SCHAUMBURG, ILL. — Sun Life Assurance Co. of Canada has renewed its 13,246-square-foot lease at 3120 N. Plum Grove in Schaumburg. The 72,461-square-foot flex building is 86 percent occupied and includes a drive-in door with storage rooms and 18-foot clear ceiling heights. Michael Flynn, executive vice president, and Jason Wurtz, vice president, of NAI Hiffman’s office services group represented Sun Life Assurance Co. of Canada in the transaction. Jordan Rovito of Cushman & Wakefield represented the landlord, Innovative Marketing Solutions.
WEEHAWKEN, N.J. — Mack-Cali Realty Corp. has broken ground on the $100 million RiverParc at Port Imperial, a 280-unit luxury multifamily property in Weehawken. The 10-story building is part of the $2 billion Port Imperial development, a mixed-use waterfront destination that spans two-and-a-half miles directly across the Hudson River from Midtown Manhattan. RiverParc is Mack-Cali’s first new construction residential project since acquiring multifamily developer Roseland in October 2012. Roseland will oversee the leasing and management responsibilities of RiverParc. The building is expected to open for occupancy in the third quarter of 2014. RiverParc is a joint venture between Roseland and The Prudential Insurance Co. of America. PNC is the leading provider of construction financing for the project, and Wells Fargo is also participating with construction financing. RiverParc’s amenity package will include a fitness center, golf simulator, indoor heated pool, outdoor terrace with a hot tub and fire pit, movie theater, children’s playroom, conference meeting space and a game room with billiards. The community will also have 320 indoor parking spaces, which will include guest parking.
NEW YORK CITY — Real estate private equity firm Savanna has signed Real Estate Arts Inc. to a new lease at 31 Penn Plaza in New York City. Real Estate Arts will occupy approximately 6,822 square feet on a portion of the sixth floor for a 10-year term. Mitchell Konsker, Matthew Astrachan and Matthew Polhemus of Jones Lang LaSalle represented Savanna in the lease transaction. Michael Hirsch and Benjamin Friedland of CBRE represented the tenant.
NEW YORK CITY — Massey Knakal has sold a development site for $4.2 million at 401 State St., between Bond and Nevins streets in Brooklyn’s Boerum Hill neighborhood. The four-story building is configured as office space and spans approximately 18,000 square feet. Bob Knakal of Massey Knakal handled the transaction with Stephen Palmese.
DALLAS AND GAITHERSBURG, MD. — KBS Real Estate Investment Trust III has closed on a $269 million purchase of three office properties: Preston Commons and Sterling Plaza in Dallas, and One Washingtonian in Gaithersburg. The purchase is KBS REIT III’s largest transaction to date. Preston Commons is a three-building, Class A complex with 427,799 square feet of rentable space covering 6.33 acres. Sterling Plaza is a Class A, LEED Silver-certified property with 313,609 square feet of rentable space. Preston Commons and Sterling Plaza are both currently 86 percent occupied and located in Dallas’ Preston Center neighborhood. One Washingtonian is a Class A, LEED Platinum-certified tower with 321,007 square feet of rentable space. The property is currently 94.9 percent occupied and is located on the west side of Interstate-270 in Gaithersburg. The complex is part of Washingtonian Center, a 212-unit mixed-use project that includes restaurants, shops, hotels and offices. CBRE’s Russel Ingrum led the portfolio sale with local assistance in Dallas by Gary Carr and in Maryland by Bill Kaye and Ryan Clutter, all with CBRE. KBS REIT III purchased the properties from affiliates of CBRE Global Investors.
LIBERTY, TEXAS — Marcus & Millichap Real Estate Investment Services has arranged the sale of Liberty Crossing Shopping Center, a 10,276-square-foot retail property located at 2121 Highway 146 Bypass in Liberty. Philip Levy of Marcus & Millichap represented the buyer, a private investor, and the seller, 2121 146 Bypass LLC, in the transaction. The center is currently 88 percent occupied. Workforce Solutions occupies 68 percent of the gross leasable area, and Ice Ventures leases space in Liberty Crossing’s parking lot.
HOUSTON — NAI Houston has been selected to market an 88,705-square-foot corporate headquarters-style facility, located at 8787 Tallyho Road in Houston’s Gulf Freeway submarket. The property is comprised of three office buildings connected by interior walkways and is situated on 12-acres of land. Building amenities include a data center with back-up generators, offices, open-areas, cafeteria, boardroom, kitchen areas and an 8/1,000-square-foot parking ratio. NAI Houston’s Dan Boyles Jr. and Liz Westcott-Brown will be the leasing/sales agents for the property.
FRISCO, TEXAS — Hall Financial Group, owner and landlord of the 162-acre Hall Office Park in Frisco, has signed leases with four new companies within the complex. The Old Republic Title Insurance Group (ORTIG) has signed a new lease for 3,290 square feet at 6801 Gaylord Parkway. Jill Arias with DZT represented ORTIG in lease negotiations. Advanced Microbial Solutions LLC has signed a new lease for 3,251 square feet at 2600 Network Blvd. Rhonda Martin of The Commercial Connection represented Advanced Microbial Solutions in the lease transaction. Medical Management Professionals Inc. has signed a new lease for 1,695 square feet at 2591 Dallas Parkway. Brad Mason of Jackson Cooksey represented MMP in negotiations. Basic Contracting Services Inc. has leased office space at 2600 Network Blvd. for its corporate headquarters. Kim Butler, Tammy Nellis and Brad Gibson represented Hall Financial Group in-house in all four lease deals.
PHOENIX – The 432-unit Arcadia Cove Apartments in Phoenix has sold to Bascom Arizona Ventures for an undisclosed sum. The community is located at 2252 N. 44th Street. The 25-building complex was built in 1996. Bascom plans to recapitalize the property and execute interior and exterior renovations.
PUYALLUP, WASH. – The 251-unit One Canyon Place in Puyallup has received $18 million in financing. The community is located at 11619 Canyon Road East just east of Tacoma. It is 97 percent occupied. The 35-year, fixed-rate loan features a 3.2 percent interest rate and a 72 percent loan-to-value ratio. The non-recourse financing was arranged by Louis Weisman of Berkadia Commercial Mortgage LLC’s Seattle office on behalf of Delta II LLC. It was arranged through the firm’s FHA/HUD 223(f) program.