OAKLAND, CALIF. — Kaiser Center, a 975,000-square-foot office complex in downtown Oakland, has undergone a recapitalization. The transaction terms were not disclosed. The complex is located at 300 Lakeside Drive. It includes an 845,000-square-foot office tower, in addition to two low-rise retail/office buildings that total about 130,000 square feet. BART, the University of California and Kaiser Foundation Health Plan currently occupy the property. Affiliates of Rockpoint Group and the Swig Company plan to reposition the asset. This will include major renovations to the lobbies, common corridors, landscaping and retail amenities.
WILMINGTON, DEL. — Patterson-Woods Commercial Properties/CORFAC International has completed a 65,941-square-foot office lease at 824 N. Market St. in Wilmington for the U.S. Bankruptcy Court for the district of Delaware. The new 10-year lease has a gross value of $20.4 million. The U.S. Bankruptcy Court premises comprise the third, fifth, sixth floors, as well as a portion of the second floor of the 196,969-square-foot office building. Bart Mackey of Patterson-Woods represented the landlord, NNN 824 North Market Street LLC, while the General Services Administration represented the tenant in the transaction.
NEW YORK CITY — GFI Realty Services has arranged the sale of two apartment buildings located at 684A and 684B Myrtle Ave. in Brooklyn’s Clinton Hill neighborhood. Local investors acquired the properties from Joseph Rizzuto for $3.8 million. The two four-story apartment buildings feature 12 residential units and a ground-floor retail unit. Isaac Moskowitz of GFI Realty Services represented the seller, while Yosef Katz, also of GFI, represented the buyers in the transaction.
YONKERS, N.Y. — QIC has extended its existing joint venture relationship with Forest City Realty Trust through the acquisition of a 51 percent stake in Westchester’s Ridge Hill shopping center in Yonkers. The 1.3 million-square-foot open-air shopping center is anchored by Lord & Taylor, Whole Foods Market, Legoland Discovery Center, The Cheesecake Factory, Dick’s Sporting Goods, REI, Showcase Cinema and approximately 70 specialty stores. This agreement with Forest City brings the total number of assets acquired by QIC on behalf of clients to 11.
WESTPORT, CONN. — Vidal Wettenstein has brokered the sale of a retail/restaurant building located at 1849 Post Road East in Westport. Fin-Max Realty acquired the property for $3.9 million. The 6,237-square-foot property is occupied by Shake Shack. Robert Lewis of Vidal Wettenstein was the sole broker in the deal.
BRISTOL AND GLEN ALLEN, VA. — Publix Super Markets Inc. has signed two leases for stores in Virginia, which will be the first two stores in the state for the Lakeland, Fla.-based grocer. Publix has leased 54,000 square feet of space at the northeast corner of Lee Highway and Clear Creek Road in Bristol and 49,000 square feet at the northeast corner of Nuckols and Twin Hickory roads in Glen Allen. Grand opening dates for both locations have yet to be determined, but the Bristol store is tentatively planned to open in the fourth quarter of 2017, and the Glen Allen store will follow in 2018. David Crawford and Kevin South of CBRE|Richmond assisted Publix with market analysis, site selection and leasing for the Glen Allen location. Virginia will mark Publix’s seventh state of operation, and the company is looking ahead to aggressive growth within the state and in its current operating areas of Florida, Georgia, Alabama, Tennessee, South Carolina and North Carolina.
BALTIMORE, MD. — Greysteel has brokered the sale of Federal Hill Station, an 11,450-square-foot urban retail building located at 1024-1030 Light St. in Baltimore’s historic Federal Hill neighborhood. The property is currently 100 percent leased to Blue Moon Café, Himalayan Bistro and Yoga Works on a triple-net basis. Gil Neuman led Greysteel’s Mid-Atlantic retail investment sales team in representing the seller, KL Light Street LLC, and procuring the buyer, Conflux Light Street LLC.
ATLANTA — Grady Health Systems has expanded its lease by 23,970 square feet at Hurt Building, a 17-story, 436,340-square-foot office building located at 50 Hurt Plaza in downtown Atlanta. Grady’s footprint at Hurt Building totals more than 80,000 square feet. Grady Health System consists of the 953-bed Grady Hospital, six neighborhood health centers, Crestview Health & Rehabilitation Center and Children’s Healthcare of Atlanta at Hughes Spalding, which is operated as a Children’s affiliate. David Barry and Adam Blue of Boxer Property represented Grady in the lease transaction.
WICHITA FALLS, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Millennium Towers, a 40,000-square-foot shopping center located in Wichita Falls. PRA represented the seller, Shining Properties Inc. A Texas-based buyer purchased the asset for an undisclosed price. Retailers in the immediate area include Lowe’s Home Improvement, Walmart Supercenter, Home Depot, Sam’s Club, Academy Sports + Outdoors, Bed Bath & Beyond, PetSmart and Kohl’s. Millennium Towers is 100 percent occupied by tenants such as Texas Blood Institute, Texas Orthodontics and Looking Good Spa.
STILLWATER, MINN. — Marcus & Millichap has brokered the $8.6 million sale of an 82,436-square-foot shopping center in Stillwater, approximately 20 miles northeast of St. Paul. Valley Ridge Mall, located at 1250 Frontage Road West, was nearly 100 percent occupied at the time of sale and is home to 29 tenants. Adam Prins, Matthew Hazelton, Sean Doyle and Cory Villaume of Marcus & Millichap listed the property on behalf of the seller, a developer, and also secured the buyer, a private investor from outside Minnesota.