DALLAS — CBRE has brokered the sale of Two Hickory Centre at 1750 Valley View Lane in the Farmers Branch submarket of Dallas. Austin, Texas-based Capital Commercial Investments Inc. bought the asset from Los Angeles-based Cathay Bank for an undisclosed price. The 97,117-square-foot office building was built in 1999 and is 40 percent occupied. Lead tenants include Beazer Homes, Bartlett Cocke and Border Foods. Shannon Brown, Michael Dudley and Ben Davis with CBRE represented the seller in the transaction. The three have also been named the exclusive leasing agents for the new owner.
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ODESSA, TEXAS — Marcus & Millichap has arranged the sale of a 15,120-square-foot Walgreens in Odessa, Texas. Terms of the sale were not released. Jason Vitorino, Jared Aubrey and Adam Gottschalk with Marcus & Millichap’s Dallas office represented the buyer, a private investor from Texas. The all-cash transaction included a due diligence period of seven days. Walgreens is located at 2161 E. 42nd St., between Loop 338 and Andrews Highway. The property is less than two miles from the University of Texas of the Permian Basin.
ATLANTA — Tishman Speyer will begin construction on Three Alliance Center on Aug. 1 in Atlanta’s Buckhead submarket. The 30-story, 500,000-square-foot office tower will be adjacent to Buckhead’s gateway intersection of GA 400 and the Buckhead Loop. The design team includes architect Mack Scogin of Mack Scogin Merrill Elam and general contractor Turner Construction. The Class A tower will be built to LEED Gold certification standards, according to Tishman Speyer. The New York-based developer plans to deliver Three Alliance Center in September 2016.
RICHLAND, MISS. — Southeast Industrial Properties II LLC, a joint venture between Duckworth Realty and Hines Investments, has completed a 21,650-square-foot flex facility at 101 Riverview Drive in Richland. The facility is the corporate headquarters for APAC Mississippi Inc. and features office space, a warehouse and equipment service bays with an overhead crane. Peoples Construction Corp. was the general contractor for the project.
STERLING, VA. — New Boston Fund Inc. has sold Rockwell Collins, a 178,234-square-foot research and development facility at TransDulles Centre in Sterling. American Realty Capital Properties Inc. purchased the Class A property for an undisclosed price. New Boston Fund developed the build-to-suit project for Rockwell Collins Simulation & Training Solutions Group in 2011. Dek Potts, Bruce Strasburg, Jim Meisel, Andrew Weir and Stephen Conley of HFF represented New Boston in the transaction.
LAKELAND, FLA. — Marcus & Millichap has brokered the $6.9 million sale of Imperial Crown Apartments, a 173-unit multifamily community located at 1013 Griffin Road in Lakeland. The apartment community was constructed in 1975 and rehabilitated in 2013. The property’s amenities include two on-site laundry facilities, a fitness center, business center, clubhouse, volleyball court, shuffleboard courts, billiards room, playground and a resort-style swimming pool. Francesco Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented both the buyer and the seller in the transaction.
HIALEAH, FLA. — Easton & Associates has arranged an 80,201-square-foot industrial lease at a 485,000-square-foot warehouse/distribution facility in east Hialeah, about six blocks north of Miami International Airport. The property is a former Winn Dixie distribution center constructed in 1960. Tom Kimen and David Oladle of Easton & Associates represented the landlord, a Midwest-based investor, in the lease transaction. The tenant was Permasteelisa North American Corp., a global construction-related firm.
NEW YORK CITY — Madison Realty Capital (MRC) has purchased 361 East 50th, a six-story, mixed-use building located in Manhattan’s Midtown East section. The off-market transaction was valued at $40.2 million. The 55,501-square-foot property has been family-owned by the seller since it was built in the 1940s. The property features 43 residential units, seven commercial units and an additional 45,549 square feet of air rights for further residential development. The residential mix includes large studios, one-bedroom and two-bedroom apartments, as well as a five-bedroom, five-bath penthouse on the top floor. The commercial space is currently 100 percent occupied and features six street-level retail units with storage space in the basement and one second-floor office unit. MRC plans to pursue an intensive capital expenditure program to reposition and modernize the property.
HATFIELD AND HOLMES, PA. — Wolfson Group has redeveloped two retail centers in Pennsylvania. The company revived Hilltown Crossing, a 354,458-square-foot community shopping center in Hatfield. Wolfson invested $6 million to upgrade the entire center, which is located at Route 309 at Orvilla Road, with new storefront facades, additional signage and other improvements. Current tenants include Walmart Supercenter, Dollar Tree, Sovereign Bank, PLCB Wine & Spirits, Verizon Wireless, Frankford Cleaners, Hair Cuttery, Osaka Japanese Restaurant, McDonald’s and Renzo Gracie. Additionally a new Burlington Coat Factory will open in this fall. Wolfson Group also redeveloped MacDade Mall, located at 2600 MacDade Blvd. in Holmes. The 274,500-square-foot mall is now 97 percent leased. The company invested $10 million to renovate the property, which was originally opened in 1969. The mall is occupied by Big Kmart, ACME, Marshalls, Ross Dress For Less, TD Bank, Citizens Bank, Retro Fitness, McLaughlin’s Beverage, Hair Cuttery, Ruby Tuesday, Ambiance Nails, SONIC and Burger King.
FORT LEE, N.J. — James Campbell Co. has invested more than $2 million in capital improvements for the company’s 217,000-square-foot office property located at 2200 Fletcher Ave. in Fort Lee. The renovation will include a new roof and cooler tower, significant parking garage upgrades, and a modernization of the atrium lobby and common areas on each of the building’s seven floors. Designed by DMR Architects, the new interior space will feature “living walls” that reflect the ownership’s commitment to sustainability, an updated color scheme and other features to enhance the tenant environment. The property is currently 90 percent leased to a variety of tenants, including Merrill Lynch, Telemundo and MetLife. Cushman & Wakefield, which serves as exclusive leasing agent and onsite property manager for the property, will oversee the capital improvements project. The property’s leasing team includes Richard Baumstein, Marc Graham and Christian Politan of Cushman & Wakefield, and Bob Stark and Charlene LeMoine, also of Cushman & Wakefield, oversee property management for the building.