Property Type

AMAZON EXPANDS LEASE ON AVENUE OF AMERICAS

by admin June 28, 2012

NEW YORK CITY — Amazon Corporate LLC has expanded at 1350 Avenue of Americas, increasing its space to 92,493 square feet at the 35-story tower on the corner of West 55th St. The expansion includes 24,707 square feet. 1350 Avenue of Americas has recently undergone renovations that include a new lobby, upgraded security and new common corridors. Justin Halpern and Marcus Reyner of Cresa Partners represented the tenant in the transaction. Howard Tenenbaum and Gary Rosen represented the building owner, SL Green.

June 28, 2012

GFI ARRANGES SALE OF FREESTANDING RITE AID

by admin June 28, 2012

NORTHFORD, CONN. — GFI Realty Services has arranged the $2.3 million sale of a freestanding Rite Aid property in Northford. The property, which also has drive-thru service, totals 10,445 square feet. Marc Alper of GFI Realty represented the seller in the transaction. Roni Abudi, also of GFI, represented the buyer.

June 28, 2012

Multifamily Northeast

HERITAGE AT LYNDHURST SELLS

by admin June 28, 2012

LYNDHURST, N.J. — A partnership between Area Property Partners and Priderock Capital Partners has acquired The Heritage at Lyndhurst, an apartment and retail complex in Lyndhurst. The seller and financial terms of the transaction were not disclosed. Constructed in 2006, the property is located 10 miles west of Manhattan along the Passaic River. The residential portion is fully occupied and includes 160 units. The property also includes five street-level retail stores.

June 28, 2012

Industrial Texas

WESTMOUNT PURCHASES 1.13M SF DISTRIBUTION CENTER

by admin June 28, 2012

GARLAND — Dallas-based Westmount Realty Capital has purchased the 1.13 million-square-foot Garland Business Park, a dry storage and freezer/cooler distribution center located at 2600 McCree Road in Garland. Westmount plans to rebrand the center as Garland Logistics Park and will budget as much as $12 million during the next three years for renovations and upgrades. The distribution center is currently 70 percent leased.

June 28, 2012

Hospitality Texas

EMBASSY SUITES OKLAHOMA CITY COMPLETES $5.5M RENOVATION

by admin June 28, 2012

OKLAHOMA CITY — A $5.5 million renovation of the 236-room Embassy Suites Oklahoma City — Will Rogers World Airport, located at 1815 S. Meridian Ave. in Oklahoma City, is now complete. The hotel features 12,000 square feet of renovated meeting space including a 5,940-square-foot ballroom, the Atrium Restaurant, The Landing Bar and Grill, a fitness center, an indoor swimming pool and a 24-hour business center.

June 28, 2012

Retail Texas

WEITZMAN GROUP BROKERS HIGHLAND QUARRY SALE

by admin June 28, 2012

MARBLE FALLS — The Weitzman Group has arranged the sale of the 7,852-square-foot Highland Quarry Shopping Center, located at 1304 N. Highway 281 in Marble Falls. The center features tenants such as Anytime Fitness, a tanning salon and a nail salon. Brad Bailey and Logan Reichle of The Weitzman Group represented the seller, an Austin-based investment group, in the transaction. The buyer was an Austin-based partnership.

June 28, 2012

Multifamily Texas

JOHNSON CAPITAL ARRANGES TWO LOANS WORTH $11.5M

by admin June 28, 2012

AUSTIN AND HOUSTON — Johnson Capital has secured two loans totaling $11.5 million for a pair of Texas apartment communities. Jason Pumpelly of Johnson Capital's Dallas office arranged a $6.5 million acquisition/renovation loan for the 248-unit Research Pointe complex in Austin through a regional bank. The owner, a private investor, has rebranded the community as The Park at Crestview. Pumpelly also arranged a $5 million acquisition/renovation loan for the 200-unit Northwoods Apartments in Houston through a regional bank. The community will be rebranded as Cypress Parc.

June 28, 2012

Industrial Western

LAS VEGAS INDUSTRIAL PROPERTY SELLS FOR $4M

by admin June 28, 2012

LAS VEGAS – A 153,000-square-foot industrial property near McCarran International Airport in Las Vegas has sold to CIP Real Estate for $4 million. It’s located at 6620 Escondido Street. CIP plans to invest more than $200,000 in capital improvements for the property. The purchase was carried out in a joint venture with a real estate investment fund managed by Blue Vista Capital Partners. CIP represented itself in the transaction, while the seller, the Engelstad family, was represented by Brian Riffel of Colliers. Riffel will continue to serve as leasing broker for CIP.

June 28, 2012

Retail Western

JACK IN THE BOX RENEWS LEASE IN POMONA

by admin June 28, 2012

POMONA, CALIF. — Jack In The Box corporate has signed a five-year lease extension for a free-standing, 2,612-square-foot restaurant in Pomona. The restaurant chain has occupied the site, which is located at 2098 S. Garey Ave., since 1994. Jack In The Box represented itself in this transaction, while the landlord, 6816 Lankershim Associates, L.P., was represented by Ash Joshi of Capital Realty Solutions.

June 28, 2012

Office Southeast

MDC BUYS INTERAMERICAN PLAZA FOR $25M

by admin June 27, 2012

MIAMI — Miami Dade College (MDC) has acquired the 175,000-square-foot InterAmerican Plaza, an office building located at 701 SW 27th Ave. in Miami, for $25 million. The 14-story property is adjacent to MDC's InterAmerican Campus. Adam Lustig of Bilzin Sumberg Baena Price & Axelrod represented Shavuot, the seller, in the transaction. Hank Klein of Blanca Commercial Real Estate, along with Frank Kohn of Ashlin Group, represented the buyer.

June 27, 2012

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