NEW YORK CITY — Through foreclosure proceedings, Madison Realty has taken ownership of 364 Bay St., a stalled 55,000-square-foot retail center near the St. George waterfront. The firm plans to finish and lease the two-story retail project, which is slated for completion by the end of 2013. Madison purchased the defaulted first mortgage note and second mortgage note with an unpaid principal balance of $2.9 million from a local bank. The previous owner had acquired the land for $4.5 million and had spent an additional $2.5 million on improvements when construction was halted during the downturn. When Madison completes the project, the property will feature more than 40,000 square feet of retail space.
NEW YORK CITY — Montefiore Medical Center has reached an agreement with owner and developer Simone Development to build out and occupy a new, 11-story tower in the Bronx. The 280,000-square-foot building will be part of Simone's Hutchison Metro Center, which is scheduled for completion in the third quarter of 2014. The new tower will include an ambulatory surgery center, an advanced imaging center, an onside laboratory and pharmacy and primary and specialty care practices. Montefiore will spend a reported $142 million on the new facilities. The company's lease is for 16 years, after which there is an option to extend the lease or purchase the tower.
HAUPPAUGE, N.Y. — KABR Real Estate Investment Partners and Capstone Realty Group have acquired 330 and 350 Motor Parkway, the gateway office buildings to the Hauppauge Industrial Park. The new owners plan to upgrade the properties, which total 144,000 square feet. The buildings are separated by Marcus Boulevard and are near Long Island Expressway Exits 53 and 55. The buildings are 85 percent occupied and tenants include New York Commercial Bank, First National Bank of Long Island and the Long Island Convention and Visitors Bureau. The Rochlin Organization will serve as the building's leasing agent.
HOUSTON — Liberty Property Trust has selected Cadence McShane Construction Co. to build the 163,600-square-foot Liberty 10 at Central Green, a warehouse/distribution center located at 16330 Central Green Blvd. in Central Green Business Park in Houston. The property is LEED Core and Shell certified and will include 3,000 square feet of office space. Seeberger + Associates will provide architectural services for the assignment. The project is slated for a February 2013 completion.
BROKEN ARROW, OKLA. — Sperry Van Ness/William T. Strange & Associates LLC (SVNWTS) has arranged the $2.4 million sale of the 36,218-square-foot Berkshire Medical Plaza, located at 1615-1621 Eucalyptus in Broken Arrow. The property was built in 2000 and is 50 percent occupied. Ryan McNeill and Tim Strange of SVNWTS represented the seller, RCB Bank, in the transaction. Dr. Jeff McIllroy was the buyer.
DALLAS — Winstead PC, a law firm, has moved its offices to 130,000 square feet of space at 500 Winstead Building, located at 2728 N. Harwood St. in uptown Dallas. The law firm moved locations from Renaissance Tower. Design firm lauckgroup and general contractor Beck Group collaborated with Winstead on the design of their new office space.
IRVING — SkyWalker Property Partners has acquired a vacant 21,696-square-foot office building in the Las Colinas Office Center, located at 3001 Skyway Circle N. in Irving. SkyWalker purchased the portfolio through its investment vehicle, Hangover Opportunity Fund LLC. Renee Efimoff of SCM Real Estate Services in Arlington and Gary Walker of SkyWalker represented the buyer in the transaction. Shawn Hall of Bright Realty Co. represented the seller, a trust based in Connecticut.
WEATHERFORD, OKLA. — Marcus & Millichap has arranged the sale of a 3,418-square-foot restaurant leased to McDonald's, located at 105 N. Washington St. in Weatherford. Approximately 11 years is remaining on McDonald's 20-year lease. Vincent Knipp and Chance Hales of Marcus & Millichap's Fort Worth office represented the seller, a private investor, and the buyer, a partnership, in the transaction.
PHOENIX – The 224-unit Fountain Oaks apartments in Phoenix has sold to Summit Equity Investments for $8.3 million. It is located at 1225 North 40th Street. Summit Equity represented itself in the transaction, while the undisclosed seller was represented by Cindy Cooke, Brad Cooke and Carrie Burton of Colliers International’s Phoenix office.
RIVERSIDE, CALIF. – The County of Riverside has purchased two office buildings inside the Citrus Park West business park for $6.6 million. The properties are located at 3125 and 3075 Myers Street. The County of Riverside represented itself in this transaction, while the landlord, CT Realty, was represented by Dave Mudge and Tom Pierik of Lee & Associates’ downtown Riverside office.