LAKELAND, FLA. — Rockefeller Group Development Corp. (RGDC) has acquired approximately 113 acres in Lakeland with plans to build a 1 million-square-foot industrial park. Located at the former USA International Speedway, the property lies within close proximity to Interstates 4 and 75, the Florida Turnpike, the Tampa and Orlando airports, and the proposed CSX Intermodal Center in nearby Winter Haven. “Central Florida is quickly becoming a prime distribution center for the state, replacing traditional regional distribution hubs, such as Atlanta,” says Edgar Jones, vice president and regional development officer, Florida, for RGDC. “We are confident in the long-term potential of Central Florida and will continue looking for other development opportunities in the area.” The park will be targeted to large-scale tenants. RGDC currently has a portfolio of industrial properties in New Jersey and California. Construction is scheduled to begin in Lakeland first quarter 2009. Edward Miller and Dolores Seymour of Colliers Arnold’s Tampa office represented the Manhattan-based buyer in the transaction. The seller and transaction amount were undisclosed.
SALT LAKE CITY — Rockefeller Group Development Corp., through its regional office in Irvine, Calif., has purchased approximately 57 acres of zoned industrial land in Salt Lake City. The company plans to develop a 930,000-square-foot six-building industrial park on the site, which is located between Interstate 80 and SR 201. Seeking Foreign Trade Zone designation, the property will consist of four 190,000-square-foot buildings and two smaller buildings ranging in size from 32,500 to 80,000 square feet. Construction is slated to begin in July, with completion scheduled for late 2010. Greg Hunter and Nancy Edwards of Commerce CRG, an alliance member of Cushman & Wakefield, represented The Rockefeller Group in the transaction.
NEW YORK CITY — New York City-based Paramount Group Inc. (NYSE: PGRE) has received an $860 million loan for the refinancing of 1301 Avenue of the Americas, a 1.7 million-square-foot office building in Midtown Manhattan. An undisclosed lender provided the five-year, interest-only loan. Designed by Skidmore, Owings & Merrill, the 45-story tower is located between West 52nd and 53rd streets and provides lower-level access to Rockefeller Center. In addition, the property, which was 71.5 percent leased at the time of the loan closing, features 30,000 square feet of retail space. According to Wikipedia, Uris Buildings Corp. originally developed 1301 Avenue of the Americas in 1964. J.C. Penney purchased the building in 1977 to serve as its new headquarters, only to relocate to the Dallas area 11 years later.
NEW YORK CITY — The Lego Group has unveiled its new “retailtainment” concept with the opening of a 7,175-square-foot flagship store within Rockefeller Center in Midtown Manhattan. The Danish toymaker spent two years developing the new retail concept and found that consumers wanted opportunities to play with bricks, participate in brick-inspired activities and personalize their experiences. To that end, the two-level store features a new array of merchandise and experienced-based attractions, including a virtual reality experience, storytelling table and a personalization studio.
WASHINGTON, D.C. — Stonebridge and Rockefeller Group will redevelop the Jackson Graham Building, a 400,000-square-foot office property in Washington, D.C.’s Penn Quarter district. Redevelopment costs are expected to total more than $300 million. The building currently serves as the Washington Metropolitan Area Transit Authority’s (WMATA) headquarters. The development team expects to break ground on the project in 2023, allowing WMATA to remain at the site through 2022. Upon completion, which is slated for 2025, WMATA will not return to the space. However, WMATA will continue to own the land, which Stonebridge and Rockefeller will control on a 99-year ground lease. The Jackson Graham Building has served as WMATA’s headquarters since 1974. The asset is situated at 600 Fifth St. NW, between the White House and U.S. Capitol Building. The office building will feature a rooftop deck and a penthouse conference center.
MOUNT OLIVE, N.J. — New York-based investment firm The Birch Group has acquired a 73,000-square-foot office building located at 500 International Drive in Mount Olive, located east of Newark. The sale included a 7,115-square-foot adjacent commercial building. The Rockefeller Group developed the three-story building, which was fully leased to 16 tenants at the time of sale, in 1987. Jose Cruz, Kevin O’Hearn, Fred Hyatt, Stephen Simonelli, Michael Oliver and Nicholas Stefans of JLL represented the undisclosed seller in the transaction.
TEJON RANCH, CALIF. — Dallas-based Covington Group has purchased a 606,000-square-foot warehouse distribution facility. The property is located within the Tejon Ranch Commerce Center in the 1,450-acre master-planned commercial and industrial development located at the junction of Interstate 5 and Highway 99 in Kern County, Calif. The development is approximately an hour north of the Los Angeles basin. A joint venture between Tejon Ranch Co. and Rockefeller Group sold the asset for an undisclosed price. Dollar General has occupied the warehouse facility since 2012. Other tenants at Tejon Ranch Commerce Center include IKEA, Famous Footwear, L’Oréal USA and Caterpillar. The master-planned area is entitled to more than 20 million square feet of commercial and industrial space, with approximately 6 million square feet already in development and 14 million square feet of entitled space still available.
NEW YORK CITY — Global investment bank Greenhill & Co. has signed a 78,000-square-foot office lease at the former Time & Life building within Manhattan’s Rockefeller Center. Rockefeller Group, which owns the 48-story building located at 1271 Avenue of the Americas, is wrapping up a $600 million redevelopment program that is scheduled for completion by year’s end. Following Greenhill’s relocation from 300 Park Avenue in 2020, the building will be close to fully leased. Michael Geoghegan, Andrew Sussman and Peter Gamber of CBRE represented Greenhill in the lease negotiations. Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell and Dave Caperna of CBRE represented Rockefeller Group, along with internal associates Ed Guiltinan and Jennifer Stein.
GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site. Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease. Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.
NEW YORK CITY — Englewood Construction’s retail group has begun construction on a 40,000-square-foot American Girl Place store located at 75 Rockefeller Plaza in New York City. American Girl will move to the new space this fall from its current location at 609 Fifth Ave. The 75 Rockefeller Plaza store will be the 12th project Englewood has completed for American Girl since 2008. Cincinnati-based architecture firm FRCH Design Worldwide designed the new American Girl store, which will span two floors with direct entrances from both 51st and 52nd streets.