ARLINGTON, TEXAS — Hendricks & Partners (H&P) has brokered the sale of Woodstock, a 128-unit apartment community located at 712 Washington Dr. in Arlington. The seller, New Albany, Ohio-based The Bank of New York Trust Company, was represented by Mike Miller of H&P’s San Antonio office, and Tome Burns and Jay Gunn of the firm’s Dallas office. Brookfield, Wis.-based MLG Capital 2008 acquired Woodstock for an undisclosed amount.
DORAL, FLA. — Alex Wiegandt and Alicia Willen of Miami-based Keyes Co. have brokered the complex stock transfer and asset sale of a 17,265-square-foot automotive industrial building from Kingston Financial of Canada to private buyers for $3.25 million. The transaction was financed by Sun America Bank.
HACKENSACK, N.J. — New York City-based Meridian Capital Group has secured $16 million in acquisition financing for The Carlyle, a 13-story residential building located at 380 Prospect Avenue in Hackensack. The Class A multifamily property contains 128 units; property amenities include a 24-hour doorman, an outdoor swimming pool and underground parking. Terms of the loan include a 5.5 percent fixed rate for a 7-year term, with 3 years interest-only payments. Avi Weinstock and Chaim Tessler of Meridian’s New York office arranged the financing on behalf of the borrower, AKS Management. The lender was undisclosed.
STOCKTON, CALIF. — University of the Pacific has completed the development of The University Center, the campus’ first green building, which is slated to open in August. Designed by San Francisco-based Gensler, the two-story, 55,000-square-foot building will serve as the campus’ gathering place and dining facility. Situated along the Calaveras River, the facility features a two-story entry atrium, wireless Internet, a full-service pub, entertainment venues, high-tech meeting rooms and a gaming room. The project, which is seeking LEED Silver certification, also features retractable skylights, daylight sensors, large windows and doors for natural lighting and cooling; a mixed-mode heating and air conditioning system for natural ventilation; and various water-saving components, including dual-flush toilets and dishwashers that function with a minimum amount of water usage. The $38 million center was funded in part by donations, bonds, and operating and reserve funds. Milpitas, Calif.-based Devcon Construction Inc. served as general contractor for the project.
The Memphis apartment market is expected to record mixed performance this year, due to a spike in new inventory and decelerating employment growth. On the demand side, weakness in the housing market is keeping many individuals within the renter pool, boosting retention rates and supporting a modest uptick in tenant demand. Foreclosure activity rose 15 percent in the first quarter, when compared to the same period one year earlier, and is expected to continue this year as more adjustable-rate mortgages reset. Subsequently, apartment demand for Class B and Class C properties should pick up in this year, causing vacancy for the metro’s affordable rentals to improve. On the supply side, development activity is accelerating after 5 years of below-average additions to stock. By year-end, developers are expected to boost inventory by 1.1 percent, or nearly double the 5-year average, pushing vacancy higher while moderating rent gains. Builders have brought approximately 175 new apartment units to the Memphis market during the past 12 months, representing a modest 0.2 percent increase in inventory. One year ago, deliveries had totaled approximately 210 units. Development activity is picking up, as builders have roughly 1,100 units underway in the metro area. As for significant developments, …
By Miles Berger The City of Newark, New Jersey, is enjoying a renaissance punctuated by a tightened Class A office market, heightened entertainment and culture, and an enhanced transit infrastructure. Add to that skyrocketing lodging rates in Manhattan and an ever-expanding passenger volume at Newark airport, and the city’s hotel inventory — a sometimes overlooked component of its commercial real estate sector — is poised for new levels of growth and prosperity. Traditionally, Newark’s hotel stock has been largely dependent on traffic from Liberty International Airport. While the airport continues to be a strong contributor to the city’s hotel industry, many other moving parts are in play, beginning with the resurgence of the office market. The corporate migration toward cities continues in New Jersey, bolstered recently by programs like the state’s new urban tax incentive. Additionally, under the administration of Newark Mayor Cory Booker, the city has seen a strong increase in Manhattan firms interested in relocating their back office operations, and even their headquarters, to Newark. With New York City rents skyrocketing to approach $100 per square foot, Newark offers a tremendous alternative. Typically, B and C+ buildings run near $27 per square foot, with Class A rates at …
POMONA, N.J. — Construction is underway for a new 153,000-square-foot campus center at The Richard Stockton College of New Jersey, located in Pomona. The new facility is part of the college’s 10-year master plan, and will be built in anticipation of LEED-Gold certification from the U.S. Green Building Council. Sustainable features will include use of the campus’ existing geothermal wellfield for heating and cooling, a roof that will collect stormwater for irrigation, and a digital building management system that will promote energy efficiency. Upon completion, the campus center will feature a food service market, a coffeehouse, a venue for large events, meeting rooms, a bookstore, lounge spaces and offices. Princeton, N.J.-based KSS Architects is serving as project architect, with Charlottesville, Va.-based VMDO Architects serving as associate architect. Completion is scheduled for early 2011.
STOCKTON AND PATTERSON, CALIF. — CB Richard Ellis’ (CBRE) industrial properties consulting team, which consists of Blake Rasmussen, Doug Norton, Kevin Dal Porto, Ryan McShane, Conor Famulener, Tyson Vallenari and Michael Walker, has brokered two industrial transactions in California. In the first transaction, First Industrial Acquisitions Inc. has acquired a 72.16-acre parcel of industrial land located at Arch and NewCastle roads in Stockton. Archtown Properties sold the parcel for an undisclosed price. Rasmussen and Dal Porto represented the buyer. In a separate transaction, HPL Contract purchased an approximately 31,067-square-foot industrial building located within Keystone Pacific Business Park in Patterson. McShane represented the buyer; Rasmussen and Dal Porto represented the seller, Keystone Flex I Associates LLC, in the transaction. The transaction amount was not disclosed.
DALLAS — Jones Lang LaSalle and The Staubach Co. have reached a $613 million agreement to merge operations and will operate under the Jones Lang LaSalle brand. Under the terms of the agreement, Jones Lang LaSalle will pay $613 million, with $123 million in cash and $100 million in stock paid at the transaction close and the balance paid out in cash over five years. The deal also calls for potential earn out payments of up to $114 million that are subject to the achievement of certain performance metrics measured over a period of up to approximately four and one-half years after the closing. Jim Yoder, managing director and market director for Dallas with Jones Lang LaSalle, said Staubach’s tenant representation was a big draw when discussing a possible merger. “Where we saw some weakness was in our tenant representation practice, and clearly Staubach has been a leader in Texas and around the country as a tenant representation practice. It was an excellent fit to join forces. Their strengths and our strengths matched up beautifully,” Yoder said. Paul Whitman, president of Southwest corporate services for the Staubach Co., agreed with Yoder citing continuous growth as the goal. “JLL has incredible …
ALTON, ILL. — Gundaker Commercial Group and the Illinois Housing Development Authority have completed Alton Point Apartments, a $12.4 million workforce housing project located in Alton. With exteriors resembling large homes, all of the buildings consist of two apartments and one townhome. The project includes 56 one, two, and three-bedroom apartments, as well as 28 townhomes. Amenities include a clubhouse with a community area, a computer room and an outdoor playground. The Madison County Housing Authority; design firm Rosemann & Associates; Stock & Associates; KPFF; and Tao & Associates were all part of the project team.