CASTLE ROCK, COLO. — Fuller Real Estate has negotiated the $16.5 million sale of the 529.7-acre Castle Oaks development in Castle Rock. The master-planned community’s entitlement includes 46.5 acres slated for commercial development. Fuller Real Estate’s Stew Mosko represented Colorado Castle Oaks Return LLC in its disposition of the property to SLV Castle Oaks LLC.
NEW CASTLE, DEL. — Five Below has expanded its lease at Twin Spans Business Park in New Castle. The retailer will expand from 214,000 square feet to occupy all 421,000 square feet of 350 Anchor Mill Road. Harvey, Hanna & Associates negotiating the deal.
NEW YORK CITY — A Manhattan artist has acquired an industrial building in Brooklyn's Gowanus neighborhood and plans to redevelop it into an art studio. The single-story, 4,500-square-foot building is located at 45-49 4th St. Melissa DiBella and Ofer Cohen of Brooklyn-based TerraCRG represented the undisclosed seller in the deal. Chad Castle of Excelsior Realty represented the buyer. The acquisition price was not disclosed.
WASHINGTON, D.C. — ICG Properties, Castleton Holdings and Capella Hotels and Resorts will begin developing the 48-unit Capella Georgetown hotel in January 2011. The property, which will be located on 31st Street in the Georgetown area of Washington, is set for delivery in January 2012. Construction will involve the redevelopment of an existing five-story commercial building.
NEW CASTLE, DEL. — New Castle-based NAI Emory Hill has brokered the sale of a 20,000-square-foot industrial building in New Castle. The building is situated on 3.77 acres at 40 McCullough Drive, within Southgate Industrial Park. It will serve as the new headquarters for the TMI Group of Companies, formerly located in Ronkonkoma, N.Y. Jim O'Hara, Jr., and Jim O'Hara, III, of NAI Emory Hill represented the seller, J&J Holding Co. Mitch Berkowitz of Deaton McCue represented the buyer, TMI Realty. The acquisition price was more than $1 million.
NEW CASTLE, DEL. — Discount retailer Five Below has expanded its operations at Twin Spans Business Park. The tenant will go from occupying 214,000 square feet of 250 Anchor Mill Road to occupying the entire 421,000-square-foot flex industrial building. Five Below will move into the expanded space in March. Harvey, Hanna & Associates represented the undisclosed landlord in lease negotiations.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
CHICAGO — InterContinental Hotel Groups (IHG) has completed the renovation and redevelopment of Avenue Crowne Plaza Chicago, which is located at 160 E. Huron in downtown Chicago. Formerly the Avenue Hotel Chicago, the 40-story hotel offers more than 18,000 square feet of meeting space and 350 guestrooms. The guestrooms are equipped with flat-screen televisions, iHome docking systems, mini bars, rain showerheads and granite countertops. Additionally, the property features a fitness center, a rooftop pool, a business center, Sky Lounge and Elephant & Castle. The property is owned and managed by Driftwood Hospitality Management under a license agreement with a company in IHG.
INDIANAPOLIS — Apartment Investment & Management Co. (AIMCO) has completed the disposition of Lake Castleton Apartments, a 1,261-unit multifamily property in Indianapolis. The property is located at Shadeland Avenue and 75th Street in Indianapolis’ northeast side. The buyer was an affiliate of Los Angeles-based QVT Mt. Auburn Capital. Bluestone Property Management, which will manage the property, participated in the transaction as a co-investor. Tikijian Associates brokered the transaction. The acquisition price was not disclosed.
INDIANAPOLIS — National Government Services has leased 149,255 square feet of office space at Castleton Park in Indianapolis. The lease was valued at $10.89 million. Jim Teskey and Allen Trowbridge of CRESA Partners represented the tenant; David Moore and Darrin Boyd of Colliers Turley Martin Tucker – Indianapolis represented the landlord, Brookfield Real Estate Opportunity Group, in the transaction.