NEW YORK CITY — Marcus & Millichap Real Estate Investment Services has arranged the sale of 393 Lewis Ave., a 6,600 square-foot mixed-use building located in Brooklyn. The asset commanded a sales price of $1.7 million, which represented approximately $257 per square foot. Derek Bestreich and Lucien Sproviero of Marcus & Millichap’s Brooklyn office represented the seller, a private investor. Sproviero and Bestreich also secured and represented the buyer, a private investor.
NEW HAVEN, CONN. — Alexion Pharmaceuticals Inc. has broken ground on 100 College Street, a state-of-the-art laboratory and office building that will house the company’s new global headquarters in New Haven’s Downtown Crossing neighborhood. Alexion will be the anchor tenant in 100 College Street, occupying nine floors. The building is expected to be open for occupancy in 2015. Alexion plans to relocate more than 400 employees who are currently based in Connecticut to the new site in 2015. The state-of-the-art, 11-story office building is the first building to be erected as part of New Haven’s Downtown Crossing urban revitalization effort. The building is being constructed to be certifiable of at least LEED Silver.
EXTON, PA.— Noble Opportunity Fund I has sold a 36,000-square-foot flex building, located in the Eagleview Corporate Center at 650 Pennsylvania Ave. in Exton, for $2.5 million.The buyer, Chester County Food Bank, is a nonprofit organization that collects, grows, processes, stores and distributes food to those who serve the hungry in Chester County. The building includes 6,000 square feet of Class A office space, an indoor garden atrium and 30,000 square feet of warehouse space. Scott Williams, senior vice president in Binswanger’s King of Prussia office, arranged the transaction.
LAREDO, TEXAS — Horizon Group Properties Inc. has unveiled its plans for the development of a 350,800-square-foot outlet center to be named The Outlet Shoppes at Laredo. The center will be located at the Gateway to the Americas near Highway 35 and will open in 2015.The Outlet Shoppes at Laredo will house 80 to 90 stores, bringing an estimated 1,000 new jobs to the Laredo area as well as generating more than $130 million in annual sales.
SAN ANTONIO — Ron Davis of Johnson Capital’s Dallas office has arranged $2.4 million in joint venture equity financing for the construction of Autumn Leaves of Stone Oak, a 30,000-square-foot memory care center located at 20272 Stone Oak Parkway in San Antonio. Davis procured the equity investment from Dallas-based MedProperties Holdings LLC. The project cost will total $10.7 million. The LaSalle Group is the developer for the project. Frost Bank provided the construction loan. Autumn Leaves of Stone Oak is expected to open in spring 2014 and will house 50 residents with Alzheimer’s, dementia and memory impairment.
IRVING, TEXAS — Texas Irondale Office LLC has purchased a 52,000-square-foot office building, located at 1411 Greenway Drive in Irving. Bob Buell and Louie Weber of Fults Commercial Real Estate represented the seller, and Bob Luttrell of Jackson Cooksey represented the buyer in the transaction.
AUSTIN, TEXAS — CBRE has negotiated the sale of the Continental Building at 9101 Burnet Road and the Briarcroft Building at 12710 Research Blvd. in Austin for an undisclosed price. The Continental Building is a 58,700-square-foot, Class B office property located in the North Central Austin submarket. The building sits within the boundaries of the City of Austin’s North Burnet/Gateway Master Plan, which includes improvements and rezoning for restaurants, transportation and other mixed-use enhancements. The property was 85 percent occupied at the time of close. The Briarcroft Building is a 63,825-square-foot Class B office property situated in the center of Austin’s technology corridor in the Northwest submarket. The space was 85 percent occupied at the time of close. Walter Saad and Cathy Nabours of CBRE Austin represented the seller, Kennedy Wilson. Luke Wood of Haverwood Management represented the buyer, OakPoint.
DALLAS — Dougherty Mortgage LLC has closed a $3 million loan for the refinance of Virginia Manor Apartments, a 156-unit market rate multifamily property located in Dallas. Dougherty arranged the seven-year term, six-and-a-half-year yield maintenance refinance loan on behalf of the borrower, VM Investments LLC.
DENVER — Westmoor Center, a 612,890-square-foot, Class A office complex, has sold to KBS Strategic Opportunity REIT for $86 million. The six-building complex is located at 10055-10385 Westmoor Drive in the Denver submarket of Westminster. It was 86 percent occupied at the time of sale. Notable tenants include Ball Corporation, Lender Processing Services and Datalogix. Westmoor Center is part of the larger Ten West complex at Westmoor Business Park. With this recent purchase, KBS and affiliates now own six office properties in the Denver area that total more than 1.7 million square feet.
PHOENIX — Buckeye Logistics Center, a 684,064-square-foot, institutional-quality industrial property, has sold to IIT Acquisitions LLC for $44.3 million. The two-building center is located at 6825 and 6913 W. Buckeye Road. The first building is fully leased to HD Supply, Victory Packaging and Mor Furniture for Less. The second building is fully leased to Philosophy and Kellogg. Mark Detmer and Bo Mills of Jones Lang LaSalle's (JLL) Capital Markets group represented both the buyer and the seller, Principal Real Estate Investors, in this transaction. Pat Harlan,Steve Sayre and Kyle Westfall, also of JLL, were able to fully lease the previously vacant buildings prior to the sale.
