Other News in Brief: NYC Industrial Development Agency Approves WTC Liberty Bonds, Baseball...

NYC Industrial Development Agency Approves WTC Liberty Bonds, Baseball Stadiums

The New York City Industrial Development Agency took positive steps for major projects today, providing preliminary approval to apportion the remaining Liberty Bond financing assistance for redevelopment at the World Trade Center site and final approval for financing assistance for new stadiums for the Yankees and Mets baseball teams. The former includes $921 million to Silverstein Properties for development of towers 2,3 and 4 and $702 million to the Port Authority of New York and New Jersey for the Freedom Tower and the retail portions of towers 2, 3 and 4, plus $50 million for the hotel portion of a mixed-use complex at 123 Washington St. The stadium approvals will include about $920 million in tax-exempt bonds and $25 million in taxable bonds for the Yankees stadium and $528 million in tax-exempt bonds and $104 million in taxable blonds for the Mets stadium. The agency also approved financing for three industrial projects, $7.3 million in tax benefits for Federal Express Corp. and McMahon Development Group to build in the Bronx, $5.4 million in such benefits for Samuel Feldman Lumber Co. to acquire, renovate and outfit a property in Brooklyn and $1.7 million for Simon's Hardware and Bath to acquire and renovate a property in Queens.

Canyon-Johnson Enters Boston

Canyon-Johnson Urban Fund entered Boston, partnering with Cathartes Private Investments to build a transit-oriented workforce housing project in Charlestown. Adjacent to the Sullivan Square MBTA station, it will include 146 condominiums and will be built on a former 1.9-acre industrial site. Demolition is scheduled to take place immediately, with plans for residents to start moving in during the first quarter of 2008.

Limited Leases 320,051 SF for New Headquarters

Limited Brands Inc. leased 320,051 square feet from Vornado Realty Trust for its new headquarters at 1740 Broadway. The new office will centralize five existing offices that currently total about 270,000 square feet and will include offices for Victoria's Secret. The company plans to move into the recently refurbished building in late 2007. Limited was represented by CB Richard Ellis Group Inc.'s Eric Deutsch, Ken Meyerson, Jason Pollen, Harborne Stuart and Mary Ann Tighe.

DTZ Rockwood Opens Atlanta, Dallas Offices

Having recently announced the formation of a hotel division, real estate investment banking firm DTZ Rockwood has continued its expansion with the formation of offices in Atlanta and Dallas. Scott Evans, formerly with Ernst & Young, will head the Atlanta office, while Cooper Stuart, also of Ernst & Young, will manage Dallas-based business. Meanwhile, DTZ Rockwood has arranged the sale of Freedom Village, a 761-unit continuing care retirement community in Bradenton, Fla., on behalf of Westport Advisors for $95 million to American Retirement Corp. and investors in a fund managed by Prudential Real Estate Investors. It has also been retained by RREEF Funds for the disposition of Maitland Green I & II, two suburban office buildings totaling 194,671 square feet, in Maitland, Fla.

Triple Net Properties Buys Atlanta Apartments

Triple Net Properties L.L.C. purchased Villas Apartments, a 256-unit apartment community in Jonesboro, outside Atlanta, for a group of tenant-in-common investors. The property, about 10 miles from Hartsfield-Jackson Atlanta International Airport, was sold by Lake L.L.C. Pender Murphy of Apartment Realty Advisors represented the seller in the deal, while Michael Frieman of Triple Net and Gus Remppies and Jay Olander of ROC Realty Advisors represented the tenant-in-common investors.

Hartz Mountain Sells Parsippany Office Building

Hartz Mountain Industries sold 9 Entin Road, a more than 196,894-square-foot office building in Parsippany, N.J., to a fund advised by UBS Global Asset Management and Lincoln Property Co. for $26.8 million. Jeffrey Dunne, Kevin Welsh and Jeffrey Oram of CB Richard Ellis Group Inc. represented Hartz Mountain in the sale.