Other News in Brief: Fairfield Residential Acquires Jefferson on the Park for $43M; Fieldstone...

Fairfield Residential Acquires Jefferson on the Park for $43M

BlackRock Inc. sold Jefferson on the Park, a 240-unit multifamily property, to Fairfield Residential for $43.2 million. Apartment Realty Advisors represented both the buyer and the seller in the transaction. Situated on 17 acres of land, the property (pictured) is located on the border of Lawrence and Andover, Mass., and features a two-story clubhouse, gated entrance and attached garages. Additionally, the property is within close proximity to restaurants, retail shops and the commuter rail.


Fieldstone Corp. Promotes Arthur to SVP, CFO

The Fieldstone Corp. said today that C. Alan Arthur has been promoted to senior vice president and chief financial officer. In his new role, Arthur will assume overall financial leadership responsibilities for the company and all of its direct and indirect subsidiaries and operations that include homebuilding and land development operations in Southern California, Texas and Utah. After joining Fieldstone Communities in 1985 Arthur has held various management positions at companies within The Fieldstone Group of Cos., including vice president of finance, director of accounting and information services, corporate controller, and secretary and treasurer. Most recently he served as vice president and chief financial officer of Fieldstone Communities Inc., an indirect subsidiary of Fieldstone.

Starwood Hotels to Build W Hotel in St. Petersburg, Russia

Starwood Hotels & Resorts Worldwide Inc. today unveiled plans for a new W Hotel in St. Petersburg, Russia. Scheduled to open in mid 2008, W St. Petersburg is the first W to be announced in Eastern Europe and marks an important step in W Hotel's global expansion. To develop the property, Starwood has entered into a management agreement with Real Estate Development L.L.C., which was founded by two of St. Petersburg's oldest industrial groups. Financing will be provided by Sberbank, Russia's bank. The project will be located on Voznesensky Prospect, between St. Isaac's Square and the Admiralty and will comprise of approximately 135 rooms, including suites.

Frederick Winner Ltd. Leases 302,000SF in Baltimore

CB Richard Ellis Inc. has arranged a 10-year, 302,000-square-foot lease for beer and liquor distributor Frederick Winner Ltd. at the Eastport Industrial Center, 7001 Quad Avenue in Baltimore, Maryland. The company, which currently operates out of three locations, will consolidate two of the three locations into this new facility. CBRE represented both the tenant and the landlord, RREEF/Eastport Industrial Center L.L.C. in the transaction. The company is expected to move to its new facility in June.

REBNY's Annual Brooklyn Residential Sales Report Demonstrated Substantial Gain in 2006

According to the Real Estate Board of New York's annual Brooklyn residential sales report, sale prices of all Brooklyn apartments as well as one, two and three family homes, showed solid gains last year. One, two and three family Brooklyn dwellings saw their median sale price reach $570,000 in 2006, a 16 percent jump from a year earlier. The median price per square foot jumped 14 percent to $320 over the same period.

Allen, Underman Named CBRE Top Rookies

Grubb & Ellis Co. announced today that Lindsay Allen, a senior associate in the company's Dallas office, has been selected Rookie of the Year. In addition, CBRE recognized John Underman, associate, as Rookie of the Year from its affiliate, Grubb & Ellis|Adena Realty Advisors. Allen and Underman, both 24, were selected from a field of more than 246 eligible candidates for the annual award that honors a broker with less than two years of experience. Candidates are recommended by their individual managers and selected by the transaction services management team.

Brack Buys Manhattan Parking Garage, Plans Hotel

Brack Capital Real Estate-USA has acquired a six-story parking garage on West 35th Street in Manhattan. Brack paid $31 million to Icon Parking for the garage, which it intends to redevelop as a 300-room upscale hotel, to be located between Fifth and Sixth Avenues in Herald Square, in close proximity to Macy's, the Empire State Building and Madison Square Garden. Eastern Consolidated vice chairman Brain Ezratty and director Scott Ellard represented both Brack and Icon Parking on the deal.

Opus North Breaks Ground on 360,000-SF Indianapolis Warehouse

Opus North Corp. has begun construction on Plainfield Business Center at Airwest-Building 11, a one-story, 360,000-square-foot distribution facility located in the Indianapolis submarket of Plainfield, Ind. The speculative project, Opus' 11th at the Plainfield Business Center, is expected to deliver by July of this year. The firm plans to begin two more speculative developments at the park in the spring of this year; a 480,000-square-foot facility and a 133,000-square-foot building.

New York Times Building Inks First Retail Tenant

Japanese retailer MUJI has agreed to lease a 5,000-square-foot space in the New York Times Building, the 52-story tower currently under construction on Manhattan's Eight Avenue, between 40th and 41st Streets, which is expected to open in fall of this year. MUJI, which sells stationery, housewares, furniture, clothing and personal accessories, is the first retail tenant to lease space in the tower, and will open its U.S. flagship outpost there in time for the 2007 holiday season. MUJI agreed to the lease with Forest City Ratner Cos., which owns 700,000 square feet of office space as well as the 21,000 square feet of ground floor retail space at the property. The remainder of the building is owned by The New York Times Co.


Collegiate Development and Harrison Street JV to Develop $100M of Student Housing

Collegiate Development Services and Harrison Street Real Estate Capital have formed a joint venture to develop Collegiate Station at Ruston, a 432-bed Class A student housing project near Louisiana Tech University, the companies have announced. Plans call for the development of a $100 million portfolio of similar properties over the next 24-36 months. Built on 9.7 acres, Collegiate Station at Ruston has 120 units with either two bedroom/two bath or four bedroom/two bath floor plans.