Property Type

$23M CONVERSION OF FORMER OMAHA FEDERAL BUILDING INTO HOTEL UNDER WAY

by admin February 18, 2013

OMAHA — The $23 million conversion of the former Federal Building in Omaha into a Residence Inn by Marriott is under way. Once completed this summer, the hotel will include 152 rooms, a 1,000-square-foot penthouse on the 12th floor with panoramic views of the city and nearly 2,000 square feet of meeting space. The project will preserve and utilize all of the building’s original marble, terrazzo tile, wooden railings and brass fixtures. The conversion of the Omaha Federal Building into a Residence Inn by Marriott is the latest in a series of adaptive reuse projects by First Hospitality Group Inc. aimed at maximizing the potential of historic properties.

February 18, 2013

CBRE COMPLETES SALE OF CAPITAL CENTER IN INDIANAPOLIS

by admin February 18, 2013

INDIANAPOLIS — CBRE’s Indianapolis Investment Properties Group has completed the sale of Capital Center, a 647,818-square-foot office complex. The complex consists of two Class A office towers in the central business district of Indianapolis. CBRE represented the seller, Invesco Real Estate. The buyer was Santa-Monica, Calif.-based Hertz Investment Group. The purchase price was not disclosed, but according to the Indianapolis Business Journal, the two towers have a net operating income of $4.5 million.

February 18, 2013

Industrial Midwest

BB&T REAL ESTATE SECURES $11M FINANCING FOR IRON MOUNTAIN PROPERTY

by admin February 18, 2013

ADDISION, ILL. — BB&T Real Estate Funding has secured a $11 million mortgage loan for Iron Mountain, a 234,057-square-foot industrial property. The nonrecourse loan was structured with an 18-month term and a one six-month extension. The property is located at 331 S. Swift Road in Addison, about 20 miles west of Chicago.

February 18, 2013

Civic Midwest

CONSTRUCTION UNDER WAY FOR $3M FIREHOUSE IN METRO ST. LOUIS

by admin February 18, 2013

UNIVERSITY CITY, MO. — Construction is under way for the new $3 million Firehouse No. 1 in University City, a suburb of St. Louis. The 17,000-square-foot facility, located at Vernon and Westgate avenues, will include five engine bays, a training room, administrative offices and a mezzanine with a workout room. Living quarters on the second floor will include 10 bedrooms with 30 beds, a full kitchen and an outdoor deck. The project is funded in part by a $2.6 million American Recovery and Reinvestment Act (ARRA) Assistance to Firefighters Station Construction Grant, with the balance funded by University City. Kwame Building Group is the construction project manager, and Archimages is the architect. The firehouse is slated for completion in late summer.

February 18, 2013

Multifamily Northeast

MULTIFAMILY PORTFOLIO SELLS FOR $37.6 M IN HUDSON COUNTY, N.J.

by admin February 18, 2013

HUDSON COUNTY, N.J. — A 13-property multifamily portfolio has sold to a private investment group for $37.6 million. The portfolio includes seven properties in West New York, five in Union City and one in North Bergen and has a total of 398 units. All of the properties are located within Hudson County, the smallest, but most densely populated county in New Jersey. West Orange-based Feinstein, Raiss, Kelin & Booker LLC arranged the sale.

February 18, 2013

Northeast Retail

PRIVATE INVESTOR ACQUIRES TOPS PLAZA FOR $4.4M IN NORWICH

by admin February 18, 2013

NORWICH, N.Y. — A private investor has purchased Tops Plaza, an 85,453-square-foot grocery-anchored strip center for $4.4 million. The retail property is located at 54 E. Main St. in Norwich, about 100 miles west of Albany. Joseph French and Thomas Dalzell of Marcus & Millichap represented the buyer and the seller, a public REIT, in the deal.

February 18, 2013

Northeast Retail

SIERRA REALTY NAMED PROPERTY MANAGER FOR 875 WASHINGTON STREET

by admin February 18, 2013

NEW YORK CITY — Sierra Realty LLC was named property manager for 875 Washington Street, a 75,000-square-foot retail building. Located in the Meatpacking District at the intersection of Washington Street and West 14th Street, the building was purchased in December by a partnership between Thor Equities LLC and ASB Real Estate Investments.

February 18, 2013

Industrial Texas

CBRE SECURES SALE OF THREE CLASS A INDUSTRIAL PROPERTIES

by admin February 18, 2013

DALLAS — CBRE has brokered the sale of Trade Center I, II and IV, three Class A industrial properties near Dallas/Fort Worth International Airport totaling 1.4 million square feet. Trade Center I is located at 2700 Regent Blvd. and Trade Center II and IV are located at 2520-2525 Esters Blvd. in a master-planned business park. Trade Center I is fully leased while Trade Center II and IV are 92 percent leased. Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni of CBRE represented the sellers, Bentall Kennedy and Trammell Crow Co., in the transaction. Dallas-based Invesco Real Estate is the buyer.

February 18, 2013

Industrial Texas

HENRY S. MILLER ARRANGES CAR COMPANIES' EXPANSION

by admin February 18, 2013

DALLAS — Henry S. Miller has arranged expansions for BBC Motorsports and Toyota of Dallas in the Dallas area. Bill Bledsoe of Henry S. Miller represented Toyota of Dallas in its purchase of the Vonco Medical building, located at 11480 Anaheim Drive in Dallas. The medical building includes a 33,493-square-foot warehouse and is located on a 2.03-acre lot. Toyota of Dallas plans to expand its body operations at the new site. Bledsoe also represented BBC Motorsports in its 59,425-square-foot lease expansion at 1320 Chemical St. in Dallas. The expansion nearly doubled its footprint at the 70,000-square-foot warehouse. The BBC Motorsports showroom will now occupy approximately 75 percent of the warehouse.

February 18, 2013

Multifamily Texas

M&M BROKERS SALE OF BRIARCREST APTS. IN IRVING

by admin February 18, 2013

IRVING, TEXAS — Marcus & Millichap has arranged the sale of the 51-unit Briarcrest Apartments, located at 506 N. Rogers Road in Irving. Boyan Radic of Marcus & Millichap's Fort Worth office represented the seller, a limited liability company, in the transaction.

February 18, 2013

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