drafthouse-Anchored Project in Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — KTGY Group Inc. and Baton Rouge-based JTS are planning to develop Rouzan Village in Baton Rouge. The project will feature 80,000 square feet of retail space anchored by a 33,000-square-foot Alamo Drafthouse Cinema and up to 220 residential units including live/work studios. Rouzan Village will be the commercial and retail center of Rouzan, a 120-acre master-planned development in Baton Rouge’s Southdowns neighborhood near the intersection of Perkins Road and Glasgow Avenue. Two parking structures and street parking will provide parking for roughly 900 cars. The theater is expected to begin construction next year and open in mid-2016. Rouzan Village’s residential component is expected to break ground in mid-2015 and take approximately 14-18 months to complete.

December 17, 2014

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