CoStar's Deals of Note (July 25-31)

Sterling Plaza in Dallas.

DALLAS/FT. WORTH
Capri Capital Sells 725,351-SF Office Portfolio in Dallas
By Timothy Houseal

Four Dallas office buildings have changed ownership as Capri Capital Partners sold 725,351 square feet at 8111-17 Preston Road and 5949 Sherry Lane to a CBRE Investors fund. The price was not disclosed.

Three of the properties reside in what is called the Preston Commons. All three are on 4.3 acres and have three levels of structured parking.

The assets include:

• 8111 Preston Road, a 10-story, 122,553-square-foot, Class B office building constructed in 1975 and updated in 1987.


• 8115 Preston Road, a 10-story, 136,725-square-foot, Class A office building constructed in 1986 and later renovated in 1998.


• 8117 Preston Road, a 10-story, 159,326-square-foot, Class A office building constructed in 1986 and also updated in 1998.

The fourth building, at 5949 Sherry Lane, also known as Sterling Plaza, is a 19-story, 302,747-square-foot, Class A office building on 2.1 acres built in 1984 with six levels of structured parking. It was later renovated in 2005.

Broker representation was undisclosed.

---

Editor's Note: CoStar's Deals of Note changes weekly to reflect the latest commercial real estate transactions. Please click on the headline of each article to jump to full coverage.

---

EAST BAY
Acacia Capital Buys Ironwood Apts. for $33M
By Linawati Collier

Acacia Capital Corp., a real estate investment fund manager, purchased Ironwood Apartments at 5643 Charlotte Way in Livermore, CA, from Prometheus Real Estate Group for $33.25 million, or approximately $138,542 per unit.

Built in 1973, the two-story apartment building totals 184,112 square feet. The unit mix is comprised of two- and three-bedroom homes with the average size of 767 square feet. Units feature open floor plan and private patio. Site amenities include pool, spa, fitness center, two playgrounds, picnic area and barbeque site.

Broker representation for the buyer was unknown. Stanford Jones and Philip Saglimbeni of Marcus & Millichap represented the seller.


NEW YORK
Daily News Relocating HQ to 4 New York Plaza
By Andrew Deichler

Billionaire editor and publisher Mortimer B. Zuckerman is moving his two top-tier news publications to 4 New York Plaza in Downtown Manhattan in about a year's time.

Zuckerman is moving his Pulitzer Prize-winning newspaper, the New York Daily News, to the building, along with his U.S. News & World Report Media Group. The two media entities will occupy two entire floors - a total of 100,000 square feet - for 15 years. Move-in is slated for July 2011.

"These are first-rate accommodations in the heart of the city’s financial district with superb amenities," said Zuckerman, chairman and publisher of the Daily News and chairman and editor-in-chief of U.S. News & World Report. "This location will provide our employees with a modern new home."

Howard Fiddle and Bradley P. Gerla with CB Richard Ellis represented the landlord, Harbor Group International. John Cefaly and Michael Burgio with Cushman & Wakefield represented the tenants.

In terms of space, the move is not an expansion for the Daily News and U.S. News & World Report. The media companies currently occupy about 101,000 square feet at 450 W 33rd St. in the Hudson Yards area, according to CoStar information.

But as Zuckerman noted, the location is better suited to the companies' needs. The 25-story, 1.1 million-square-foot office building sits at the corner of Water and Broad Streets, not far from the New York Stock Exchange.

Harbor Group purchased 4 New York Plaza in January for $107 million, according to CoStar data. The seller, JPMorgan Chase, leased back about 75% of the space.

"In the six months since purchasing 4 New York Plaza, we have achieved 85% occupancy with three significant long-term tenants," said Jordan E. Slone, chairman and CEO of Harbor Group. "It speaks volumes about the desirability of the building and bodes exceptionally well for the future of Downtown."


NORTHERN NEW JERSEY
Blackrock Leases 141,000 SF at University Square
By Danielle Cook

BlackRock Financial Management has leased 141,375 square feet at 1 University Square Drive in Princeton, NJ, for an undisclosed term. The investment firm plans to move about 800 employees into the new building.

The five-story, 316,861-square-foot office building is part of the University Square business park, in the Princeton South submarket.

Thomas Romano, Steve Tolkach and David Simson of Newmark Knight Frank represented the landlord, RXR Realty.


SOUTH FLORIDA
Former Seville Hotel Trades for $57 Million
By Emery Uwimana

The Lionstone Group and Fortune International Realty, in a joint venture partnership, sold the former Seville Hotel at 2901 Collins Ave. in Miami Beach and surrounding land to Marriott International for $57.5 million.

Located along Collins Avenue between 29th and 30th Streets in Miami Beach, the hotel and development sites encompass nearly 4.5 acres. The property features 350 feet of frontage along the Atlantic Ocean and 100 feet of frontage along Indian Creek Drive. The east lot is improved with the former Seville Beach Hotel, a 12-story structure that was gutted in anticipation of a redevelopment program. The site has the ability of being developed as a residential or hotel project or any combination thereof.

The Lionstone/Fortune partnership had planned to convert the hotel to condominiums before the collapse of the financial market.

"The sale of the Seville is among the most significant hotel sale transactions of 2010 in the southeast United States", said Daniel Peek of HFF, who alongside colleagues Manny de Zarraga, Dan Carlo, and Jaret Turkell, were the sole brokers on the transaction.