Property Type

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

Georgia Multifamily Southeast

Berkshire Group Buys Crescent Terminus in Atlanta’s Buckhead Neighborhood

by John Nelson December 17, 2014

ATLANTA — An affiliate of Boston-based Berkshire Group has purchased Crescent Terminus Community, a luxury apartment community in Atlanta’s Buckhead neighborhood, from Crescent Communities for an undisclosed price. The 355-unit is a three-building complex that features two rooftop terraces with an outdoor fireplace and TV, saltwater resort-style swimming pool, outdoor kitchen, tech lounge with Mac stations, wireless printing and a coffee bar. Crescent Terminus is part of a nine-property portfolio totaling 2,667 units that sold for a gross purchase price approaching $700 million. The portfolio’s purchasers were UBS and an affiliate of the Berkshire Group.

December 17, 2014

Florida Office Southeast

CBRE Brokers $51M Sale of Office/Industrial Park in Deerfield Beach

by John Nelson December 17, 2014

DEERFIELD BEACH, FLA. — CBRE has arranged the $51 million sale of Quorum Business Center, a 408,000-square-foot distribution and office portfolio located in Fort Lauderdale’s Deerfield Beach submarket. The park is located at the intersection of S.W. 10th Street and Military Trail near I-95. Greenwich, Conn.-based Ivy Realty purchased the office/industrial park from New York-based KTR Capital Partners. Quorum Business Center was 87 percent occupied at the time of sale. KTR Capital has executed 154 leases and invested $4.5 million in tenant improvements since 2005. Christian Lee, Jose Lobon, Charles Foschini and Chris Apone of CBRE represented the seller in the transaction. Tom O’Loughlin of CBRE assisted the CBRE team with market leasing.

December 17, 2014

Louisiana Office Southeast

IBM Tops Off $30.5M Technology Center in Downtown Baton Rouge

by John Nelson December 17, 2014

BATON ROUGE, LA. — IBM has topped off its new nine-floor technology center under construction in downtown Baton Rouge that will cost $30.5 million to develop. The technology center, which will reportedly create 800 jobs, is part of a $55 million urban development project that will also feature 525 Lafayette, a 10-story residential tower. Commercial Properties Realty Trust, a REIT, is building the urban development project and Wilbur Marvin Foundation will own it. The property is scheduled for completion in May 2015. The topping off ceremony was attended by Gov. Bobby Jindal, IBM vice president Tim McLachlan, Baton Rouge Area Foundation president and CEO John Davies and Louisiana Economic Development (LED) secretary Stephen Moret. LED offered IBM a performance-based incentive package that includes grants totaling $29.5 million over 12 years.

December 17, 2014

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