MIAMI — Easton & Associates, the commercial real estate brokerage division of The Easton Group, has arranged a 61,700-square-foot lease for warehouse space at a distribution center in Miami. Rana Furniture leased space at the center, located at 7821 N.W. 67th St. Jim Armstrong and Mike Waite of Easton & Associates represented both the tenant and the landlord, SPG NW 77th Court LLC, in the lease deal.
ANN ARBOR, MICH. — Real estate developer and alumnus Stephen Ross is giving the University of Michigan (U-M) $200 million, making it the largest single gift in the history of the university and Ross its largest donor, according to U-M. The money will be split between the university’s business school and the athletic department. Ross is the chairman and founder of New York-based Related Cos. The money will be used to create contemporary spaces for the nearly 6,000 students who take courses at the Stephen M. Ross School of Business and the 900-plus student athletes in all sports. In addition, scholarships will be available for students. Specific projects will be announced in the coming months. In 2004, Ross gave $100 million toward a new building and endowed operations for the business school, which was renamed in recognition of his gift. The building was completed in 2009.
CANAL WINCHESTER, OHIO — Steadfast Income REIT Inc. has acquired the 240-unit BriceGrove Park in the Columbus suburb of Canal Winchester for $20.1 million. The property was built in 2002 and was 96 percent occupied at the time of sale. The property includes two-bedroom units averaging 1,033 square feet with monthly rents averaging approximately $838. Unit amenities include custom oak cabinetry in kitchens and baths, washer and dryer hookups, modern appliances, private patios and/or balconies and garages. Property amenities include a clubhouse with outdoor pool, playground area, picnic gazebo, a fitness center, golf putting green, bike/jogging trails and a three-acre lake with fountain. Steadfast also recently purchased Watermark at Hamburg Place, a 150-unit multifamily property in Lexington, Ky., for $16.3 million.
JACKSON TOWNSHIP, OHIO — The Cooper Commercial Investment Group has arranged the $4.1 million sale of Belden Village Commons in metro Canton. Dan Cooper, president and broker of Cooper Commercial Investment Group in Cleveland, represented the sellers, private investors based in northern Ohio. A northern California-based private investor was the buyer. The sales price represents a 7.9 percent capitalization rate. The 13,216-square-foot shopping center is located at 4800 Everhard Road in Jackson Township. All tenants are under triple-net leases at the fully occupied property.
FRIDLEY, MINN. — Marcus & Millichap has arranged the $1.3 million sale of Colonial Manor Apartments, a 24-unit multifamily property in Fridley, located about eight miles north of Minneapolis. Dan Linnell, Evan Miller and Josh Talberg, investment specialists in Marcus & Millichap’s Minneapolis office, marketed the property on behalf of the seller, a partnership, and the buyer, a private investor. Colonial Manor Apartments is located at 5475 & 5495 Main St. N.E.
NEW YORK CITY — Boston Properties Inc. has entered into an agreement to sell its 45 percent ground-leasehold interest and related tax credits in Times Square Tower for $684 million in cash. An affiliate of Norges Bank will buy the interest. The property is unencumbered by debt. Boston Properties and an affiliate of Norges Bank will form a joint venture upon closing, and Boston Properties will retain property and leasing management for the venture. Times Square Tower is a 1.2 million-square-foot, Class A office tower located in the heart of Times Square in New York City. The 99 percent occupied property was developed by Boston Properties and completed in 2004. The property is subject to a ground lease with the City of New York with 76 years remaining, and it benefits from a Payment In Lieu of Taxes (PILOT) program through June 2024. The joint venture will hold the contractual right to purchase the fee interest in the property beginning in July 2024.
BOSTON — Value Place, an economy extended-stay hospitality brand, and Dinosaur Capital Partners, a Boston-based development and investment firm, plan to develop 12 new corporate hotels in the Boston area during the next two years. Boston is Wichita, Kan.-based Value Place’s latest focus in its continuing expansion across the country. Value Place has teamed with Dinosaur Capital Partners to identify, acquire and develop suitable locations, with construction of the company’s first Boston-area, 124-unit property slated to begin in the first quarter of 2014. Initially, Dinosaur and Value Place will focus on acquiring locations in and around Boston, but within Route 495. Jack DeBoer, creator of Residence Inn, Summerfield Suites and Candlewood Suites, founded Value Place.
CLAYMONT, DEL. — Marcus & Millichap has arranged $4.8 million sale of River Club, a 90-unit, age-restricted apartment property located in Claymont, a northern suburb of Wilmington. Ridge MacLaren, Andrew Townsend and Clarke Talone, investment specialists in Marcus & Millichap’s Philadelphia office, marketed the property on behalf of the seller, a partnership, and the buyer, a limited liability company. River Club is located at 7807 Governor Printz Blvd. Built in 1989, the 55-plus community includes 83 one-bedroom, one-bath units and seven two-bedroom, two-bath units. The property features a sundeck overlooking the Delaware River, fitness center, cyber café and gaming room.
CEDAR KNOLLS, N.J. — Two companies have signed long-term leases at Cedar Knolls Corporate Center, a 118,000-square-foot, Class A office property in Cedar Knolls. P–Value Communications, a medical communications firm serving the healthcare industry, committed to 8,380 square feet at the office property. The firm is relocating from Parsippany. Chris Conklin and JC Giordano from Jones Lang LaSalle represented P-Value in the transaction. Additionally, OLI Systems, a privately owned simulation technology firm serving chemical manufacturing and engineering service companies, signed a 6,002-square-foot lease at the property. Kathi Sica and John Negri from Coldwell Banker Commercial NRT represented OLI Systems in its relocation from Morris Plains, N.J. Cushman & Wakefield Inc., the leasing agent for the property, represented the landlord, MB1 Capital Partners, in the transactions.
IRVING, TEXAS — Fortis Property Group has acquired The Point at Las Colinas, an 18-story, 403,129-square-foot, Class A office tower in the Las Colinas submarket of Irving, approximately 13 miles northwest of downtown Dallas. The building, originally constructed in 1983 and recently remodeled, features on-site management, a full-service café, a conference center and a fitness center. The property was 98 percent leased at the time of the sale, and current tenants include Lehigh Hanson, GE Capital and Interstate Hotels. The purchase was announced with the renaming of another nearby Fortis property, the NEC Center, which will now be known as The Apex at Las Colinas Crossing. Cushman & Wakefield is marketing both properties.