CHICAGO — Medullan has signed a lease renewal and expansion for 13,065 square feet of office space at 625 Mount Auburn St. in Chicago. The space will serve as the information technology consultancy firm's new corporate headquarters. The transaction marks the fourth office expansion by Medullan since its inception, growing from roughly 4,300 square feet to more than 13,000 square feet. Michael McCarthy of Suburban Leasing Group represented the tenant in the transaction. Robert Fitzgerald of CBRE Group represented the landlord, KBS Realty Advisors.
OMAHA — Agree Realty has sold a 30,000-square-foot property, which was once leased to Borders bookstore, in Omaha for $2.75 million. The buyer was undisclosed. Agree Realty Corp. has two other transactions pending on former Borders locations. Those sites are in Monroeville, Pa. and Columbus, Ohio.
NEW YORK CITY — The Pratt Institute has purchased a development site at 131-137 Emerson Place, located off Myrtle Avenue in Brooklyn's Clinton Hill neighborhood, for $13 million. The property contains 176,600 buildable square feet. Approximately 88,300 square feet can be applied toward residential use and 88,300 square feet can be used for a community facility. Stephen Palmese and Winfield Clifford of Massey Knakal represented the buyer and seller in the transaction.
THORNDALE, PA. — Eastern Thorndale Partners has acquired a 10,840-square-foot medical office building at 3025 C.G. Zinn Rd. in Thorndale for $1.3 million. Constructed in 1994, the two-story building includes exam rooms, X-ray rooms and administrative offices. The building layout is conducive to usage by multiple tenants. Scott Williams of Binswanger represented the landlord, HMBT Realty Associates, in the transaction.
FIRE ISLAND, N.Y. — The owners of Fire Island Pines Pavilion plan to rebuild following a fire last November. FIP Ventures hired Manhattan-based architect Hollowich Kushner to design the new nightclub, which is scheduled for completion in 2013. The design includes storefronts and wide staircases. The entrance forms a set of bleachers that act as a viewing platform, stage, wedding chapel and extended dance floor. The welcome bar on the first floor, the high-tea terrace and the Pavilion Club are all connected by an internal loop of stairs. The fire also damaged FIP Ventures' canteen building, pool deck, bulkhead and board walk, all of which have been fully repaired.
NEW YORK CITY — Nirvana Solutions, a New York-based financial software company, has signed a 3,515-square-foot lease at 80 Broad St. The company will occupy the 18th floor for the next 7 years. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Knight Frank represented the landlord, an affiliate of Savanna. Eli Someck of Redwood Property Group represented the tenant in the transaction.
AUSTIN — Forestar Group has formed a multifamily venture with Canyon-Johnson Urban Funds for the development of the 257-unit Eleven, a six-story multifamily development that will be located on the southeast corner of East 11th Street and Interstate 35 in downtown Austin. Amenities will include a resort-style pool, rooftop deck, courtyard, upscale clubhouse, business center and fitness facilities. BGO Architects designed the property to obtain certification by the Austin Energy Green Building program, and Leslie Foster Interiors handled the property's interior design. Eleven is scheduled to break ground in the next 30 days.
AUSTIN — SBV Communities has purchased the 156-unit Summer Wind Apartments, located at 833 Fairfield Drive in Austin. SBV Communities, the multifamily division of Spectrum Business Ventures, now has nine Texas multifamily properties in its portfolio, but Summer Wind is the company's first venture in the Austin market.
WYLIE — Rosa's Cafe and Tortilla Factory has broken ground on a 7,000-square-foot restaurant, located in the Woodbridge Crossing development in Wylie. The restaurant will be Rosa's Cafe's 30th location. The new Rosa's Cafe is part of a new wave of retailers coming to Woodbridge Crossing, including Ross Dress for Less, Rack Room Shoes and Rue 21. Direct Development owns Woodbridge Crossing and Super Target and Kohl's anchor it.
RICHARDSON — Murphy-based A&S Ellington Properties has recently purchased a 1.29-acre tract of land at the northwest corner of Campbell Road and Lake Park Boulevard in Richardson for the development of a Chicken Express restaurant. Rick Ikeler and Brad Gibbs of SRSRE Partners represented the buyer in the transaction. Daniel Harris of Henry S. Miller Brokerage's Dallas/Fort Worth office represented the seller, H-H Retail. The buyer plans to break ground on the new Chicken Express this summer and deliver it by December 2012.