FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.3 million sale of Colonial Manor Apartments, a 24-unit multifamily property in Fridley, located about eight miles north of Minneapolis. Dan Linnell, Evan Miller and Josh Talberg, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership, and the buyer, a private investor. Colonial Manor Apartments is located at 5475 & 5495 Main St. N.E.
NEW YORK CITY — Boston Properties Inc. has entered into an agreement to sell its 45 percent ground-leasehold interest and related tax credits in Times Square Tower for $684 million in cash. An affiliate of Norges Bank will buy the interest. The property is unencumbered by debt. Boston Properties and an affiliate of Norges Bank will form a joint venture upon closing, and Boston Properties will retain property and leasing management for the venture. Times Square Tower is a 1.2 million-square-foot, Class A office tower located in the heart of Times Square in New York City. The 99 percent occupied property was developed by Boston Properties and completed in 2004. The property is subject to a ground lease with the City of New York with 76 years remaining, and it benefits from a Payment In Lieu of Taxes (PILOT) program through June 2024. The joint venture will hold the contractual right to purchase the fee interest in the property beginning in July 2024.
BOSTON — Value Place, an economy extended-stay hospitality brand, and Dinosaur Capital Partners, a Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area during the next two years. Boston is Wichita, Kan.-based Value Place’s latest focus in its continuing expansion across the country. Value Place has teamed with Dinosaur Capital Partners to identify, acquire and develop suitable locations, with construction of the company’s first Boston-area, 124-unit property slated to begin in the first quarter of 2014. Initially, Dinosaur and Value Place will focus on acquiring locations in and around Boston, but within Route 495. Jack DeBoer, creator of Residence Inn, Summerfield Suites and Candlewood Suites, founded Value Place.
CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.
CEDAR KNOLLS, N.J. — Two companies have signed long-term leases at Cedar Knolls Corporate Center, a 118,000-square-foot, Class A office property in Cedar Knolls. P–Value Communications, a medical communications firm serving the healthcare industry, committed to 8,380 square feet at the office property. The firm is relocating from Parsippany. Chris Conklin and JC Giordano from Jones Lang LaSalle represented P-Value in the transaction. Additionally, OLI Systems, a privately owned simulation technology firm serving chemical manufacturing and engineering service companies, signed a 6,002-square-foot lease at the property. Kathi Sica and John Negri from Coldwell Banker Commercial NRT represented OLI Systems in its relocation from Morris Plains, N.J. Cushman & Wakefield Inc., the leasing agent for the property, represented the landlord, MB1 Capital Partners, in the transactions.
IRVING, TEXAS — Fortis Property Group has acquired The Point at Las Colinas, an 18-story, 403,129-square-foot, Class A office tower in the Las Colinas submarket of Irving, approximately 13 miles northwest of downtown Dallas. The building, originally constructed in 1983 and recently remodeled, features on-site management, a full-service café, a conference center and a fitness center. The property was 98 percent leased at the time of the sale, and current tenants include Lehigh Hanson, GE Capital and Interstate Hotels. The purchase was announced with the renaming of another nearby Fortis property, the NEC Center, which will now be known as The Apex at Las Colinas Crossing. Cushman & Wakefield is marketing both properties.
HOUSTON — Henry S. Miller Brokerage has arranged the sale of the Campbell Road Shopping Center in the Northwest Spring Valley suburb of Houston on behalf of W&B International. The 46,224-square-foot property is situated on 1.06 acres at 1012 Campbell Road. Bruce Jester of Henry S. Miller represented the seller. Matthew Goldsby of Belovoir Real Estate Group LLC represented the buyer, Dr. Suhyun Ahn of C1 Health Care Management LLC, who plans to convert the center to a chiropractic clinic.
LEWISVILLE, TEXAS — The Weitzman Group and Cencor Realty Services have arranged a lease for the first Dallas/Fort Worth metro area location of WinCo, a Boise, Idaho-based discount grocery chain. The store will occupy 85,000 square feet at the Old Orchard Village East shopping center in Lewisville, which will undergo extensive renovations in conjunction with the new tenant’s arrival. Old Orchard Village East was originally anchored by Walmart after its development in the 1970s. Current tenants include Hancock Fabrics, The Leather Sofa Co., Fuzzy’s Taco Shop and more. Matt Luedtke and Blake Shipp of the Weitzman Group, along with Cencor’s David McNeil, represented property owner Old Orchard LLC in the negotiations. Don Woodbury of DWC Commercial and McGregor Converse of Venture Commercial represented WinCo.
IRVING, TEXAS — CBRE has arranged a 45,583-square-foot lease in the Irving submarket of Las Colinas for Neovia Logistics Services, which will relocate its headquarters from Illinois to this facility. Neovia, which provides supply chain solutions in various industrial, manufacturing and healthcare sectors, announces the move less than a year after its rebranding from Caterpillar Logistics Services. The tenant will partner with architecture firm Perkins + Will to customize and build-out the space, which is located at 6363 N. State Highway 161. Josh White and Chelby Sanders of CBRE represented Neovia in the lease negotiations.
TRACY, CALIF. – The West Valley Mall in Tracy has received a $52-million refinance. The 886,903-square-foot shopping center is located at 3200 Naglee Road along I-205, which connects the San Francisco Bay Area with San Joaquin County. The mall is anchored by Macy's, Target, Sears and JC Penney. Other notable tenants include Bath and Body Works, Foot Locker, The Children's Place, Victoria's Secret and Zumiez. The non-recourse mortgage carries a floating interest rate of LIBOR plus 175 bps. It matures in five years, and includes a five-year extension option. The mall is owned by Rouse Properties.
