IRVING AND COLLEGE STATION, TEXAS — Berkadia has negotiated the sale of two Texas multifamily properties. Tom Burns and Jay Gunn of the Dallas office negotiated the sale of Burn Brae, located at 4200 W. Northgate Drive in Irving. Burns and Gunn, along with Bill King, also brokered the sale of Meadows Point, located at 800 Marlon Pugh in College Station. Burn Brae, a 282-unit property built in 1983, features one- and two-bedroom floor plans. The property is located near Texas State Highways 161 and 183. Las Vegas-based The Chancellor LLC sold the property to Northgate Investors LLC of Avon, Conn. Meadows Point, a 444-unit property built in 1985, features one- and two-bedroom floor plans. The property is situated near Texas A&M University’s campus and members of the community have access to Texas State Highway 6. The buyer was CCSHP College Station LP of Philadelphia, and the seller was SW Meadows Point LP of Richardson.
KIMBERLY, WIS. — Mid-America Real Estate – Wisconsin LLC has arranged the $460,000 sale of a 6,900-square-foot retail building in Kimberly, four miles east of Appleton. Commercial Horizons Inc. purchased the former Associated Bank, which is located at 600 W. Kimberly Ave. Community First Credit Union will occupy the building. Joe Kleiman and Dan Rosenfeld of Mid-America Real Estate – Wisconsin LLC represented the undisclosed seller in the transaction.
CARROLLTON, TEXAS — Henry S. Miller has arranged a 7,402-square-foot lease for CR Assembly in Carrollton. CR Assembly leased 7,402 square feet of a 30,240-square-foot, multi-tenant building from 3220 Commander Inc. The light assembly office/warehouse is located on the west side of Addison Airport off of Midway Road. Jim Turano of Henry S. Miller’s office division arranged the lease.
ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Parkway East Townhomes, a 70-unit apartment property located in Arlington. Matt Davis, of Marcus & Millichap’s Dallas office, marketed the property on behalf of the seller, an individual/personal trust. Davis also procured the buyer, a private investor. Parkway East Townhomes is located at 1541 Parkway Lane at the corner of East Pioneer Parkway. Built in 1971, the asset is situated on more than five acres and includes two-bedroom and three-bedroom floor plans. The property features a leasing office, a swimming pool and a storage unit.
GLENVIEW, ILL. — I.M. Construction Group has completed a 40,000-square-foot build-out for Dreamworks Graphics Communications in Glenview. The property is located at 2323 Ravine Way. Dreamworks is a print solutions company that provides offset, UV and lenticular printing. The firm is relocating its presses to this location from its current facility in Skokie, Ill. The build-out included the construction of a pre-press room and printing control room. IMCG also built-out office space with private offices and open work areas as well as completed all necessary electrical work, painting and finishes throughout. IMCG provided the construction services for the relocation along with Nomellini and Project Manager Kent Nepras leading the construction team. Angelo Christopher served as the project superintendent. Gensberg Ltd. provided the architectural services.
NEW YORK CITY — Dalan Management has partnered with RWN Real Estate Partners to purchase the long-term leasehold of The Indigo in Midtown East for $47 million. Located at 230 East 44th St., the 14-story, 135,315-square-foot building features 164 residential units, the Piccolo Fiore restaurant, Pink Blossom Nail Salon and a 25,000-square-foot parking garage. The buyers acquired the leasehold interest in the property and restructured the ground lease to include a 99-year term with contractual rent and no fair market rent resets. The seller is a partnership of Atlantic Realty Group, Moezinia Bros. Capital and 230 MD Member. M&T Bank provided financing for the acquisition. Venture Capital Properties represented the seller in the transaction.
SOUTH HACKENSACK, N.J. — Park Avenue Motor Corp. has acquired an industrial warehouse building located at 490 Huyler St. in South Hackensack. The Hampshire Companies sold the 112,270-square-foot property for an undisclosed price. Situated near major highways in Bergen County’s industrial corridor, the property features 16- to 18-foot ceiling heights and multiple loading docks. The buyer has leased the building since 2012 and exercised its purchase option to complete the transaction.
PHILADELPHIA — The University of Pennsylvania (Penn) has unveiled the design for The Pennovation Center, a 58,000-square-foot innovation center located in Philadelphia. Situated on the university’s 23-acre Pennovation Works site, the project includes the transformation of an existing industrial building into a collaborative working environment for entrepreneurs, researchers and industry partners. The project team includes HWKN as design architect, KSS Architects as architect of record, Land Collection as landscape architect, Bruce Mau Design as design consultants, and Ballinger as structural and MEP engineers, as well as Focus and Atelier Ten. The Pennovation Center is slated to open summer 2016 with the Penn Engineering lab opening this fall.
EGG HARBOR TOWNSHIP, N.J. — MCR Development has completed the renovation of The Residence Inn by Marriott Atlantic City Airport, a 101-suite hotel located at 3022 Fire Road in Egg Harbor Township. The renovation included upgrading the lobby with new paint and furniture, including a communal table with power outlets; upgrading the fitness center with new equipment; and new furniture for the meeting room and pool area. Guest suite upgrades included new pull-out sofas, desk chairs and plush carpeting. Additionally, MCR plans to install a fire pit in the hotel’s patio area this spring.
LEBANON, N.J. — Colliers International has arranged the sale of two office buildings, known as 100 Corporate Drive and 200 Corporate Drive, located at 78 Corporate Center in Lebanon. The three-story buildings, which total 185,866 square feet, sold for $5.8 million. The 92,925-square-foot property at 100 Corporate Drive is currently 39 percent occupied, and the 92,941-square-foot property at 200 Corporate Drive, which includes a full-service cafeteria, is vacant. Jeffrey Oram and Jacklene Chesler of Colliers International represented the seller, Torchlight Investors, and procured the buyer, a New Jersey-based private investor, in the transaction.