NEWARK, N.J. — Swedish construction company Skanska AB it has signed an additional contract for the building of new office tower for Prudential Financial Inc. in Newark. Skanska previously signed a $117 million contract with Prudential to build the property in July. The 20-story tower, which will span approximately 217,600 square feet, will have an adjoining parking garage and ground-floor retail. The project aims to achieve LEED Gold certification. Construction is underway, with the project slated for completion in March 2015.
PURCHASE, N.Y. — Simone Healthcare Development and Fareri Associates have broken ground on new four-story, 85,000-square-foot medical office building (MOB) in Purchase, an eastern suburb of White Plains. The MOB development is located at 3030 Westchester Ave. in the Harrison Executive Medical Park. WESTMED Medical Group, a physician-owned and managed multi-specialty group practice, will fully occupy the building beginning in January 2015. Rob Astornio, county executive of Westchester County, says the project marks the first new office construction in the county in 25 years.
STAMFORD, CONN. — Institutional Property Advisors (IPA) has arranged the sale of Parallel 41, a newly constructed, fully stabilized, 124-unit apartment complex in downtown Stamford. Victor Nolletti and Steve Witten, executive directors at IPA, advised the seller, 1340 Washington Associates LLC, in the transaction. Hartford-based Cornerstone Real Estate Advisers represented the buyer, an institutional investor. Built in 2012 on 1.7 acres, the 128,588-square-foot property is located at 1340 Washington Blvd., within a few blocks of the Stamford train station. Community amenities include a roof deck with city views, outdoor kitchens, 46-inch outdoor televisions, pingpong, outdoor shower and chaise lounges. The property also features a resident lounge with a linear fireplace, platform bar and banquette for seating, multiple flat-panel televisions and a barista station. RMS Cos., the developer of Parallel 41, is also completing several other luxury apartment properties in the area.
GRAPEVINE, TEXAS — Marcus & Millichap has brokered the sale of The Courtyards at Mustang, a 228-unit multifamily property in Grapevine, approximately 20 miles northeast of Fort Worth. The apartment community, which was constructed in 1973, includes amenities such as two swimming pools, four laundry facilities, a basketball court and a baseball/soccer field. Located at 2913 Mustang Drive and in close proximity to Highway 26, the asset garnered multiple offers in a marketing period lasting less than 30 days. John Barker of Marcus & Millichap represented the seller, a partnership. Barker also secured the buyer, another partnership.
HOUSTON — Cassidy Turley has arranged the lease of 225 RailPort, a 600,000-square-foot build-to-suit distribution complex soon to break ground in Houston’s Port submarket, for Frontier Logistics. Developer Avera plans to begin construction in November and expects to complete the facility, located at Beltway 8 and State Highway 225, in the third quarter of 2014. With 20,000 linear feet of rail access, the complex will serve Frontiers’ clients in the plastics industry. John Nicholson of Cassidy Turley represented the tenant in the lease negotiations.
DALLAS — Homewood Suites by Hilton, Hilton Worldwide’s brand of upscale extended-stay hotels, has opened its newest location in downtown Dallas. Lowen 1025 Elm LP owns the building, which was originally the United Fidelity Life Insurance building and underwent extensive renovation as part of Homewood Suites’ adaptive re-use program. Lowen Hospitality Management LLC will manage the new property, which totals 130 suites over 10 stories. Located at 1025 Elm St., in close proximity to the West End and the Dallas Convention Center, the hotel includes amenities such as an indoor pool, 24-hour on-site pantry, golf simulator and fitness center.
HOUSTON — Thomas Properties Group Inc. has signed Statoil Gulf Services LLC, the U.S. subsidiary of Norwegian energy company Statoil ASA, to a long-term lease for 581,000 square feet at the CityWestPlace campus in Houston’s Westchase District. Statoil, which previously occupied 225,000 square feet at CityWestPlace, will now occupy all 431,000 square feet of the complex’s Building 2 and 150,000 square feet of Building 4. The location will serve as the Statoil’s North American headquarters. Chip Colvill, Clark Thompson, Win Haggard Jr. and Michael Anderson of Colvill Office Properties represented landlord Thomas in the negotiations. Mark O’Donnell of Studley Inc. represented Statoil.
SAN FRANCISCO – ASB Real Estate Investments has purchased a 187,000-square-foot office building in San Francisco’s South of Market (SOMA) district. The six-story building is located at 795 Folsom Street. The building formerly served as the headquarters for Twitter. It is once again fully leased to tenants like Kabam, AT&T and Regus. Cornerstone Real Estate Advisers LLC purchased the building in July 2011 for $71 million.
LITTLETON, COLO. — Resource Real Estate Opportunity REIT has purchased two apartment communities in Colorado for $54.9 million. The acquisition includes the 276-unit Camden Centennial in Littleton and the 224-unit Camden Pinnacle in Westminster. The company plans to enhance and upgrade the properties’ units, common areas, exterior, landscape and onsite property management. The REIT is sponsored by Resource Real Estate.
PORTLAND, ORE. — RLJ Lodging Trust has purchased the 106-room SpringHill Suites Portland Hillsboro for $24 million. The hotel is located at 7351 NE Butler Street near Intel’s Ronler Acres campus. It underwent a major renovation in 2011. Al Calhoun, Mark Fraioli and Melvin Chu of Jones Lang LaSalle represented the seller, an entity consisting of affiliates CPA:17 – Global; a publicly held, non-traded REIT affiliate of W. P. Carey Inc.; Watermark Capital Partners, LLC; and Montclair Hotel Investors, Inc