Property Type

OMNI OFFICES IN DOWNTOWN MIAMI TO WELCOME RESORTS WORLD

by admin September 13, 2013

MIAMI — Resorts World Bimini and Resorts World Miami are locating their headquarters in the Omni Offices, an office building located at 1501 Biscayne Blvd. in downtown Miami. The two entities will staff about 150 employees and occupy approximately 30,000 square feet. The lease transaction is downtown Miami's largest new occupancy of the year, according to Continental Real Estate Cos. (CREC). Omni Offices also houses the Miami International University of Art & Design, the U.S. State Department, and the U.S. Diplomatic Security and Passport Agency. An additional 185,000 square feet of office space is available at the property. Steven Hurwitz, Douglas Okun and Amy von Hofen of CREC are spearheading the property's leasing and marketing campaign on behalf of the Genting Group, owner of Omni Offices.

September 13, 2013

LINCOLN PROPERTY SELLS FLEX PROPERTY IN SUWANEE, GA.

by admin September 13, 2013

SUWANEE, GA. — Dallas-based Lincoln Property Co. Southeast has closed on the sale of a two-building office/warehouse complex totaling 16,740 square feet in Suwanee, a suburb east of Atlanta. The property is located at 390 Brogdon Road. Lincoln Property was the court-appointed receiver for the property. Home South Communities, a residential home builder, purchased the property for $825,000. Denton Shamburger of Lincoln Property represented the owner and lender in the sale. The property was built in 2000 and includes private offices, two docks with oversized doors, conference rooms, break room and large work areas.

September 13, 2013

Industrial Midwest

MONMOUTH BUYS TWO INDUSTRIAL BUILDINGS FOR $11.9M

by admin September 13, 2013

GREEN BAY, WIS. AND ROCHESTER, MINN. — Monmouth Real Estate Investment Corp. has acquired two industrial buildings in Green Bay, Wis., and Rochester, Minn., in separate transactions for a combined total of $11.9 million. The 99,102-square-foot industrial building at 3383 Spirit Way in Green Bay was purchased for $6.6 million. The 60,398-square-foot industrial building located at Schumann Drive in Rochester was acquired for $5.3 million. Both properties are net-leased for 10 years to FedEx Ground Package System Inc.

September 13, 2013

Midwest Multifamily

M&M ARRANGES $1.7M SALE OF 36-UNIT APARTMENT BUILDING

by admin September 13, 2013

BROOKLYN CENTER, MINN. — Marcus & Millichap has arranged the $1.7 million sale of Beard Avenue Apartments, a 36-unit apartment property in Brooklyn Center, a northern suburb of Minneapolis. Dan Linnell, Josh Talberg and Evan Miller, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership. An outside brokerage company represented the buyer, a limited liability company.

September 13, 2013

Midwest Retail

WHOLE FOODS MARKET TO OPEN NEW STORE IN CHICAGO

by admin September 13, 2013

CHICAGO — Whole Foods Market has plans to open a new store in the Englewood neighborhood on Chicago’s South Side. DL3, led by Leon Walker, will develop the 18,000-square-foot store. Slated to open in 2016, the grocery store is part of a 13-acre development located at a four-way intersection near Kennedy King Community College. The new store will bring an estimated 100 jobs to the area. Whole Foods provides healthy and organic food to its customers.

September 13, 2013

Midwest Mixed-Use

SPERRY VAN NESS SELLS LINCOLN SQUARE MIXED-USE PROPERTY

by admin September 13, 2013

CHICAGO — Sperry Van Ness Chicago Commercial has completed the sale of a mixed-use property in Chicago's Lincoln Square neighborhood. The corner property is located at 4660 N. Rockwell Ave. and includes four retail/office units and two apartment units. Jeffrey Baasch, senior vice president of multifamily sales, and Brian Kochendorfer, senior advisor at Sperry Van Ness LLC, represented the buyer and seller in the transaction. The property sold for $875,000.

September 13, 2013

Mixed-Use Northeast

UC FUNDING PROVIDES $6.5M FOR MIXED-USE BUILDING IN PITTSBURGH

by admin September 13, 2013

PITTSBURGH, PA. — UC Funding has provided $6.5 million in financing for the acquisition of a 60,473-square-foot, six-story mixed-use building in downtown Pittsburgh. The borrower plans to renovate floors two through six, which are currently vacant, and convert them to 40 Class A apartments. Each unit will include stainless steel appliances, granite or quartz countertops, solid maple cabinets, side-by-side washer and dryer, marble bathroom vanities and tiled flooring. Built in 1900, the building includes 7,290 square feet of ground-floor retail that is fully occupied by a restaurant. Construction is slated to begin shortly after closing and will take 12 months to complete.

September 13, 2013

Northeast Office

PARTNERSHIP BUYS 400,000 SF OFFICE COMPLEX IN NEW YORK

by admin September 13, 2013

ISLANDIA AND HAUPPAUGE, N.Y. — A partnership has acquired The Crossroads Corporate Center, a 400,000-square-foot, 13-building office complex in Islandia and Hauppauge. Matrix Investment Group and The Crest Group purchased the building, which has been renamed the Matrix Corporate Park. The Class A office property is situated on the north and south side of the Long Island Expressway at exit 57. Current tenants include National Life Group, Stifel Nicolaus, Paychex, EmpireNational Bank, Rubin & Rothman and TransFirst. Available space at Matrix Corporate Park ranges from 750-square-foot executive suites to 8,000-square-foot areas.

September 13, 2013

Northeast Retail

MMCC ARRANGES $2.8M FOR WALGREENS STORE IN DELAWARE

by admin September 13, 2013

TOWNSEND, DEL. — Marcus & Millichap Capital Corp. has arranged $2.8 million in refinancing for a single-tenant retail store in Townsend, located about five miles south of Middletown. The 10-year loan carries a 4.44 percent interest rate and includes a 25-year amortization schedule. Walgreens occupies the property.

September 13, 2013

Multifamily Texas

CIVITAS SECURES $53.5M FOR CONSTRUCTION OF ALEXAN SKYLINE IN DALLAS

by admin September 13, 2013

DALLAS — Financial services firm Civitas Capital Group has secured $53.5 million in construction financing for The Alexan Skyline, an apartment complex planned for Goat Hill, located northwest of downtown Dallas. Trammell Crow Residential, in collaboration with Behringer Harvard Multifamily REIT I Inc., is developing the 10-story property. The Alexan Skyline will offer 365 units ranging from 436 to 1,865 square feet, plus amenities such as two swimming pools, abundant outdoor patio space and ground-floor retail. This is the eighth investment for Civitas, which focuses on alternative investments, EB-5 funds and wealth management.

September 13, 2013

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