News

An 11-building, 750,000-square-foot New Jersey portfolio has sold to High Street Equity Advisors for an undisclosed price, according to a report from Cushman & Wakefield Inc.’s metropolitan area capital markets group in East Rutherford, N.J. The group orchestrated the deal. The properties include seven buildings totaling 367,000 square feet in Allendale Park, Allendale; two buildings totaling 177,000 square feet on Apgar Road in Franklin Township; and 300 Columbus Circle (pictured) and 400 Raritan Center Parkway, totaling 205,000 square feet, in Raritan Center, Edison.The seller was assisted in its original buys by the Cushman team. It acquired the industrial buildings at…

Spectrus Real Estate has sold a 75,000-square-foot retail power center in Austin to a San Francisco-area private buyer as part of a 1031 exchange. The property, Anna Plaza, was sold through Spectrus’ Net Lease PLUS program. It is anchored by a Wal-Mart Supercenter, Lowe’s Home Improvement Center and Office Depot. Another retail center, Lakeline Mall, is across the street, along with a proposed Costco outlet. Spectrus was represented in the sale of Anna Plaza in-house, by regional vice president Peter Rosenthal and sales executive Gary Williams, both with Spectrus’ Northwest regional office in San Francisco. The private buyer was represented…

A financing package totaling $109 million has been put in place for Linden Plaza, a 1,527-unit affordable housing complex in Brooklyn. Red Stone Partners orchestrated the deal on behalf of The DeMatteis Organization, which plans to use the funds to rehabilitate and preserve the 36-year-old property.Developed in 1972 the Linden Plaza complex encompasses four 17-story structures, a single 18-story tower, six townhouse complexes and four parking facilities. Working with Wachovia Multifamily Capital and Freddie Mac, Red Stone facilitated $74 million in tax-exempt bonds from the New York City Housing Development Corp. Additionally, Red Stone secured $35 million in tax credit…

Third party property management firm Riverstone Residential Group has acquired Seattle based HSC Real Estate Inc. With this acquisition, Riverstone looks to increase its viability in the Northwest, as HSC is a property management firm currently operating approximately 34,000 units in the region.HSC will now be known as HSC/Riverstone for the time being.The current HSC Seattle office will serve as Riverstone’s Western Division headquarters. The majority of HSC’s staff and management will remain employed at HSC/Riverstone, with Walt Smith, HSC’s current president, filling the role of divisional president of the western division.Smith indicated in a release today that the time…

The renovations at Trolley Square in Salt Lake City, an upscale lifestyle center and tourist attraction, will continue with a $74 million loan arranged by Holliday Fenoglio Fowler L.P.HFF senior managing director Lloyd Minten, working with center owner ScanlanKemperBard Cos., placed the loan with Bank of America as administrative agent, in syndication with Wachovia, according to a release from HFF. The financing recapitalizes an adjustable rate loan that was arranged by HFF when SKB bought the site from Simon Property Group in August 2006 for $38.6 million.“HFF was able to secure attractive financing that provided flexibility for the borrower to…

Palm Hills Developments S.A.E., a real estate developer in the Egyptian market, has now priced its previously announced stock offering. According to Bloomberg, Reuters News and other sources the company intends to raise $392 million from selling the shares and depositary receipts. Reports further state 63.4 million shares will go for prices above $3.55 to institutional investors, with the possibility of selling another 9.5 million shares as demand dictates. Total market value of this part of the offering could be more than $2 billion. In addition, 12.9 million shares will be offered to individuals at a 5 percent discount from…

Alexander & Baldwin Inc. has closed on the acquisition of the Savannah Logistics Center, a one million-square-foot industrial park. The seller was Oakmont Industrial Group. The company has also leased the majority of the facility, through its Matson Global Distribution Services subsidiary to a toy manufacturer for its southeast U.S. logistics operations. The deal extends the firm’s geographic reach to one of the busiest and fastest growing ports in the country, A&B Chairman & CEO Allen Doane said in a statement. It is the first real estate investment for Alexander & Baldwin east of the Mississippi and was completed using…

The Aquia Towne Center in Stafford County, Va., is about to be reduced to rubble in order to pave the way for the continued redevelopment of the shopping center into a 725,000-square-foot mixed-use destination. Ramco-Gershenson Properties Trust will spend $189 million on the redevelopment effort.Located about 25 miles from Washington, D.C., and five miles from the Marine Corps Base at Quantico, Aquia will feature 350,000 square feet of premier office space, 250,000 square feet of retail space, 125,000 square feet of entertainment offerings and 287 residential units. The architectural firm of Brown/Craig/Turner is overseeing the design of the new live-work-play…

The Trump Organization has inked a deal with Turkey’s prominent Dogan Family to build an office, residential and shopping complex in Istanbul. As reported by Reuters, the complex will consist of an office tower, a residential tower and a shopping mall. The 247,600-square-foot project is scheduled for a 2010 completion. Turkish company Tasyapi will handle construction, while Brigitte Weber Architects is designing the project, according to the report. No further details about the development were available, and the Trump Organization was unable to comment by deadline. All three sectors in Trump’s newest project are performing strongly in Istanbul, according to…

The San Joaquin County Board of Supervisors has completed an agreement with Catellus Development Group to serve as master developer of a new mixed-use complex in Stockton, Calif. The project, Airport East Business Park, will encompass over 6 million square feet of commercial offerings and open space.Located about 80 miles outside San Francisco along bustling Highway 99, Airport East will sit within close proximity of the Stockton Metropolitan Airport on a 550-acre parcel that has been designated for development for about a decade. Outlined in the plans for the sprawling development are as much as 2.5 million square feet of…