Property Type

CORAL GABLES, FLA. — Five new tenants will join Shops at Merrick Park, an open-air retail center located in Coral Gables, roughly five miles outside downtown Miami. Home furnishing store Arhaus, Coco Cigars and Miami Royal Ballet Dance School will open on the property’s first level. Beverage shop Boisson and women’s, children’s, home and sleepwear retailer Splendid will also join the property on the second level. Female apparel retailer Shusha Boutique also recently opened on the third level. Built in 2002, Shops at Merrick Park spans more than 740,000 square feet and houses tenants including flagship Nordstrom and Neiman Marcus stores. New York-based Brookfield Properties owns the center.

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FORT WORTH, TEXAS — California-based brokerage firm Matthews Real Estate Investment Services has negotiated the $5.2 million sale of a 69,000-square-foot industrial building occupied by Beacon Roofing Supply in Fort Worth. According to LoopNet Inc., the property at 5328 E. Lancaster Ave. was built on 7.2 acres in 1969 and renovated earlier this year. Building features include 16-foot clear heights and four dock-high loading doors. Alexander Harrold of Matthews represented the seller in the transaction. The buyer was a Nashville-based family office. Both parties requested anonymity.

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MCKINNEY, TEXAS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $5 million acquisition loan for an undisclosed retail property located in the northern Dallas suburb of McKinney. A medical clinic and dollar store anchor the property, which was built in 2020. Adam Pike of MMCC arranged the debt. The borrower and direct lender were not disclosed.

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ASHEVILLE, N.C. AND COLUMBIA, S.C. — University Park, Fla.-based Benderson Development has purchased two single-tenant retail properties located at 120 Merrimon Ave. in Asheville and 4516 Forest Drive in Columbia. Both properties are leased to grocer Trader Joe’s. The seller for both stores is Los Angeles-based CIM Group. The sales price were not disclosed.

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DALLAS — Lee & Associates has brokered the sale of a 40,546-square-foot industrial building in East Dallas. According to LoopNet Inc., the property at 3700 Dilido Road was originally built in 2002. Taylor Stell and Brett Lewis of Lee & Associates represented the buyer and seller, both of which requested anonymity, in the transaction. The sales price was also not disclosed.

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2300-Market-St.-Philadelphia

PHILADELPHIA — Breakthrough Properties, which is a joint venture between New York City-based Tishman Speyer and biotechnology investment firm Bellco Capital, has received a $130 million construction loan for a life sciences project in Philadelphia. The site at 2300 Market St. in the Center City District is adjacent to both the University of Pennsylvania and Drexel University and will house an eight-story, 223,000-square-foot building. Amenities will include a café and lounge, fitness center and elevated terraces. D2 Capital Advisors arranged the loan through Corebridge Financial on behalf of Breakthrough Properties. Construction of the building shell is expected to be complete by next summer, at which point tenant build-outs will commence.

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3-24-27th-Ave.-Queens

NEW YORK CITY — The Durst Organization has completed a 163-unit affordable housing project at 3-24 27th Ave. in the Astoria neighborhood of Queens. Designed by Dattner Architects, the building rises 14 stories and offers a fitness center, tenant lounge and onsite laundry facilities. Rents start at $665 per month for a one-bedroom unit. According to 6sqft.com, that figure reflects an income restriction level of 40 and 60 percent of the area median income.

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BAY SHORE, N.Y. — Duro Dyne National Corp., a manufacturer of sheet metal accessories and equipment for the HVAC industry, has extended its single-tenant lease at 81 Spence St., a 128,600-square-foot industrial building located in the Long Island community of Bay Shore. The extension runs through 2035. A partnership between Metropolitan Realty Associates and Angelo Gordon owns the building, which features a clear height of 24 feet, 10 loading docks and two drive-in doors. No outside brokers were involved in the deal.

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MIDDLETOWN, DEL. — Regional grocer Weis Markets will open a 64,000-square-foot store and serve as the anchor tenant at Bayberry Town Center, a 280,000-square-foot development in Middletown. The site is located within the 1,500-acre Village of Bayberry master-planned community and will also house 31,000 square feet of office space and multiple open green spaces, as well as 145 townhomes. Construction is slated to begin this fall and to be complete by 2025. Blenheim Group is the master developer of Village of Bayberry.

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PARSIPPANY, N.J. — NAI James E. Hanson has negotiated the $2.8 million sale of a 22,798-square-foot office building in the Northern New Jersey community of Parsippany. The building is one of two twin structures within the Parsippany Boulevard Commons complex, which recently underwent a capital improvement program. Josh Levering of NAI Hanson represented the seller in the transaction. Chris Hovanec of Colliers represented the buyer, The Mental Health Association of Essex & Morris County.

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