{"id":1004077941,"date":"2013-06-25T13:07:14","date_gmt":"2013-06-25T21:07:14","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004077941"},"modified":"2022-12-07T23:25:33","modified_gmt":"2022-12-08T07:25:33","slug":"july-briefssales-development-2","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/july-briefssales-development-2\/","title":{"rendered":"July – Briefs\/Sales & Development"},"content":{"rendered":"

Hines Sells Two Manhattan Trophy Towers for $1B-Plus<\/strong><\/p>\n

\"\"<\/a>Two Midtown Manhattan trophy towers owned by Hines have been sold to separate buyers for a combined total of more than $1 billion. \u00a0American Realty Advisors won the competition for 499 Park Ave., and J.P. Morgan Asset Management has acquired 425 Lexington Ave.<\/p>\n

Hines did not disclose the prices of the individual assets, only the combined total. Both buildings were owned by a subsidiary of Hines U.S. Core Office Fund L.P. Hines put the buildings up for sale in February and, in an unusual move, tapped competitors Eastdil Secured and CBRE Group Inc. to jointly market the properties.<\/p>\n

Tech Co. Buys Office Campus from Harvard<\/strong><\/p>\n

Athenahealth Inc. has acquired the historic 11-building, 760,000-square-foot Arsenal on the Charles office campus in Watertown, Mass., from Harvard University for $168.5 million. Avison Young represented Athenahealth in what reportedly is the largest user-buyer transaction in Boston so far in 2013. Athenahealth began occupying space in the complex (initially 133,000 square feet) in 2005.<\/p>\n

JV Buys Minnesota\u2019s Tallest Office for $253M<\/strong><\/p>\n

Minneapolis\u2019 signature skyscraper, the 57-story IDS Center, has been acquired by a joint venture consisting of Beacon Investment Properties L.L.C., Harel Insurance Investments & Financial Services Ltd. and Menora Mivtahim Insurance Ltd. from Inland American Real Estate Trust for $253 million. Located at 80 S. Eighth St., the 775-foot-tall asset was built in 1972 as the headquarters for Investors Diversified Services Inc., now known as Ameriprise Financial.<\/p>\n

Duke Sells 391 KSF Retail Center<\/strong><\/p>\n

Duke Realty Corp. has completed a $188 million disposition with the sale of the Shops at Pembroke Gardens. The 391,120-square-foot lifestyle retail center is located in Pembroke Pines, Fla. Holliday Fenoglio Fowler L.P. advised Duke Realty Corp. in the sale. The 90 percent leased asset was picked up by an institutional joint venture. Not included in the sale, but contiguous to the retail center, is approximately seven acres of Duke-owned land slated for retail development and approximately 44 acres of land master planned for 700,000 square feet of Class A office product.<\/p>\n

Kennedy Wilson Drops $62M on Utah Apartments<\/strong><\/p>\n

Kennedy Wilson has doubled its multi-family footprint in Utah with the acquisition of Foothill Place, a 450-unit apartment community located in Salt Lake City. The $61.8 million buy brings the firm\u2019s total investment in the area to $139 million, now comprising 816 multi-family units and 325,832 square feet of retail properties. Kennedy Wilson invested $15 million of equity into the Foothill Place purchase, which was financed with a $49.7 million, 10-year Freddie Mac loan at 3.58 percent, fixed, through Berkeley Point Capital. The 1974-built property consists of 10 two- and three-story buildings situated on 18 acres. Amenities include two swimming pools, a volleyball court, a rock-climbing boulder and a clubhouse with a fitness center.<\/p>\n

Kimco Acquires Partner\u2019s Interest in Seattle Center<\/strong><\/p>\n

Kimco Realty Corp. has added the Marketplace at Factoria in Bellevue, Wash., to its consolidated portfolio. The company acquired the majority of its joint venture partner\u2019s ownership interest in the 510,000-square-foot shopping center based on a gross value of $130.8 million. Kimco previously held a 50 percent ownership interest in the asset. The acquisition is part of the firm\u2019s strategy of streamlining its joint venture investments. The center is 94.3 percent occupied, with a tenant roster including Wal-Mart, Target, Nordstrom Rack, T.J. Maxx and Petco.<\/p>\n

Mack-Cali Sells 205 KSF Office in New Jersey <\/strong><\/p>\n

Mack-Cali Realty Corp. has sold its 55 Corporate Drive office building in Bridgewater, N.J., for approximately $72.3 million. The four-story, 205,439-square-foot Class A property was acquired by a subsidiary of Cole Corporate Income Trust Inc., an entity managed by Cole Real Estate Investments. The 2011-built building was developed by Mack-Cali as a build-to-suit for Sanofi-Aventis. The disposition was part of Mack-Cali Realty Corp.\u2019s continuing strategy of monetizing non-core assets.<\/p>\n

Peterson, Bozzuto Break Ground on National Harbor\u2019s First Rental<\/strong><\/p>\n

A joint venture consisting of The Peterson Cos. and The Bozzuto Group has completed financing for and broken ground on The Esplanade, the first rental apartment community at National Harbor in Prince George\u2019s County, Md., located about 10 minutes from Washington, D.C. Bank of America and RBS Citizens provided construction financing for the endeavor, which will be built by Bozzuto Construction Co. and managed by Bozzuto Management Co. National Harbor is a 350-acre mixed-use destination built by The Peterson Cos. that features retail, entertainment, single-family and now multi-family space.<\/p>\n","protected":false},"excerpt":{"rendered":"

Hines Sells Two Manhattan Trophy Towers for $1B-Plus; Tech Co. Buys Office Campus from Harvard; JV Buys Minnesota\u2019s Tallest Office for $253M; Duke Sells 391 KSF Retail Center; Kennedy Wilson Drops $62M on Utah Apartments; Kimco Acquires Partner\u2019s Interest in Seattle Centerp; Mack-Cali Sells 205 KSF Office in New Jersey; Peterson, Bozzuto Break Ground on National Harbor\u2019s First Rental.<\/p>\n","protected":false},"author":1335,"featured_media":1004077944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743],"tags":[],"class_list":["post-1004077941","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals"],"acf":[],"yoast_head":"\nJuly - Briefs\/Sales & Development - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/july-briefssales-development-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"July - Briefs\/Sales & Development\" \/>\n<meta property=\"og:description\" content=\"Hines Sells Two Manhattan Trophy Towers for $1B-Plus; Tech Co. 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