LAKE CHARLES, LA. — Schelin Uldricks & Co. has arranged $13.9 million in financing for the redevelopment of University Plaza, a grocery-anchored shopping center located at the corner of Ryan Street and Sale Road in the southeast Louisiana city of Lake Charles. Financing will enable the renovation of portions of the property that experienced hurricane damage in 2020. When finished, the retail center will span 203,965 square feet. An undisclosed regional bank lender provided the loan. The property is currently leased to a mix of tenants that include a fitness center, grocery store and several inline restaurants and retailers.
FORT LAUDERDALE, FLA. — West Marine, a sailing, boating, fishing and watersports retailer, has moved into a new corporate headquarters at 1 East Broward, a 350,000-square-foot office building in downtown Fort Lauderdale. NAI/Merin Hunter Codman, the leasing and management company for the property, arranged the 50,000-square-foot lease. West Marine has invested $800,000 in capital improvements to the space. Founded in 1968, West Marine operates 236 physical locations across 38 states and Puerto Rico, as well as two e-commerce platforms.
DALLAS — Marcus & Millichap has brokered the sale of Mountain Valley, a 312-unit apartment community in West Dallas. Built in 1969, the property primarily offers two- and three-bedroom units with an average size of 969 square feet. Amenities include a playground, basketball court and a pet park. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
CYPRESS, TEXAS — MedCore Partners and ACRON USA have broken ground on Phase II of Spring Cypress Senior Living, located on the northwestern outskirts of Houston. The project will add 138 active adult and independent living units, as well as 12 memory care units, to the local supply. Phase I of Spring Cypress Senior Living, which was co-developed with Houston-based National Realty Group, opened in 2018 and offers 80 units of assisted living and memory care. Integral Senior Living will operate the property upon completion.
ARLINGTON, TEXAS — Aloft Hotels, which is part of the Marriott Bonvoy family of brands, has opened an 124-room hotel in Arlington. Aloft Dallas Arlington is a pet-friendly establishment that offers an onsite restaurant and bar, grab-and-go food options, a lounge with billiards and live music, an outdoor pool, fitness center and 750 square feet of meeting and event space. Locally based firm Stonewood Hotels owns and manages the property.
FORT WORTH, TEXAS — Locally based investment firm CanTex Capital has acquired a 38,496-square-foot industrial building located at 2415 Cold Springs Road in Fort Worth. The property sits on 4.6 acres and offers proximity to Interstates 35 and 30, as well as State Highway 183. Todd Hubbard of NAI Robert Lynn brokered the off-market deal. The seller and sales price were not disclosed.
CARROLLTON, TEXAS — Archer Western Herzog, which is a joint venture between construction companies Archer Western Construction and Herzog Contracting Corp., has signed a 23,470-square-foot office lease renewal in the northern Dallas suburb of Carrollton. Brian Pafford of Bradford Commercial Real Estate Services represented the landlord, an entity doing business as Valwood Parkway Partners Ltd., in the lease negotiations. The representative of the tenant was not disclosed.
HILLSBOROUGH, N.J. — Cronheim Mortgage has arranged a $49 million permanent loan for Hillsborough Village Center, a 191-unit multifamily property located in Central New Jersey that also houses 28,000 square feet of retail space. Units at the newly built property are furnished with stainless steel appliances and individual washers and dryers, and amenities include a pool, fitness center, clubhouse, pet spa and a playground. David Turley and Janet Proscia of Cronheim Mortgage arranged the seven-year loan, which was structured with two years of interest-only payments and a 30-year amortization schedule, on behalf of the undisclosed borrower. The direct lender an undisclosed, New Jersey-based bank. Hillsborough Village Center was fully leased at the time of the loan closing.
MORRISTOWN, N.J. — Freight and logistics company Allmodes Transport has signed a 151,000-square-foot industrial lease renewal at 1 Cory Road in the Northern New Jersey community of Morristown. The 296,000-square-foot building offers 6.5 acres of combined car and trailer parking space and is currently 97 percent leased. New York-based Taconic Partners owns the building.
NEW YORK CITY — The New York City School Construction Authority (SCA) has acquired a 21,870-square-foot parcel across from Van Cortlandt Park in The Bronx for the development of a 100,000-square-foot elementary school. Known as PS X515, the school will support approximately 700 students in grades pre-K through 5 and will feature a gym, library, occupational and speech therapy rooms and art, science and music rooms. DIGroup Architecture is designing the school, which is scheduled to open in fall 2027.