Property Type

The Azarian Group Acquires 150,000 SF Shopping Center in New Jersey

by Amy Works June 4, 2015

NORTH BRUNSWICK, N.J. — The Azarian Group has acquired The Shoppes at North Brunswick, a shopping center located at 650 Shoppes Blvd. in North Brunswick. A New York City-based REIT sold the property for $33.7 million. The 150,000-square-foot center is occupied by national and franchise tenants, including Banana Republic, Talbots, Five Below, Anthropologie, Starbucks Coffee, White House/Black Market, Aeropostale, Chipotle and 34 other tenants. Charming Charlie, Corner Bakery, Supercuts and Wingstop are opening locations at the center. Terms of the transaction, including acquisition price, were not released. The name of the seller was not disclosed.

June 4, 2015

New Jersey Northeast Office

The S.Hekemian Group Breaks Ground on 46,000 SF Office Building in New Jersey

by Amy Works June 4, 2015

ENGLEWOOD, N.J. — The S.Hekemian Group has broken ground for construction of Englewood South Phase 4 (ES4), a Class A office building located at 10 Sterling Blvd. in Englewood. The 46,000-square-foot office building, which will feature ground-floor retail space, is slated for completion in first quarter 2016. ES4 will feature strong exterior architecture with classic masonry and refined finishes throughout the interior. Tenant spaces will feature oversized ceiling heights and loft-like, open-plan build-outs with exposed ceilings and ductwork. Brian Silbert and Wayne Kasbar of Silbert Realty & Management are the exclusive leasing agents for the property.

June 4, 2015

Massachusetts Northeast Office

Clarion Partners Acquires 100 Franklin Street in Boston

by Amy Works June 4, 2015

BOSTON — Clarion Partners, on behalf of a separately managed account client, has acquired 100 Franklin Street in Boston’s financial district for an undisclosed sum. The nine-story Beaux Arts-style building features 124,055 square feet of office space. Originally built in 1908, the property underwent a major renovation in 1998. At the time of sale, the property was 93 percent occupied by a variety of tenants in the financial services, legal services and technology industries. Additionally, the building features 10,000 square feet of ground-floor retail space. The name of the seller was not released.

June 4, 2015

Multifamily New York Northeast

TerraCRG Brokers $6.5M Sale of Brooklyn Development Site

by Amy Works June 4, 2015

NEW YORK CITY — TerraCRG has brokered the sale of a development site located at 88-92 Linden Blvd. in the Prospect Lefferts Gardens neighborhood of Brooklyn. Brookland Capital acquired the site for $6.5 million from INK Property Group. The site offers approximately 48,000 square feet of buildable air rights. Brookland Capital plans to develop a 66-unit rental and condominium property on the site. The 60,500-square-foot property will feature one- and two-bedroom units, ranging from 620 to 800 square feet, a gym, roof deck and 33 parking spots. Matt Cosentino, Peter Matheos and Eric Satanovsky of TerraCRG represented both parties in the transaction.

June 4, 2015

Civic New Jersey Northeast

Construction Underway to Reopen Historic School Building

by Amy Works June 4, 2015

EATONTOWN, N.J. — AC Donato Construction LLC, an affiliate of The Donato Group, and W. Lerman Architecture are redeveloping and renovating the 108-year-old former Fred G. Steelman School in Eatontown. Voyagers’ Community School, a private day school, will relocate from Farmingdale, N.J., to the renovated property upon completion of the $1.2 million first phase of the project in September. The second phase of the project includes the addition of 2,000 square feet to increase the building to a total of 20,000 square feet. In the interim, 5,000 square feet within in the building’s annex with be set aside for offices for a variety of independent, child-focused professional services, including occupational therapy, psychological counseling, speech therapy and medical services. Located at 215 Broad St., the renovated school features a commercial kitchen for cooking classes, art studio, a kiln, state-of-the-art computer and science laboratories, a music room, and an all-purpose room to serve a gymnasium and meeting space, as well as an outside area designed by students. Construction of the second phase is expected to start in summer 2016, with completion scheduled in time for the 2016-2017 school year.

June 4, 2015

Arizona Office Western

Scottsdale Office Portfolio Sells for $10.5M

by Nellie Day June 4, 2015

SCOTTSDALE, ARIZ. – A 63,763-square-foot office flex portfolio in Scottsdale has sold to Crown West Realty and Development for $10.5 million. The three-building complex is located at 9171 E. Bell Road, 9181 E. Bell Road and 16611 N. 91st Street, within the McDowell Mountain Business Park. Crown West represented itself in the sale. Michelle Gardner of Shell Commercial will continue to act as the property’s leasing agent. The seller was not named.

June 4, 2015

California Mixed-Use Western

Orinda Theatre Square in San Francisco Bay Area Changes Hands

by Nellie Day June 4, 2015

SAN FRANCISCO – Orinda Theatre Square, an eight-building, mixed-use property in the San Francisco Bay submarket of Orinda, has sold to an unnamed buyer for an undisclosed sum. The property is visible from Highway 24 and sits adjacent to the Orinda BART station. It was built in 1941 and expanded in 1986. Orinda Theatre features 47,610 square feet of office space and 42,927 square feet of retail space. The space is 98 percent leased to tenants like Starbucks, Serika Japanese Restaurant, Sweet Dreams Toy Store, Entourage Spa & Salon, Morgan Stanley Smith Barney, Wells Fargo Advisors and Chicago Title. The seller was represented by HFF’s Steven Golubchik, Nicholas Bicardo and Brandon Rogoff.

June 4, 2015

Colorado Industrial Western

Denver Industrial Property Sells for $5.5M

by Nellie Day June 4, 2015

DENVER – A 61,954-square-foot industrial property in Denver has sold to Parkhill Development Company for $5.5 million. The space is located at 3000 and 3201 Walnut Street. The seller, WSM Properties, was represented by DTZ’s Aaron Valdez, Alec Rhodes and Tyler Smith.

June 4, 2015

California Industrial Western

Gordon Brush Buys Industrial Facility in City of Industry

by Nellie Day June 4, 2015

CITY OF INDUSTRY, CALIF. – Gordon Brush Mfg. Co. has purchased a 182,853-square-foot industrial building in the Los Angeles submarket of the City of Industry for an undisclosed sum. The property is located at 3737 Capitol Ave. The industrial brush manufacturer plans to relocate to the building, which will allow it to consolidate its operations. The company will occupy 100,000 square feet and lease the remaining space. Gordon Brush was represented by Jeff Bethel and Jack Cline of Lee & Associates.

June 4, 2015

California Multifamily Western

San Diego Apartment Community Sells for $2M

by Nellie Day June 4, 2015

SAN DIEGO – An eight-bedroom apartment community in the San Diego submarket of Normal Heights has sold to Wang’s Growth LLC for $1.9 million. The community is located at 4640 Bancroft Street. The seller, Vaerus Utah LLC, upgraded the complex with all new interiors, including new kitchens, hardwood floors, bathrooms, heating, paint, lighting and appliances. The property also received new exterior paint, drought-tolerant landscaping, hardscape, exterior modern treatments, doors and new modern fencing. Vaerus was represented by Mark Morgan of ACI Apartments.

June 4, 2015

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