sales_and_leases

Howard Hughes Corp. Breaks Ground on Embassy Suites Hotel in The Woodlands

by Haisten Willis December 22, 2014

THE WOODLANDS, TEXAS — The Howard Hughes Corp. and its subsidiary, The Woodlands Development Co., have broken ground on a new Embassy Suites at Hughes Landing, a 66-acre mixed-use development in The Woodlands. Hughes Landing is located on Lake Woodlands and is designed as a live/work/play community with a blend of retailers, dining, entertainment, multifamily residences and Class A office space. The 205-room, full-service hotel is set for completion in late 2015. When finished, it will span 172,000 square feet with 3,000 feet of meeting and event space, a business center, restaurant, rooftop pool deck and 24-hour gym.

December 22, 2014

Tribune Media Sells Printing Facility in Baltimore for $46.5M

by John Nelson December 22, 2014

BALTIMORE — Tribune Media Co. has sold its printing facility at 300 E. Cromwell St. in Baltimore for $46.5 million. The 60-acre property holds the printing facility for The Baltimore Sun, a Tribune-owned newspaper that currently has a long-term lease on the property. The net proceeds after transaction costs and taxes are slated to be roughly $30 million. The buyer was undisclosed.

December 22, 2014

New York Northeast Retail

DLC Management Corp. Buys 518,000 SF Power Center in New York

by Amy Works December 22, 2014

POUGHKEEPSIE, N.Y. — DLC Management Corp. has acquired The Shoppes at South Hills, a retail power center located in Poughkeepsie. The 518,000-square-foot center was purchased for an undisclosed price. The Shoppes at South Hills is occupied by a variety of tenants, including ShopRite, Burlington Coat Factory, Christmas Tree Shop, Hobby Lobby, Kmart, Ashley Furniture HomeStore, Bob’s Discount Furniture and Chuck E. Cheese. Jose Cruz and Marc Duvall of HFF represented the undisclosed seller in the transaction.

December 22, 2014

California Retail Western

Trio of Outparcels at Trabuco Hills Shopping Center in Mission Viejo Sells for $15M

by Nellie Day December 22, 2014

MISSION VIEJO, CALIF. – C3 Properties LLC has purchased three outparcel retail pads at the Trabuco Hills Shopping Center in Mission Viejo for $15 million. The pads total 24,250 square feet. They are located at 27785, 27845 and 27865 Santa Margarita Parkway. The pads are fully leased to Walgreens, Claim Jumper and Ramona Tire & Service. C3 Properties was represented by HFF’s Trevor Harris, Matt Crawford and Jim Wellbaum of Triwell Properties. The seller, Trabuco Hills Pads LLC, was represented by CJ Osbrink and Nick Foster of the same firm.

December 22, 2014

Colorado Multifamily Western

Scandia Apartments in Arvada Sells for $1.2M

by Nellie Day December 22, 2014

ARVADA, COLO. – The 12-unit Scandia Apartments in Arvada has sold to a local buyer for $1.2 million. The community is located at 9990-10000 W. 59th Place. It was built in 1959. Scandia was fully leased at the time of sale. Joe Hornstein represented the buyer, while the local seller was represented by Josh Newell, both of Pinnacle Real Estate Advisors.

December 22, 2014

Office Texas

Cousins Arranges Lease Extension in Houston

by Haisten Willis December 19, 2014

HOUSTON — Cousins Properties Inc. has arranged a 230,000-square-foot lease extension for Stewart Information Services Corp. at Post Oak Central in Houston. Stewart’s lease, scheduled to expire in September 2016, was extended for three years to September 2019. Stewart is a provider of title insurance and other real estate services based in Houston. Post Oak Central is an office complex located at 2000, 1980 and 1990 Post Oak Boulevard. The complex includes 1.3 million square feet of Class A office and retail along with a parking garage.

December 19, 2014

Massachusetts Northeast Office

Roseview-PMRG Fund I Acquires Cambridge Office Building for $41.5M

by Amy Works December 19, 2014

CAMBRIDGE, MASS. — Roseview-PMRG Fund I has acquired 100 CambridgePark Drive, a Class A office building located in Cambridge, from Transatlantic Investment Management. The five-story, 135,572-square-foot property sold for $41.5 million. Constructed in 1992, the brick-clad office building features 27,100-square-foot floor plates and is leased to various tenants, including Cambridge Systematics, Cambridge Savings Bank, ICF International and Modo Labs. Roseview-PMRG plans to invest several million dollars to reposition the property, including renovating the lobby and other common areas. Roseview-PMRG Fund I is a $250 million discretionary fund formed by PM Realty Group and The Roseview Group in July 2014 to acquire and reposition office properties across the United States. The acquisition of 100 CambridgePark is the fund’s first purchase.

December 19, 2014

Alabama Retail Southeast

Marcus & Millichap Brokers $5.8M Sale of Shopping Center in Mobile

by John Nelson December 19, 2014

MOBILE, ALA. — Marcus & Millichap has brokered the $5.8 million sale of Vigouroux Marketplace, a 66,125-square-foot shopping center anchored by Winn Dixie and Rite Aid. The shopping center is located at 9948 Airport Blvd. in Mobile. Built in 1997, the asset was 92 percent leased at the time of sale. Andrew Chason of Marcus & Millichap’s Mobile office represented the seller, a Mobile-based limited liability company, in the transaction. Jason Cropper of Marcus & Millichap’s Little Rock office represented the buyer, a New York-based private investment group.

December 19, 2014

Colorado Hospitality Western

Sheraton Denver Tech Center Changes Hands

by Nellie Day December 19, 2014

DENVER — An entity related to ASAP Holdings has purchased the 263-room Sheraton Denver Tech Center for an undisclosed sum. The full-service hotel is located at 7007 South Clinton Street in the Greenwood Village submarket. The Sheraton features more than 12,000 square feet of function space, a restaurant/lounge, a fitness center and outdoor pool. It will continue to be operated by Interstate Hotels & Resorts. The seller was an investment group that included funds affiliated with Varde Partners, Waramaug Hospitality and Interstate Hotels. The transaction was executed by Mike Dube, Geoff Davis and Mike Cahill of HREC Investment Advisors.

December 19, 2014

Arizona Office Western

BH Properties Buys the Plaza at Squaw Peak in Phoenix for $25M

by Nellie Day December 19, 2014

PHOENIX — BH Properties has acquired the Plaza at Squaw Peak, a 428,000-square-foot office complex in Phoenix, for $25 million. The complex is located directly off Route 51 at North 16th Street and East Morten Avenue in the Camelback Corridor. The three-building complex is situated on 24.1 acres that also offers future redevelopment opportunities. The Plaza’s current tenant base includes law firms, financial service providers, administrative users, engineering firms, call centers, medical service providers, marketing agencies and title companies. BH Properties has been extremely active in the Southwest market over the past year. It also recently acquired the 159,000-square-foot Gilbert Town Square shopping center; the 180-unit Papago Crossing multifamily property; the 103,082-square-foot Islands Shopping Center; the 64,744-square-foot Ross Plaza retail center; and a 62,000-square-foot warehouse. The unnamed seller had purchased the Plaza as part of a portfolio. Acquisition financing was provided by Opus Bank. Rachelle Strole, Jason Hersker, Stephen Herman, Rachael Cisco and Scott Smith of Capital Asset Management represented both the buyer and seller in this transaction.

December 19, 2014

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