EXTON, PA. — Brandywine Realty Trust has completed the sale of Oaklands Corporate Center, an 11 building portfolio totaling 466,719 square feet, in Exton for $52.7 million. The portfolio consists of 10 single-story and one two-story flex/office buildings which are 81.6 percent leased and have a weighted average age of 21 years. The property is located 35 miles west of Philadelphia. The seller is a private investor.
NEW YORK CITY — Amerigroup has signed a lease for 165,000 square feet at 14 Wall St. in New York City to consolidate its operations. The company will take the 11th, 12th, 14th and 22nd floors of the building. Amerigroup is consolidating its 50,000-square-foot office at 21 Penn Plaza, and its two Brooklyn facilities totaling 150,000 square feet at the new downtown location. Zev Holzman and Paul Revson of Studley and Rich Hopen of Hopen Corporate Services represented the tenant in the transaction. Howard Fiddle, Brad Gerla, Jonathan Cope and Evan Haskell of CBRE represented the building owner.
NEW YORK CITY — Express Inc. has signed a 15-year lease to establish a flagship store in Times Square. The national apparel retailer will occupy 30,000 square feet at 1552-1560 Broadway. The store will feature three levels and 9,000 square feet of LED signage. It is expected to open in the fall of 2013. SL Green and its joint venture partner, Jeff Sutton, acquired the property last year.
HARKER HEIGHTS — Ascension Group Architects has finished work on the $100 million Seton Medical Center Harker Heights, located at 850 W. Central Expressway in Harker Heights. The facility is a joint venture between Austin-based Seton Family of Hospitals and Plano-based LHP Hospital Group. The 192,400-square-foot Seton Medical Center is the first new hospital in Bell County in 35 years. The hospital features a full-service emergency department, intensive care units, women's services department, cardiology, interventional cardiology, orthopedics, neurosurgery and imaging and diagnostic services. Sandy, Utah-based Layton Construction was the general contractor for the project.
MCALLEN — FD Stonewater has sold a 24,000-square-foot, build-to-suit facility in McAllen that is fully leased to the U.S. Government as a U.S. Immigration and Customs Enforcement (ICE) outpost. The buyer was a New York City-based investment group focused on buying government facilities under long-term leases. The facility is under a 10-year lease to the government.
IRVING — Dallas-based Wells Asset Management has arranged the sale of the 308-unit Newport Apartments, located at 3466 Beltline Road in Irving. The property is 95 percent occupied and includes a clubhouse and resort-style pool. Mike Wells, Robert Aiello and Bobby Lankford of Wells Asset Management arranged the transaction.
SAN ANTONIO — Meridian Capital Group has secured $23.1 million in financing for a 774-unit, four-property multifamily portfolio that includes the 230-unit Wellington Estates Apartments, located in San Antonio. The other properties are located in Tucson, Ariz., and Sussex, N.J. Israel Schubert and David Cohen of Meridian's Iselin, N.J., office arranged the five-year loan through Beech Street Capital on behalf of the borrower, Wilshire Enterprises Inc. The portfolio averages a 93 percent occupancy rate.
LOS ANGELES – A 4,672-square-foot Chase Bank property in the Los Angeles submarket of Eagle Rock has been redeveloped and subsequently sold to May Lilly LLC for $4.14 million. It is located at 2175 Colorado Ave. The property, which was acquired by Heslin Holdings in 2007, was formerly a Blockbuster Video. Heslin secured a 15-year, triple-net lease with Chase in 2011 before renovating the space to meet the bank’s needs.May Lilly was represented by Steven Schechter of Marcus & Millichap. The seller, Colorado Avenue Land Partners LLC, was represented by Dennis Vaccaro and Nicholas Coo of Faris Lee Investments.
SAN JOSE, CALIF. — A new Walmart Neighborhood Market will soon reside at Evergreen Village Square in San Jose. Walmart will occupy a 40,950-square-foot retail site that has been vacant since 2007. The company has signed a 10-year lease at the center. The landlord, Shapell Properties, was represented by Mike Messinger and Josh Gispan of Meacham/Oppenheimer CORFAC International.
FREMONT, CALIF. – A 2,386-square-foot property that is triple-net leased to Jack in the Box through 2032 has sold to an individual/personal trust for $2,135,000. The Class A building is located at 34701 Ardenwood Blvd. It was originally built in 1992 and renovated in 2010. The buyer was represented by David Ching of Marcus & Millichap’s Oakland office.