PARSIPPANY, N.J. — Jones Lang LaSalle has broken ground on the Lexus Eastern Area Office and Training Facility at 300 Webro Road in Parsippany, which will serve as a training center for Lexus dealerships throughout the Northeast and Mid-Atlantic regions. In September 2012, Toyota Motor Sales U.S.A. Inc. (TMS) retained Jones Lang LaSalle to provide project management services for the construction of the facility, as well as to lead efforts to achieve LEED for Commercial Interiors certification for the facility. The Jones Lang LaSalle team overseeing the project management assignment is led by Jerry Sullivan, senior project manager, and supported by Eric Brown, project manager. The group handling LEED certification is led by Dana Schneider, senior vice president, and includes Jasmine Davis, project manager. Upon completion, which is expected in late August, the facility will total 32,000 square feet, including 20,000 square feet of administrative and presentation space and 10,000 square feet of training space equipped with 16 training bays. The facility will allow TMS to train up to 16 different teams simultaneously.
Property Type
NEW YORK CITY — Gramercy Property Trust Inc. has closed on the acquisition of two cross-dock truck terminals in the Long Island and Baltimore areas for $9.8 million. Cross-docking is a practice in logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading the materials directly into outbound trucks, trailers or rail cars. The Long Island Terminal includes 54 dock doors, located on five acres in Deer Park, a community in Long Island. This terminal is leased through December 2019 to a national carrier. The second terminal includes 61 dock doors and is located on 10.5 acres in Elkridge, a southwest suburb of Boston. The Elkridge Terminal is leased to a northeast carrier. The terminals were purchased separately in all-cash transactions.
BOSTON — Fantini & Gorga has arranged $4 million in financing for Rutland Housing, a 44-unit midrise multifamily property in Boston’s South End neighborhood. Constructed in 1972, Rutland Housing includes two adjacent buildings, each four stories plus a basement. The buildings feature a mix of one-, two-, three- and four-bedroom units, as well as 18 off-street parking spaces and four retail/office units. The current ownership purchased the property in 1988 and has extensively renovated the apartments.
LEWISVILLE, TEXAS — Beech Street Capital LLC has closed a Fannie Mae conventional loan for the acquisition of The Place at Park Timbers, a 230-unit multifamily property in Lewisville, a suburb of Dallas. Chuck Christensen of Beech Street originated the transaction. The borrower is a partnership organized by Allmark Properties. The Place at Park Timbers offers 11 floor plans, a clubhouse, two pools, a spa and fitness center. Units feature all-electric kitchens, central air, private balconies and patios and walk-in closets.
LONGVIEW, TEXAS — Morris-Floyd Capital Partners has purchased Longview Plaza, a 157,000-square-foot power center located on West Loop 281 in Longview. The center, previously owned by Longview Plaza Ltd, is anchored by Bed Bath & Beyond, T.J. Maxx, Michael’s, Office Depot, Best Buy and Books-A-Million. BBVA Compass provided acquisition financing, and Bruce Marshall and Bill Graham of Sperry Van Ness brokered the sale. Longview Plaza is currently at 100 percent occupancy.
FORT WORTH, TEXAS — Skywalker Property Partners and the Caffey Group have acquired Atrium Center, a 50,686-square-foot office building located at 8851 Camp Bowie West Blvd. in Fort Worth. Approximately 20 percent of the space will be occupied as a headquarters for the Caffey Group, which will relocate to the new space in September. The terms include the option for Caffey Group to purchase the property in the future. Jack Clark of Red Oak Realty represented the seller, Hwy 80 Capital LP. The center, which will be renamed Atrium West, is currently at 78 percent occupancy. Its largest tenant is the City of Fort Worth’s engineering department, occupying the 16,141-square-foot third floor. Three of the nine tenants are medical providers.
DALLAS — Zixcorp has renewed its 42,916-square-foot office lease through 2024 at Cityplace, located at 2711 N. Haskell Ave. in Dallas. David Wetherington and Travis Ewert of Colliers International represented Zixcorp, and Jeff Schweitzer and Tommy Nelson of Stream Realty represented the landlord, Dallas Cpt. Fee Owner LP, in the transaction.
PLANO, TEXAS — ARA has arranged the sale of Heritage at Lakeside, a 181-unit multifamily property in Plano, to Los Angeles-based JRK Property Holdings for an undisclosed price. Brian O'Boyle Jr., Brian O'Boyle Sr. and Brian Murphy of ARA represented the seller in the transaction. The average unit is sized at 1,582 square feet.
MOUNTAIN VIEW, CALIF. – A 59-building office/R&D portfolio that spans throughout Silicon Valley has received a $300-million loan. The portfolio contains three business parks and 38 stand-alone office buildings for a total of 2.4 million square feet. The properties are located in Mountain View, Sunnyvale, Santa Clara, San Jose and Milpitas. The portfolio is more than 80 percent leased to tenants like Apple, SanDisk, the McGraw-Hill Company, Intel and Netflix. The properties have been institutionally maintained and most are well positioned to serve as corporate headquarters. The 4 percent, floating-rate loan was arranged by HFF’s Eric Tupler, Bruce Ganong, Chris Gandy, Leon McBroom and Ed Brown who worked on behalf of a joint venture between two global investment managers. The loan was placed with Blackstone Mortgage Trust. Proceeds were used to refinance existing debt.
PHOENIX – The Corporate Campus at Norterra, a 232,600-square-foot office campus in Phoenix, has sold to Griffin Capital Essential Asset REIT for $54.5 million. The two-building, Class A campus is located at 25500 and 25600 Norterra Parkway. It is part of a 573-acre master-planned campus that is adjacent to the USAA Phoenix Campus. The buildings are fully leased to a Fortune 500, global health services company that holds a triple-net lease through July 2023. The seller, an affiliate of USAA Real Estate Company, was represented by Chris Toci, Chad Littell, Tim Whittemore of Cushman & Wakefield’s Phoenix office, as well as by Mike Beall of Cassidy Turley in Phoenix. Toci also procured the buyer.