Property Type

GRIFFIN CAPITAL ACQUIRES NATIONWIDE FIVE-PROPERTY PORTFOLIO

by admin February 5, 2014

BEAVERCREEK, OHIO — Los Angeles, Calif.-based Griffin Capital Corp., along with five single-purpose borrowing entities operated by Griffin Capital Essential Asset REIT, has acquired the Northrop Building in Beavercreek. The 99,246-square-foot property is occupied by Northrop Grumman Systems. The acquisition is part of a five-property office and industrial portfolio totaling 889,805 square feet in Ohio, New Jersey, North Carolina, Texas and Arizona. Kevin MacKenzie, John Chun, Stephen Skok and Tucker Knight of HFF arranged $110.6 million in financing for the portfolio acquisition. The portfolio includes the 210,524-square-foot Verizon Building in Warren, N.J., the 198,898-square-foot UTC Building in Charlotte, the 146,683-square-foot Schlumberger Building in Houston, and the 231,454-square-foot Avnet Building in Chandler, Ariz.

February 5, 2014

RETAIL PROPERTY SELLS FOR $3.4 MILLION IN COLUMBUS

by admin February 5, 2014

COLUMBUS, OHIO — Cleveland-based Goodman Real Estate Services Group has completed the sale of an approximately 91,892-square-foot Burlington Coat Factory property in Columbus. The property, located at 3565 W. Dublin Granville Road, sold for $3.4 million, or $37 per square feet. The property is located across the street from retail center that is anchored by Whole Foods, DSW and Bed, Bath & Beyond. Kyle Hartung of Goodman Real Estate Services Group represented the undisclosed buyer in the transaction. The acquisition was an off-market transaction and purchased at an 11.9-percent cap rate.

February 5, 2014

Hospitality Midwest

OAK TREE INN OPENS IN JEFFERSON CITY, MO.

by admin February 5, 2014

JEFFERSON CITY, MO. — American Hotel Income Properties REIT LP (AHIP) has completed the renovation of Oak Tree Inn, which is located at 1710 Jefferson St. in Jefferson City. The $1 million renovation included the implementation of Oak Tree Inn’s brand standards at the 77-room property, including noise, light and temperature control features. The property was purchased in 2013, and is now under a long-term railway contract with a leading U.S. railroad customer. Through its wholly owned indirect subsidiaries, AHIP currently owns 38 hotels in 20 states.

February 5, 2014

Multifamily Northeast

TSILO GROUP DEVELOPS 66-UNIT ICON 52 IN QUEENS

by admin February 5, 2014

NEW YORK CITY — Tsilo Group is developing Icon 52, a luxury rental development located at 5205 Queens Blvd. in the Woodside neighborhood of Queens. Designed by Todd Ernst of Ernst Architect, the property will feature 66 studio, one- and two-bedroom apartments ranging from 403 to 806 square feet. Amenities include a virtual doorman, a landscaped rooftop deck with chaise lounges, a parking garage, barbeque and sitting areas, tenant storage, laundry facilities and a bicycle storage room. Modern Spaces has been selected as the exclusive leasing and marketing firm for the luxury rental development, which is slated to open this year.

February 5, 2014

Northeast Office

FIVE-STORY OFFICE PROPERTY SELLS FOR $8.25M IN NYC

by admin February 5, 2014

NEW YORK CITY — Developer Sam Chang has acquired a five-story, 25-foot-wide loft/office property at 11 West 37th St. in Midtown. Elvee Rosenberg Inc. sold the property for $8.25 million. Through McSam Hotel Group, the buyer plans to convert the property into a boutique hotel. The vacant property includes 15,000 square feet of unused air rights and a total of 25,000 buildable square feet. David Schechtman and Steven Zimmerman of Eastern Consolidated arranged the transaction on behalf of the seller. Alan Miller, also of Eastern Consolidated, represented the buyer.

February 5, 2014

Northeast Office

TREMONT SECURES $14.5 MILLION BRIDGE LOAN FOR OFFICE BUILDING

by admin February 5, 2014

BEDFORD, MASS. — Tremont Realty Capital has arranged a $14.5 million bridge loan for the redevelopment of an office building, located at 201 Burlington Rd. in Bedford. The two-building complex comprises 135,000 square feet. Dennis Walsh of Tremont Realty Capital’s Boston office arranged the non-recourse loan, which was funded by a regional bank.

February 5, 2014

Multifamily Northeast

EAST HARLEM DEVELOPMENT SITE SELLS FOR $5.8M

by admin February 5, 2014

NEW YORK CITY — An Israeli developer has acquired a development site located at 1790-92 Third Ave. in the East Harlem neighborhood of New York. The seller, 1790 Third Avenue LLC, sold the property for $5.8 million or approximately $150 per buildable square foot. The proposed development will have 52 rental units and ground-floor retail space. Adelaide Polsinelli and Marcia Rose Yawitz of Eastern Consolidated represented the seller; and Yawitz also represented the buyer in the transaction.

February 5, 2014

Industrial Texas

BILLINGSLEY CO. BREAKS GROUND ON 340,000 SF SPECULATIVE WAREHOUSE

by admin February 5, 2014

DALLAS — Developer Billingsley Co. has broken ground on a new 340,000-square-foot warehouse within the Mercer Business Park in Dallas. Designed as a distribution center, the structure will offer highway frontage and excellent visibility. The speculative building will be the first at the development, which is situated at the northwest corner of the interchange of Interstate 635 and Interstate 35 and stretches northward into the adjacent city of Farmers Branch. Billingsley is also planning build-to-suit structures for the 225-acre site.

February 5, 2014

Multifamily Texas

NORTHMARQ ARRANGES $25.8M REFINANCING FOR COLLEGE STATION STUDENT HOUSING

by admin February 5, 2014

COLLEGE STATION, TEXAS — NorthMarq Capital has arranged a $25.8 million refinancing loan for The Trails at Wolf Pen Creek, a student housing property serving Texas A&M University in College Station. The 404-unit complex, located at 950 Colgate Drive, offers one-, two- and four-bedroom apartments, plus amenities such as two swimming pools, a fitness center, basketball court and clubhouse. Stephen Whitehead of NorthMarq negotiated the terms of the three-year loan, which includes a 25-year amortization schedule and two years of interest-only payments.

February 5, 2014

Retail Texas

HFF BROKERS SALE OF 164,348 SF RETAIL CENTER IN METRO HOUSTON

by admin February 5, 2014

TOMBALL, TEXAS — HFF has brokered the sale of Tomball Crossing, a 164,348-square-foot power center in the northwest Houston suburb of Tomball. Completed in 2006, the property is located at 22485-22549 Tomball Parkway, near the interchange of State Highway 249 and Spring Cypress Road. The center was 94 percent leased at the time of the sale to tenants including Ross Dress for Less, Old Navy, Petco, Famous Footwear, Lupe Tortilla, Red Robin and Panera Bread. Ryan West and Rusty Tamlyn of HFF marketed the asset on behalf of the seller, Metro-National. Kimco Realty Corp. purchased the property with the exception of the North Cypress Emergency Room pad site, which was purchased by North Cypress Medical Center.

February 5, 2014

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