Property Type

Urstadt Biddle Properties Acquires Four Shopping Centers in Northern New Jersey

by Amy Works December 15, 2014

MIDLAND PARK, POMPTON LAKES, WYCKOFF AND KINNELON, N.J. — Urstadt Biddle Properties Inc. has acquired four shopping centers, totaling 375,000 square feet, in Northern New Jersey. A New Jersey commercial real estate owner and developer sold the properties for an undisclosed price. The properties are the 130,000-square-foot Midland Park Shopping Center in Midland Park, the 125,000-square-foot Pompton Lakes Town Square in Pompton Lakes, the 43,000-square-foot Cedar Hill Shopping Center in Wyckoff, and the 77,000-square-foot Meadtown Shopping Center in Kinnelon. In total the properties are at least 92 percent leased to a variety of national, regional and local tenants, including Kings Supermarket, CVS, Petco, Starbucks, Hudson City Savings Banks, A&P supermarket, TD Bank, Wendy’s, Planet Fitness, Pet Valu, Hallmark, Walgreens, Chase Bank, Subway, Dunkin Donuts, Supercuts and Rite Aid Pharmacy. Additional terms of the transactions were not released.

December 15, 2014

Northeast Office Pennsylvania

Keystone Property Group Unveils VEVA Office Complex

by Amy Works December 15, 2014

BLUE BELL, PA. — Keystone Property Group has unveiled VEVA, a 425,000-square-foot office complex in Blue Bell. Formerly known as Sentry Park West, the property features world-class lifestyle amenities and cutting-edge infrastructural upgrades. Situated on 16 acres on VEVA Boulevard, VEVA comprises seven mid-rise buildings, which have been completely renovated. The office campus is 83 percent leased by a variety of tenants, including Cigna, Citizens Bank, Fiberlink Communications, inVenity Health Clinical, Morgan Stanley Smith Barney, and Fesnak and Associates.

December 15, 2014

Massachusetts Northeast Office

Design Complete for Boston’s One Channel Center

by Amy Works December 15, 2014

BOSTON — ADD Inc., now with Stantec, has completed the design for One Channel Center, the final phase of the Commonwealth Ventures’ 2.1 million-square-foot Channel Center in Boston. The eleven-story, 500,000-square-foot One Channel Center will be home to 4,000 employees of State Street Bank and is part of a multi-building master plan that includes a new two-acre park and a ten-level, 900-car garage. Located at One Iron St., the $175 million project features a two-story lobby and various green elements, including continuous insulation on the facades, efficient mechanical systems, recycled and local materials, and low VOC materials. The building is expected to attain LEED Silver certification upon completion. ADD Inc. recently joined Stantec’s Buildings Group, a team of more than 2,500 design and allied professionals.

December 15, 2014

Mixed-Use New York Northeast

TerraCRG Arranges $8.63M Sale of Park Slope Mixed-Use Building

by Amy Works December 15, 2014

NEW YORK CITY — TerraCRG has arranged the sale of a mixed-use building located at 857-861 Union St. in the Park Slope neighborhood of Brooklyn. The 14-unit building, which features 12 residential and two commercial units, sold for $8.63 million, or $842 per square foot. The new owner plans to reposition the 2,225-square-foot retail portion of the building. Adam Hess, Sam Shalumov and Edward Setton of TerraCRG negotiated the transaction.

December 15, 2014

Massachusetts Multifamily Northeast

Marcus & Millichap Brokers Two Apartment Building Sales Totaling $1.85M

by Amy Works December 15, 2014

MALDEN AND EVERETT, MASS. — Marcus & Millichap has brokered the sale of two apartment buildings in Malden and Everett. The properties are the six-unit building at 78 Florence St. in Everett and the seven-unit building at 23-27 Cedar St. in Malden. The properties sold for $1.85 million total. Evan Griffith of Marcus & Millichap’s Boston office represented the sellers, two private investors, and procured the buyers, also private investors, in the transaction.

December 15, 2014

Life Sciences Top Stories

GI Partners Buys Life Science Facility in Metro D.C. for $322.5M

by John Nelson December 12, 2014

ROCKVILLE, MD. — GI Partners has acquired a 290,000-square-foot life science facility in Rockville for $322.5 million. The facility is located at 9911 Belward Campus Drive, roughly 20 miles northwest of Washington, D.C. The property is situated along the Interstate 270 corridor that is commonly referred to as “DNA Alley”. The manufacturing facility is fully occupied by Human Genome Sciences Inc. (HGSI). The global healthcare company, which is a wholly owned subsidiary of GlaxoSmithKline, has leased the space through June 2026. “We are very pleased to own 9911 Belward, an institutional-quality property with state-of-the-art life science improvements,” says Mike Armstrong, GI’s vice president. “The facility’s location in one of the nation’s largest biotechnology clusters, coupled with its robust infrastructure, makes it an attractive property for life science and biotechnology use.” BioMed Realty (NYSE: BMR) acquired the facility in 2006 as part of a sale-leaseback transaction with HGSI. The company’s board of directors declared a special dividend of $0.30 per share of common stock, reflecting a return to stockholders of a portion — about $61 million — of the sale proceeds. BioMed plans to use the remaining proceeds to pay down the balance of the company’s unsecured revolving credit facility. BioMed …

December 12, 2014

Midwest Missouri Office

Fox Architects Designs $150M RGA Global Headquarters in Chesterfield, Mo.

by Danielle Everson December 12, 2014

CHESTERFIELD, MO. — The new $150 million Reinsurance Group of America (RGA) global headquarters will open this month in Chesterfield, a suburb of St. Louis. Fox Architects designed the 405,000-square-foot stone, glass and steel building, which is one of the largest projects in the St. Louis region since Centene Plaza was completed in 2010, and the largest local headquarters project in at least 20 years. The headquarters’ two five-story towers are linked by a two-story atrium lobby and amenities bar, which features 10,000 square feet of training facilities; a 7,500-square-foot fitness center; a 20,000-square-foot café, kitchen and barista; and a 500-seat cafeteria that can function as a 700-seat auditorium. The complex also includes 580,000 square feet of parking. Built on a 17-acre site, the complex will accommodate RGA’s workforce expansion over the next several years, and is master planned to include a third building for long-term growth. Fox Architects designed the interiors and was RGA’s consultant to international architectural firm Gensler on core and shell design. Clayco was the design-build contractor.

December 12, 2014

Midwest Minnesota Multifamily Seniors Housing

KeyBank Secures $31.7M in Loans for Two Minnesota Seniors Housing Properties

by Danielle Everson December 12, 2014

EAGAN AND PRIOR LAKE, MINN. — KeyBank Real Estate Capital has secured $31.7 million in Fannie Mae loans for two seniors housing communities. The properties included Keystone Communities of Eagan, which includes 129 units; and Keystone Communities of Prior Lake, which includes 107 units. Charlie Shoop of KeyBank secured financing for the borrower, Toronto, Ontario-based BayBridge Seniors Housing, in conjunction with local operator and joint venture partner Keystone Communities. The financing allowed BayBridge to refinance existing debt at low long-term, fixed interest rates and provided additional growth capital for the sponsor.

December 12, 2014

Hospitality Illinois Midwest

Hampton Inn & Suites to Open in Minooka, Ill.

by Danielle Everson December 12, 2014

MINOOKA, ILL. — An 83-room Hampton Inn & Suites is set to open in Minooka, located approximately 12 miles southwest of Joliet. Blair Road Hotel Associates LLC is developing the $12 million project, which is a collaboration between Kinseth Hospitality, American Construction Services, Doug Bean Development and Marquette Properties Inc. The Hampton Inn & Suites, located at 621 Bob Blair Road, is the first hotel in Minooka and is expected to be open in fall 2015.

December 12, 2014

Retail Texas

ALDI Grocery Store Opens in Metro Dallas

by Haisten Willis December 12, 2014

HALTOM CITY, TEXAS — ALDI, a low-price grocery store chain, has opened a new location in Haltom City. The new store is located at 3173 Denton Hwy. ALDI has more than 1,300 total stores in 32 states. The chain is averaging 80 new stores each year. The Haltom City location was constructed with recycled materials and uses energy-efficient refrigeration and light bulbs.

December 12, 2014

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