Property Type

INVESTMENT GROUP BUYS LAND IN PARK 88

by admin February 27, 2012

DEKALB, ILL. — An investment group controlled by Clayco and Venture One Real Estate, has acquired 350 acres of industrial land at 88 Park in Dekalb, from Citizens First National Bank. The land acquisition was financed by First Midwest Bank. The transaction represented the largest industrial land sale in the Midwest since 2007. Park 88 already contains distribution centers for 3M and Target. The 350 acres includes five pad-ready sites that can accommodate buildings of 162,000 square feet, 171,000 square feet, 418,000 square feet, 570,000 square feet, 587,100 square feet and one shovel-ready site for a 1.7-million-square-foot building.

February 27, 2012

PALLET REPAIR COMPANY SIGNS NEW LEASE IN TOPEKA

by admin February 27, 2012

TOPEKA, KAN. — Tritz Pallet Repair has inked a lease for 44,220 square feet of industrial space at Forbes Industrial Park, located at 7215 S. Topeka Blvd. in Topeka. Matthew Severns of Kessinger/Hunter & Co. represented the landlord in the transaction. Paul Fogel of Karbank Real Estate represented Tritz Pallet.

February 27, 2012

Midwest Office

MCDONALDS CORP. SIGNS OFFICE LEASE IN COLUMBUS

by admin February 27, 2012

COLUMBUS, OHIO — The McDonalds Corp. has signed a lease for 30,360 square feet of office space at 2600 Corporate Exchange Dr. in Columbus. Matt Murtha and Randy Stephens of Cassidy Turley represented the landlord, AEW Capital Management, in the transaction.

February 27, 2012

Healthcare Northeast

CONSTRUCTION BEGINS ON KELLER ARMY COMMUNITY HOSPITAL ADDITION

by admin February 27, 2012

WEST POINT, N.Y. — Philadelphia-based EwingCole has designed a new $34 million addition to the Keller Army Community Hospital Clinic at the U.S. Military Academy at West Point. The project is expected to be complete in May of 2014. The 51,000-square-foot addition will be home to the optometry, ophthalmology, physical therapy and orthopedic clinics. The project will be completed in phases to allow the hospital to remain open during construction.

February 27, 2012

Hospitality Northeast

HERSHA CLOSES SALE OF SECONDARY-MARKET HOTELS

by admin February 27, 2012

PHILADELPHIA — Philadelphia-based Hersha Hospitality Trust has closed on the sale of 14 of 18 secondary-market hotels with an affiliate of Connecticut-based Starwood Capital Group for $40.5 million. The real estate investment trust announced the sale last August as part of a portfolio restructuring. Hersha owns upscale and mid-priced hotels in major markets including Boston and New York. Starwood, a privately held global investment firm, bought a 49.9 percent stake in Hersha last year to target the U.S. hospitality sector. Six of the 18 properties in the deal are located in Pennsylvania.

February 27, 2012

Multifamily Northeast

HAROLD D. BAKER ARRANGES $6.7M LOAN FOR NEW JERSEY APARTMENT PROPERTY

by admin February 27, 2012

NEWTON, N.J. — Harold D. Baker & Co. has arranged $6.7 million in first mortgage financing for Brookside Terrace, located at 33 Mill St. in Newton. The property includes a 10-story apartment building consisting of 195 units and two, two-story apartment buildings consisting of 27 units. A regional bank provided the 12-year loan to the property owner, an affiliate of Marshall & Moran Inc.

February 27, 2012

Industrial Texas

VENTURE BROKERS SALE OF HURST PROPERTY

by admin February 27, 2012

HURST — Dallas/Fort Worth-based Venture Commercial has arranged the sale of a 24,463-square-foot distribution center, located at 770 W. Bedford Euless Rd. in Hurst. Chris Corbin of Venture represented the buyer, Armstrong McCall, in the transaction. Hank Gaines of Dallas-based Gaines Real Estate Co. represented the seller, FOCI Corp.

February 27, 2012

Industrial Texas

BANDIER ARRANGES INDUSTRIAL SALE

by admin February 27, 2012

HOUSTON — The Woodlands-based BANDIER Realty Partners has brokered the sale of a 15,000-square-foot industrial building, located in the Interbelt North Business Center in Texas. Jody Czajkoski and Jason Tangen of BANDIER represented the buyer, J&J Sales, in the transaction. Mike Spears of Houston-based The National Realty Group represented the seller, Sammy Satoru Watanbe Revocable Living Trust.

February 27, 2012

Office Texas

KBS SIGNS TENANT IN PLANO

by admin February 27, 2012

PLANO — Newport Beach, Calif.-based KBS Realty Advisors, through its KBS REIT, has signed Milpitas, Calif.-based Linear Technology Corp. to a 8,387-square-foot lease renewal, located in the Plano Corporate Center II at 2201 & 2301 W. Plano Parkway in Plano. Justin Miller of Transwestern's Dallas office represented KBS REIT in the lease negotiations.

February 27, 2012

Retail Western

SANTA FE SPRINGS PROMENADE SELLS FOR $23M

by admin February 27, 2012

SANTA FE SPRINGS, CALIF. – A 115,000-square-foot grocery-anchored shopping center in Santa Fe Springs that is known as the Santa Fe Springs Promenade has sold to Milan Capital Management for a reported $23 million. The center was more than 90 percent occupied at the time of closing. Santa Fe Springs Promenade was built over time throughout the mid-1960s to the 1990s. It includes six pad buildings that contain fast food restaurants and a bank branch. Milan Capital plans to “parcelize” the pad buildings and potentially sell them as single-tenant net leased investments. The firm purchased the promenade as a joint venture with a group of high-net-worth individuals. George Prince of Prince Commercial Real Estate Services represented both the buyer and seller, F. J. Hanshaw Properties, in this transaction.

February 27, 2012

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