JOINT VENTURE TO REPOSITION REGIONAL MALLS
Metro Commercial Real Estate Inc. and The Daniel Group LLC have teamed up to form a joint venture repositioning firm that specializes in regional Mid-Atlantic malls. The venture is in response to the changing demands of American shoppers, explains Daniel Hughes, president of Metro Commercial, who have placed new pressure on the traditional enclosed regional malls. “Enclosed mall asset mangers must respond by implementing aggressive leasing plans,” Hughes says. “We envision this new company to serve a vital catalyst in enabling asset managers to respond to the rapidly changing retail environment.”
MICROSOFT SIGNS ON FOR 100,000 SQ. FT. IN MANHATTAN
Microsoft has leased 100,380 sq. ft. at 1290 Avenue of the Americas. This summer, the software giant will exit its existing Manhattan office at Worldwide Plaza, which it has occupied for 12 years. “Microsoft had outgrown its space at 825 Eighth Avenue and the lease term will be expiring,” explains Lisa Kiell, executive vice president of Jones Lang LaSalle, which arranged the lease as a part of its global contract for project management services with Microsoft.
R.R. DONNELLEY LEASES 670,000 SQ. FT. AT YORK MANUFACTURING COMPLEX
R.R. Donnelley Logistics, a business unit of R.R. Donnelley & Sons, has leased 670,000 sq. ft. of industrial space within the new York Business Center, a 1.5 million sq. ft. complex in York, Pa. R.R. Donnelley was represented by CB Richard Ellis. “Donnelley is getting a substantially under-market rent for virtually new space after a complete renovation,” says Bob Brasler, principal of Brasler Realty, co-owner of the property.
APARTMENT DEVELOPER OPENS SOMERSET UNITS
Korman Communities, a Plymouth Meeting, Pa.-based owner and developer, has opened a 300-unit community in Somerset, N.J. One hundred units are designated as corporate apartments, while the remaining 200 will be available for rent. According to the company, it chose to develop in Somerset because of the area's strong job growth and high rents, in addition to the location's easy access to I-287.
CONNECTICUT APARTMENTS SELL FOR $35M
The 303-unit luxury apartment community Waterford Commons Apartments in Manchester, Conn., has sold for $35.6 million. Located near the Hartford CBD, the property is in a supply constrained market. The seller was Olmstead Commons Master LLC, and the buyer was Waterford Commons I LLC and Waterford Commons II LLC.
GMAC FINANCES $7.63M WASHINGTON APARTMENTS
GMAC Commercial Mortgage Corp. has arranged $7.63 million in the floating-rate acquisition for a Lynnwood, Wash., apartment complex. The 266-unit Tamaron Ranch Apartments consists of 19, 3-story buildings and one 2-story rental office building.
S.OFFICE PROJECT COMPLETED
Snyder Langston has completed the construction of Vantis, a 177,000 sq. ft. Class-A office building, for Shea Properties. The cost was $16 million. Located in Aliso Viejo, the project included one 5-story office building and 726 parking spaces.
PRIVATE INVESTOR BUYS $43.5M INLAND EMPIRE OFFICE PORTFOLIO
A private investor has purchased the 345,000 sq. ft. Arden Realty Inland Empire Office Portfolio for $43.5 million, or $126 per sq. ft. The portfolio consists of four Class-A office buildings, including the 112,935 sq. ft. Centrelake Plaza near the Ontario International Airport, the 79,644 sq. ft. Havengate Center in Rancho Cucamonga, the 103,708 sq. ft. HDS Plaza in San Bernardino, and the 47,634 sq. ft.Avenue Business Center in Riverside.