SOUTH BRUNSWICK, N.J. — Colliers International has brokered the of lease of 209,106 square feet of distribution and office space at 329 Herrod Blvd. in South Brunswick. Piramal Glass USA will relocate to the property from its current warehouse facility in May’s Landing, N.J. The property features 28-foot ceiling heights, T-5 lighting, 26 tailgate doors and a fully fenced truck court with abundant trailer parking. Jim Scott, Marc Isdaner and John Kainer of Colliers International represented Piramal Glass in the transaction. The landlord is Liberty Property Trust.
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EDISON, N.J. — Performance Team Freight Systems Inc. has renewed its lease at 145 Talmadge Road in Edison. The company will continue to occupy 193,000 square feet of the 656,255-square-foot warehouse and distribution facility. Situated on 50 acres, the property features refrigerated storage space, shelving and an ESFR sprinkler system. Scott Belfer, Nick Nitti, Mindy Lissner and Bill Waxman of CBRE Group represented the landlord, NJIND Talmadge Road LLC, in the transaction. Terms of the lease were not disclosed.
SUGAR LAND, TEXAS — Allied Realty has broken ground on The Retreat at Riverstone, a 249-unit multifamily property in the Houston suburb of Sugar Land. The complex, located at 18545 University Blvd., will offer one- to three-bedroom apartments, as well as a fitness center, cyber café, swimming pool, grill area and two dog parks. The complex, slated to open in the fall, is the first multifamily development in the Riverstone master-planned community. Wallace Garcia is providing design services for the project, and Orion Real Estate Services will manage the property. Capital One arranged the construction financing.
AUSTIN, TEXAS — Marcus & Millichap has brokered the sale of Laurel Woods, a 150-unit multifamily property in Austin. Located at 8312 Fathom Circle, the community includes studio, one- and two-bedroom apartments, as well as picnic areas, a swimming pool, fitness center and dog park. The complex is in proximity to U.S. Route 183. Joe James and Kent Myers of Marcus & Millichap brokered the sale between the seller, a publicly traded real estate investment trust, and the buyer, a Texas-based limited partnership.
SAN ANTONIO — Hilton Worldwide has opened the new 111-suite Home2 Suites by Hilton San Antonio Airport, the second Home2 Suites brand hotel in the San Antonio metro area. The four-story property is in proximity to the San Antonio International Airport, as well as the River Walk, SeaWorld San Antonio, Six Flags Fiesta Texas and the AT&T Center. Located at 94 N.E. Loop 410, the hotel features a fitness center, laundry center, heated outdoor pool, fire pit and complimentary breakfast. Baywood Hotels owns and manages the property. Hilton plans to open five additional Texas locations of the Home2 Suites brand by the end of this year.
GARLAND, TEXAS — Lee & Associates has arranged a 35,405-square-foot industrial lease in the Dallas/Fort Worth suburb of Garland for Digitek Computer Products, a distributor of technology products. The tenant will occupy space at 3901 W. Miller Road, in proximity to I-635. Nathan Denton of Lee & Associates represented Digitek in the negotiations. Stephen Cooper of NAI Robert Lynn represented the landlord, First Industrial Realty Trust.
WAILUA, HAWAII — Coco Palms Hui LLChas entered into a management agreement with an affiliate of the Hyatt Hotels Corporationto manage the 363-room Coco Palms Resort on Kauai. The resort is located in Wailua, on the eastern coast of Kauai. It will continue to operate as the Coco Palms Resort under the Hyatt umbrella. The resort has been shuttered since 1992 when it was damaged by Hurricane Iniki. The Coco Palms is set to undergo a major revitalization next year, with a re-opening date scheduled for early 2017. The property was originally constructed in 1953. It was made famous in 1961 when the movie “Blue Hawaii” was filmed on its grounds – the same grounds that were once home to Kauai’s last reigning queen, Queen Deborah Kapule Kekaiha`akulou. The resort’s redevelopment plan will preserve the original footprint of the property and its signature lagoon. The new efforts will also include an on-property community center that will highlight the cultural significance of the site, as well as the area’s native culture, history and arts.
LOS ANGELES — DivcoWest has acquired the Continental Grand Plaza, a 483,000-square-foot office complex in the Los Angeles submarket of El Segundo, for an undisclosed sum. The two-building, Class A complex is located at 300-400 Continental Blvd., less than 3 miles from Los Angeles International Airport. DivcoWest recently purchased Gateway El Segundo, a five building office and retail portfolio just a block from Continental Grand, this past April. The privately owned real estate investment firm believes this area is “becoming a key Los Angeles growth market for media and technology-related companies,” according to its transaction announcement.
SACRAMENTO, CALIF. — EL & EL Wood Products Corp. has acquired a 20-acre industrial site in Galt for an undisclosed sum. The site is located about 20 miles south of Sacramento. The mouldings and millwork products distributor plans to build a 220,000-square-foot wholesale distribution center for its line of moldings, doors and other building materials. The company currently manages 255 employees, along with its own fleet of trucks throughout California, Nevada and Arizona. The project is anticipated to bring 75 new jobs to the City of Galt. The new facility will be built by BCM Construction Co. Tom Manz & Associates, an affiliate of seller KMS Development, will serve as construction manager. EL & EL Wood was represented by Tommy Ponder of Cable & Kilpatrick. Matt Cologna, Bryce MacDonald and Dave Nicholson of Cushman & Wakefield’s Sacramento office represented the seller in this transaction.
LAKE FOREST, CALIF. – The 240-unit Ridgecrest Apartments in Lake Forest has received a $41-million refinance. The community is located at 21486 Lake Forest Drive. The loan carries a seven-year term and a 30-year amortization schedule, following a two-year interest-only period. Financing was secured by Michael T. Elmore of NorthMarq Capital’s Los Angeles office through the firm’s seller/servicer with Freddie Mac. The servicer agreed to fund a cash-out mortgage on a 1.25 debt coverage ratio with two years interest-only based on strong sponsorship and an infill Orange County location.