HANOVER TOWNSHIP, N.J. — Woodmont Properties has started construction on Woodmont Knolls at Hanover, a 126-unit luxury apartment community in surburban Newark. The company broke ground on the 15-acre site off Cedar Knolls Road in Hanover Township last month. Woodmont Knolls at Hanover will feature one- and two-bedroom units with nine-foot ceilings, walk-in closets and private balconies. Amenities at the community will include a clubhouse, swimming pool, fitness center, sports bar and a game room with video games and pool tables. Pre-leasing for the community will begin this fall.
Property Type
CAMBRIDGE, MASS. — Ipsen has signed a long-term lease for 62,600 square feet of laboratory and office space in Cambridge. The six-story, multi-tenant research facility is located at 650 E. Kendall St. in the heart of Kendall Square. BioMed Realty owns the 282,000-square-foot facility through a joint venture with Prudential Real Estate Investors on behalf of institutional investors. Ipsen is a specialty-driven pharmaceutical company, which focuses on healthcare solutions for debilitating diseases.
FREEPORT, TEXAS — Brennan Investment Group LLC, a private real estate investment firm, has acquired the 46,401-square-foot industrial property at 6711 Freeway 332 in Freeport. Dow Chemical occupies the building. Tom Lynch and Paul Segreto of CBRE represented the seller in the transaction. Brennan is actively pursuing similar industrial assets in Los Angeles, Florida, Washington, D.C., New Jersey, Atlanta and the Midwest in addition to Texas.
LONGVIEW, TEXAS — Portfolio Development has broken ground on Paladin Luxury Apartments, a $12 million, 220-unit multifamily community on Hawkins Parkway in Longview, approximately 43 miles west of the Texas state border with Louisiana. The eight-building, garden-style complex will be situated directly behind the Regal Stadium 14 movie theater and in close proximity to U.S. 259. Amenities will include a fitness center, pool and dog park, and some units will include attached garages, built-in bookshelves and wine racks. BBL Builders is overseeing construction of the project.
HOUSTON — Holt Lunsford Commercial has arranged a lease renewal for the 369,772-square-foot Houston home of United DC Inc. The industrial facility, located at 8921-8933 and 8937-8947 Market St., is in close proximity to the interchange of Interstate 10 and Interstate 610, approximately 7 miles east of downtown. Jason Dillee and John Kruse of Holt Lunsford represented the landlord, The Realty Associates Fund IX LP, in the negotiations. United DC is the warehousing arm of packaging business United Companies.
DALLAS — Cushman & Wakefield has arranged the renewal of FMI Recycling’s lease of 68,000 square feet at 2929 Glenfield Ave., approximately eight miles southwest of the heart of downtown Dallas. FMI, which specializes in metals and electronics recycling, has occupied space in the multi-tenant industrial property for five years. Mark Collins, Dean Collins and Kirk Collins of Cushman & Wakefield represented the tenant in the negotiations. Matt Elliot of NAI Robert Lynn represented the landlord, Glenfield LLC.
SAN DIEGO — McMillin Communities has broken ground on the multi-billion-dollar Millenia urban center in the San Diego submarket of Chula Vista. It will be located just east of SR125 at Birch Road. The new community will include 3,000 multifamily units; 2 million square feet of Class A office space; and 1.5 million square feet of retail, hospitality, civic and mixed-use projects. It will also include six themed urban parks and a variety of tree-lined promenades, gathering spaces, bikeways and plazas. Once completed in about 20 years, the 210-acre Millenia will span the equivalent of about 80 city blocks. It will also serve as the urban center for the 22,899-acre Otay Ranch Master Plan. Millenia is one of 236 projects in eight countries that is participating in the pilot program for the Leadership in Energy and Environmental Design Neighborhood Development (LEED-ND) program. It has also been designated a Smart Growth Urban Center by the San Diego Association of Governments.
SAN FRANCISCO – Jamestown has purchased the famous Ghirardelli Square, a 100,394-square-foot lifestyle and entertainment-oriented retail complex in San Francisco. It sold for a reported $56 million. The 12-building complex is located at 900 North Point Street in Fisherman’s Wharf. The retail portion was 55 percent leased at the time of sale. Tenants include the Ghirardelli Square Chocolate Company’s U.S. flagship location, as well as Vom Fass, Jackson & Polk, Gigi & Rose, Wattle Creek Winery, Kara’s Cupcakes and McCormick & Schmick’s. Jamestown plans to execute a multi-million dollar renovation program over the next two years to stabilize the asset and attract new retail concepts and amenities. Ghirardelli’s original structures were built over a span of 100 years, which began in 1864. The complex underwent a retrofitting and significant updates between 1966 and 2009. The seller,a major financial institution,was represented by HFF’s Nicholas Bicardo and Mark Damiani.
UPLAND, CALIF. — MG Properties has purchased the 300-unit Stoneridge Apartments in Upland for $42 million. The community is located at 1540 W. 8th Street. It was built in two phases in 1973 and 1976. Exterior renovations were completed in 2007, while about 75 percent of the units’ interiors have been upgraded. The seller, Sares-Regis Properties, was represented by Dean Zander, Vince Norris and Margie Molloy of Hendricks-Berkadia.
TEMPE, ARIZ. — Crossroads of Tempe, a 39,511-square-foot retail strip center in Tempe, has sold to KLC Holdings LLC for $5.5 million. The center is located at 7707 S. Kyrene Road, 315 and 325 W. Elliot Road. It was 65 percent leased at the time of sale. Notable tenants include Chase Bank, Massage Envy, Fed Ex Office and the UPS Store. The center is currently unanchored. The seller, Westwood Financial Corp., was represented by Steve Julius and Jesse Goldsmith of CBRE’s Phoenix office.