Property Type

280,000 SF Office Complex to Undergo Major Renovations in Greenwich, Conn.

by Amy Works November 7, 2014

GREENWICH, CONN. — Kensico Properties is planning a major renovation for Pickwick Plaza, a three-building office complex located in Greenwich. The multi-million dollar capital improvement program will bring the 280,000-square-foot complex back to its Class A status. The main lobbies, elevators, common corridors and bathrooms in all three buildings will be renovated and upgraded; a new façade and store fronts along Greenwich Avenue will be constructed; a new entry from Greenwich Avenue with a water feature will be created; landscaping across the property will be revamped; and the entrance to the four-story, underground garage with be replaced with a new “easy pass” style security gate and high-speed door. Jay Hruska, Tara Stacom, Torey Walsh, Connor Daugstrup and Scott Silverstein of Cushman & Wakefield have been tapped as exclusive leasing agents for the property, which is managed by Hines.

November 7, 2014

Retail Texas

M&M Arranges Sale of Retail Facility in Wichita Falls

by Haisten Willis November 7, 2014

WICHITA FALLS, TEXAS — Marcus & Millichap has arranged the sale of Crossroads Center, an 85,385-square-foot retail property in Wichita Falls. Michael Buckner and Richard Mireles of Marcus & Millichap’s Austin office marketed the property on behalf of the seller, a partnership. Chance Hales of the firm’s Fort Worth office represented the buyer, a limited liability company. Crossroads Center is located at 2708 Southwest Parkway. The property sits on 7.8 acres with 450 feet of street frontage.

November 7, 2014

Mixed-Use New York Northeast

Marcus & Millichap Arranges Sale of 8,800 SF Mixed-Use Building in Brooklyn

by Amy Works November 7, 2014

NEW YORK CITY — Marcus & Millichap has arranged the sale of 731 Meeker Avenue in Brooklyn. The 8,800-square-foot mixed-use property sold for $1.8 million. Shaun Riley, Michael Salvatico and James Saros of Marcus & Millichap’s Brooklyn office represented the seller, an individual/personal trust, and the buyer, a private investor, in the transaction.

November 7, 2014

Office Texas

Bright Realty Brokers Sale of Former Headquarters in Metro Dallas

by Haisten Willis November 7, 2014

LEWISVILLE, TEXAS — Bright Realty has brokered the sale of the company’s former headquarters located at 4228 N. Central Expressway in Lewisville, a Dallas suburb. The four-story mid-rise, known as the Bright Building, spans 54,000 square feet with three levels of underground parking. Nathan Denton of Lee & Associates represented the buyer, Caddo Holdings, in the transaction. Shawn Hall of Bright Realty worked on behalf of the seller. The building is located on the east side of Central Expressway and served as the corporate headquarters of Bright Realty for more than 12 years. The company relocated to a brand-new office in Castle Hills, a master-planned community in Lewisville developed by Bright Realty in 2013.

November 7, 2014

Multifamily Texas

BMC Provides $1.9M Loan for Apartment Complex in Austin

by Haisten Willis November 7, 2014

AUSTIN — BMC Capital’s Austin office has arranged a $1.9 million loan for the acquisition of a 42-unit apartment complex in Austin. The seven-year, fixed-rate loan includes a 4.75 percent interest rate and a 30-year amortization schedule. Patrick Short of BMC’s Austin office arranged the loan through a local bank.

November 7, 2014

Industrial New Jersey Northeast

Bussel Realty Brokers $1.5M Acquisition of New Jersey Industrial Facility

by Amy Works November 7, 2014

KENILWORTH, N.J. — Bussel Realty Corp. (BRC) has arranged the sale of an industrial facility located at 25 Sidney Circle in Kenilworth. Scheininger Real Estate purchased the 17,200-square-foot property for $1.5 million from BPS Company. The property features 16-foot ceilings, one loading dock, one drive-in and 1,410 square feet of office space. The buyer purchased the facility for Flexline and plans to use it to manufacture specialty hose assemblies for the pharmaceutical, steel, food and aviation industries. Gregory Irving of BRC represented the buyer in the transaction.

November 7, 2014

Delaware Northeast Office

NAI Emory Hill Brokers 278,000 SF in Leases at White Clay Corporate Center

by Amy Works November 7, 2014

NEWARK, DEL. — NAI Emory Hill has brokered more than 278,000 square feet of office space leases at its White Clay Corporate Center in Newark. CitiGroup Technology renewed its lease for approximately 88,000 square feet of office space and JP Morgan Chase inked a deal for several spaces totaling 190,000 square feet to accommodate an expansion. Neil Kilian of NAI Emory Hill brokered the transactions, which total more than $11.6 million.

November 7, 2014

Massachusetts Northeast Office

MPM Capital Inc. Becomes First Tenant at 450 Kendall Street

by Amy Works November 7, 2014

CAMBRIDGE, MASS. — Transwestern | RBJ has brokered a lease between BioMed Realty Trust Inc. and MPM Capital Inc. at the recently completed 450 Kendall Street in Cambridge. MPM Capital, a venture capital firm focusing on the biomedical industry, will occupy 14,511 square feet at the building starting in April 2015. Steven Purpura and Eric Smith of Transwestern | RBJ represented the building owner, BioMed Realty, while John Barry and Jeff Landers, also of Transwestern | RBJ represented the tenant in the transaction. The 60,117-square-foot property is the first speculative office building to be constructed in Cambridge since 2001.

November 7, 2014

Loans Midwest Minnesota Multifamily Seniors Housing

Dougherty Closes $6M Loan for Oak Ridge Assisted Living of Hastings

by Danielle Everson November 7, 2014

HASTINGS, MINN. — Dougherty Funding LLC has closed $6 million in acquisition financing for Oak Ridge Assisted Living of Hastings. The 67-unit property is located in Hastings and sits on nearly three acres. The facility, built in 2001, is comprised of both assisted living and memory care units and was 96 percent leased as of August 2014. Dougherty Funding LLC serves as lead lender for the loan, which was arranged for the borrower, Hastings ACQ LLC.

November 7, 2014

Mixed-Use North Carolina Southeast

Pappas Properties Breaks Ground on $60M Harris Teeter-Anchored Center in Charlotte

by John Nelson November 7, 2014

CHARLOTTE, N.C. — Pappas Properties has commenced construction on Berewick Town Center, a Harris Teeter-anchored shopping center in Charlotte’s Steele Creek neighborhood. The asset will be located at the intersection of Dixie River Road, Steele Creek Road and Shopton Road West. The $60 million Phase I of Berewick Town Center includes a town center structure with a 53,000-square-foot Harris Teeter, Walgreens drug store, retail space, restaurants and a hotel. Pappas Properties plans to deliver Phase I in summer 2016. Phase II will feature medical office space, office space, multifamily residences and additional retail space. Shelco is the general contractor, and Shook Kelley and LandDesign are providing architecture and engineering services for the project. Brian Roth of Pappas Properties is handling outparcel sales and office space interest for Berewick Town Center, while Gwen Glaeser of CNL represents the development and its retail and shop space leasing needs.

November 7, 2014

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