HOUSTON — Suderman & Young Towing Co., which provides towing and other ship assistances to a variety of vessels, has signed a 6,000-square-foot office lease at East River, a 150-acre mixed-use development in Houston’s Historic Fifth Ward. Griff Bandy of Partners Real Estate represented the tenant, which will relocate its headquarters to East River, in the lease negotiations. Brandi McDonald Sikes and Sobi Qazi with SVN | J. Beard Real Estate — Greater Houston represented the landlord, locally based developer Midway.
HUMBLE, TEXAS — Avenue 360 Health & Wellness, a provider of both primary and specialty care services, will open a 5,773-square-foot clinic in Humble, a northern suburb of Houston. According to LoopNet Inc., the property at 18842 S. Memorial Drive was built in 1982 and renovated in 2011. Trey Martin of Partners Real Estate represented the tenant in the lease negotiations. Michael Martin of Avison Young represented the landlord, an entity doing business as Schmid-Moulton Parkway Ltd. An opening date was not disclosed.
NEW YORK CITY — Foot Locker will close more than 400 underperforming stores as part of its “Lace Up” plan, which was announced during a recent call with investors. According to Tony Aversa, senior vice president of global store development, the move is part of a strategy to manage portfolio risk by way of strategic closures. The New York City-based shoe retailer currently operates 2,700 stores, which will be reduced to approximately 2,400 by 2026, a number that also reflects the planned addition of stores in new formats. Despite the closures, Foot Locker intends to increase its aggregate brick-and-mortar footprint by roughly 10 percent to 14.5 million square feet by 2026. Foot Locker will also shift to a focus on off-mall stores, with the goal of having off-mall locations comprise more than 50 percent of its real estate portfolio by 2026.
HOPEWELL, N.J. — A development team that includes Philadelphia-based architecture firm Meyer and IPS Integrated Project Services has topped out a 400,000-square-foot life sciences project in Hopewell, a suburb of Trenton. The manufacturing and research facility is a build-to-suit for BeiGene, a global biotech firm that develops cancer medicines. The site spans 42 acres within the Princeton West Innovation Campus. Full completion is slated for 2024.
NEW YORK CITY — Northmarq has arranged a $26 million loan for the refinancing of an 11-story, 90-unit apartment complex in East Harlem. Chuck Cotsalas and Robert Delitsky of Northmarq arranged the financing though Nationwide Life Insurance Co. on behalf of the undisclosed borrower. The loan carried a 20-year term, 25-year amortization schedule and a fixed interest rate of 5.4 percent.
KANSAS CITY, MO. — Developer Michael Zeller and his project team are underway on the redevelopment of Rock Island Bridge in Kansas City. The bridge is a historical landmark dating back to 1906 that is being transformed into a recreational space. Plans call for 11,000 square feet of multipurpose space for open-air food courts, a food hall with industrial kitchens, office, retail and 8,000 square feet of event space with a removable cover and open-air veranda. Construction began in February and is slated for completion in spring 2024. MultiStudio, formerly known as Gould Evans, is the project architect. Thornton Tomasetti and TranSystems are the engineers. L.G. Barcus & Sons Construction Co. is building the lower and upper decks, while Centric Construction Co. is working on the buildings and finishes. HNTB is working on the design of the levee frontage and surrounding land. Stinson LLP assisted the development team in navigating legal issues concerning ownership rights of the bridge over a state-owned waterway. These issues included federal railroad law, state and federal highway/transportation laws, Kansas water law and general Kansas property law.
KANSAS CITY, KAN. — Co-developers Hunt Midwest and LANE4 Property Group are set to break ground later this month on The Hudson, a 228-unit luxury apartment complex in Kansas City’s Rosedale neighborhood. The project will be situated adjacent to The University of Kansas Health System campus at the corner of 36th Street and Rainbow Boulevard. The community will be built in partnership with KU Endowment. The Hudson’s name is a nod to historic Kansas City, where Rainbow Boulevard was once known as Hudson Road until it was renamed in 1919. Amenities will include a hotel-style lobby, fitness center, garage parking, pet-friendly spaces, a business center and fifth-floor clubroom with an outdoor terrace. Demolition of the former Cambridge West apartments on the project site wrapped up last summer. The Hudson is slated for completion in summer 2025. Security Bank provided financing. BRR Architecture is the architect, MW Builders is the general contractor and Olsson is the civil engineer.
PHILADELPHIA — Newmark has brokered the $13.1 million sale of a portfolio of two industrial buildings totaling 32,435 square feet in Philadelphia. At the time of sale, the portfolio, which spans 6.7 acres, was fully leased to logistics company GSR Global. Ryan Guittare of Newmark represented the seller, New York City-based investment firm IG Logistics, and procured the undisclosed buyer in the transaction.
RUSH CENTER, LA CROSSE AND LIBERAL, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a 325,295-square-foot industrial portfolio in Kansas for an undisclosed price. KBK Industries, a manufacturer of standard and customized fiberglass tanks and steel products, was the seller and will continue to occupy the facilities. The three-property portfolio includes 2537 E. Highway 96 in Rush Center, 1914 Highway 183 in La Crosse and 2201 N. Country Estates Road in Liberal. Jeff Jackson and Reed Hudson of CBRE represented KBK, which is headquartered in Rush Center. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is a Dallas-based investment firm.
HOFFMAN ESTATES, ILL. — Red Oak Capital Holdings has provided an $8.3 million bridge loan for Prairie Stone Commons in the Chicago suburb of Hoffman Estates. The Class B office property consists of two buildings totaling 101,981 square feet. The funds will be used to refurbish, re-tenant and increase occupancy and rental rates at the property. Built in 1996 and 2000, the buildings are situated within Prairie Stone Business Park. The borrower, YP Trillium LLC, is managed by Zaya Younan, president and CEO of investment and brokerage firm Younan Properties Inc. The loan features a loan-to-value ratio of 92.2 percent based on the property’s current valuation as well as a 24-month term with two six-month renewal options. The borrower originally acquired the property in March 2005 for $16.3 million.