LIVINGSTON, N.J. — A new five-story parking garage is nearing completion at Eisenhower Corporate Campus and Conference Center in Livingston. The new structure will provide 600 additional parking spaces for tenants and guests at the 380,000-square-foot, Class A office complex. Eastman Cos. and its joint venture partner Long Wharf Real Estate Partners owns and manages Eisenhower Corporate Campus. The new parking structure will offer LED lighting and enhanced security features, according to Michael Schofel, co-managing partner at Eastman Cos.
Property Type
BOSTON — Growing freight shipping and delivery services firm Skema Courier Inc., has leased 13,947 square feet of warehouse and office space at 370 McClellan Highway in East Boston. Richard McKinnon, director of brokerage services for The Grossman Cos. Inc., represented the owner, 370 McClellan Highway LLC, in the transaction. Steve Nohrden, vice president of Burgess Properties, represented the tenant. Skema relocated from its long-time Chelsea facility to take up residence at one of the closest air freight facilities to Boston’s Logan International Airport.
DESOTO, TEXAS — Colliers International has brokered the sale of Pecan Crossing, a 236-unit multifamily complex in the Dallas suburb of Desoto. Located at 1225 E. Pleasant Run Road and in close proximity to I-35, the property offers one- to three-bedroom apartments plus tennis courts and two swimming pools. Bob Helterbran, Mark Freeman, Teresa Lowery and Jeff Sherman of Colliers represented the seller, Pecan Crossing Apartments LLC, in the transaction. A Japanese private investor purchased the asset and is planning minor renovations in the coming year.
HOUSTON — Real estate firm Intergroup Cos. has brokered the sale of the 182-room Hilton Garden Inn Houston/Galleria Area. The hotel, which opened in 2005, offers shuttle service and complimentary high-speed internet, as well as a business center, fitness center, ballroom and swimming pool. The property is located at 3201 Sage Road, in proximity to the interchange of I-610 and the Southwest Freeway. Tandy Lofland of Intergroup represented the seller, Houston-based American Liberty Hospitality. An affiliate of Summit Hotel Properties purchased the asset, and American Liberty will continue to manage the hotel.
AUSTIN, TEXAS — Investment firm CIM Group and Seaholm Power LLC have leased 103,000 square feet of office space at the Seaholm Power Plant in Austin to athenahealth. The tenant, a provider of cloud-based services for the healthcare industry, will fully occupy the office portion of the property, which is being repurposed as part of a mixed-use development. Renovations to the space for athenahealth are slated for completion in mid-2014, with construction of additional elements of the project extending into 2015. The Seaholm Power Plant redevelopment site is bounded by Cesar Chavez Street, West Avenue, 3rd Street and the A&NW rail line in downtown Austin.
THE WOODLANDS, TEXAS — Crust Pizza Co., a restaurant concept developed in The Woodlands, will open at Creekside Park Village Center, a mixed-use development of The Howard Hughes Corporation and The Woodlands Development Company. The pizzeria will occupy a 2,500-square-foot space along the complex’s Village Green, which includes a tree-lined park, walkways and water feature. The new location will be Crust Pizza’s third in The Woodlands. Opening is slated for this fall. Mark Raines of CBRE represented Crust Pizza in the lease negotiations, while Rip Reynolds of The Howard Hughes Corporation represented The Woodlands Development Company.
LOS ANGELES – A 20,727-square-foot building in Beverly Hills that is leased to high-end fashion retailers Tom Ford and Bally has received $120.2 million in financing. The three-story trophy building is located at 338-342 Rodeo Drive. Financing included $30.2 million of mezzanine debt and preferred equity, which was sold at closing to an account managed by BlackRock. ECA Capital will use a portion of the loan proceeds to reposition the asset. Financing was originated by Ronnie Gul of Mesa West and arranged by Chuck Hoag and Trisha Connolly of Cushman & Wakefield’s Chicago office.
CYPRESS, CALIF. — Stockbridge has purchased the Cypress Distribution Center, a 543,431-square-foot industrial project, for $60 million. The Class A center is located at 6550 Katella Ave. and 11130 Holder Street in the Orange County suburb of Cypress. The project contains two buildings that are separately parceled. Notable tenants include Empire Warehousing, ILAD, VF Outdoor, Inc. (Vans) and Integrated Alarm Services. CBRE’s Kevin Shannon, Darla Long and Barbara Emmons represented the seller, Colony Realty Partners, alongside Cushman & Wakefield’s Rick Ellison and Tom Sheets.
CERRITOS, CALIF. — CenterCal Properties has purchased Cerritos Best Plaza, a 357,220-square-foot, open-air shopping center, for $61.8 million. The plaza is located at the corner of 183rd & Gridley in Cerritos. It is currently 85 percent leased. Notable tenants at the center include Burlington Coat Factory, Big Lots, Guitar Center and Easy Life Furniture. CenterCal was represented by Geoff Tranchina and Jason Gribin of Wilson Commercial Real Estate. Deborah Collins of The Collins Co. represented the unnamed seller.
SPARKS, NEV. — Sparks Galleria Shopping Center, a 213,900-square-foot commercial center, has sold to Pine Tree Commercial Realty, LLC, for $26.2 million. The center is located at 101 Los Altos Parkway in Sparks’ Spanish Springs master-planned community. It was built in 2006 and is shadow anchored by Costco and Home Depot. Pine Tree plans to redevelop and expand the center with 120,000 square feet of additional retail space. Acquisition funding was provided by Prime Financial and arranged by Bill Barry of Draper & Kramer.