Property Type

CEDAR FALLS, IOWA — GA Keen Realty Advisors, a division of Great American Group Inc., is marketing a 48,250-square-foot office building in Cedar Falls. The property and facilities are being sold as part of a Federal Receiver’s sale, with GA Keen Realty Advisors working with the court appointed receiver, Chicago-based attorney Michael Eidelman, in marketing the building and property. The bid deadline is Friday, May 24 with an auction scheduled for Friday, May 31. Built in 2008, the building design features minimal emissions, water use, waste and indoor pollutants. Located on a 22-acre site at 1 Peregrine Way, the property is designated as a Class A professional office building and includes 108 exterior parking stalls and 43 underground parking spaces. The building is the former headquarters of Peregrine Financial Group owned by Russell Wasendorf Sr., which filed for bankruptcy in July 2012.

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LAKEWOOD, N.J. — Beech Street Capital LLC has closed a $20.6 million FHA 232/223(f) loan to refinance Leisure Chateau Care & Rehabilitation Center, a 242-bed skilled nursing facility in Lakewood. Constructed three years ago, Leisure Chateau is situated 70 miles south of New York City and 70 miles east of Philadelphia. The first-time borrower plans to use the loan to refinance existing eligible debt, complete minor repairs and to establish a replacement reserve account. Joshua Rosen of Beech Street Capital originated the transaction.

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SAUGUS, MASS. — Marcus & Millichap has arranged the sale of a CVS/Pharmacy property in Saugus for $9.6 million. The building, which is located at 1075 Broadway, spans 12,900 square feet. Laurie Drinkwater and Seth Richard of Marcus & Millichap represented the buyer in the transaction. Dean Zang and Mark Taylor of Marcus & Millichap represented the seller.

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NEW YORK CITY —Liberty Mutual Insurance has signed a 130,000-square-foot lease at 55 Water St. in New York City for 10 years. The 3.8 million-square-foot office building stands 54 stories tall and is the second largest privately owned office building in New York City. Liberty Mutual’s new lease doubles its space and spans two floors. Mary Ann Tighe, Brad Gerla, Howard Fiddle and Evan Haskel of CBRE represented the owner, New Water Street Corp., in the deal. Cresa represented Liberty Mutual.

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BOSTON — Richards Barry Joyce & Partners has brokered several leases on behalf of Clarion Partners at Waltham Woods Corporate Center, located at 880 and 890 Winter St. in Boston. The leases total more than 55,000 square feet of space and were signed with Fieldwork Boston, Global Advanced Metals, NKT Therapeutics Inc., Windjammer Capital Investors and WinterWyman. Jon Varholak and Ron Friedman of Richards Barry Joyce & Partners represented Clarion Partners in the transactions.

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IRVING, TEXAS — UCR Investment Sales has brokered the sale of the 106,647-square-foot Central Park Shopping Center, a grocery-anchored development located at 1706 W. Irving Blvd. in Irving. Terry's Supermarket anchors the shopping center, which includes other tenants such as Auto Zone, Rent-A-Center, Family Dollar, H&R Block, Super Wash & Dry and Metro PCS. The shopping center is 86.5 percent leased. Tommy Tucker of UCR Investment Sales represented the out-of-state seller and procured the buyer, an investment group formed by Steve Gregory, Derek Ferem and the J. Evans Family Partnership.

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HOUSTON — Houston-based Gordon Partners has purchased the 190,000-square-foot Northwest Village Shopping Center, located at the corner of Highway 290 and Jones Road in Houston. The property is 87 percent leased to 35 tenants, including Spec's Wines, Liquor and Finer Foods, Harbor Freight Tools, Exclusive Furniture, T-Mobile and Subway. Gordon Partners plans to remodel the center and create junior anchor space opportunities. The shopping center is Gordon Partners' first Houston acquisition. The seller in the transaction was Baceline Value Fund I.

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HOUSTON — Los Angeles-based Thorofare Capital has funded a $3.15 million acquisition loan for the 208-unit Chelsea Lane Apartments in Houston. The borrower, a multifamily investor, plans to purchase, renovate and re-tenant the apartment community. The renovation is expected to cost $1 million and will include roof repairs, an updated HVAC system, updated project gates, parking lot repairs, plumbing upgrades, floor and window renovations and updated cabinetry. The property was built in 1974 and is currently 41.8 percent occupied. Thorofare funded 67 percent of the total project costs, including transaction fees, renovation budget and closing costs.

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LAS VEGAS – The Genting Group has purchased the 87-acre Echelon development site on the Las Vegas Strip for $350 million. The company plans to build a $2-billion hotel-casino complex called Resorts World Las Vegas. Construction is scheduled to begin on the first phase in 2014. It will include a 3,500- room hotel and a 175,000-square-foot casino. The resort is scheduled to open in 2016. The Echelon site was sold by Boyd Gaming, which halted construction on its $4.8-billion project in August. 2008. It would have contained five hotels and a 140,000-square-foot casino.

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FREMONT, CALIF. — Seagate Technology has announced plans to build a $180-million research and development complex at the former 411,618-square-foot Solyndra plant in Fremont. The company purchased the Class A facility in February for $90.2 million after Solyndra filed for bankruptcy. The building is located at 47488 Kato Road. The disk drive company plans to occupy the facility. Seagate was represented by Donald Reimann, Sean Toomey and Gregg Von Thaden of Colliers International. Solyndra was represented by Bart Lammersen, Greg Matter and Jason Ovadia of Jones Lang LaSalle in the all-cash sale.

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