SOMERVILLE, N.J. — Marcus & Millichap has negotiated the $1.3 million sale of a mixed-use building in Somerville. Located at 6 W. Main St., the 5,100-square-foot property consists of six apartments and one ground-floor retail space. The property is currently fully occupied. Alan Cafiero, Ben Sgambati and Brent Hyldahl of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was a personal trust.
MEMPHIS, TENN. — A joint venture between Somera Road Inc. and Orgel Family LP has announced plans for The Clipper, a mixed-use development located at 0 Ponotoc Ave., adjacent to FedEx Logistics’ planned global headquarters. The Clipper will feature a 250,000-square-foot, eight-story office building, 50,000 square feet of ground-level retail space and a 250-room hotel that will be built in partnership with Nashville-based Senate Hospitality. The hotel will feature a rooftop deck and conference center. Cushman & Wakefield/Commercial Advisors will manage commercial leasing services of The Clipper.
FALLS CHURCH, VA. — Mill Creek Residential has broken ground on Modera Founders Row, the multifamily component of Founders Row, a mixed-use project that will feature 394 apartment units and 90,000 square feet of retail space in Falls Church. The development team for Founders Row includes CrossHarbor Capital Partners, Lighthouse Real Estate Investments LLC and PNC Financial Services. Chris Wilkinson of JBG Smith is handling retail leasing for Founders Row. Studio Movie Grill and City Works Eatery & Pour House will be tenants in the retail component of Founders Row, which will span 4.5 acres at the corner of West Broad and North West streets, about 12 miles west of Washington, D.C. Modera Founders Row will offer 322 apartment homes and 72 apartment homes dedicated to age-restricted living for individuals 55 and older. The 322 units will be a mix of one- and two-bedroom floor plans. Shared community amenities for residents will include an expansive resident clubhouse, 24-hour fitness center, outdoor pool and sundeck, business center, game room, barbecue area, Zen garden, private demonstration kitchen, pet spa, controlled-access garage parking, self-serve package lockers and a coffee bar. The age-restricted community will feature an additional community room, fitness center and business …
HOUSTON — Urban developer Oxberry Group will redevelop the former Quality Laundry building located at 1110 W. Gray St. in Houston into a 23,500-square-foot mixed-use property. Oxberry purchased the building, which originally opened in 1932, in 2017. The new property, branded Rêve at Montrose, will feature ground-floor retail and restaurant space and second-story office space. The development team, which includes Tipps Architecture and general contractor Arch-Con Corp., expects to complete shell construction of the property early this summer.
ANAHEIM, CALIF. — CBRE’s National Retail Partners-West has brokered the sale of Anaheim GardenWalk, a mixed-use entertainment center located at 400 Disney Way in Anaheim. A partnership between New York City-based Arcturus and two private equity investors sold the property to Whittier, Calif.-based STC Management, on behalf of a partnership between local and Taiwanese investors, for $80 million. Situated within walking distance of Anaheim’s Disneyland Resort and the Anaheim Convention Center, the three-story, open-air project features 430,000 square feet of leasable space. Current tenants include House of Blues Anaheim, Bowlmor Bowling Center, AMC Theatres, 24 Hour Fitness, The Cheesecake Factory, P.F. Chang’s China Bistro and California Pizza Kitchen. The asset was designed by Callison Architects, in collaboration with Lyons Warren Engineers + Architects, in 2007. It currently features an under-construction, 466-key J.W. Marriott (not part of the sale) abutting GardenWalk. The property is also designed to accommodate 399 timeshare units atop its 2,900-stall parking garage and another 400-key hotel, which is planned to be built at the northwest corner of Katella Avenue and Clementine Street. Jimmy Slusher, Kirk Brummer, Sean Heitzler and Philip Voorhees of CBRE represented the seller in the transaction. “Landmark properties such as GardenWalk only exist around …
HOUSTON — An affiliate of Megacenter has completed Phase I of Megacenter Willowbrook, a 235,627-square-foot mixed-use project in Houston. Phase I of the project, which is redeveloping a former Walmart Supercenter, consists of 37,000 square feet of flex warehouse space, 20,000 square feet of self-storage space and 15,000 square feet of office and coworking space. Upon completion, Megacenter Willowbrook will also include a 114,000-square-foot gym and 34,000 square feet of entertainment space. The property is currently 75 percent leased. Michael Johnson and Stuart Hepler of HFF arranged project financing through Icon Bank.
SANTA MONICA, CALIF. — HFF has secured a $17.6 million acquisition loan for a mixed-use building, located at 1404-1408 Third St. in Santa Monica. The borrower is Blatteis & Schnur. Marc Schillinger and Paul Brindley of HFF arranged the floating-rate loan with a debt fund as the lender. Upon expiration of existing leasing and attainment of entitlements Blatteis & Schnur has plans to develop a new building on the site. The mixed-use building totals 14,584 square feet of two-story creative office space and ground-floor retail space, which is occupied by Lush and Chilli Beans.
DEDHAM, MASS. — EagleBridge Capital has secured a $17.8 million construction loan for Dior, a four-story, mixed-use development in Dedham. Located at 910-928 Providence Highway, the 46,525-square-foot property consists of 48 one- and two-bedroom residential units as well as 9,700 square feet of street-level retail space. The apartments will feature Energy Star rated stainless steel appliances, drawer microwaves, custom cabinetry and quartz counters. Brian Sheehan and Ted Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower through an undisclosed Massachusetts financial institution. Terms of the financing were not disclosed.
READING, MASS — Nauset Construction has broken ground on The PostMark, a mixed-use complex in Reading. Located at 136 Haven St., the project will include 50 condominium units and 8,000 square feet of commercial space. The complex will also include a below-grade parking garage and landscaped courtyard. A joint venture between DiBiase Homes and Matrix Property Group are developing the complex. O’Sullivan Architects of Reading served as the architect on the project.
Communication and transparency are always top priorities for commercial lenders and borrowers. Paul Letourneau, manager of commercial lending at Alliant Credit Union, believes these are the true skills lenders should leverage in today’s market. Letourneau knows we’re long in this cycle — and he says that’s not a bad thing. There is still a great need for capital, but with that demand comes the competition among suppliers. This, Letourneau asserts, has caused lenders like credit unions to make sure their relationships with mortgage brokers and sponsors are as strong as possible. The ability to remain competitive while disciplined is no easy task. Letourneau believes this starts with strong communication between all parties. Watch the video for more insights from Letourneau. Alliant Credit Union is a content partner of REBusinessOnline. Click here to view articles written in conjunction with Alliant.
