Property Type

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

California Office Western

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

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