Property Type

RAA MANAGEMENT BUYS LANDMARK BUILDING IN WILMINGTON

by admin October 2, 2013

WILMINGTON, DEL. — RAA Management has purchased The Rollins Building, a Class A, 202,017-square-foot office building in Wilmington. The purchase price was undisclosed. However, The News Journal, a local newspaper, says the deal was worth approximately $10.5 million. Drugmaker AstraZeneca sold the 15-story property, which was vacant at the time of sale. Famed businessman John Rollins, who also served as Delaware’s lieutenant governor in the 1950s, built the Rollins Building in the 1960s. Doug Rodio and Blaise Fletcher, senior vice presidents at Jones Lang LaSalle, led the team in the transaction.

October 2, 2013

HOLLISTER TO RENOVATE TOTTENVILLE SHOPPING CENTER

by admin October 2, 2013

STATEN ISLAND, N.Y. — Hollister Construction Services has begun a renovation and new construction project for RiverCrest Realty’s Tottenville Shopping Center in Staten Island. Hollister will add a 20,000-square-foot building to an existing 45,000-square-foot facility, which is located at 7001 Amboy Road. Hollister is completing the exterior and interior renovation, as well as the new construction, within a 10-month deadline, while the shopping center remains open. Site work includes new paving, curbs, access points and drainage and 206 parking spaces.

October 2, 2013

Northeast Retail

NORTHMARQ ARRANGES $3M LOAN FOR SINGLE-TENANT PROPERTY

by admin October 2, 2013

NEW YORK CITY — NorthMarq Capital has arranged $3 million in refinancing for 802 Manhattan Ave., a 10,000-square-foot retail building in the Greenpoint neighborhood of Brooklyn. Associated Foods fully leases the property. Financing was based on a five-year term with one seven-year renewal option and a 12-year amortization schedule. A life insurance company provided the loan. Charles Cotsalas, senior vice president and senior director of NorthMarq’s Long Island regional office, arranged the financing.

October 2, 2013

Retail Texas

NORTHMARQ SECURES $13.9M IN REFINANCING FOR PLANO SHOPPING CENTER

by admin October 2, 2013

PLANO, TEXAS — NorthMarq has arranged a $13.9 million refinancing loan for Preston Creek Shopping Center, a 79,770-square-foot neighborhood retail center in Plano. The property comprises six buildings located at 8300-8412 Preston Road. Current tenants include Pei Wei Asian Diner, Mi Chula’s Good Mexican and Ultimate Pilates. NorthMarq arranged the non-recourse, fixed-rate loan through a CMBS lender.

October 2, 2013

Industrial Texas

PROTERRA PROPERTIES BUYS 31,650 SF INDUSTRIAL PROPERTY IN MESQUITE

by admin October 2, 2013

MESQUITE, TEXAS — Proterra Properties Inc. has purchased a 31,650-square-foot industrial building in Mesquite, a suburb of Dallas approximately 13 miles east of downtown. Situated on 5.7 acres at 2615 Big Town Blvd., the property is currently occupied by Cummins Southern Plains LLC and includes 4,000 square feet each of office space and showroom space. Dave Anderson of CBRE represented both Proterra and the seller, the name of which was not disclosed in the negotiations.

October 2, 2013

Retail Texas

MANSOUR GROUP BROKERS SALE OF 14,261 SF NET-LEASED RETAIL PROPERTY

by admin October 2, 2013

LOWRY CROSSING, TEXAS — The Mansour Group of Marcus & Millichap has brokered the sale of Spec’s Wine Spirits and Distribution Center, a 14,261-square-foot net-leased property in Lowry Crossing, approximately 35 miles northeast of Dallas. The building is one of more than 190 Texas locations of Spec’s Family Partners, which was founded in 1962 and ranked as the fifth largest wine retailer in the U.S. in 2010. Alvin Mansour of The Mansour Group represented the seller, a developer. A California investor purchased the property as part of a 1031 tax-deferred exchange.

October 2, 2013

Multifamily Texas

NEW UT SAN ANTONIO STUDENT HOUSING PROJECT UNDER DEVELOPMENT

by admin October 2, 2013

SAN ANTONIO — Full-service real estate firm Carter is developing a 590-bed student housing project less than half a mile away from the University of Texas at San Antonio (UTSA). The property will include 121 flats and 77 townhomes in two-, three- and four-bedroom floor plans plus amenities such as a swimming pool, dog park, fitness center and media room. Two prominent retail centers — The Shops at La Cantera and The Rim — and UTSA Park West, the school’s athletic facility, are located within less than a mile. Reese Vanderbilt & Associates is serving as architect, Pape-Dawson Engineers Inc. is acting as civil engineer, SpawGlass is working as contractor and Cardinal Group Management will be the property manager. Construction is slated for completion in July 2014.

October 2, 2013

Multifamily Western

THE PARAGON AT KIERLAND IN SCOTTSDALE SELLS FOR $57M

by admin October 2, 2013

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corporation has purchased The Paragon at Kierland, a 276-unit luxury apartment complex in Scottsdale, for $57 million. The Class A community is located at 15608 N. 71st Street on the Westin Kierland Golf Course. It is currently 98 percent occupied. This transaction represents the highest per-unit sale in Greater Phoenix so far this year. It also represents the highest per-unit sale in the past five years for properties without an active condo map in this region, according to Colliers International in Greater Phoenix. The firm’s Southwest Multifamily Advisors’ team represented the seller, Sunstone Realty Advisors, in this transaction. The team includes Jerry Tenge and Tristan Charlesworth.

October 2, 2013

Mixed-Use Western

GALLERIA CORPORATE CENTRE IN SCOTTSDALE CHANGES HANDS

by admin October 2, 2013

SCOTTSDALE, ARIZ. – Galleria Corporate Centre, a 537,110-square-foot, mixed-use property in Scottsdale, has changed hands. It was acquired by a joint venture between Stockdale Capital Partners and funds managed by Oaktree Capital Management, L.P., for an undisclosed sum. The Class A office and retail center is located at 4301 and 4343 N. Scottsdale Road. It was nearly 90 percent leased at the time of sale. Notable tenants include McKesson Corporation, Yelp, SAP, Sagicor, Scottsdale Culinary Institute and CA Technologies. The seller, JEMB Realty Corporation, was represented by Jim Fijan and Will Mast of CBRE’s Phoenix office.

October 2, 2013

Mixed-Use Western

CENTERPOINT ON MILL IN TEMPE SELLS FOR $38M

by admin October 2, 2013

TEMPE, ARIZ. — Mill Avenue Retail LLC has purchased Centerpoint on Mill, a 127,027-square-foot, mixed-use property in Tempe, for $38 million. The project is located at the northwest corner of Mill Avenue and University Drive. The property was 87 percent leased overall at the time of sale. The office portion was fully leased. Notable tenants include Churchill's Fine Cigars, Devil's Diner, Fat Tuesday, Five Guys, Great Clips, The Handlebar Tempe, Jimmy John’s, Mellow Mushroom, P.F. Chang’s China Bistro, Pita Pit, Poppa Maize, Rita's Italian Ice, Robbie Fox's Public House and Sitewire. They will soon be joined by AMC Theatres, Zipps Sports Grill, El Hefe, Hot N Juicy Crawfish, Lincoln Strategy Group and One Energy. Mill Avenue represented itself in this transaction, while the seller, DMB, was represented by Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham of CBRE’s Phoenix office.

October 2, 2013

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