MAPLEWOOD, N.J. — J.G. Petrucci Co. has broken ground on its 50-unit apartment community, named The Station House, in Maplewood. The community is across from the Maplewood Memorial Park and adjacent to the Maplewood Train Station. The property, situated on the site of the former Maplewood Police Station, will consist of one- and two-bedroom apartments. The Township of Maplewood had named J.G. Petrucci as the master developer of the project in October 2011. The Station House is expected to be delivered in the spring of 2013.
NEW YORK CITY — 391 Leonard Street LLC has sold a 50,000-square-foot development site at 88 Richardson St. in the Williamsburg section of Brooklyn for $18 million. The site is comprised of three interconnecting properties. The buyer, 88 Richardson LLC, plans to develop luxury apartments on the site, which offers 160,000 buildable square feet. Robert Klein of Kalmon Dolgin Affiliates represented both parties in the transaction.
ELMWOOD PARK, N.J. — Riverfront Residential has completed the first phase of Riverwalk, an upscale rental community at 400 Riverfront Blvd. in Elmwood Park. Phase I of the project included the construction of 91 one- and two-bedroom apartments. When complete, the community will feature 158 rental residences and 17,000 square feet of ground-floor retail space. Amenities will include a fitness center and on-site parking. Niles Bolton Associates is the project architect.
DALLAS — Atlanta-based Cousins Properties has acquired 2100 Ross Avenue, an 844,000-square-foot, Class A office building located in Dallas' Art District, for $59.2 million at a foreclosure auction. The building is 67 percent leased to tenants such as CBRE Group, Prudential Mortgage Capital and Bank of America Merrill Lynch. The building is located adjacent to the new 5.2-acre Clyde Warren Park, which is slated to open in October.
HOUSTON — Granite Properties and Hoar Construction have begun construction of the 300,000-square-foot Briarpark Green, a 12-story, Class A office building located at 3151 Briarpark in Houston's Westchase district. PGAL has designed the building to LEED Gold standards. The property is currently speculative and Granite Properties is providing construction financing. The building will have wood paneling, blown-glass fixtures and elevators with in-cab televisions. The property will also include a 361,000-square-foot, six-story parking garage. The building is slated for a September 2013 completion.
ARLINGTON AND IRVING — Marcus & Millichap has arranged the sales of the 114-unit Pine Ridge Apartments in Arlington and the 111-unit Embassy Apartments in Irving. Pine Ridge is located at 3808 Little Road and Embassy is located at 1415 W. Airport Freeway and MacArthur Boulevard. Pine Ridge was 97 percent occupied and Embassy was 93 percent occupied at the time of the sales. Al Silva of Marcus & Millichap's Fort Worth office represented the seller, an out-of-state partnership, in the Pine Ridge transaction. John Barker of Marcus & Millichap's Dallas office represented the seller, a limited liability company, in the Embassy transaction.
SPRING — RCG Ventures Fund II has purchased the 45,222-square-foot Best Buy, located at 19503 Interstate 45 in Spring. Super Target, Staples and Petco shadow-anchor the Best Buy location. RCG owns 66 assets totaling more than 6 million square feet.
LAKE JACKSON — Colliers International has brokered the sale of the 61,213-square-foot Brazos Crossing Shopping Center, located at 104 Highway 332 E. in Lake Jackson. The shopping center is fully leased to tenants such as PetSmart, Office Depot and Best Buy. Christopher Winters and Crady Newton of Colliers International represented the seller, Lake Jackson Crossing LP., in the transaction. Emilio Guzman and Guillermo Anaya, also of Colliers, represented the buyer, Brazos Crossing Management.
VALENCIA, CALIF. – Arvato Digital Services has renewed its lease for a 165,141-square-foot industrial property in Valencia. The five-year lease is valued at $6.3 million. The property is located at 29011 Commerce Center Drive. Arvato was represented by John DeGrinis, Patrick DuRoss and Jeff Abraham of Colliers’ Encino office. The landlord, Sares Regis Group, was represented by CBRE’s Craig Peters.
LIVERMORE, CALIF. — A 36,400-square-foot R&D building in Livermore has sold to Globalhawk Insurance for $3.87 million. The property is located at 2525 Colliers Canyon Road within the Shea Business Center. Globalhawk will be relocating from nearby 3090 Independence Drive. The buyer was represented by Mark Dowling and Matt Manos of Cassidy Turley. The seller was Shea Center Livermore Office, LLC.