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DEVRY UNIVERSITY LEASES 47,500-SQUARE-FOOT BUILT-TO-SUIT PROPERTY

by admin February 6, 2009

LONG BEACH, CALIF. — DeVry University has signed an 11-year lease for a 47,500-square-foot built-to-suit office building at Douglas Park, a master-planned 261-acre mixed-use project in Long Beach. DeVry is the first tenant announced within the 54.5-acre portion of the park being developed by San Francisco-based Newcastle Partners and RREEF Alternative Investments. Construction on the building, which is located at Conant Avenue and Lakewood Boulevard, is expected to commence in May, with completion slated for March 2010. Design to obtain LEED Silver certification, the building will offer 360 parking spaces, outside gathering areas, building connectivity and infrastructure for solar power.

February 6, 2009

OMP ACQUIRES 506,940-SQUARE-FOOT INDUSTRIAL PROPERTY

by admin December 22, 2008

FREMONT, CALIF. — Overton Moore Properties (OMP), through its investment vehicle OMP Industrial III, has acquired a 506,940-square-foot industrial/research & development building in Fremont. Located at 901 Page Ave., the complex consists of manufacturing, warehouse, labs and office/work space. Additionally, the complex features 21 kVA utility service, 100 percent air-conditioned facilities, epoxy-coated ESD concrete slab floors, overhead power distribution bars in the manufacturing area, emergency power, 25 to 28-foot clear heights, fully calculated and ESFR sprinkler systems. Eric Fox of CPS CORFAC International and Peter Castleton of Voit Commercial Brokerage, a CORFAC International affiliate, represented the buyer. The seller was Hewlett-Packard Company. The value of the transaction was not disclosed.

December 22, 2008

Retail Texas

NEW RETAILERS OPEN AT VINTAGE PARK

by admin November 20, 2008

HOUSTON — The grand openings have been held for six new tenants at Vintage Park, an approximately 500,000-square-foot lifestyle center located in Houston. Situated on 84 acres at the intersection of Louetta Road and Highway 249, the center’s new tenants include BRIX Wine Cellars, The Castleberry Center for Aesthetic Dentistry, Fish City Grill, Post Net, Signature Home Theater and Shogun Japanese Grill & Sushi. Many of the openings occurred when the center held its grand opening ceremonies in October. Tenants already open at Vintage Park include Cheeburger Cheeburger, H-E-B Vintage Market, LandAmerica Commonwealth Title, Pepper-Lawson Construction, Potbelly Sandwich Works, Starbucks Coffee, and Vintage Wellness & Aesthetic Center. Tenants opening soon at the center include Freshberry Frozen Yogurt, Mia Bella, Peli Peli, Pizza Fusion, Salaa & Trio Prime Steakhouse and Bar, Bank of Texas, Compass Bank, Heritage Texas Properties and Kickerillio Cos. Vintage Park is owned by Houston-based The Interfin Companies. It is the retail component of The Vintage, a 630-acre master planned community.

November 20, 2008

Northeast Retail

KALMON DOLGIN ARRANGES GROUND LEASE FOR NEW IHOP

by admin November 11, 2008

NEW YORK CITY — Brooklyn, New York City-based Kalmon Dolgin Affiliates (KDA) has arranged a 49-year ground lease for a 23,000-square-foot retail property located at 22-44 Church Ave. in the Flatbush neighborhood of Brooklyn. The property is currently occupied by a closed White Castle restaurant; it will soon house a new International House of Pancakes location, along with 9,000 square feet of retail space. Completion of the renovation is scheduled for mid-2009. KDA’s Allison Chambers represented the lessee, a locally based and investor, and Bob Klein, also of KDA, represented the landlord, Richard Ull.

November 11, 2008

Industrial Northeast

GRUBB & ELLIS COMPLETES 168,924-SQUARE-FOOT INDUSTRIAL LEASE

by admin November 10, 2008

NEW GALILEE, PA. — Grubb & Ellis has completed the long-term lease of 168,924 square feet of industrial space at Turnpike Distribution Center, a warehouse-distribution facility located at 1750 Shanango Rd. in New Galilee. Constructed in 2007, the property is located at the intersection of Interstate 76 and Route 60. Louis Oliva and Rick O’Brien of Grubb & Ellis facilitated the transaction on behalf of the tenant, Boston-based Iron Mountain Inc., and the landlord, Turnpike Distribution LP, which consists of a joint venture between Pittsburgh-based Castlebrook Development, Cincinnati-based Al. Neyer Inc., and Pittsburgh-based The Erect Fund. Terms of the lease were not disclosed.

November 10, 2008

Retail Western

VOIT COMMERCIAL BROKERAGE CLOSES TWO TRANSACTIONS

by admin November 4, 2008

LOS ANGELES COUNTY, CALIF. — Voit Commercial Brokerage has completed two transactions, totaling $4.1 million, in Los Angeles County. In Downey, Calif., Benedict Partners LLC acquired a 23,200-square-foot property, which is located at 12406-12422 Benedict Ave., for $2.1 million. Rob Socci and Peter Castleton of Voit’s Anaheim, Calif., office represented the sellers, George and Margaret Maginn; Jeff Hubbard of Lee & Associates represented the buyer in the transaction. In a separate transaction, Guthrie Development Company completed the disposition of an 11,516-square-foot property, which is located a 7901 Somerset in Paramount, Calif., for $2 million. The property is located within the 158,000-square-foot Somerset Business Park. Louis Tomaselli, Mitch Zehner, Cameron Driscoll and Luke McDaniel of Voit’s Anaheim office represented the seller; Steve Bryant of Grubb & Ellis represented the buyers, Yungtai and Lisa Hsu.

November 4, 2008

Multifamily Western

250-UNIT MULTIFAMILY PROPERTY UNDERWAY

by admin November 3, 2008

SAN JOSE, CALIF. — San Mateo, Calif.-based The Castle Group, dba Morrison Park Apartments LLC, recently acquired a $19.7 million, 4.4-acre site at 381 Stockton Ave. in San Jose for the development of Morrison Park Apartments. The four-story, 250-unit apartment complex was originally designed as a for-sale condominium property, but due to the economy the project has been converted to a rental housing property. Completion is slated for late 2010. Keith Claxton of NAI BT Commercial San Jose, along with Borelli Investments, represented the undisclosed seller in the land transaction.

November 3, 2008

Delaware Market Reports Northeast Market Reports

Deals are still being made.

by admin September 29, 2008

Despite being just south of Philadelphia, Delaware continues to maintain its presence in the New England market and its own identity. After a very active period from 2005 to 2007, office development in Wilmington’s central business district (CBD) is now taking a breather. The last project finished, the Renaissance Center at 4th and King streets, still has significant vacancies. The suburban market has also slowed, and new developers are taking a wait-and-see approach before speculatively breaking ground on new projects. This current slowdown in market activity is attributable partly to the market and partly to the usual summer slump. The slowdown has brought overall vacancy rates to 17.1 percent for Class A and B office product, including sublease space. The Wilmington CBD comes in with the highest rate at 20.5 percent (Class A and B, including subleases), while western New Castle County posts a rate of 6.2 percent, an anomaly compared to the other submarkets that lean more towards the CBD’s rate. Currently, rents for Class A space in the CBD can run from the low $20s to low $30s per square foot. Suburban rents for Class A space are equivalent, ranging from the low to high $20s. Leasing may …

September 29, 2008

Hospitality Northeast

ROCKRESORTS PARTNERS WITH JV TO MANAGE NEW RESORT

by admin September 24, 2008

STOWE, VT. — Broomfield, Colo.-based RockResorts International has entered into an agreement with a joint venture between Stonewater Partners and CastleGrace Management for the management of a resort project currently under construction in Stowe. Known as The Mansfield Inn at Stowe, the project will include for-sale residences, as well as luxury tented accommodations. Amenities will include a three-meal restaurant with a fine dining element; a 6,000-square-foot spa with six standalone, spa-themed cabins; a warming hut; and an outdoor pool and hot tubs. The project is scheduled to open in time for the 2010/2011 ski season. RockResorts, which is a wholly owned subsidiary of Vail Resorts, will manage all resort operations, provide technical advisory services and provide marketing licensing services to assist in sales for the project.

September 24, 2008

Civic Southeast

57,000-SQUARE-FOOT ORLANDO CHURCH OPENS DOORS

by admin September 11, 2008

ORLANDO, FLA. — Orlando-based H.J. High Construction Co. recently completed the 57,000-square-foot Pine Castle United Methodist Church, located at 731 Fairlane Ave. in Orlando. The $9.07 million project, which features a 1,250-seat sanctuary, also includes classrooms, church offices, a lobby, a chapel and a youth auditorium.

September 11, 2008

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