Property Type

JLL SECURES $167M IN MEZZANINE FINANCING FOR 237 PARK AVENUE

by admin December 6, 2013

NEW YORK CITY — Jones Lang LaSalle’s capital markets team, acting on behalf of a partnership between RXR Realty and Walton Street Capital, has secured up to $165 million in mezzanine financing for 237 Park Avenue, a 22-story, 1.2 million-square-foot office tower in Midtown Manhattan. SL Green Realty Corp. and Blackstone provided a mezzanine loan, which carries an interest rate of 7 percent and provides the borrowers $125 million upfront and could provide up to an additional $40 million. The asset was acquired for $810 million and the partnership has assumed a $420 million securitized senior mortgage. Approximately 98 percent of the building’s tenants are investment-grade companies, including J. Walter Thompson, UBS, J.P. Morgan Chase, Credit Suisse and Jennison Associates. Formerly the Railroad Mail Services Building, the property features a dramatic atrium lobby and includes 153 feet of retail frontage on Lexington Avenue and 145 feet of retail frontage on Depew Place. Kellogg Gaines, managing director, and Dustin Stolly, executive vice president, led the Jones Lang LaSalle team in the transaction.

December 6, 2013

GREENWICH VILLAGE MULTIFAMILY PROPERTY TRADES FOR $19.2M

by admin December 6, 2013

NEW YORK CITY — Marcus & Millichap has arranged the $19.2 million sale of a 26-unit multifamily property located at 143-145 W. 4th St. in the Greenwich Village neighborhood of Manhattan. The sales price equates to $1,147 per square foot. Joseph Koicim, Peter Von Der Ahe and Sean Lefkovits, all in Marcus & Millichap’s Manhattan office, advised the seller, Silverstone Property Group. The buyer is a private investor who purchased the property through a 1031 tax-deferred exchange. Silverstone Property Group acquired the property in August 2012 for $11.3 million and implemented a renovation program for the free-market units and common areas. The building’s unit mix features four one-bedroom units, 11 two-bedroom apartments, 10 three-bedroom units and one five-bedroom apartment. All of the free-market units feature new hardwood floors, stainless steel appliances, marble countertops, modern bathroom designs, high-end light fixtures and washer/dryer units.

December 6, 2013

Multifamily Northeast

CRONHEIM ARRANGES $14.5M FOR THREE NEW JERSEY PROPERTIES

by admin December 6, 2013

EWING, NEWARK AND HACKETTSTOWN, N.J. — Cronheim Mortgage has arranged $14.5 million in refinancing for 185 units in northern and central New Jersey in three separate transactions. The company secured $5.4 million in financing for a 97-unit multifamily property in Ewing, a northern suburb of Trenton. The loan includes a 3.75 percent fixed interest rate. Cronheim arranged a $6.7 million loan for 36 units and 13,167 square feet of commercial space in Newark. Approximately $1.5 million was secured for the 52-unit North Morris Apartments in Hackettstown, a city in northern New Jersey. The 10-year, non-recourse loan includes a 2.99 percent interest rate, which increases to 3.99 percent in the sixth year. Janet Proscia and David Turley of Cronheim Mortgage arranged the loans.

December 6, 2013

Northeast Office

GENSLER TO RENOVATE 425,000 SF OFFICE BUILDING IN LITTLE FALLS

by admin December 6, 2013

LITTLE FALLS, N.J. — Global design firm Gensler was selected to perform a renovation on Overlook at Great Notch, a 425,000-square-foot, trophy office building in Little Falls, located about 20 miles north of Newark. The renovation kicks off a multi-million dollar repositioning program for the building that includes modernizing all common areas. A new conference center, fitness center and a coffee bar will also be added to the building. The facility, located at 150 Clove Road, includes covered parking, a full-service cafeteria, Wi-Fi access, 24-hour security, onsite ownership and management, with immediate access to mass transit. Richard Mirliss, executive managing director at Colliers International, along with colleagues Richard Madison, Anthony Rinaldi and Brian Cass, represented the building’s owner in the transaction.

December 6, 2013

Office Texas

GAEDEKE BUYS 351,683 SF MILLENNIUM TOWER IN DALLAS

by admin December 6, 2013

ADDISON, TEXAS — Gaedeke Group LLC has acquired the Millennium Tower, a 351,683-square-foot office asset in the suburb of Addison, part of the Far North Dallas submarket. Developer Wynn Jackson completed the 14-story structure and adjacent seven-story parking garage, located at 15455 N. Dallas Parkway, in 2000. It will be 97.8 percent occupied as of January, and General Electric subsidiary Dresser Inc. is the largest tenant, occupying 44,115 square feet. KBS Realty Advisors sold the LEED-certified building after investing approximately $1.6 million in capital improvements since 2009. Gary Carr, John Alvarado, Eric Mackey and Robert Hill of CBRE marketed the property on behalf of the seller. Belinda Dabliz of Gaedeke will handle leasing going forward, while Debra Spears is responsible for on-site management.

December 6, 2013

Industrial Texas

NEW 880,000 SF RESTORATION HARDWARE CENTER COMPLETE

by admin December 6, 2013

GRAND PRAIRIE, TEXAS — Developer Weeks Robinson Properties, general contractor The Conlan Company and architect Alliance Architects Inc. have completed the construction of new 880,000-square-foot distribution center for home accessory and furniture retailer Restoration Hardware in the Dallas suburb of Grand Prairie. The build-to-suit facility, located on 50 acres at the corner of Pioneer Parkway and State Highway 161, features 38-foot clear heights, painted tilt wall panels, 48,000 square feet of office space and an employee fitness center. An adjacent park area includes enhanced landscaping and walking trails. Pacheco Koch Consulting Engineers, Hunt & Joiner Consulting Structural Engineers and AOS Engineering provided civil engineering, structural design and MEP design services, respectively.

December 6, 2013

Restaurant Texas

TILTED KILT BRINGING 15 NEW LOCATIONS TO TEXAS AND OKLAHOMA

by admin December 6, 2013

TEXAS AND OKLAHOMA — Tilted Kilt Franchise Operating LLC and Kilt Management LLC, both based in Tempe, Ariz., will develop 15 new Tilted Kilt pubs in Texas and Oklahoma during the next five years, including five locations in the Dallas/Fort Worth Metroplex. New locations in nearby Frisco and Las Colinas are already operating. The development marks the brand’s entry into the Sooner State, though a specific location has yet to be announced. Kilt Management is acting as developer of the new properties and will also oversee operations and management.

December 6, 2013

Multifamily Texas

ARA BROKERS SALE OF 90-UNIT AUSTIN APARTMENT COMPLEX

by admin December 6, 2013

AUSTIN, TEXAS — Full-service real estate firm ARA has brokered the sale of Wilshire West, a 90-unit apartment community in Austin. Originally constructed in 1963, the garden-style property consists of 12 two-story buildings and offers one- and two-bedroom layouts. Amenities include landscaped courtyards, a swimming pool and two barbecue areas. Located at 4411 Airport Blvd., the complex is in proximity to major area employers Dell’s Children Medical Center, Seton Hospital headquarters and the University of Texas research campus. Andrew Shih and Matt Pohl of ARA represented the seller in the transaction, Santa Barbara, Calif.-based M3 Multifamily. West Hollywood-based Reliance Capital Management purchased the property, which was 95 percent occupied at the time of the sale, as part of a 1031 tax-deferred exchange.

December 6, 2013

Office Western

PALO ALTO OFFICE BUILDING SELLS FOR $53M

by admin December 6, 2013

PALO ALTO, CALIF. — Rockwood Capital has acquired a 50,000-square-foot office building in downtown Palo Alto for $53 million. The building is located at 130 Lytton across from the city’s Caltrain Station. It is fully leased to A9, a subsidiary of Amazon, which uses the facility as its headquarters. The four-story building has outdoor patios on every floor. Rockwood teamed up with Tarlton Properties on this acquisition. The seller, KG-Lytton, LLC, was represented by Kevin Cunningham of Cornish and Carey Commercial Newmark Knight Frank, and Hernan Santos and Charlie McCabe of CBRE.

December 6, 2013

Office Western

ATRIUM AT EMPIRE LAKES OFFICE COMPLEX SELLS IN RANCHO CUCAMONGA

by admin December 6, 2013

RANCHO CUCAMONGA, CALIF. — Inland Empire Health Plans (IEHP) has purchased Atrium at Empire Lakes, a 392,702-square-foot office complex in Rancho Cucamonga, for $50.8 million. The complex is located at 10801 E. 6th Street. The building was at 42 percent occupancy when it went into receivership in 2012. Its occupancy is now above 90 percent. IEHP took up residency at the building in mid-2013. It currently occupies 207,307 square feet in a lease that is valued at $100 million. Other notable tenants at the complex include State Farm, Parsons Construction and Chicago Title. Trigild was the property’s appointed receiver. The firm worked with Cushman and Wakefield and Fernando Landa of CGS3 law firm to close the distressed asset sale. Trigild will continue to act as the complex’s property manager.

December 6, 2013

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