Property Type

PARTNERSHIP SELLS MIXED-USE ASSET FOR $12.9M

by admin August 15, 2013

NEW YORK CITY — The Praedium Group and partner NorthEnd Equities have sold the leasehold interest in 16 West 36th Street in Manhattan to Kiamie Industries Inc. In a little over a year since acquiring the asset, the partners sold the building for $12.9 million. The 13-story office and retail asset is located in the Midtown South neighborhood. Since acquiring the building in February 2012, the partnership has increased the building’s occupancy from 68 percent to 95 percent. Located between Fifth Avenue and Avenue of the Americas, the building was constructed in 1920. Neil Helman and Charles Kingsley, both principals at Avison Young’s Capital Markets Group, represented the sellers in the transaction.

August 15, 2013

MASSEY KNAKAL ARRANGES $8.1M SALE OF NYC LOFT BUILDING

by admin August 15, 2013

NEW YORK CITY — Massey Knakal has arranged the sale of a four-story loft building located at 727 Sixth Ave. in Manhattan's Chelsea neighborhood for $8.1 million, or $1,358 per square foot. The 6,000-square-foot building includes a ground-floor retail unit, second-floor commercial space and live/work units on the third and fourth floors. This property is located between West 23rd and West 24th streets. Neighboring retailers include Best Buy, Trader Joe’s, Chase, and Staples. Long-time owner Robin Rice sold the property alongside her sister Lauren and father Sol. The Rice family owned the mixed-use property for more than 60 years. Brock Emmetsberger and Bob Knakal of Massey Knakal handled the transaction.

August 15, 2013

Industrial Northeast

DURO SIGNS 70,000 SF INDUSTRIAL LEASE IN ELIZABETH, N.J.

by admin August 15, 2013

ELIZABETH, N.J. — Duro Standard Products Co. Inc. has signed a 70,000-square-foot lease for industrial space at 1000 Jefferson Ave. in Elizabeth, located about seven miles south of Newark. The tenant, which is a division of Duro, one of the largest paper bag manufacturers in the world, is relocating from another property in Elizabeth. Barry Cohorsky and Russell Verducci of NAI James E Hanson represented Duro Standard Products Co. in the transaction. Owned by Templer Associates, the two-story, Class C manufacturing building is located in the Union industrial cluster. Built in 1948, the building has a total of 190,000 rentable square feet on 9.7 acres.

August 15, 2013

Industrial Northeast

EXCEL TRADING LEASES 68,200 SF IN EAST BRUNSWICK, N.J.

by admin August 15, 2013

EAST BRUNSWICK, N.J. — Excel Trading has signed a lease for the entire 68,200-square-foot distribution facility at 40A Cotters Lane in East Brunswick, located about seven miles south of Edison. The property features 22-foot clear ceiling heights, 12 loading docks, two drive-in doors and 25 parking spaces. The property provides direct access to Exit 9 of the New Jersey Turnpike. Excel Trading LLC buys and sells goods from many of the largest retailers, as well as many wholesale companies. Stephen Nozza and John Cascio of Bussel Realty Corp. represented Excel Trading in the transaction.

August 15, 2013

Multifamily Texas

M&M BROKERS DALLAS APARTMENT SALE AFTER RECEIVING 15 OFFERS

by admin August 15, 2013

DALLAS — Marcus & Millichap has arranged the sale of the 208-unit Hidden Oaks multifamily community in Dallas after fielding 15 offers in the three weeks that the property was marketed. Al Silva of M&M’s Fort Worth office both represented the seller, DCP Hidden Oaks LLC, and secured the buyer, a Texas investment group. The property, located at 9236 Church Road in the Lake Highlands submarket, was 92 percent occupied at the time of sale. The buyer plans renovations in addition to the $1.5 million in capital improvements recently made under previous ownership.

August 15, 2013

Retail Texas

COLLIERS ARRANGES SALE OF 62,279 SF PORTFOLIO IN METRO DALLAS

by admin August 15, 2013

DUNCANVILLE, TEXAS — Colliers International has brokered the sale of the Shops at Waterview Park, a four-building, 62,279-square-foot portfolio in Duncanville that currently houses service-oriented tenants including medical offices, financial services firms and restaurants. Colliers will also retain the leasing assignment for the property, which is located at the west intersection of Main Street and Highway 67, approximately 13 miles southwest of Dallas. Kevin Brookmole and Wade Smith of Colliers’ North Texas office, along with Tom Lagos and El Warner of the firm’s Los Angeles office, represented the seller, Duncanville Villages Retail Ltd. Buyer Interra Management Co. did not have a representative.

August 15, 2013

Office Texas

HOUSTON’S TOWN CENTRE ONE TO BREAK GROUND IN SEPTEMBER

by admin August 15, 2013

HOUSTON — Developer Moody Rambin plans to break ground this September on Town Centre One, a 270,000-square-foot office building in Houston’s Town & Country Village development. Designed by Kirksey Architecture, the complex will also include a second office building of 100,000 square feet known as Town Centre Two, an eight-level parking garage and a 20,000-square-foot community theater. The location just east of Houston’s Energy Corridor will provide both views of downtown and pedestrian access from the adjacent CityCentre mixed-use development. The projected construction completion date is December 2014.

August 15, 2013

Retail Western

REDMOND TOWN CENTER CHANGES HANDS

by admin August 15, 2013

REDMOND, WASH. – Redmond Town Center, a 695,000-square-foot, mixed-use urban shopping center, has sold to a fund managed by DRA Advisors LLC and JSH Properties for an undisclosed sum. It is located at 7525 166th Ave NE in Redmond. The open-air center is set to undergo a series of upgrades to make it more pedestrian-friendly. Notable tenants at the center include Ann Taylor, REI, Bed Bath & Beyond, Macy’s, Chico’s, The Gap, The MAC Store, Victoria Secret and Cost Plus World Market. Charming Charlies, 24 Hour Fitness and Jersey Mikes are set to open at the center this fall.

August 15, 2013

Retail Western

WHOLE FOODS TO OPEN FLAGSHIP LOCATION IN DOWNTOWN LOS ANGELES

by admin August 15, 2013

LOS ANGELES — Whole Foods Market has announced plans to open a 42,000-square-foot flagship location on the ground floor of a new 700-unit apartment complex in Downtown Los Angeles. The complex will be located at 770 S. Grand Ave. It is being developed by Carmel Partners (Carmel Partners Investment Fund IV) and is expected to open in 2015.

August 15, 2013

Office Western

LOS ANGELES OFFICE BUILDING SELLS FOR $2M

by admin August 15, 2013

LOS ANGELES – A 14,655-square-foot office building in Los Angeles has sold to Park View Dream LLC for $2 million. It is located at 2351 West 3rd Street. The buyer plans to relocate its real estate investment and management business to the building. It will lease out the remaining space. The seller, Building Industry Credit Association, was represented by David Fults and Brian McLoughlin of Voit Real Estate Services’ Los Angeles office.

August 15, 2013

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