Property Type

PENNSYLVANIA HAMPTON INN TRADES FOR $16.8M

by admin January 30, 2013

ALTOONA, PA. — HIAP and MMRE LP have sold the 111-room Hampton Inn in Altoona for $16.8 million. The sale also included vacant lots and two residential properties. The property is situated off I-99 at the West Plank Road exit. The hotel is surrounded by a significant amount of retail space, including the neighboring Logan Valley Mall and an adjacent Cracker Barrel Restaurant and Champs Sports Bar & Grill. Geoff Davis, Ted Anka and Ketan Patel of HREC Investment Advisors represented the seller in the transaction.

January 30, 2013

FAROS, CASPI ACQUIRE 145,000 SF OFFICE PROPERTY IN WHITE PLAINS

by admin January 30, 2013

WHITE PLAINS, N.Y. — In a joint acquisition, Faros Properties and Caspi Development have purchased the former Nestle headquarters at 120 Bloomingdale Road in White Plains. The six-acre property and its 145,000-square-foot office building sold at a deep discount for $10.5 million. The property, previously appraised at $33 million, was acquired from a special servicer after the previous owner defaulted on its CMBS loan. The new owners plan to extensively renovate the property by this fall. The building features a private roof deck, on-site property management, 24/7 building access and a private, 100-car parking deck. Carl Austin of Austin Corporate Properties represented the buyers. Joseph Garibaldi of Jones Lang LaSalle represented the seller, C-III Realty Services.

January 30, 2013

Northeast Office

AD COMPANY TAKES SPACE IN FORMER NEW YORK TIMES BUILDING

by admin January 30, 2013

NEW YORK CITY — Felix/CityGrid Media, a local advertising service, has signed a new five-year lease for 26,000 square feet at 229 W. 43rd St. in New York City. The deal marks the first lease completed in the newly renovated building, which was previously occupied by The New York Times. Felix/CityGrid Media will occupy a portion of the sixth floor in the 747,852-square-foot building. Brian Waterman, Lance Korman, Jonathan Tootell and Brent Ozarowski of Newmark Grubb Knight Frank represented the building owner, Equity One Properties, in the transaction. Steven Rotter, Scott Panzer and Ryan Masiello of Jones Lang Lasalle represented the tenant.

January 30, 2013

Civic Northeast

NON-PROFIT COMMUNITY FACILITY SELLS TO BOWERY MISSION FOR $5.3M

by admin January 30, 2013

NEW YORK CITY — The Bowery Mission Society has acquired a six-story, non-profit community facility at 315 E. 115th St. in New York City for $5.3 million. The 21,390-square-foot building previously housed a mother and baby program. David Lebenstein, Robair Reichenstein and Debra Wollens of Cassidy Turley represented the seller, Palladia Inc., in the transaction. Cornerstone Advisory represented the buyer.

January 30, 2013

Civic Texas

SKANSKA BUILDING $23.8M FACILITY ON TEXAS A&M CAMPUS

by admin January 30, 2013

KILLEEN, TEXAS — Skanska has signed a contract with Texas A&M University-Central Texas to construct a $23.8 million, four-story facility on its new Killeen campus. The project is Phase II of the new master-planned campus, which will house the campus library, counseling center, career services, school of education, social work program, instructional technology, teachers' offices, classrooms and laboratory space. Good Fulton & Farrell Architects is the project's architect. Construction is under way on the building and its completion is expected in March 2014.

January 30, 2013

Industrial Texas

NEW BUSH BELTLINE DISTRIBUTION CENTER UNDER CONSTRUCTION

by admin January 30, 2013

DALLAS — Billingsley Co. has begun construction of the new 300,000-square-foot Bush Beltline Distribution Center, located at the intersection of Belt Line Road and George Bush Turnpike 190 in Dallas. The distribution center will include 32-foot clear heights, cross docks and 135-foot truck courts. The building was 86 percent leased before the ground breaking. Mattress Firm has secured a lease for 153,000 square feet in the center. The landlord, Billingsley Co., was self-represented by Marijke Lantz and Carter Crow. Damian Rivera and Graham Horton of Stream Realty Partners represented Mattress Firm. The property is slated for a July 2013 completion.

January 30, 2013

Healthcare Texas

HAMMOND HANLON ADVISES $26.75M MEDICAL OFFICE SALE

by admin January 30, 2013

DALLAS — Hammond Hanlon Camp LLC, a healthcare investment banking firm, has advised SRP Medical and Forest Park Medical Center on the $26.75 million sale of Forest Park Pavilion, a 69,000-square-foot medical office building in Dallas. Healthcare Trust of America, a publicly traded REIT, has purchased the property, which is fully leased to Forest Park Medical Center and third-party physicians. Forest Park Pavilion is part of the Forest Park Medical Center campus.

January 30, 2013

Multifamily Texas

BLOCK FUNDS ACQUIRES LUXURY MULTIFAMILY COMMUNITY

by admin January 30, 2013

KYLE, TEXAS — Block Funds has acquired The Settlement, a 396-unit luxury multifamily community located in Kyle, which is just south of Austin. The property was delivered in January 2012. Block Multifamily Group, a division of Block Real Estate Services, will manage the property.

January 30, 2013

Industrial Texas

WESTMOUNT REALTY ACQUIRES DISTRIBUTION FACILITY

by admin January 30, 2013

GARLAND, TEXAS — Westmount Realty Capital has purchased a 341,840-square-foot manufacturing distribution facility in Garland. The distribution facility is fully leased to Apex Tool Group, which recently signed a new 20-year net lease. Apex Tool Group builds hand, power and electric tools, most notably the Sears Craftman brand. Other brands include Crescent, Armstrong, Allen and Kobalt. Apex is owned by a joint venture between Danaher Corp. and Cooper Industries. Westmount will invest approximately $1.5 million in interior and exterior building improvements, including new finishes throughout. Lee and Associates represented the seller in the transaction. Additionally, NorthMarq Capital arranged acquisition financing.

January 30, 2013

Multifamily Western

COHEN ARRANGES $119M IN FINANCING FOR VEER TOWERS IN LAS VEGAS

by admin January 30, 2013

LAS VEGAS — Cohen Financial has secured $119 million in debt and equity financing for 427 condominium units at Veer Towers in Las Vegas. The 670-unit twin towers are located within CityCenter, a joint venture between MGM Resorts International and a subsidiary of Dubai World. The units were purchased last month from the developer. The structured financing was secured by Kevin O’Grady and Eric McGlynn of Cohen Financial’s Miami office. They worked on behalf of Pordes Residential and obtained financing from an affiliate of Ladder Capital Finance Holdings, LLLP.

January 30, 2013

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