HIRAM, GA. — SRS Real Estate Partners has brokered the $8 million sale of Hiram Walk, a 13,801-square-foot retail center located in Hiram, roughly 27 miles outside Atlanta. Tenants at the center, which was built in 2004, include Starbucks Coffee, Buffalo Wild Wings, T-Mobile, Cold Stone Creamery and Moe’s Southwest Grill. The property is an outparcel to Hiram Pavilion. Jeff Enck of SRS represented the undisclosed seller. An entity doing business as H Walk LLC was the buyer.
SADDLE BROOK, N.J. — New Jersey-based private equity real estate firm Sitex Group has acquired Zuckerberg’s Industrial Park, a 640,000-square-foot industrial campus located in the Northern New Jersey community of Saddle Brook. Zuckerberg’s Industrial Park, which has been owned by a local family for three generations, comprises 50 buildings on a 40-acre site and a four-acre trailer parking lot. Tenants at the development include UPS, ServePro and Johnstone Supply. The sales price was not disclosed, and no third-party brokers were involved in the deal. Sitex plans to implement a value-add program via new paving, lighting and signage, as well as updated building interiors.
NEW YORK CITY — New Jersey-based financial intermediary Cronheim Mortgage has arranged a $43.6 million loan for the refinancing of a 220-room Hampton Inn hotel located near LaGuardia Airport in Queens. The hotel originally opened in September 2009 and offers a business center, fitness center and meeting rooms. David Turley led the Cronheim team that originated the loan through an undisclosed national debt fund. The borrower, Synergy Hospitality Management, will use a portion of the proceeds to fund capital improvements.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $29.5 million sale of a multifamily development site in the Gowanus area of Brooklyn. The site at 125 Third St. can support 101,852 buildable square feet, and the buyer plans to construct a 14-story, 130-unit building with ground-floor commercial space. Sean Kelly, Stephen Vorvolakos and Nicole Daniggelis of Ariel Property Advisors represented the undisclosed seller in the transaction. Daniel O’Brien and Caroline Hodes of Cushman & Wakefield represented the buyer.
KEARNY, N.J. — CBRE has secured a 63,902-square-foot industrial lease in the Northern New Jersey community of Kearny. The site at 20 Basin Drive is situated within the four-building Kearny Point Industrial Park. Kevin Dudley, Nicholas Klacik, Chad Hillyer and Kate Granahan of CBRE represented the landlord, New York City-based Hugo Neu Corp., in the lease negotiations. Jimo Liu with Avison Young represented the tenant, logistics firm Global Courier Express.
NEW YORK CITY — LaCoste USA has signed an 18,364-square-foot office lease at 136 Madison Avenue in Midtown Manhattan. The French apparel and accessories retailer will occupy the entire penthouse floor of the 17-story, 300,000-square-foot building. Eric Deutsch, Jared Freede and Anthony Manginelli of CBRE, in conjunction with internal agent Freddie Majid, represented Lacoste USA in the lease negotiations. Mac Roos, Andrew Roos, Michael Cohen and Jessica Verdi of Colliers represented the landlord, Williams Equities. The move-in is scheduled for the second quarter of next year.
PHOENIX — Greenlight Communities has completed the disposition of Cabana Happy Valley, a multifamily community in Phoenix, to Ideal Capital Group for $79.2 million, or $271,404 per unit. Built in 2023 on nine acres, Cabana Happy Valley features 292 apartments with eight-foot keyless entry doors, European wood-style cabinetry, smart thermostats and full-size washers/dryers. Community amenities include a two-story leasing office and clubhouse, fitness center, lounge, coworking space, swimming pool, car charging stations, bike storage, mail room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
GREENFIELD, CALIF. — KeyBank Community Development Lending and Investment (CDLI) and KeyBanc Capital Markets have provided a $71.8 million financing package for the construction of Greenfield Commons Phase I in the Salinas Valley city of Greenfield. EAH Housing Inc. is developing the community, which will feature 99 affordable family units and one manager unit. Twenty-seven units with project-based vouchers will be set aside for families and farmworkers. Nashua, an off-site modular manufacturer in Boise, Idaho, is building the residential units, and Swinerton is serving as general contractor. KeyBank CDLI provided a $15.9 million taxable construction loan to collateralize a Fannie Mae forward MBS Tax-Exempt Bond (MTEB) public bond offering and $55.4 million tax-exempt direct purchase loan to bridge California Accelerator program funds. KeyBanc Capital Markets purchased $55.4 million of 501(c)(3) bonds and provided a floating-to-fix interest rate swap derivative on both loans. EAH also received $51.3 million in California HCD Accelerator funds with an additional $4.6 million in California Accelerator Supplement funds. The California Accelerator funds are from federal COVID relief money in lieu of tax credits. Tax credits and bond allocations were insufficient to fulfill California’s affordable housing development demand, and these funds are California’s solution for priority projects. Other …
PLEASANT PRAIRIE, WIS. — Dermody Properties has acquired the former We Energies power plant in Pleasant Prairie, a southern suburb of Milwaukee. The firm plans to redevelop the site into a 232-acre campus named LogistiCenter at Pleasant Prairie. Plans call for three logistics buildings totaling 2.4 million square feet that will accommodate built-to-suit opportunities. Mass grading is underway, with building pads ready for vertical construction by the fourth quarter. Given its historic operation supporting southeast Wisconsin’s power grid as a backup power plant, LogistiCenter at Pleasant Prairie has access to abundant power. The site also benefits from large quantities of freshwater service from Lake Michigan.
OMAHA, NEB. — WarHorse Gaming, a subsidiary of Ho-Chunk Inc., has begun construction on its new gaming facilities in Omaha and continues with the next phase of construction at its Lincoln facility. Kraus-Anderson is the construction manager. WarHorse Gaming Omaha will feature roughly 1,300 slots and 20 table games once complete. The first phase of the casino is slated to open about a year after the start of construction. The project also includes a parking garage that can accommodate all phases of the casino. WarHorse Gaming Lincoln’s next phase of construction will begin shortly after the Omaha facility’s construction starts. The expansion will double the size of the current facility and add an additional 500 parking stalls at the casino and racetrack. Plans call for 870 slot machines, six to 10 table games and an expanded dining area. Once fully constructed, the Lincoln facility will employ more than 500 people and generate roughly $14 million in tax revenue for the state. The second phase is expected to take about one year to complete. Subsequent construction phases will include the build-out of the full gaming floor, parking garage and hotel.
