NEW YORK CITY — An Israeli developer has acquired a development site located at 1790-92 Third Ave. in the East Harlem neighborhood of New York. The seller, 1790 Third Avenue LLC, sold the property for $5.8 million or approximately $150 per buildable square foot. The proposed development will have 52 rental units and ground-floor retail space. Adelaide Polsinelli and Marcia Rose Yawitz of Eastern Consolidated represented the seller; and Yawitz also represented the buyer in the transaction.
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DALLAS — Developer Billingsley Co. has broken ground on a new 340,000-square-foot warehouse within the Mercer Business Park in Dallas. Designed as a distribution center, the structure will offer highway frontage and excellent visibility. The speculative building will be the first at the development, which is situated at the northwest corner of the interchange of Interstate 635 and Interstate 35 and stretches northward into the adjacent city of Farmers Branch. Billingsley is also planning build-to-suit structures for the 225-acre site.
COLLEGE STATION, TEXAS — NorthMarq Capital has arranged a $25.8 million refinancing loan for The Trails at Wolf Pen Creek, a student housing property serving Texas A&M University in College Station. The 404-unit complex, located at 950 Colgate Drive, offers one-, two- and four-bedroom apartments, plus amenities such as two swimming pools, a fitness center, basketball court and clubhouse. Stephen Whitehead of NorthMarq negotiated the terms of the three-year loan, which includes a 25-year amortization schedule and two years of interest-only payments.
TOMBALL, TEXAS — HFF has brokered the sale of Tomball Crossing, a 164,348-square-foot power center in the northwest Houston suburb of Tomball. Completed in 2006, the property is located at 22485-22549 Tomball Parkway, near the interchange of State Highway 249 and Spring Cypress Road. The center was 94 percent leased at the time of the sale to tenants including Ross Dress for Less, Old Navy, Petco, Famous Footwear, Lupe Tortilla, Red Robin and Panera Bread. Ryan West and Rusty Tamlyn of HFF marketed the asset on behalf of the seller, Metro-National. Kimco Realty Corp. purchased the property with the exception of the North Cypress Emergency Room pad site, which was purchased by North Cypress Medical Center.
HOUSTON — Finial Group has arranged a 15,000-square-foot office lease in Houston for Texan Bank. The tenant will occupy the majority of a two-story, Class A building located at 12941 Gulf Freeway and use the space as its corporate headquarters. The first floor of the LEED Platinum-certified structure will house a branch of the bank. Reed Vestal, Taylor Schmidt and Greg Marconi of Finial Group represented both the tenant and the undisclosed landlord in the lease negotiations.
DENVER — Griffin Capital Corporation has purchased a 430,000-square-foot office building in the northwest Denver suburb of Westminster for $92 million. The Class A building is located at 1300 W. 120th Ave. next to Interstate 25. Notable technology and aerospace companies in the area include Oracle, Level 3, Google, IBM and Ball Aerospace. The property is fully leased to the seller, Avaya, Inc., through June of next year. DigitalGlobe’s 15-year lease will commence the following day. The high-resolution earth observation and advanced geospatial solutions provider will use this space for its world headquarters. This is Griffin’s third acquisition in the Denver area. Griffin Capital purchased the asset on behalf of Griffin Capital Essential Asset REIT. The REIT represented itself in this transaction. Avaya was represented by David Tilton, Jason Addlesperger and David Lee of NGKF Capital Markets.
IRVINE, CALIF. – The construction and renovations surrounding Von Karman Tech office building are now complete. The office building is located at 16842 Von Karman Ave. in Irvine. It was originally built in 1980. The 100,603-square-foot building underwent extensive interior and exterior improvements. Much of the renovations focused around the building’s four interior lobbies. Their flooring, walls and color palettes were all enhanced during construction. The building is owned by HighBrook Investment Management. Construction was carried out by McShane Construction Company and architect Shlemmer Algaze Associates.
ONTARIO, CALIF. — Sedgwick Claims Management, a technology-enabled claims and productivity management solutions provider, has renewed and expanded at Empire Towers in Ontario. The company has leased more than 29,700 square feet at the property, which is located at 3633 Inland Empire Blvd. Sedgwick Claims was represented by Vindar Batoosingh of CBRE’s Ontario office. The landlord is CIP Real Estate. It owns the towers in partnership with a fund sponsored by Guggenheim Real Estate.
PUEBLO, COLO. – The 75-unit Fountain Garden Apartments in Pueblo has sold to an unnamed buyer for $3 million. The community is located at 2006 Mohawk Road. It is in close proximity to the Pueblo Mall, Pueblo Country Club and the Colorado State University Pueblo campus. Fountain Garden was built in 1974. The buyer was represented by Jamie Mitchell of Pinnacle Real Estate Advisors. The unnamed seller was represented by Jeff Johnson of the Johnson Ritter Team.
WASHINGTON, D.C. — Finmarc Management Inc., a Bethesda, Md.-based commercial real estate services firm, has purchased a nine-building, 342,000-square-foot portfolio from First Potomac Realty Trust for $33 million. The properties consist of a mix of flex, office, retail and warehouse space and are located in Gaithersburg, Md., a suburb of Washington, D.C. The facilities, which are combined 82 percent leased, include Girard Place, Girard Business Center and Gateway Center. The acquisition was part of a 1031 tax-free exchange. Eric Berkman, Steve Gichner and Gideon Gil of Cushman & Wakefield represented the seller in the transaction.