DALLAS — Lee & Associates has negotiated the sale of a 26,000-square-foot industrial building in northwest Dallas. According to LoopNet Inc., the single-tenant building at 2925 Merrell Road was built on 2.5 acres in 1965, renovated in 2015 and features 12-foot clear heights. Stephen Williamson of Lee & Associates represented the buyer, Motor Sports, in the transaction. UPS Supply Chain Solutions sold the building for an undisclosed price.
METAIRIE, LA. — The Feil Organization has signed personal injury law firm Morris Bart to two leases in the New Orleans suburb of Metairie totaling 11,158 square feet. The tenant will occupy 2,248 square feet on the first floor of Oakwood Corporate Center, as well as 1,644 square feet on the first floor of Three Lakeway and another 7,266 square feet on the building’s 24th floor. Barry Spizer of SRSA Real Estate represented the tenant in both lease deals. Meghan Reed of Property One represented Feil Organization in the Oakwood Corporate Center lease, and Bruce Sossaman of Corporate Realty represented the landlord in the Three Lakeway lease. Morris Bart employs more than 100 attorneys and more than 150 legal professionals across 15 offices in Louisiana, Mississippi, Alabama and Arkansas.
SPANISH FORT, ALA. — Voodoo Brewing Co., an independent brewer based in Meadville, Pa., has signed a lease to join the tenant roster at Eastern Shore Centre, a 560,350-square-foot regional shopping center located at 30500 Highway 181 in Spanish Fort. Joseph AmecAngelo and Patti AmecAngelo of CBRE’s New Jersey office represented Voodoo Brewing in the lease deal. Shannon Tyndall of CBRE’s Birmingham office represented both the tenant and the undisclosed landlord. Situated about nine miles east of Mobile, Ala., Eastern Shore Centre’s tenant roster includes Belk, Dillards and Mountain High Outfitters. The new 5,035-square-foot brewery will be Voodoo’s first in Alabama. The company operates 12 breweries in six states that include both corporate and franchised locations. Voodoo Brewing plans to open more in the coming years in Pennsylvania, South Carolina, Texas and Nevada as part of its U.S. expansion plan announced in early 2022.
NEW YORK CITY — SCALE Lending, the debt financing arm of locally based development and investment firm Slate Property Group, has provided a $142 million construction loan for a 521-unit multifamily project in the Jamaica area of Queens. The building at 147-35 95th Ave. will rise 24 stories and offer studio, one- and two-bedroom units. The property will also house 363 parking spaces and 1,231 square feet of retail space. Residential amenities will include a gym with a yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and a TikTok room. The sponsor, Sutphin Boulevard Equities, will use the proceeds to fund the final stages of construction, as well as lease-up and stabilization of the property. Steve Hersko of SHB Group arranged the 30-month, floating-rate loan. Completion is slated for next summer. Other project partners include Heartfelt Townhouse Builders, structural engineer Thorton Tomassetti and J Frankl Architects.
BEDFORD, MASS. — A partnership between Redgate, Optimum Asset Management and AEW Capital Management has delivered Bedford Labs, a 288,000-square-foot life sciences project located about 20 miles northwest of Boston. The partnership delivered the project fully preleased to biotechnology firm Sarepta Therapeutics, and with the building shell and core completed, the development team is now underway on the interior build-out. Bedford Labs sits on a 52-acre site and includes a 28,000-square-foot amenity space.
TEMPE, ARIZ. — Coastal Ridge has received a $130 million recapitalization for Nine20, a 775-bed student housing community located near the Arizona State University campus in Tempe. Through the transaction, Coastal Ridge will remain as owner of the property alongside Virtus Real Estate Capital. Constructed in 2018, the community offers a mix of studio through five-bedroom units. Shared amenities include a resort-style swimming pool, two-story fitness center, poolside cabanas with hammocks, a grilling area, “muscle beach,” outdoor green space and a private parking garage. TSB Capital Advisors acted as the exclusive financial advisor to Coastal Ridge on the transaction.
GLASTONBURY AND SOUTH WINDSOR, CONN. — Amazon has launched two delivery centers totaling 285,000 square feet in Connecticut. The facilities in Glastonbury and South Windsor total 105,000 and 180,000 square feet, respectively, and will ultimately employ more than 250 people on full- and part-time bases over the next few months. Amazon delivery stations offer entrepreneurs opportunities to build their own businesses delivering packages and independent contractors the flexibility to create their own distribution schedules.
SCOTTSDALE, ARIZ. — Driftwood Capital has obtained $115 million in refinancing for Scottsdale McCormick Ranch, a conference center resort in Scottsdale. MetLife Investment Management, the institutional asset management business of MetLife, provided the loan. Driftwood’s $40 million renovation of Scottsdale McCormick Ranch Resort includes a complete redesign of all guest rooms, expanded food and beverage offerings, and the addition of 12 five-bedroom villas and a full-service luxury spa. Upon completion, the resort will be part of the Curio brand within the Hilton Worldwide portfolio. Built in 1976 and claiming to be “the country’s first true conference center resort,” the property is adjacent to two 18-hole golf courses. The resort features 90,000 square feet of indoor-outdoor meeting and event space, two outdoor swimming pools, a spa and fitness center, several food and beverage outlets, a speakeasy, and interactive venue space with a golf simulator and pool table. The property is located within the planned community of McCormick Ranch. Driftwood Hospitality Management, an affiliate of Driftwood Capital, will assume management responsibilities.
SICKLERVILLE, N.J. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Gloucester Town Center, a 102,660-square-foot shopping center located roughly 25 miles outside Philadelphia in Sicklerville, N.J. A 57,560-square-foot ACME Markets grocery store anchors the property, which was built in 2003. Other tenants include Dollar Tree, Supercuts, AT&T, Pizza Hut and Mavis Discount Tires. Brad Nathanson of IPA represented the seller, KPR Centers, in the transaction and procured an undisclosed, New York-based partnership as the buyer. Jeremy Nussbaum and Andrew Eisen of Walker & Dunlop arranged $8.1 million in acquisition financing for the deal through Citigroup.
AURORA, COLO. — KeyBank has provided a total of $36.3 million in financing for the construction of Elevate at Aurora, an affordable apartment community in Aurora. Columbia Ventures is the sponsor, with the Housing Authority of the City of Aurora serving as special limited partner. KeyBank Community Development Lending and Investment (CDLI) provided $30 million in Low Income Housing Tax Credit (LIHTC) equity, including $5.5 million of Colorado State tax credit equity and $292,744 of solar tax credit equity. KeyBank CDLI also provided a $6.3 million equity bridge loan. KeyBank Commercial Mortgage Group placed $31.2 million in private activity bonds through one of its capital markets investors, structured as a construction-to-permanent, tax-exempt loan. Elevate at Aurora will feature 137 apartments in a mix of one-, two- and three-bedroom units for households earning between 30 percent and 70 percent of area median income. The project will also include construction of a new community service facility that will primarily serve as the Aurora location for CrossPurpose, a nonprofit provider of workforce development services, and Living Hope Community Church, a bilingual church that provides before- and after-school programming. Kortney Brown and Sara Geis of KeyBank CDLI structured the balance sheet financing. Hector Zuniga of …