ANAHEIM, CALIF. – Rangar West Two LLC has acquired a 209,715-square-foot industrial building in Anaheim for $27.3 million. The newly built property is located at 2201 E. Cerritos Ave. It was completed this past December. The building was developed by Western Realco and Penwood Real Estate, which were represented by Jeff Read and Greg Osborne of Newmark Grubb Knight Frank. The JV acquired the land parcel from Neville Chemical Corporation in February 2012. The third-party logistics firm was represented by Todd Clarke of Kidder Matthews and Peter Castleton of Voit Real Estate Group.
Search results for
"castle "
The biggest news about Delaware retail is the expansion of Christiana Mall in Newark, Del., and an equally ambitious redevelopment of The Colonnade at Christiana, which is adjacent to the mall. Everyone in the Mid-Atlantic knows that Delaware does not have retail sales tax, thus the driver of Christiana’s expansion and the new projects is simply shopping demand and a geographically dense population base that draws from more than 20 million people in nearby states including Pennsylvania, Maryland, New Jersey and even New York. It’s one thing to save $4 when you spend $50 but the money gets real when you can save $80 on a $1,000 shopping tab. (This example is based on 8 percent sales tax that you’d pay in Philadelphia, which is about 30 minutes from Wilmington and has more than 4 million people in its MSA). Christiana’s expansion to 1.1 million square feet and the adjacent 915,000-square-foot The Colonnade is made possible by construction improvements to the I-95 and Route 1 interchange that will give drivers and shoppers better access to the existing and refurbished retail centers. The Colonnade was previously called the Christiana Fashion Center and it is being redeveloped by Frank Acierno and his …
STOCKTON, CALIF. – A joint venture between USAA Real Estate Company and Seefried Properties has acquired a two-property industrial portfolio in Stockton for a reported $51.5 million. The portfolio includes a 750,561-square-foot building inside the Newcastle Logistics Center, which is located at 4650 Newcastle Road, and a 165,474-square-foot building inside the Performance Logistics Center at 834 Performance Drive. The 916,035-square-foot portfolio was developed between 2008 and 2009. Both buildings are occupancy-ready, institutional-grade bulk distribution centers. The JV purchased the portfolio in a bankruptcy process. USAA was represented by Tyson Vallenari, Blake Rasmussen, Kevin Dal Porto and Ryan McShane of CBRE’s Industrial Real Estate team. The team also serves as the leasing agents for both properties.
The rapid evolution of e-commerce — including the relationships between the companies that manufacture product and the e-tailers that distribute and sell that product — is arguably the most significant factor impacting the Philadelphia-area and larger regional industrial real estate market today. And for those of us following this phenomenon closely, it feels like we may just be in the second inning of a nine-inning game at Citizens Bank Park. Simply put, e-commerce is creating strong industrial demand. A number of new companies are popping up on the radar, particularly along Pennsylvania’s I-81/I-78 distribution corridor. In the fourth quarter, Walmart’s 1.2 million-square-foot lease at a Liberty Property Trust asset in Bethlehem announced a new neighbor — Walmart again! Adjacent to Liberty’s building will be an additional 1 million square feet to be occupied by Walmart and the space is being developed by Majestic specifically for e-commerce. Earlier in 2013, One Kings Lane leased 500,000 square feet from DCT Industrial in Kutztown. Amazon now has a 4.8 million-square-foot footprint in Pennsylvania with constant threats of additional growth. The list goes on. These sizable transactions drove leasing volume up to nearly 9.7 million square feet at the end of the third quarter …
JEKYLL ISLAND, GA. — Jekyll Oceanfront Hotel LLC, a joint venture between Leon N. Weiner & Associates Inc. and New Castle Hotels & Resorts, has topped off the $41 million Westin Jekyll Island. The 200-room beachfront hotel is located adjacent to the new Jekyll Island Convention Center. The new hotel, which is slated for completion later this year, will be part of the Jekyll Island Beach Village project. Memphis, Tenn.-based LLW Architects designed the U-shaped, five-story hotel to achieve LEED Silver certification. Pinkerton & Laws of Georgia Inc. is the hotel’s general contractor.
MERRIMACK, N.H. — Bradstreet & Chandler and Novaya Real Estate Ventures have acquired Heron Cove Office Park, a 152,308-square-foot, three-building office park in Merrimack. Constructed between 1999 and 2001, the park is among the newest office products in the Greater Manchester/Nashua submarket. Castle Hill Partners sold the portfolio to HCOP Merrimack LLC, a joint venture of Boston-based Novaya Real Estate Ventures and Bradstreet & Chandler. Bill Moylan and Roger Dieker of CBRE/NE represented the seller and procured the buyer in the transaction. Kyle Juszczyszyn and Josh Klimkiewicz of CBRE/NE arranged the financing through East Boston Savings Bank. CBRE/NE’s Roger Dieker, Mike Tamposi and Chris Healey will handle the leasing of Heron Cove going forward. At closing, the park was 59 percent occupied by tenants including Intel Corp., Pennichuck Water Works Inc. and Tyler Technologies Inc.
KNIGHTSTOWN, IND. — The Indianapolis office of CBRE has arranged the sale of the former 56,640-square-foot Spectra Premium facility in Knightstown, located about 38 miles east of Indianapolis. The free-standing facility is situated on a five-acre site and features immediate access to I-70. Mark Writt and Tom Cooler of CBRE represented the seller, Spectra Premium, in the transaction. The buyer, Hay-Flex, is currently located in New Castle, Ind., and purchased the facility to expand its operations in Central Indiana. The warehouse is located at 8774 S. State Road 109.
INDIANAPOLIS — CBRE has arranged a $14.5 million loan for the acquisition of Waterside at Castleton Apartments, a Class B multifamily property located on the northeast side of Indianapolis. CBRE worked on behalf of Yakima, Wash.-based Wilkinson Corp. to secure the CMBS financing.The 400-unit apartment community features a mix of one- and two-bedroom layout. Jason Brown, vice president of CBRE’s debt and structured finance office in Indianapolis, originated the loan.
CERRITOS, CALIF. — Big 5 Plaza, a 15,568-square-foot retail center in Cerritos, has sold to a private Vernon investor for $4.6 million. The plaza is located at 11310-11360 183rd Street. It is anchored by Big 5 Sporting Goods. The fully leased center is also home to Subway, Castlehead Escrow and Providence Speech and Hearing. Edward B. Hanley and Jeremy McChesney of Hanley Investment Group represented both the buyer and seller, a private Los Angeles investor, in this transaction.
FORT LAUDERDALE, FLA. — HFF has closed the sale of Pinnacle Corporate Park I & II, two Class A office buildings totaling 262,434 square feet at 500 and 550 W. Cypress Creek Road in Fort Lauderdale. A joint venture between Banyan Street Capital and DRA Advisors purchased the buildings for $38.1 million. The properties are 85 percent leased to tenants such as University of Phoenix, CastlePoint Insurance, Oracle and Fannie Mae. Herman Rodriguez, Ike Ojala and Jorge Portela of HFF represented the seller, Northwestern Mutual, in the transaction.