22A — October 12 - 25, 2012 — Mid Atlantic Real Estate Journal
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O utside the R egion
Berger of PCG brokers on behalf of buyer CBRE completes 1031 Exchange for 10,000 s/f
For Campus Circle in Tallahassee, FL NorthMarq Capital arranges $36.3 million mortgage
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allahassee, FL — Frank Relihan , senior VPand senior
director, Gary McGlynn , se- nior VPandmanaging director, and Kenneth Gentzel , senior vice president and manag- ing director, of NorthMarq ’s Washington, DC Regional of- fice, arranged first mortgage refinancing of $36.3 million for Campus Circle, a 679-bed student housing complex lo- cated in Tallahassee adjacent to Florida State University. Financing was based on a 10-year term and a 30-year amortization schedule and was arranged for the bor- SPARKS, NV — 3G Distri- bution has leased 50,000 s/f at 745 Coney Island Dr. in the Coney Island Industrial Park, Building 10. The Edison, NJ based Cushman&Wakefield team of Daniel Badenhau- sen , senior director, and An- drew Stypa , senior director, working with Brian Armon , managing partner of Com- merce Real Estate Solu- tions in Reno, represented 3G Distribution, a client, and the landlord. With the signing, 3G Distri- bution, based in Farmingdale, STAMFORD, CT — The Landis Group’s premier class A office tower located across from the Stamford Train Sta- tion at 400 Atlantic Street has been awarded The Office Build- ing of the Year (TOBY) from the Southern Connecticut Build- ing Owners and Managers Association ( BOMA ) in the 500,000-1,000,000 s/f, multi- tenant category. The Landis Group will be presented with the TOBY at an awards dinner on October 4. “Receipt of this prestigious honor is further testament to our commitment to creating an exceptional business envi- ronment at 400 Atlantic that not only meets, but exceeds tenants’ expectations and re- quirements,” said Scott Lan- dis , principal at The Landis Group. “We continue to make great strides in strengthening the energy efficiency of 400 Atlantic, as well as improving the amenities to enhance the
1902 North Prospect Ave
Champa ign , I L — CBRE , one of New Jersey’s largest commercial real estate brokerage firms, announced the firm recently completed a 1031 exchange of a fully oc- cupied, 10,000 s/f new retail site located at 1902 North Prospect Ave. Workingwith the seller’s bro- ker in Illinois, Elli Klapper , of the NY Investment Prop- erties team, and Charles Berger , of the NJ Private Capital Group ( PCG ), com- pleted the transaction on be- half of an undisclosed buyer. The price for the property, which is occupied by AT&T and Aspen Dental, was $4.25 million. Aspen Dental recently signed a 10-year lease that has three, five-year renewal options for 3,205 s/f. AT&T The addition of the fitness center occurs during a major renovation and redevelopment of the approximately 228,000 s/ f shopping center. The remodel includes both a physical facelift and a revamping of the center and will create new space avail- able for retail, restaurant and entertainment tenants. The future Blink Fitness will be located on three levels at 820 Concourse Plaza, an approxi- mately 60,000 s/f five-story of- fice building that was recently constructed on the property, and will feature 18,119 s/f of exercise space and equipment. Randall Briskin , VP of leas- ing worked on the deal and represented the owner. Both Bill Miller , VP of real estate for Blink Fitness, and Peter Levine of Charter Realty represented the tenant. Owned and managed by The Feil Organization, Concourse Plaza is a premier Bronx shop- Bronx, NY — The Feil Organization announces a 18,119 s/f lease with Blink Fitness, a division of Equi- nox, at the Concourse Plaza located just off of the Grand Concourse.
recently signed a 10-year lease with two, five-year renewal op- tion periods on 6,543 s/f. “We were approached by our client with a limited window of opportunity to identify suit- able replacement properties for their 1031 exchange,” said Klapper. “We quickly identified several intriguing properties which met our client’s specific criteria and were able to nego- tiate the most advantageous deal.” “This is a long-term hold for investment purposes,” added Berger. “The intersec- tion receives incredibly high daily traffic counts and the site has a stable tenancy with expected rental increases as well as a visible location in a well-known, Big Ten college town.” n ping destination situated on 161st Street at the Grand Concourse. The shopping cen- ter currently features various retail and dining amenities, a 10-plex movie theatre. Recent rezoning of the area has increased the Floor Area Ratio (FAR) at the Plaza, open- ing an opportunity for tenants that might not have been able to lease space previously. The new FARwould allow for approximately 600,000 feet of new retail and office space to be added to the center over time. “The intent of this renovation at Concourse Plaza is focused on the rejuvenation of the ‘Yan- kee Stadium Corridor’ at 161st Street,” said Randall Briskin , director of commercial leasing at The Feil Organization. “Due to the proximity to Yankee Stadium and the large residential community, this well-visited, highly visible neighborhood is seeing an upsurge in retail, office, and restaurant venues. The Feil Organization recognizes the need for these improvements at Concourse Plaza and we are excited to bring them to the area.” n
Campus Circle
servicer relationship with Freddie Mac. n
rower, a Pension Fund, by NorthMarq through its seller-
Cushman & Wakefield brokers 50,000 s/f lease for 3G Distribution
NY, marks its entry into the Reno/Sparks market. The third-party logistics company, specializing in integrated operations, warehousing and transportation services, is expanding its distribution op- eration on the west coast. “3G’s site search spanned the entire region, and this site met all of the company’s requirements,” said Baden- hausen. “The Reno/Sparks area provided the perfect access point for where 3G is conducting business on the West Coast.” overall tenant experience. This award is a strong validation of our ongoing efforts, as well as of our team’s tremendous dedication to ensuring that this property continues to maintain its position as the premier office building in this market.” Stamford’s preeminent busi- ness address, 400 Atlantic Street is a 15-story, 500,000 s/f class A office building that was originally conceived and constructed as Champion Pa- per’s world headquarters. The building is highlighted by a dramatic lobby entrance and public spaces, expansive 37,000 s/f highly flexible floor plates, elegant interior staircases and sweeping views of Long Island Sound. Re c ent l y, the pr ope r t y achieved the U.S. Environmen- tal Protection Agency’s (EPA) prestigious Energy Star rec- ognition, the national symbol for superior energy efficiency and environmental protection.
“Reno/Sparks is a good growth area for our firm,” said Larry Frisina , president of 3G Distribution. “Geographi- cally, we can reach 13 western states, and 11 of them are just a one-day drive. As a result, it’s an ideal location for our East Coast customers to distribute their products faster and more economically.” The signing comes as the Reno/Sparks industrial mar- ket continues to improve. The area remains a tenant/buyer market with rents and sale prices remaining stable. n Commercial buildings that earn Energy Star recognition use 35 percent less energy and generate 35 percent fewer greenhouse gas emissions than similar buildings across the nation. Located just 35 minutes from Manhattan, 400Atlantic Street is across the street from the Stamford Metro-North Rail Station and adjacent to Inter- state 95. Each of the building’s light flooded floors presents an opportunity for eight spacious corner offices, while the center core construction allows for the most efficient space planning. Tenants also benefit from the presence of numerous on-site amenities, including an indoor connected garage, in-building fitness center, and full-service lobby cafeteria. The building is home to such high-quality corporations as UBS, American Express, The Santander Group and Harman Kardon. n
Feil announces new Blink Fitness lease and major reno.
The Landis Group awarded Prestigious Building of The Year Award From Boma For 400 Atlantic Street in Stamford
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