News Briefs
DebtX to Sell $292M in Loans
Aug 20, 2008
DebtX has announced that it will sell approximately $292 million in non-performing residential real estate loans. The portfolio will be offered in 19 separate pools and will bid on September 18, 2008. The loans were originally made by a commercial bank as portfolio loans, primarily in 2006. The portfolio contains the following concentrations: $100 million in Florida, $40 million in California, $26 million in Massachusetts, $16 million in Arizona and $16 million in Nevada. The loans are 95 percent adjustable rate, and 95 percent of the properties are owner-occupied.
DebtX has announced that it will sell approximately $292 million in non-performing residential real estate loans. The portfolio will be offered in 19 separate pools and will bid on September 18, 2008. The loans were originally made by a commercial bank as portfolio loans, primarily in 2006. The portfolio contains the following concentrations: $100 million in Florida, $40 million in California, $26 million in Massachusetts, $16 million in Arizona and $16 million in Nevada. The loans are 95 percent adjustable rate, and 95 percent of the properties are owner-occupied.
Skinner Announces Move to Marlborough, Mass.
Aug 20, 2008
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass. This newly purchased site will host the auction house's corporate offices, suburban auction gallery, and warehouse. Currently, Skinner has galleries in Boston and Bolton, Mass. and a leased warehouse in nearby Hudson, Mass. The new 69,000 square foot space, on five acres, is approximately three times the size of its Bolton building, and accommodates parking for 200 cars. Located near the junction of Interstate 495 and the Massachusetts Turnpike, the new location is some seven miles closer to Skinner's Boston gallery.
Skinner Inc., the auction house, has announced it will move from its long-time Bolton, Mass. gallery to a new facility located at 274 Cedar Hill Street in Marlborough, Mass. This newly purchased site will host the auction house's corporate offices, suburban auction gallery, and warehouse. Currently, Skinner has galleries in Boston and Bolton, Mass. and a leased warehouse in nearby Hudson, Mass. The new 69,000 square foot space, on five acres, is approximately three times the size of its Bolton building, and accommodates parking for 200 cars. Located near the junction of Interstate 495 and the Massachusetts Turnpike, the new location is some seven miles closer to Skinner's Boston gallery.
Charles Dunn Opens Orange County Office
Aug 20, 2008
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine. Co-located with the Advisory Services group is Charles Dunn Real Estate Services, the property management group that has relocated from Newport Beach. Greg Bendis, Managing Director of the Advisory Services group said the Irvine office will offer a different model than other Charles Dunn offices. “Unlike other offices, where brokers pursue landlord rep, tenant rep and investment assignments, this office will focus exclusively on a managed approach to representing clients that use and occupy commercial real estate in their business.” The approach is one he calls a "Client Services Model." This methodology lets the firm develop and conduct real estate strategies for companies with complex and multi-market real estate needs.
GVA Worldwide partner Charles Dunn Co. is setting its sights on Orange County--it has just opened a new office there, it has announced. GVA Charles Dunn and the Advisory Services group has taken their offices at Knobbe Martens building at Main Plaza in Irvine. Co-located with the Advisory Services group is Charles Dunn Real Estate Services, the property management group that has relocated from Newport Beach. Greg Bendis, Managing Director of the Advisory Services group said the Irvine office will offer a different model than other Charles Dunn offices. “Unlike other offices, where brokers pursue landlord rep, tenant rep and investment assignments, this office will focus exclusively on a managed approach to representing clients that use and occupy commercial real estate in their business.” The approach is one he calls a "Client Services Model." This methodology lets the firm develop and conduct real estate strategies for companies with complex and multi-market real estate needs.
Armstrong to Head Franchise Development at NYLO Hotels, Plans Expansion
Aug 20, 2008
Charles Armstrong has joined NYLO Hotels L.L.C. as senior vice president of franchise development, the company has announced. Plans call for the firm to add 50 properties either completed or under development by 2011. Armstrong has been a vice president for development for Hyatt Select Hotels Group. Armstrong had also been with U.S. Franchise Systems, then a subsidiary of Hyatt Hotel Corp., Hawthorn Suites, Candlewood Hotel Co., and Cendant Corp., which is now Wyndham Worldwide.
Charles Armstrong has joined NYLO Hotels L.L.C. as senior vice president of franchise development, the company has announced. Plans call for the firm to add 50 properties either completed or under development by 2011. Armstrong has been a vice president for development for Hyatt Select Hotels Group. Armstrong had also been with U.S. Franchise Systems, then a subsidiary of Hyatt Hotel Corp., Hawthorn Suites, Candlewood Hotel Co., and Cendant Corp., which is now Wyndham Worldwide.
NYU Buys Gramercy Green for $275M
Aug 19, 2008
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
New York University acquired Gramercy Green condo building from J.D. Carlisle for $275 million with plans to convert the 21-story property into a dorm, The Real Deal reported. The building is located at 310 Third Avenue.
Elk Crossing Shopping Center Sold in Chicago Suburb
Aug 19, 2008
Mid-America Real Estate Corp.'s Investment Sales Group of Oakbrook Terrace, Ill., announced the sale of Elk Crossing, a 121,507-square-foot grocery-anchored shopping center in Elk Grove Village, a northwest suburb of Chicago. The buyer, Los Angeles-based Westwood Financial Corp., purchased the center from an affiliate of the General Electric Pension Trust, advised by GE Asset Management. Mid-America Principal Rick Drogosz represented both the seller and the buyer in the transaction. Elk Crossing is anchored by a recently remodeled Jewel-Osco and complemented by national and regional specialty retailers that include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC. The center is located on the northwest corner of Biesterfield Road and Arlington Heights Road.
Mid-America Real Estate Corp.'s Investment Sales Group of Oakbrook Terrace, Ill., announced the sale of Elk Crossing, a 121,507-square-foot grocery-anchored shopping center in Elk Grove Village, a northwest suburb of Chicago. The buyer, Los Angeles-based Westwood Financial Corp., purchased the center from an affiliate of the General Electric Pension Trust, advised by GE Asset Management. Mid-America Principal Rick Drogosz represented both the seller and the buyer in the transaction. Elk Crossing is anchored by a recently remodeled Jewel-Osco and complemented by national and regional specialty retailers that include Panera Bread, Bath & Body Works, Citibank, RadioShack, and GNC. The center is located on the northwest corner of Biesterfield Road and Arlington Heights Road.
Embassy Suites Announces Largest Development Pipeline in Brand's 24-Year History
Aug 19, 2008
Embassy Suites Hotels, currently with 192 hotels, is experiencing its strongest development pipeline in the brand’s 24-year history. Currently 62 franchised hotels are scheduled to open in the next three years, many of which will be Design Option III prototype. The Embassy Suites Atlanta-Kennesaw Town Center will open in 2009. The Design Option III prototype allows developers to build an Embassy Suites on less land, with more efficient use of space and lower construction costs. The first Design Option III hotel, the Embassy Suites Jackson-Ridgeland, is scheduled to open in November 2008, and will mark the brand’s entrance into the state of Mississippi.
Embassy Suites Hotels, currently with 192 hotels, is experiencing its strongest development pipeline in the brand’s 24-year history. Currently 62 franchised hotels are scheduled to open in the next three years, many of which will be Design Option III prototype. The Embassy Suites Atlanta-Kennesaw Town Center will open in 2009. The Design Option III prototype allows developers to build an Embassy Suites on less land, with more efficient use of space and lower construction costs. The first Design Option III hotel, the Embassy Suites Jackson-Ridgeland, is scheduled to open in November 2008, and will mark the brand’s entrance into the state of Mississippi.
NorthMarq Arranges $45M Mortgage for Palm Grove Center
Aug 19, 2008
NorthMarq Capital Inc.’s Los Angeles regional office arranged first mortgage financing of $45 million for Palm Grove Center located in Redlands, Calif. Currently the retail property contains 245,052 square feet and upon completion of the last phase, a total of 251,052 square feet. Major tenants in the center include JC Penney and Babies/Toys R Us. Financing was based on a 3-year interest only term with two 1-year extensions and was arranged for the borrowers, Orange County based private investors, by NorthMarq through its relationship with a large regional bank.
NorthMarq Capital Inc.’s Los Angeles regional office arranged first mortgage financing of $45 million for Palm Grove Center located in Redlands, Calif. Currently the retail property contains 245,052 square feet and upon completion of the last phase, a total of 251,052 square feet. Major tenants in the center include JC Penney and Babies/Toys R Us. Financing was based on a 3-year interest only term with two 1-year extensions and was arranged for the borrowers, Orange County based private investors, by NorthMarq through its relationship with a large regional bank.
Teen Retailer Buys Office Space in Manhattan
Aug 19, 2008
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District. The office space is located at 1071 Avenue of the Americas, directly across from Bryant Park. Most recently, rue21 inc. celebrated their headquarters expansion in Warrendale, Pa., increasing the size of the facility to 53,000 square feet and also the grand opening of their 400th store in Zachary, LA. The company plans to open 100 stores this year. The stores are located in community strip centers, regional malls and outlet centers.
rue21, a leading specialty value teen retailer for girls and guys is on the move in New York City. The 400 plus store retailer has acquired and customized a 3,800-square-foot office located in the Fashion District. The office space is located at 1071 Avenue of the Americas, directly across from Bryant Park. Most recently, rue21 inc. celebrated their headquarters expansion in Warrendale, Pa., increasing the size of the facility to 53,000 square feet and also the grand opening of their 400th store in Zachary, LA. The company plans to open 100 stores this year. The stores are located in community strip centers, regional malls and outlet centers.
Kosmos Energy Signs Lease at Park Lane in Dallas
Aug 19, 2008
Harvest Partners said today that Kosmos Energy L.L.C. has signed an office lease for more than 50,000 square feet at Park Lane, a 33.5-acre mixed-use development currently
under construction in Dallas. This marks the first office lease signed in one of the new buildings at Park Lane. The new office space will be located within the core of the development.
Harvest Partners said today that Kosmos Energy L.L.C. has signed an office lease for more than 50,000 square feet at Park Lane, a 33.5-acre mixed-use development currently
under construction in Dallas. This marks the first office lease signed in one of the new buildings at Park Lane. The new office space will be located within the core of the development.
The Orbach Group Acquires Miry Run Apartments in New Jersey
Aug 19, 2008
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units. The Miry Run Apartments complex consists of one- and two-bedroom units. The Orbach Group will make minor renovations throughout the complex. The company's other Hamilton property – the 316- unit Victoria Apartments – was purchased three years ago. The firm has been active in Mercer County. The acquisition of Miry Run increases the company’s holdings in the Princeton corridor to more than 1,000 units. In addition to these two apartment complexes, The Orbach Group owns a portfolio of residential properties spanning New Jersey in areas including Cherry Hill, Lakewood, Ewing and Hackensack. The firm recently expanded its presence in the Northeast by entering the New York City real estate market with the purchase of 13 buildings on West 49th Street in Manhattan across the street from World Wide Plaza. The buildings contain a total of 254 units of residential and a number of storefronts.
The Orbach Group has purchased the Miry Run Apartments, a nine-building complex housing 144 units. The acquisition is the second Hamilton, N.J. property in the company’s portfolio, joining Victoria Apartments, bringing the Hamilton total to 460 units. The Miry Run Apartments complex consists of one- and two-bedroom units. The Orbach Group will make minor renovations throughout the complex. The company's other Hamilton property – the 316- unit Victoria Apartments – was purchased three years ago. The firm has been active in Mercer County. The acquisition of Miry Run increases the company’s holdings in the Princeton corridor to more than 1,000 units. In addition to these two apartment complexes, The Orbach Group owns a portfolio of residential properties spanning New Jersey in areas including Cherry Hill, Lakewood, Ewing and Hackensack. The firm recently expanded its presence in the Northeast by entering the New York City real estate market with the purchase of 13 buildings on West 49th Street in Manhattan across the street from World Wide Plaza. The buildings contain a total of 254 units of residential and a number of storefronts.
Harcourt Lawsuit Dismissed
Aug 18, 2008
The charges against Harcourt Developments have been dropped, following a judge's ruling that the complaints were not supported. Harcourt Nevada, Harcourt Developments' U.S. subsidiary, will go ahead with its Nevada-based mixed-use project. The Sullivan Square, which is located six miles from the Strip, will have 1,300 apartments, office buildings, a 1.5-acre park and 25 shops.
The charges against Harcourt Developments have been dropped, following a judge's ruling that the complaints were not supported. Harcourt Nevada, Harcourt Developments' U.S. subsidiary, will go ahead with its Nevada-based mixed-use project. The Sullivan Square, which is located six miles from the Strip, will have 1,300 apartments, office buildings, a 1.5-acre park and 25 shops.
RFP Closes 86,000 SF of Renewals, Expansions at RiverEdge in Atlanta
Aug 18, 2008
RFP Mainstreet RiverEdge L.L.C. has closed more than 86,000 square feet of renewals and expansions at its RiverEdge office development in Atlanta’s Northwest submarket. The firm was represented by Jones Lang LaSalle. RFP Mainstreet RiverEdge acquired RiverEdge, a two-building, nearly 500,000-square-foot office complex, last year. The development is located in Fulton County near the Chattahoochee River and the Cumberland/Galleria area and is 80 percent leased.The transactions include:
IntercontinentalExchange Inc’s. renewal and expansion for a total of 59,938 square feet of Class A office space at 2100 RiverEdge Parkway. ICE expanded by 15,274 square feet, and was represented by Kerry Davidsen of CB Richard Ellis.
DWI Holdings Inc.’s renewal of 8,294 square feet at 2100 RiverEdge Parkway, a 263,281-square-foot office building. The textile holding firm chose to keep its headquarters at RiverEdge and was represented by Jim Devaney of NAI Brannen Goddard.
Pactiv Corp. also chose to renew its 7,782-square-foot lease at 2100 RiverEdge. The consumer and food products packaging company, which is based in suburban Chicago, was represented by John O’Neill and Ryan Irvine of Cushman & Wakefield.
Locally based Raymond Walker Co., which designs and develops manufacturing and industrial properties, renewed its lease for 6,933 square feet at 2100 RiverEdge, which will remain the firm’s headquarters, and was represented by Rob Binion of LaVista Associates.
At 2000 RiverEdge Parkway, Des Moines, Iowa-based Principal Life Insurance Co. expanded its lease by 3,080 square feet for a total of 24,561 square feet and was represented by Lauren August of Terrus Real Estate Group.
RFP Mainstreet RiverEdge L.L.C. has closed more than 86,000 square feet of renewals and expansions at its RiverEdge office development in Atlanta’s Northwest submarket. The firm was represented by Jones Lang LaSalle. RFP Mainstreet RiverEdge acquired RiverEdge, a two-building, nearly 500,000-square-foot office complex, last year. The development is located in Fulton County near the Chattahoochee River and the Cumberland/Galleria area and is 80 percent leased.The transactions include:
IntercontinentalExchange Inc’s. renewal and expansion for a total of 59,938 square feet of Class A office space at 2100 RiverEdge Parkway. ICE expanded by 15,274 square feet, and was represented by Kerry Davidsen of CB Richard Ellis.
DWI Holdings Inc.’s renewal of 8,294 square feet at 2100 RiverEdge Parkway, a 263,281-square-foot office building. The textile holding firm chose to keep its headquarters at RiverEdge and was represented by Jim Devaney of NAI Brannen Goddard.
Pactiv Corp. also chose to renew its 7,782-square-foot lease at 2100 RiverEdge. The consumer and food products packaging company, which is based in suburban Chicago, was represented by John O’Neill and Ryan Irvine of Cushman & Wakefield.
Locally based Raymond Walker Co., which designs and develops manufacturing and industrial properties, renewed its lease for 6,933 square feet at 2100 RiverEdge, which will remain the firm’s headquarters, and was represented by Rob Binion of LaVista Associates.
At 2000 RiverEdge Parkway, Des Moines, Iowa-based Principal Life Insurance Co. expanded its lease by 3,080 square feet for a total of 24,561 square feet and was represented by Lauren August of Terrus Real Estate Group.
Olympic Village in Beijing Earns LEED Gold Certification
Aug 18, 2008
The plan for the Olympic Village in Beijing, the temporary home to 17,000 athletes from around the world, has been awarded LEED-Gold certification by the U.S. Green Building Council under its pilot LEED for Neighborhood Development certification program. The Beijing Olympic Village is the first Olympic Village to receive LEED certification, and as part of the pilot program, it is one of only eight developments – and the first international project – to thus far achieve ertification under LEED for Neighborhood Development. The pilot program began with a call for pilot projects in early 2007. Nearly 240 projects from 39 states and six countries are now registered to participate in the pilot program.
The plan for the Olympic Village in Beijing, the temporary home to 17,000 athletes from around the world, has been awarded LEED-Gold certification by the U.S. Green Building Council under its pilot LEED for Neighborhood Development certification program. The Beijing Olympic Village is the first Olympic Village to receive LEED certification, and as part of the pilot program, it is one of only eight developments – and the first international project – to thus far achieve ertification under LEED for Neighborhood Development. The pilot program began with a call for pilot projects in early 2007. Nearly 240 projects from 39 states and six countries are now registered to participate in the pilot program.
$70M All-Suite Hotel Debuts Near Disney World in Orlando
Aug 15, 2008
The Mona Lisa Suite Hotel has opened its doors in Celebration, Fla., adding 240 guest rooms to the market surrounding Walt Disney World. Developed by Mona Lisa at Celebration L.L.C., an affiliate of Aix en Provence-based Mona Lisa Group, the hotel sits at the intersection of I-4 and U.S. Highway 192, just two miles from Orlando International Airport. Adjmi Architects of New York City was the architect on the project, which was designed to achieve Florida Department of Environmental Protection Green Lodging Program certification. For Mona Lisa Group, completion of the property marks the international condo-hotel developer's entrée into the U.S. market. Graves World Hospitality is on board to manage the hotel.
The Mona Lisa Suite Hotel has opened its doors in Celebration, Fla., adding 240 guest rooms to the market surrounding Walt Disney World. Developed by Mona Lisa at Celebration L.L.C., an affiliate of Aix en Provence-based Mona Lisa Group, the hotel sits at the intersection of I-4 and U.S. Highway 192, just two miles from Orlando International Airport. Adjmi Architects of New York City was the architect on the project, which was designed to achieve Florida Department of Environmental Protection Green Lodging Program certification. For Mona Lisa Group, completion of the property marks the international condo-hotel developer's entrée into the U.S. market. Graves World Hospitality is on board to manage the hotel.
Suburban San Diego Office Building Trades in $25M Deal
Aug 15, 2008
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties. The sales price included the buyer's assumption of a $10 million loan from Midland Loan Services. Located at 5880 Oberlin Dr., Oberlin Plaza sits within 15 miles of San Diego. Westcore's disposition of the property comes three years after the company purchased it. At that time, Advanced Marketing Systems was leasing the entire building, but the company's bankruptcy left Oberlin Plaza vacant--albeit for a relatively short period. Advanced Marketing made its exit in August 2007 and Westcore inked a long-term lease deal for the space with Qualcomm in December. Westcore relied on internal representation in the Oberlin Plaza sale, while Pacific Sorrento turned to real estate services firm Sperry Van Ness.
A $25 million transaction has left Mira Oberlin Plaza in Sorrento Mesa, Calif., with a new owner. Pacific Sorrento L.L.C. acquired the 77,300-square-foot office building from Westcore Oberlin L.L.C., an entity of Westcore Properties. The sales price included the buyer's assumption of a $10 million loan from Midland Loan Services. Located at 5880 Oberlin Dr., Oberlin Plaza sits within 15 miles of San Diego. Westcore's disposition of the property comes three years after the company purchased it. At that time, Advanced Marketing Systems was leasing the entire building, but the company's bankruptcy left Oberlin Plaza vacant--albeit for a relatively short period. Advanced Marketing made its exit in August 2007 and Westcore inked a long-term lease deal for the space with Qualcomm in December. Westcore relied on internal representation in the Oberlin Plaza sale, while Pacific Sorrento turned to real estate services firm Sperry Van Ness.
Phoenix Office Property Fetches $9.5M
Aug 15, 2008
Ownership of Camelwest Plaza at 1951 and 2001 W. Camelback Rd. in Phoenix has changed hands in a deal valued at $9.5 million. San Diego-based Fenway Properties acquired the approximately 173,400-square-foot office complex from Koll Bren Fund V, an entity managed by Newport Beach, Calif.'s Koll Bren Schreiber Realty Advisors. Developed 22 years ago, Camelwest Plaza consists of two four-story office buildings and two three-story parking facilities on a five-acre parcel near the site of a light-rail station due to open next year. At the time of the trade, the property was 70 percent occupied. Real estate services firm Grubb & Ellis|BRE Commercial L.L.C., along with Lucescu Realty, represented the seller in the transaction, while the buyers represented themselves.
Ownership of Camelwest Plaza at 1951 and 2001 W. Camelback Rd. in Phoenix has changed hands in a deal valued at $9.5 million. San Diego-based Fenway Properties acquired the approximately 173,400-square-foot office complex from Koll Bren Fund V, an entity managed by Newport Beach, Calif.'s Koll Bren Schreiber Realty Advisors. Developed 22 years ago, Camelwest Plaza consists of two four-story office buildings and two three-story parking facilities on a five-acre parcel near the site of a light-rail station due to open next year. At the time of the trade, the property was 70 percent occupied. Real estate services firm Grubb & Ellis|BRE Commercial L.L.C., along with Lucescu Realty, represented the seller in the transaction, while the buyers represented themselves.
New Hotel Raises its Flag in Philly
Aug 15, 2008
Starwood Hotels & Resorts Worldwide Inc. has completed development of yet another hotel under its new Aloft lifestyle brand. Aloft Philadelphia Airport, located at 4301 Island Ave., is a five-story structure featuring 136 guestrooms, a fitness center and a conference room. Starwood managed to wrap up development of the Philly locale ahead of schedule; the company previously announced that the hotel would swing its doors open to guests on September 8. On a mission to bring its new premium select-ser vice brand to the market with a splash, Starwood is on a development spree. It revealed its first property under the flag, Aloft Montreal Airport in June, and opened its first U.S. Aloft destination in Ontario, Calif., later the same month. Aloft Chicago O'Hare and Aloft Charleston Airport & Convention Center have also recently come on the hospitality scene.
Starwood Hotels & Resorts Worldwide Inc. has completed development of yet another hotel under its new Aloft lifestyle brand. Aloft Philadelphia Airport, located at 4301 Island Ave., is a five-story structure featuring 136 guestrooms, a fitness center and a conference room. Starwood managed to wrap up development of the Philly locale ahead of schedule; the company previously announced that the hotel would swing its doors open to guests on September 8. On a mission to bring its new premium select-ser vice brand to the market with a splash, Starwood is on a development spree. It revealed its first property under the flag, Aloft Montreal Airport in June, and opened its first U.S. Aloft destination in Ontario, Calif., later the same month. Aloft Chicago O'Hare and Aloft Charleston Airport & Convention Center have also recently come on the hospitality scene.
UK Firm Inks $15M Lease Deal for 178,500-SF Orange County Industrial Facility
Aug 15, 2008
Bunzl, a consumer products distributor headquartered in the U.K., has managed to wiggle its way into the rarest of accommodations--a 178,000-square-foot Class A industrial property in Orange County. Completed in February, 605 Cerritos Distribution Center at 15959 Piuma Ave. is one of just a few industrial facilities over 100,000 square feet that were built in the Mid-Counties area of Los Angeles within the last 18 months, according to real estate services firm Colliers International, which orchestrated the lease on behalf of landlord Piuma Properties Ltd. Located ust off the 605 and 91 freeways, the building provides easy access to Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The Klabin Co. worked with Colliers in representing Piuma Properties in the lease, while Lee & Associates joined Colliers to represent Bunzl.
Bunzl, a consumer products distributor headquartered in the U.K., has managed to wiggle its way into the rarest of accommodations--a 178,000-square-foot Class A industrial property in Orange County. Completed in February, 605 Cerritos Distribution Center at 15959 Piuma Ave. is one of just a few industrial facilities over 100,000 square feet that were built in the Mid-Counties area of Los Angeles within the last 18 months, according to real estate services firm Colliers International, which orchestrated the lease on behalf of landlord Piuma Properties Ltd. Located ust off the 605 and 91 freeways, the building provides easy access to Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The Klabin Co. worked with Colliers in representing Piuma Properties in the lease, while Lee & Associates joined Colliers to represent Bunzl.
Freddie Mac Program Paves Way for $38M Refi of New Jersey Apartment Property
Aug 15, 2008
A refinancing deal valued at $38.7 million has closed for Hunters Chase Apartments, a 360-unit multifamily community in Evesham, N.J. Acting on behalf of Hunters Chase Associates L.L.C., Capmark Finance Inc. originated the permanent fixed-rate debt, which came in the form of an 80 percent LTV loan with a seven-year term and a 30-year amortization through its Freddie Mac program. Developed in 1988, Hunters Chase sits about an hour-and-a-half from New York City. The apartment complex, presently 88 occupied, consists of garden-style structures, and features a 3,500-square-foot community center.
A refinancing deal valued at $38.7 million has closed for Hunters Chase Apartments, a 360-unit multifamily community in Evesham, N.J. Acting on behalf of Hunters Chase Associates L.L.C., Capmark Finance Inc. originated the permanent fixed-rate debt, which came in the form of an 80 percent LTV loan with a seven-year term and a 30-year amortization through its Freddie Mac program. Developed in 1988, Hunters Chase sits about an hour-and-a-half from New York City. The apartment complex, presently 88 occupied, consists of garden-style structures, and features a 3,500-square-foot community center.
Miami Mixed-Use Project Resumes with Extension on $60M Loan
Aug 15, 2008
ArteCity Holding Ltd., developer of the mixed-use ArteCity project in Miami Beach, can breathe a sigh of relief, now that Corus Bank has extended the maturity of its $60 million loan on the project. The loan originally closed just short of two years ago. While ArteCity has since completed part of the development, it ran into a few financial roadblocks that prevented it from concluding the endeavor. With extension in hand, ArteCity can move forward with the six-structure complex. Located in the Miami's Museum and Arts District, the project will encompass the Governor, a 61-unit condominium property converted from a hotel; ArtePark North and ArtePark South, which will offer 113 condominium residences; 18 townhomes in the Park Villas East and Park Villas West buildings; and Park Plaza Corner, containing 10 junior suites, as well as retail space. Four of the buildings involve the redevelopment of historic facilities, while the remaining two will be ground-up construction. Doors of the Governor opened in December 2007. The remainder of the project is on target to deliver in March 2009.
ArteCity Holding Ltd., developer of the mixed-use ArteCity project in Miami Beach, can breathe a sigh of relief, now that Corus Bank has extended the maturity of its $60 million loan on the project. The loan originally closed just short of two years ago. While ArteCity has since completed part of the development, it ran into a few financial roadblocks that prevented it from concluding the endeavor. With extension in hand, ArteCity can move forward with the six-structure complex. Located in the Miami's Museum and Arts District, the project will encompass the Governor, a 61-unit condominium property converted from a hotel; ArtePark North and ArtePark South, which will offer 113 condominium residences; 18 townhomes in the Park Villas East and Park Villas West buildings; and Park Plaza Corner, containing 10 junior suites, as well as retail space. Four of the buildings involve the redevelopment of historic facilities, while the remaining two will be ground-up construction. Doors of the Governor opened in December 2007. The remainder of the project is on target to deliver in March 2009.
286,000-SF Sale-Leaseback Deal Incorporates Houston Food Distributor's Expansion
Aug 15, 2008
Two years after developing its 286,000-square-foot Houston headquarters and distribution center, Glazier Foods Co. Inc. has sold the Class A property in a triple-net sale-leaseback transaction with GSL Welcome Group L.L.C. Located at 11303 Antoine Dr., Glazier's home occupies 33 acres just off the North Sam Houston Parkway. The deal, which Houston-based GSL made through its GSL Fund 21 GF Sub E L.L.C., encompasses a $14 million expansion project that will leave the food service distributor with an additional 160,000 square feet of freezer and dry storage space. GE Capital supplied GSL with financing for both the acquisition and the expansion endeavor. Yancey-Hausman Commercial Real Estate Services marketed the property on behalf of Glazier and attracted the attention of a bevy of industrial REITs that submitted bids for the headquarters campus.
Two years after developing its 286,000-square-foot Houston headquarters and distribution center, Glazier Foods Co. Inc. has sold the Class A property in a triple-net sale-leaseback transaction with GSL Welcome Group L.L.C. Located at 11303 Antoine Dr., Glazier's home occupies 33 acres just off the North Sam Houston Parkway. The deal, which Houston-based GSL made through its GSL Fund 21 GF Sub E L.L.C., encompasses a $14 million expansion project that will leave the food service distributor with an additional 160,000 square feet of freezer and dry storage space. GE Capital supplied GSL with financing for both the acquisition and the expansion endeavor. Yancey-Hausman Commercial Real Estate Services marketed the property on behalf of Glazier and attracted the attention of a bevy of industrial REITs that submitted bids for the headquarters campus.
Chrysler to Expand Detroit Plant with 285,000-SF Addition
Aug 15, 2008
Chrysler L.L.C. has announced that it will develop a 285,000-square-foot building at its Jefferson North Assembly Plant in Detroit as part of its planned $1.8 billion investment in new vehicle programs. The facility will replace an existing body shop at the 2.7 million-square-foot campus. The Jefferson North Plant, developed in 1991, was previously expanded in 1999. The current expansion project will also encompass the upgrading of other buildings on the site. Green elements will be incorporated into the development of the new facility, as well as the renovated spaces in an effort to reduce the company's environmental footprint in the area. Chrysler anticipates completing the expansion endeavor in 2010.
Chrysler L.L.C. has announced that it will develop a 285,000-square-foot building at its Jefferson North Assembly Plant in Detroit as part of its planned $1.8 billion investment in new vehicle programs. The facility will replace an existing body shop at the 2.7 million-square-foot campus. The Jefferson North Plant, developed in 1991, was previously expanded in 1999. The current expansion project will also encompass the upgrading of other buildings on the site. Green elements will be incorporated into the development of the new facility, as well as the renovated spaces in an effort to reduce the company's environmental footprint in the area. Chrysler anticipates completing the expansion endeavor in 2010.
Denver Apartment Community Commands $31M
Aug 15, 2008
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com. Located at 4775 Argonne St. less than 10 miles southwest of Denver International Airport, the garden-style community was developed in three phases over a two-year period concluding in 2001 and, at the time of the sale, boasted an occupancy level of 95 percent. The deal was a long time coming. A 12-month closing--mostly attributed to the U.S. Department of Housing and Urban Development's seven-month approval process--finally culminated in a transfer of general partnership. Real estate services firm Apartment Realty Advisors orchestrated the transaction on behalf of the seller.
After four years, the for-sale sign at Orchard Crossing has finally come down. Oakwood Homes sold the 420-unit Class A apartment complex to multifamily property developer and manager Dominium for just over $31 million, as per an article by CREFeed.com. Located at 4775 Argonne St. less than 10 miles southwest of Denver International Airport, the garden-style community was developed in three phases over a two-year period concluding in 2001 and, at the time of the sale, boasted an occupancy level of 95 percent. The deal was a long time coming. A 12-month closing--mostly attributed to the U.S. Department of Housing and Urban Development's seven-month approval process--finally culminated in a transfer of general partnership. Real estate services firm Apartment Realty Advisors orchestrated the transaction on behalf of the seller.
$160M Mixed-Use Project in Boston Gets Green Light
Aug 15, 2008
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization. Located adjacent to the TD Banknorth Garden arena, the project will bring much-needed hotel space to the area with the development of a 153-room Courtyard by Marriott and a 121-room TownePlace Suites by Marriott. The Merano will also encompass 206,000 square feet of office space, 10,000 square feet of ground-level retail space and 13,000 square feet of ground-level restaurant space. The architectural firm of CBT is behind the design of the project, which was able to find a home with the demolition of the elevated I-93 highway structures. Construction of The Merano is on schedule to commence during the first quarter of next year and wrap up 24 months thereafter.
At a recent Boston Redevelopment Authority Board of Directors meeting, city officials gave Boston Development Group the thumbs-up to move forward with The Merano, a new mixed-use project in the city's Bulfinch Triangle community, a neighborhood that is presently undergoing revitalization. Located adjacent to the TD Banknorth Garden arena, the project will bring much-needed hotel space to the area with the development of a 153-room Courtyard by Marriott and a 121-room TownePlace Suites by Marriott. The Merano will also encompass 206,000 square feet of office space, 10,000 square feet of ground-level retail space and 13,000 square feet of ground-level restaurant space. The architectural firm of CBT is behind the design of the project, which was able to find a home with the demolition of the elevated I-93 highway structures. Construction of The Merano is on schedule to commence during the first quarter of next year and wrap up 24 months thereafter.
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