KINGSTON, N.Y. — Unison Realty Partners has acquired King's Mall, a 185,233-square-foot shopping center in Kingston, for $11.1 million from the Leinbach Co. This was an off-market transaction, sourced directly by Unison. Tenants at King's Mall include Marshalls, which occupies 38,500 square feet, and a 29,000-square-foot Home Goods. The sale marks Unison's first shopping center purchase in New York and the company's sixth shopping center in the Northeast.
NEW YORK CITY — Smash Ash Music Stores will relocate and consolidate its Manhattan flagship store at 333 West 34th St. The family-owned music retailer has signed a 15-year lease to occupy 26,688 square feet in the 10-story building, located between Eighth and Ninth avenues. Jeffrey Roseman and Gregg Gropper of Newmark Knight Frank Retail represented the building owner, SL Green, in the transaction. Smash Ash plans to move into the new space in the first quarter of 2013.
NEW YORK CITY — Marcus & Millichap has arranged the $2.9 million sale of 1023 Lafayette Ave, a 22,500-square-foot mixed-use property in Brooklyn. Naomi Shu of Marcus & Millichap represented the buyer, a private investor. Terra Firma International represented the seller, a developer.
BOLTON, MASS. — Paragon Communications Inc. has acquired a 301,647-square-foot industrial building at 41 Main St. in Bolton. The facility reportedly sold for $8 million. Paragon, which serves the information technology and communications industries, will be relocating from its current location in Ashland, Mass. The facility features reinforced concrete floors, 145,536 square feet of office space and 10 truck docks. Tim O' Callaghan of Binswanger represented the seller, Future Electronics Inc., in the transaction.
PLANO — Tyler Technologies has begun construction on its new 142,000-square-foot corporate and division headquarters, located at 5101 Tennyson Parkway in Plano. KDC will develop and manage the construction of Tyler's 26-acre campus. The property is slated for an August 2013 completion. The campus will feature a three-story, 82,000-square-foot office building connected to a 60,000-square-foot building via a transparent ground-level walkway. HKS Architects is the project designer, Hill & Wilkinson is the general contractor and BLUM Consulting Engineers, Brockette, Davis & Drake Engineers and TBG Landscape Architects are also working on the project.
ROUND ROCK — Steadfast Income REIT has purchased the 232-unit Montelena Apartments, a garden-style community located in Round Rock, for $18.35 million. The apartment community is currently 96 percent occupied, and it includes a swimming pool, heated spa, movie theater, fitness center, playground, sand volleyball court and basketball court.
DEER PARK — Inland Real Estate Acquisitions has acquired the 160,000-square-foot Siemens Gas Turbine Division North American headquarters, located in the Deerwood Glen Business Park in Deer Park, for $17.8 million. Joe Cosenza of Inland Real Estate Acquisitions, along with a vice chairman of The Inland Real Estate Group, facilitated the transaction on behalf of the buyer. The property is leased to Siemens Corp., which has 10 years remaining on its lease agreement.
AUSTIN — Hardin Construction Co. has been selected to build a 36,000-square-foot medical office building that will be known as Riverplace Medical Plaza, located in Austin's Four Points neighborhood. Construction is scheduled to begin in August and conclude in summer 2013. Schneider Halls Design will serve as the architect of record and Bury+Parners will serve as the civil engineer. Onair Development owns the property.
SAN ANTONIO — Institutional Property Advisors (IPA) has arranged the sale of The Venetian, a 182,984-square-foot multifamily property located at 7771 Joe Newton St. in San Antonio. The Venetian features 24-hour tennis and basketball courts, two large swimming pools, 24-hour fitness center, slate billiard table and a large TV lounge. Will Balthrope and Scott Lamontagne of IPA represented the seller, a Pacific Northwest-based private syndicator, in the transaction. Balthrope, Lamontagne and Drew Kile, also of IPA, procured the buyer, a Northeast-based individual investor.
CHANDLER, ARIZ. – The 272-unit San Ventura apartments in Chandler has sold to Baron Properties and its equity partner RGA for an undisclosed sum. The community is located at 3600 W. Ray Road. San Ventura was built in 1995 and was 97 percent occupied at the time of sale. The seller, ColRich Multifamily, was represented by Tyler Anderson, Sean Cunningham and Asher Gunter of CBRE’s Phoenix office. This group also structured the sale.