KING OF PRUSSIA, PA. — On behalf of Equus Capital Partners, Jones Lang LaSalle’s (JLL) capital markets team has sold 1000 Continental, a Class A office building located in King of Prussia, a Philadelphia suburb. KBS Capital Advisors LLC purchased the property for $63 million, or $307 per square foot. The 205,424-square-foot office building was 99 percent occupied at the time of sale. It features floor-to-ceiling window lines, a two-story entrance lobby and is LEED Silver certified. Jim Vesey, Doug Rodio, Jim Galbally and John Plower led the JLL team in the transaction.
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NEW YORK CITY – A $15 million capital improvement plan is underway for 211 East 43rd St., a 210,000-square-foot office property located in Manhattan’s Midtown East neighborhood. The plan includes updating the building’s common areas and strategically attracting new media and tech firms. Meadow Partners, a real estate investor and asset manager with offices in New York City and London, acquired 211 East 43rd St. in March 2013. The company plans to bring it to a standard that is comparable to other Class A buildings in the Midtown East neighborhood. In addition, William Cohen and David Emden of Newmark Grubb Knight Frank were retained as the leasing agents for the property. Starting in 2013, Cohen began executing a new leasing strategy for the property and secured seven transactions totaling nearly 60,000 square feet. New tenants include AWS Construction, Caliber Associates, the Costa Rican Mission to the United Nations, Reger Designs Inc., Rennert International, the Republic of Mauritius Mission to the United Nations and Set Physical Therapy.
EAST RUTHERFORD, N.J. – The Hampshire Cos. has sold a 135,498-square-foot industrial building located at 25 East Union Ave. in East Rutherford. Spanning nearly five acres, the industrial building features amenities such as 18-foot clear ceiling heights, four grade-level overhead doors, a mezzanine office area and three dock doors. The single-story industrial building is 98 percent leased to Mount Pleasant Ice Cream Co., Selco Associates and Steamaster Co. Inc. CBRE represented The Hampshire Cos. in the transaction.
FORT WORTH, TEXAS — Real estate investment management firm PCCP LLC has provided a $41.5 million loan for the recapitalization and lease-up of One City Place, a 313,953-square-foot office building in Fort Worth. The 19-story building, vacant at the time of the loan closing, is located at 300 Throckmorton Street and is part of City Place, a three-building complex owned by Spire Realty Group since 2011. Constructed in 1978, One City Place served as Radio Shack’s headquarters until 2005. Wally Reid and Corby Chaffin of HFF arranged the financing on behalf of Spire, which has invested significant capital in renovations since acquisition.
AUSTIN, TEXAS — The Weitzman Group has brokered the sale of Anderson Mill Shopping Center, a 171,794-square-foot retail property in Austin. Located at the intersection of Lake Creek Parkway and U.S. Highway 183, the community center is currently anchored by 24 Hour Fitness and has co-anchor space available. Adam Zimel and Graham Carter of The Weitzman Group represented the purchaser, Anderson Mill Acquisitions LLC, which will rebrand the property Market at Lake Creek.
PORT ARTHUR, TEXAS — Full-service commercial real estate brokerage firm Baker Katz has acquired a 90,000-square-foot retail property in Port Arthur, a city near the Louisiana state border. Located at the intersection of Highway 69 and FM 365, the property previously housed a single occupant but will be redeveloped as a multi-tenant shopping center. To date, Hobby Lobby has signed a lease for 58,000 square feet, Party City has signed a lease for 13,000 square feet, and both tenants are expected to open this summer. Sutherland Lumber Co. sold the asset to Baker Katz, which also plans to construct an additional 7,000-square-foot outparcel at the site.
DALLAS — Real estate investment services firm The Greysteel Company has launched Greysteel Texas LLC, a subsidiary of the company based in the Dallas/Fort Worth Metroplex. Greysteel, which is based in Washington, D.C., appointed Boyan Radic as managing director and practice leader of the multifamily division of the new entity. Greysteel Texas will initially represent private and institutional investors, developers and lenders in sales and financings of middle-market multifamily properties in the South Central U.S. The subsidiary plans to expand its services and property type expertise over the next 12 to 18 months.
CARLSBAD, CALIF. – The 24-unit Villas La Costa in Carlsbad has sold to PUR Villas Carlsbad, LLC for $6 million. The community is located at 2319 Altisma Way across from the La Costa Resort and Country Club. PUR Villas was represented by Christopher J. Zorbas and David Sperling of Marcus & Millichap’s San Diego office. The seller, Oram Properties One, LLC, was also represented by Zorbas.
LONG BEACH, CALIF. – The 23-unit Bayshore Beach Villas in Long Beach has received a $4.1-million refinance. The apartment community is located at 40 Bay Shore Ave. The seven-year, fixed-rate loan was secured by HFF’s Charles Halladay. It carries a 4.34 percent interest rate through Freddie Mac. HFF will service the securitized loan through its Freddie Mac Program Plus® Seller/Servicer program. The borrower was Universe Holdings.
CULVER CITY, CALIF. — PriceGrabber.com has extended its 45,000-square-foot lease at Wateridge in Culver City. The building is located at La Cienega Boulevard and Slauson Avenue. PriceGrabber.com was represented by Dave Toomey and Brian Davies of Cresa Los Angeles. The landlord, the Muller Company, was represented in-house by Jim Bannan, and by CBRE’s Deron White and Jeff Pion.