BETHLEHEM, PA. — Joint venture partners Trammell Crow Co. and Clarion Partners have broken ground on a 677,088-square-foot, Class A speculative industrial building in Pennsylvania’s Lehigh Valley industrial market. The building is scheduled for completion in spring 2014. The project is located on a 40-acre site within Lehigh Valley Industrial Park VII, a master-planned business complex in Bethlehem, an eastern suburb of Allentown. The building will feature 32-foot clear ceiling heights, 190-foot deep truck courts and ample parking. Joseph McDermott and Vincent Ranalli of CBRE will serve as the leasing team for the project. The building is located at 2485 Commerce Center Blvd.
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NEW YORK CITY — National Cooperative Bank (NCB) has secured a $30 million loan for Amalgamated Houses in the Bronx. The financing will enable the owners of the multifamily community to refinance $8.5 million of existing debt at a lower interest rate. The borrower will use $19.6 million to undertake a number of exterior renovations projects during the next 10 years. Founded in 1927, Amalgamated Houses provides housing for 1,500 moderate-income families. NCB worked with Fannie Mae in securing the transaction. Edward Howe III, managing director at NCB’s New York office, arranged the financing.
NEW YORK CITY — Savanna, a New York-based real estate private equity and asset management firm, has secured three new leases totaling 70,262 square feet at 31 Penn Plaza in Manhattan. TPG Planning & Design, an architecture firm, has signed a 40,431-square-foot lease, spanning the entire fifth floor and portion of the fourth floor. Mark Ravesloot and Michael Monahan of CBRE represented TPG in the transaction. Regus, a workplace provider, has signed a lease for 23,009 square feet, spanning the entire 15th floor. Patrick Heeg and Jim Wenk of Jones Lang LaSalle represented Regus in the transaction. Real Estate Arts Inc., a digital marketing and branding agency specializing in real estate and architecture, has signed a 6,882-square-foot lease. The agency will be moving into a prebuilt space on the sixth floor. Benjamin Friedland and Michael Hirsch of CBRE represented Real Estate Arts in the transaction. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented the landlord, Savanna, in all three transactions. 31 Penn Plaza is an 18-story, 444,000-square-foot office building located at 132 W.31st St.
NEW YORK CITY — Silvershore Properties has purchased two multifamily buildings in Queens in separate transactions totaling $2.6 million. The 17,000-square-foot, four-story building is located in Elmhurst at 43-05 Forley St. and includes 20 apartments. The second transaction includes a 5,500-square-foot, three-story building at 32-38 48th St. in Astoria. Built in 1928, the multifamily building features six units.
LONGVIEW, TEXAS — ARA has arranged the sale of The Tree House Apartments, a 172-unit multifamily community in Longview. Bart Wickard and Brian O'Boyle Jr. represented the seller, Kansas City, Mo.-based Kelco/Maxus Properties, in the transaction. Las Vegas-based Koza Consulting LLC was the buyer. The property was 96 percent occupied.
GRAND PRAIRIE, TEXAS — Marcus & Millichap has brokered the sale of Savannah Square, a 56-unit multifamily property located at 321 SW 5th St. in Grand Prairie. Doug Banerjee, Mason Green, John Barker and Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller and the buyer, both private investors, in the transaction. The property was 60 percent occupied at the time of sale.
RICHARDSON, TEXAS — Citadel Partners has arranged a 45,732-square-foot lease in Cardinal Park 7 in Richardson. The property is located at 1705 N. Plano Road. Scott Morse and Scott Jessen of Citadel Partners represented the tenant, Electronic Transaction Consultants, in the lease transaction. Byron McCoy and Josh Barnes of Holt Lunsford Commercial represented the landlord.
SAN ANTONIO — CBRE has arranged a 14,500-square-foot lease for ground-floor space at One Riverwalk Place in downtown San Antonio. The property is located at 700 N. Saint Mary's St. The tenant, South Texas Money Management Ltd., (STMM) is moving is headquarters from Olmos Park in midtown San Antonio. STMM will work with CBRE's Project Management Group to remodel the space before occupancy. The new office will serve as the firm's headquarters and will also house its multifamily office subsidiary. Taylor Dorris of CBRE's San Antonio office represented STMM in the lease.
WAIMEA, HAWAII — KZ DevCo, LP has completed construction on a 23,008-square-foot Long’s Drugs in Waimea on behalf of CVS/pharmacy. The $10.3-million store was built on two land parcels totaling 2.27 acres. They are located at 65-1271 Kawaihae Road. The full-service pharmacy will replace a smaller, 1,424-square-foot Long’s Drugs that is located in an adjacent center. The store is expected to serve nearly 15,000 residents in the north Kohala upcountry coast of the Big Island. This is the ninth Long’s Drugs that KZ DevCo has completed in Hawaii in the past six years.
HEMET, CALIF. — Diamond Valley Plaza, a 58,034-square-foot shopping center in Hemet, has sold to Time Equities Inc. (TEI) for $5.8 million. The center is located on Diamond Valley Road. It is 94 percent leased to tenants like Crunch Fitness and Big Cheese Pizza. It is shadow anchored by Sprouts Farmers Market. This is TEI’s fourth shopping center purchase this year.