Top Stories

CHANDLER, ARIZ. — Rockefeller Group Development Corp. (RGDC) has broken ground on a 70,600-square-foot office building at Chandler Corporate Center. The Class A building will be located within the master-planned business park, which will feature 248,000 square feet of office and light industrial space. The park is situated on 24.3 acres at the southwest corner of McClintock Drive and Desert Breeze Boulevard. “The construction will proceed in phases with the first building, a two-story, multi-tenant office building expected to be completed in spring 2009,” says Mark Singerman, director at RGDC’s Phoenix office. We feel the office market will recover by mid-2009 and construction has been timed to position ourselves to take advantage of that recovery.” RGDC will seek LEED certification on the office building, which will feature lobbies and corridors designed to accommodate a variety of tenants, and parking space flexibility. “The Chandler market is primed for office growth and we have already seen a great deal of interest in the project,” added Singerman. Phil Breidenbach, Paul Sieczkowski, Rob Martensen, Lindsey Carlson and Steve Larsen of Colliers Phoenix are in charge of marketing assignments.

DELRAY BEACH, FLA. — Ramco-Gershenson Properties Trust has contributed Plaza at Delray shopping center in Delray Beach to its joint venture with an investor advised by Chicago-based Heitman LLC. Permanent financing for the center was secured in the amount of $48 million for 5 years at an interest rate of 6 percent. The 330,000-square-foot shopping center, located at Federal Highway and Linton Boulevard, is anchored by Publix Supermarket, Marshalls, Staples and Regal Cinema. It’s the ninth shopping center to be acquired by the joint venture, which now owns more than 2 million square feet with an aggregate purchase price of approximately $353 million. “The Plaza at Delray is a very successful shopping center in a densely populated, affluent trade area,” says Dennis Gershenson, president and CEO of Ramco-Gershenson Properties Trust. “This transaction allows us to maintain a 20 percent ownership interest in a very attractive center, payoff $43 million in permanent, company-level debt and generate approximately $23 million in net proceeds.” Ramco-Gershenson Properties Trust is a fully integrated, self-administered, publicly-trade REIT that owns, develops, acquires, manages and leases community shopping centers, malls and single-tenant retail properties nationally. Heitman LLC manages approximately $16.5 billion in assets invested directly and indirectly in …

BUCKS AND LEHIGH COUNTIES, PA. — High Street Equity Advisors has acquired 18 industrial buildings in Bucks and Lehigh counties for $70.5 million from First Industrial Realty Trust. Totaling 963,795 square feet, the acquisition consists of two portfolios: the Bucks County portfolio and the Lehigh County portfolio. The Bucks County portfolio consists of 12 buildings totaling 649,634 square feet located at 2000, 2005, 2010, 2200, 2260-2270 and 3000 Cabot Blvd. in Langhorne; 180 Wheeler Ct. and 835 Wheeler Way in Langhorne; 2512, 2515 and 2540 Metropolitan Dr. in Trevose; and 4667 Somerton Way in Trevose. The portfolio is 93 percent occupied by 43 tenants and was purchased for $50.4 million. The Lehigh County portfolio consists of six buildings totaling 314,161 square feet located at 964, 966 and 999 Postal Rd. and 7331, 7350 and 7377 William Ave. in Allentown. The portfolio is 94 percent occupied by 17 tenants and was purchased for $20.1 million. The buildings from both portfolios were constructed between 1974 and 1989, and feature either concrete block and brick construction or metal construction with standing seam metal roofs. The Boston-based buyer was represented in-house in the transaction.

SOUTH BARRINGTON, ILL. — The Jaffe Companies, owner and developer of The Arboretum of South Barrington, has announced the tenant lineup for the 600,000-square-foot lifestyle center. The center will be anchored by Village Road Show Gold Class Cinemas; L.L. Bean’s first Midwest outdoor gear and apparel store; and a bowling, bocce and bistro facility called Pinstripes. Other tenants opening at The Arboretum include: Apparel Aéropostale, American Eagle Outfitters, Ann Taylor LOFT, Chico’s, Claire’s, Coldwater Creek, DF Tux, DSW Shoes, Francesca’s Collection, Jos. A. Bank, Justice just for girls! and Victoria’s Secret Electronics Circuit City and T-Mobile Specialty Stores Bath & Body Works, Beautyshoppe.biz, Swoozie’s, Yankee Candle and Parfum de Couture Restaurants and Specialty Food Anna Shea Chocolates & Lounge, Cooper’s Hawk Winery & Restaurant, L’Eiffel Bistrot & Creperie, Noodles & Company, Panera Bread, Potbelly Sandwich Works and Ruth’s Chris Steakhouse “We want greater Chicago to embrace (The Arboretum’s) scale, retail offerings, and sense of place right out of the gate,” says Michael Jaffe, principal with The Jaffe Companies. “This is a lifestyle center unlike any other. We are introducing a new level of dining, shopping and entertainment to this community.” The center is located at 100 W. Higgins Rd. on …

HARRISON, N.J. — Construction has started on Red Bull Arena, a $200 million, 25,000-seat soccer stadium in Harrison. Part of the Harrison Redevelopment Project, the stadium will be home to the Major League Soccer team Red Bull New York, named after the well-known energy drink. Phase I of the development includes the West Building, which will house the home and visitor locker rooms, stadium offices, three clubs, 1,116 club seats, 30 luxury suites and press facilities. “It’s something tangible that people can see (of the construction progress),” says Erik Stover, Red Bull New York managing director. “(You can) see it coming out of the ground and you know it’s a reality. It shows that that this group is going to do what it takes to get this project done and take Red Bull New York to the next level.” Structural steel will start to be put into place next month for the main seating bowl and roof. The roof will extend from its edge over the entire seating bowl and then curve down to the concourse. It will extend 120 feet from the last seat to halfway between the field wall and the field’s touchlines, with 60 feet of it …

SEATTLE — Ground has broken on the Bill & Melinda Gates Foundation headquarters in Seattle. The 900,000-square-foot, $500 million headquarters will feature two, 6-story office buildings, an entrance pavilion, a convening center and a visitor center. Situated on 12 acres, the campus is located at 500 Fifth Ave. N. across from the Seattle Space Needle. The project aims to achieve LEED Gold certification by incorporating a number of green design elements, such as: o An underfloor air distribution system for ventilation, which conserves energy and facilitates future space modifications o A rainwater collection and storage system providing most of the water for non-potable uses, including irrigation, water features and toilets o Air-cooled chillers and thermal-energy storage which conserve water and capitalize on lower off peak air temperatures A 1.5-acre living roof, situated on top of an employee-parking garage owned and operated by Seattle Center, is already complete. It features a natural habitat for birds and will eventually be sustained through rainwater by using the roof’s plantings. Project partners include architecture firm NBBJ, Sellen Construction and Ralph Appelbaum & Associates. The campus is scheduled to open in late 2010, with the visitor center opening in 2011.

COVINGTON TOWNSHIP, PA. — USAA has acquired the Sears Distribution Center in Covington Township. The seller’s name and acquisition amount were undisclosed. Jim Sheehan, Jerome Kranzel, Jeff Williams, Steve Cooper, Gerry Blinebury and Jim Vesey of Cushman & Wakefield brokered the transaction. The 1.02-million-square-foot property is located within Covington Industrial Park and is situated on 73.6 acres near Scranton. Completed in 2007, the building features a modern design and safety features, a 32-foot clear ceilings, tilt-up concrete, ESFR sprinklers, cross-docking and additional trailer storage. “The property is brand new and boasts a great location and strong credit tenant for the long term,” says Sheehan. “It achieved premium pricing but represents excellent long-term cash flow stability and potential capital appreciation for the buyer.” The building is occupied on a long-term lease by Sears Logistics Services. The Northeast Pennsylvania region contains more than 46 million square feet of industrial property with a relatively low 10.5 percent vacancy rate.