Property Type

Hollister Construction Completes Office Renovation in New Jersey

by Amy Works May 6, 2015

BRIDGEWATER, N.J. — Hollister Construction Services has completed the interior fit-out of a 38,000-square-foot medical office facility, located at 10 Finderne Ave. in Bridgewater, for Insmed Inc. The project involved the renovation of the existing office space, including the full interior demolition and re-construction of three floors, as well as the construction of 3,700 square feet of laboratory space on the third floor and a two-story, standalone mezzanine through the center of the building. The lower section of the mezzanine now features a meeting room with a flat-screen television and game center, including a shuffleboard table, and the middle level features a Tiki hut with a kitchenette, a peanut-shaped island and sitting areas. The project team included Alliances Architecture and AKF Engineers.

May 6, 2015

Connecticut Northeast Retail

Thimble Island Brewing Co. Inks Lease for 30,000 SF Building in Connecticut

by Amy Works May 6, 2015

BRANFORD, CONN. — Thimble Island Brewing Co. (TIBC) has signed a lease for a 30,000-square-foot building, located at 16 Business Park Dr. in Branford. TIBC is expected to open the doors of the newly renovated and expanded facility this summer. Founded in 2012, TIBC now offers several standard varieties on tap at bars and restaurants throughout the Connecticut shoreline, as well as specialty brews in the brewery’s tasting room. Tim McMahon of O,R&L Commercial represented TIBC in the transaction.

May 6, 2015

Industrial Northeast Pennsylvania

Roddy Inc. Brokers 13,500 SF Lease in Bristol, Pennsylvania

by Amy Works May 6, 2015

BRISTOL, PA. — Bensalem, Pa.-based Roddy Inc. represented Salem Steel NA LLC in the lease of 13,500 square feet of space at 2101 Green Lane in Bristol. Salem Steel NA leased the space, which located within the 70,000-square-foot Bristol Commerce Center, from Green Lane Properties LLC. The tenant plans to use the space as a warehouse/distribution center. Sean Durkin of Roddy Inc. represented the tenant, while Andrew McGhee of Colliers International represented the landlord in the transaction.

May 6, 2015

California Hospitality Western

Sunrider International Buys SLS Beverly Hills

by Nellie Day May 6, 2015

LOS ANGELES — Sunrider International has acquired the 297-room SLS Beverly Hills for about $200 million. The hotel is located at 465 S. La Cienega Blvd. The hotel was sold by Sam Nazarian’s SBE, a locally based hospitality company that develops, manages, and operates hotels, restaurants and nightlife venues. SLS Beverly Hills opened in November 2008 as part of the Luxury Collection Hotels & Resorts brand. It was designed by Philippe Starck, and offers a variety of culinary experiences crafted by James Beard award-winning chef Jose Andres. The property has been an AAA Four Diamond Award recipient since 2009. It is managed by Starwood Hotels & Resorts Worldwide. SBE currently has 11 new projects in various stages of development, construction and negotiation, including the recent announcement of five new hotels in Mexico. The new projects include a total of 1,893 hotel rooms and 2,230 residences throughout the world. SBE will remain onboard as the flagship property’s brand operator. The hotel’s ownership group included SBE, the Nazarian family and subsidiaries of SLS Hotels. Sunrider International is a family owned health and beauty company.

May 6, 2015

California Office Western

Pacific Center Office Building in Torrance Sells for $68.5M

by Nellie Day May 6, 2015

TORRANCE, CALIF. — Stream Realty Acquisition has purchased Pacific Center, a 291,711-square-foot office building in Torrance, for $68.5 million. The eight-story building is located at 21250 Hawthorne Blvd. Pacific Center is currently 80 percent leased. Notable tenants include All Nippon Airways, Living Social, Morgan Stanley, Bank of America and Wells Fargo Insurance. The seller, Bixby Land Company, purchased the asset in July 2012 for $52 million. At that time, the building – formerly known as South Bay Tower – was only 63 percent occupied. The building underwent significant renovations and a rebranding. Stream Realty represented itself in this transaction, while Bixby was represented by CBRE’s Kevin Shannon.

May 6, 2015

Arizona Industrial Western

First Industrial, Merit Partners Buy Land Near Phoenix for New Distribution Center

by Nellie Day May 6, 2015

PHOENIX — First Industrial Realty Trust and Merit Partners have joined forces to purchase 21.1 acres of land in Tolleson for a 386,100-square-foot distribution building. The project will be located at the northeast corner of 94th Avenue and Buckeye, just west of Phoenix. The cross-dock distribution building is slated for completion this December. It will be fully owned by First Industrial, which expects to invest about $21.1 million into the Class A facility. Mattress Firm is the first tenant to sign on at the project. Its new 170,000-square-foot lease will allow the mattress store chain to expand from its neighboring location. The building will be constructed by Sun State Builders. The land sale transaction was executed by Payson and Don MacWilliam and Jimmy Leaf of Colliers International.

May 6, 2015

California Retail Western

Juanita Tate Marketplace in Los Angeles Receives $22M Refinance

by Nellie Day May 6, 2015

LOS ANGELES — Juanita Tate Marketplace, a 77,000-square-foot shopping center in Los Angeles, has received a $22 million refinance. The center is located at the intersection of East Slauson and South Central avenues in the city’s South Central neighborhood. Juanita Tate is anchored by CVS and Northgate González Markets. It was recently purchased by the borrowers, Optimus Properties and Infinity Redevelopment, who plan to make minor upgrades and modifications to the newly built property. The 10-year, fixed-rate loan features a 4.1 percent interest rate with two years of interest-only and a 30-year amortization schedule. It was arranged by Shahin Yazdi of George Smith Partners. The center was originally developed in partnership with the City of Los Angeles and the non-profit organization Concerned Citizens of South Los Angeles (CCSCLA) to bring retail options and jobs to the region. The property’s construction loan was a city-funded Section 108 loan. This kind of loan is provided by cities for projects that will help revitalize neighborhoods through new low-income housing or job creation. The deal was made a little easier by the fact that the center’s purchase price “far exceeded” its valuation, according to Yazdi. He notes the property value was estimated in the …

May 6, 2015

California Multifamily Western

Glen Garden Apartments in Los Angeles Sells for $5M

by Nellie Day May 6, 2015

LOS ANGELES – The 32-unit Glen Garden Apartments in Los Angeles has sold to a private investor for $5 million. The community is located at 15225 Victory Blvd. It was built in 1964. The buyer, who also owns the neighboring property, plans to remodel the asset. The unnamed seller was represented by Warren Berzack of Berzack Investment Property Advisors.

May 6, 2015

Market Reports New York Northeast Northeast Market Reports Retail

Brooklyn Retail Grew 80 Percent in Just Two Years

by Jaime Lackey May 6, 2015

It’s no longer a secret that Brooklyn is booming, particularly the borough’s retail scene. Retail rents have climbed continuously over the last five years. Retail density has increased almost exponentially. A recent study by CPEX of Brooklyn’s notable retail corridors (meaning areas with rents averaging more than $35 per square foot) found the number of these corridors has increased 80 percent in just two years. But what’s driving Brooklyn’s record pace of retail growth? Several market factors have created a perfect storm for Brooklyn’s retail resurgence. Development in the borough has peaked over the past two years, with permits for new residential developments up 116 percent in that timespan. Nearly 20,000 new units are in the pipeline, almost twice the number of permits in Manhattan and 149 percent more than the other outer boroughs combined. The office vacancy rate has dropped to 4.2 percent in Brooklyn, the lowest in the United States. Tourism continues to spike thanks to the borough’s noteworthy parks, the year-round arts and cultural events in the Brooklyn Academy of Music (BAM) Cultural District, and the Barclays Center’s sporting and concert events. In the meantime, hotel developments are trying to keep pace with the influx of tourists …

May 6, 2015

California Industrial Western

Globe Con Freight System Leases Industrial Facility in Los Angeles

by Nellie Day May 5, 2015

LOS ANGELES – Globe Con Freight System has leased 169,957 square feet of distribution space in the Los Angeles submarket of Rancho Dominquez. The two-building center is located at 18301 and 18420 Broadwick Street. The five-year lease is valued at $5.8 million. The firm provides transportation services, including harbor drayage, transloading services, retail distribution, fulfillment and nationwide trucking. The center is owned by Carson Companies, which was represented in-house by Todd Burnight. Globe Con was represented by Don Smith of Lee & Associates Los Angeles – Long Beach.

May 5, 2015

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