NEW YORK CITY — TerraCRG has arranged the acquisition of a development site located at 1525 Bedford Ave. in Brooklyn’s Crown Heights neighborhood. Adam America purchased the site for $32.5 million. The site offers 144,404 buildable square feet and 500 feet of wrap-around frontage along Eastern Parkway, Bedford Avenue and Lincoln Place. The buyer plans to develop a mixed-use property on the site, which is one block away from Franklin Station with access to the 2, 3, 4 and 5 subway lines. The new development will feature residential condominiums, ground-level retail space, a gym, basketball courts, tenant lounge with complimentary WiFi, a roof deck and modern amenities. Approximately 20 percent of the residential units will be affordable housing. Ofer Cohen of TerraCRG represented the buyer in the transaction. The seller was not disclosed.
NEW YORK CITY — The Feil Organization has completed 80,000 square feet of new leases at 7 Penn Plaza, a 18-story, 368,000-square-foot building, in New York. Recent leases include TranSystems’ 6,800-square-foot lease on the seventh floor, SourceOne’s relocation to 11,000 square feet on the fourth floor, RCG Longview and Estrich & Co.’s relocation to 17,000 square feet on the 14th floor, Guilford Publication’s 11,500-square-foot lease on the 12th floor, and National Hemophilia Foundation’s lease of 11,000 square feet on the 12th floor. Additionally, Retail, Wholesale and Department Store Union (RWDSU) signed for 23,000 square feet on two floors of the building. All tenants are expected to be open by summer. David Turino of The Feil Organization represented Feil in all the transactions. Michael Beyda of Benchmark Properties represented Guildford; Eric Thomas of Cresa New York represented the National Hemophilia Foundation; Brian Gella and Laurence Briody of CBRE represented RWDSU; and Joseph Mangiacotti of CBRE represented TranSystems in the transactions. Jeffrey Management Corp. is the building’s leasing and managing agent.
NEW YORK CITY — Savanna closed its fourth fund with more than $440 million in commitments and added five New York City properties, totaling more than 2.5 million square feet, to its portfolio in 2014. Savanna Real Estate Fund III L.P. held its final closing in the fall with commitments from a wide variety of institutional investors, including insurance companies, sovereign wealth funds, public and private pension funds, foundations, fund of funds and wealth management companies. The firm’s 2014 acquisitions in New York City include One Court Square, a 1.5 million-square-foot office tower in Long Island City; 540 West 26th Street, a development site in Chelsea; 110 William Street, a 930,000-square-foot office building in the Financial District; 10 Madison Square Park, a retail condo in the Flatiron District; and 141 Willoughby Street, a development site in downtown Brooklyn. So far in 2015, Savanna has acquired the former Schlitz Brewery in Bushwick and 461 West 14th Street, a newly built retail property in the Meatpacking District. Additionally, the firm plans to close on the purchase of a 175,000-square-foot property in the Bronx within the next month.
NEW YORK CITY — Eastern Consolidated has arranged a long-term lease with Jacadi, a high-end children’s fashion company. The company will occupy 1,500 square feet of ground-floor retail space at 106 Reade St. in Tribeca. The property offers 20 feet of sidewalk frontage, more than 200 square feet of mezzanine space, 16-foot tin ceilings, exposed brick walls and sub-cellar storage space. James Famularo and Ravi Idnani of Eastern Consolidated represented the undisclosed landlord, while Jason Turner of Zelnick & Co. represented the tenant in the transaction.
TWINSBURG, OHIO — Developer Scannell Properties has selected Meridian Design Build to provide design-build construction services for a 303,888-square-foot package and sortation distribution center in Twinsburg. The new facility will be located at CornerStone Business Park, with access to I-480 and I-271. The building will include 99 loading docks, 236 interior van-loading positions, 509 exterior trailer stalls and 15,434 square feet of office/administrative space. Additional construction will include a freestanding 5,180-square-foot maintenance garage as well as a 3,135-square-foot gateway building, which will serve as a secure entry point into the facility. The architect is Precept Design LLC. Weber Engineering Services will serve as the civil engineer for the project.
BROADVIEW, ILL. — Paine/Wetzel TCN Worldwide has arranged the lease of a new 30,117-square-foot industrial space in Broadview. Golden Eagle Distributors will occupy space located at 2121 21st St. The general merchandise distribution company is relocating from 4139 W. Ogden Ave. in Chicago. The new property includes high ceilings, wide bays, 3,000 square feet of office space and two interior truck docks with elevators. The building also includes an overhead drive-in door and available parking. Albert Schulman of Paine/Wetzel TCN Worldwide represented Golden Eagle Distributors. Darwin Realty’s Dan Fanelli represented the building’s owner, GIS Rolling LLC.
PRAIRIE TOWNSHIP, OHIO — Equity Inc. will build a new 8,000-square-foot, freestanding medical office building in Prairie Township for Liberty Dialysis, an affiliate of Fresenius Medical Care. Construction on the new facility, located at 4500 W. Broad St., is scheduled to begin in April. Liberty Dialysis is an affiliated company of Fresenius Medical Care, developing, owning and operating dialysis clinics throughout the U.S. Fresenius Medical Care produces dialysis equipment and operates a network of more than 2,150 dialysis facilities in North America.
LEESBURG, VA. — Trammell Crow Co. (TCC) and Keane Enterprises Inc. have broken ground on the new global headquarters for K2M Group Holdings Inc., an international medical device company that designs, develops and commercializes technologies and techniques related to the spine. The 146,000-square-foot build-to-suit project will be located in Keane’s Oaklawn master-planned community in Leesburg, a suburb of Washington, D.C. K2M’s new headquarters will be comprised of a 62,000-square foot, three-story office building and an 84,000-square-foot, one-story research and development building. The office building will house general administrative, executive and sales staff, and the research and development building will contain office, conferencing, research and assembly space. TCC and Keane expect to wrap up construction on the project and open for occupancy in early 2016.
VERONA, WIS. — Lee & Associates has arranged a $625,000 land sale in Verona, approximately 11 miles southwest of Madison. The property is located at 671 Hometown Circle. Steve Doran and Todd Waller of Lee & Associates represented the buyer, Taco Bell of America LLC, in completing the transaction. Taco Bell plans to begin construction on a new restaurant at the location this spring and open this fall.
MT. JULIET, TENN. — JLL has brokered the $48 million sale of Aventura at Providence, a Class A apartment community located at 2500 Aventura Drive in Mt. Juliet, 10 miles east of downtown Nashville. Centennial Holding Co. purchased the 334-unit property from TriBridge Residential. JLL also arranged a seven-year, $35 million acquisition loan on behalf of Centennial Holding Co. Derrick Bloom, David Gutting and Vincent Lefler led JLL in representing TriBridge Residential in the sale. Faron Thompson and John Bray led JLL in securing the fixed-rate, Freddie Mac acquisition loan.