KANSAS CITY — Monmouth Real Estate Investment Corp. has acquired a new 158,417-square-foot industrial building in Kansas City for $9.6 million. The property is located at Skyport Industrial Park, 7503 N.W. 106th Terrace. The building is situated on 13 acres. The property is net-leased for seven years to Bunzl Distribution Midcentral Inc. The new built-to-suit, Class A industrial building is situated off of I-29 and is across from the Kansas City International Airport. The space is expandable to accommodate future growth.
ST. LOUIS — Davidson Surface/Air Inc. has purchased the former KV Pharmaceuticals headquarters in St. Louis for $9.5 million. The 315,000-square-foot industrial/office building is located at 1 Corporate Woods Drive. Gary Parker and Dan Merlo of Intelica CRE represented Davidson Surface/Air Inc. in negotiating the transaction.
Home to nearly 850,000 people and rapidly growing, the City of San Francisco is packed into a little less than 47 square miles. Having long been known as one of the primary financial, tech and cultural hubs of the United States, San Francisco is a place where many people want to be. Business is booming, companies are competing for employees, and the city is as culturally vibrant as ever. It seems like every week there is another article about San Francisco topping another a “best of” list. Supply, Demand, Rent Control Every city endures growing pains during times of economic expansion – new construction, rising rents and home prices – not to mention added stress to the local public infrastructure. The supply of housing in San Francisco remains relatively static for various reasons, with strict building and zoning regulations, a comparatively fixed supply of buildable land and the added complications surrounding the development of real estate in a densely populated, coastal city. On the flipside, demand for housing, which most consider a necessity, is highly inelastic. This is due to the average per-capita income for San Francisco residents, which is about 80 percent higher than the average per-capita of the …
ROUND ROCK, TEXAS — Griffis Residential has purchased The Orchard Apartments, a 512-unit Class A apartment complex located in Round Rock, for $55.5 million. The complex is located in the city’s La Frontera commercial business, retail and housing center. With the acquisition, Griffis Residential now owns and manages 5,658 multifamily units. The Orchard Apartments is the first Austin area complex the company owns, and will be renamed Griffis La Frontera as part of the transaction. The complex was built in 1997 and Griffis plans to invest more than $4 million in upgrades.
DALLAS — CBRE Capital Markets has negotiated the sale of Cedar Springs Business Park, a newly constructed office and industrial complex in Dallas. Dallas-based Berlin Interests purchased the 33,248-square-foot building from Dallas-based Carlisle Interests. Cedar Springs is located near the corner of Mockingbird Lane and Cedar Springs Road close to Dallas Love Field Airport. The building is 100 percent occupied by a variety of tenants including Park Cities Petals, Oxshott, SEI Metal Tek and TLC Events Rentals. Jennifer Pierson, Beth Pierson and Cameron Deptula of CBRE’s Dallas office represented the seller.
AUSTIN, TEXAS — ARA has arranged the sale of Tree, a 335-unit Class A community located in south Austin. Pat Jones of ARA Austin represented the sellers, Greystar and The Carlyle Group. A private Canadian investment group was the buyer. Tree was built in 2014 and consists of one- and two-bedroom floor plans as well as a five-story concrete garage. Amenities include a swimming pool, gym, bocce ball court, meditation fountain and an outdoor kitchen. Tree sits next to Highway 290 and was 94 percent leased at the time of sale.
KATY, TEXAS — Hunington Properties has begun construction on Shops at Mason Creek, a 23,000-square-foot retail center in Katy. The project is being built in conjunction with the recently completed Mason Creek Corporate Park office development. The park is located at the intersection of the Katy Freeway and Mason Road, with a mix of restaurants and retail storefronts.
NEW YORK CITY — BRP Development Corp. plans to redevelop the long-vacant Renaissance Ballroom, located at 2341-2349 Adam Clayton Powell Blvd. in Harlem, into a mixed-use development. The development company purchased the site from Abyssinian Baptist Church for an undisclosed price. The new project, Renny, will feature 134 mixed-income residential units, 17,500 square feet of retail space, 20,580 square feet of community facility space and 67 below-grade parking spaces. The development team is aiming to achieve LEED Silver certification with the project, which will feature solar panels, water-saving plumbing systems, an energy-efficient boiler and green roofs. Construction is slated to begin in first quarter 2015, with completion scheduled for 2017.
KING OF PRUSSIA, PA. — IMC Construction has begun construction for the 155,000-square-foot expansion at King of Prussia Mall in King of Prussia. The new space will link The Plaza and The Court sections of the mall. More than 60 new retailers will be added along with a dining pavilion and expanded parking deck. The expansion was designed by RTKL. The mall will continue to stay open during the construction, which is slated for completion in fall 2016.
LAWRENCEVILLE, N.J. — Prism Capital Partners has secured three new leases, totaling 57,000 square feet, at Princeton Pike Corporate Center in Lawrenceville. J. Knipper and Company Inc. has inked a deal for 23,000 square feet of garden-level space at 1009 Lenox Dr. Sab Russo of Mercer Oak Realty represented the tenant in the long-term transaction. National law firm Eckert Seamans Cherin and Mellott LLC signed a long-term lease for 22,550 square feet of second-floor space at 2000 Lenox Dr. Ed DaCosta of CBRE represented the Pittsburgh-based firm, which will relocate its regional office to the property from Trenton, N.J. Additionally, Management Planning Inc. leased 11,370 square feet at 1000 Lenox Dr. Roby Bull of Jones Lang LaSalle represented the tenant in the long-term transaction. Prism Capital Partners and Angelo, Gordon & Co. acquired Princeton Pike Corporate Center in 2013. Bloomfield, N.J.-based Prism Capital serves as operating partner for the joint venture.