PISCATAWAY, N.J. — Webster Bank has provided financing for a 109,000-square-foot warehouse and distribution center in the Northern New Jersey community of Piscataway. The building features a clear height of 24 feet, 24 loading docks and two drive-in doors and was fully leased to 19 tenants at the time of the loan closing. Michael Klein, Jon Mikula and Salvatore Buzzerio of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, a joint venture between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital. The capital markets team involved in the deal did not specify how the loan proceeds would be used.
LAS VEGAS — The Oakland Athletics have reached an agreement with global casino entertainment company Bally’s Corp. (NYSE: BALY) and Gaming & Leisure Properties Inc. (GLPI) for a nine-acre development site on the 35-acre Tropicana Las Vegas campus. The A’s hope to develop a 30,000-seat ballpark at the site, which is situated along the Las Vegas Strip on Las Vegas Boulevard and Tropicana Avenue. “We are excited about the potential to bring Major League Baseball to this iconic location,” says Dave Kaval, president of the Oakland A’s. “We are thrilled to work alongside Bally’s and GLPI and look forward to finalizing plans to bring the Athletics to Southern Nevada.” Yahoo! Sports is reporting that the baseball club is requesting $395 million in public funds to go toward the estimated $1.5 billion project. The deal is subject to approval by the Nevada Legislature, which could meet to approve funds as early as this week. The project is also dependent on Major League Baseball’s approval of the team’s relocation from Oakland, Calif. Bally’s acquired the building and operations of the Tropicana Las Vegas from GLPI in September 2022 as part of a $148 million transaction. As part of the deal structure, Bally’s entered …
By Barry Caylor, vice president of business development, Outside the Lines Inc. From the rise of online shopping to the pandemic to inflation, retail real estate has weathered a series of challenges in recent years. Yet, despite being knocked down multiple times, the owners and operators of brick-and-mortar retail keep discovering new ways to adapt to shifting demands and needs, especially as consumers spend more on services and experiences than physical goods. One way in which retail owners can continue to keep their centers relevant is by leaning into what attributes make them different. By continually supplying the market with fresh concepts and new ways of presenting them, landlords can keep consumers coming back again and again, generating foot traffic and sales for tenants and driving ROI for investors. In addition, shopping centers can distinguish themselves by providing consumers with something they can’t get anywhere else. As a design-build construction company that specializes in delivering one-of-a-kind water features, rockwork and themed environments, our company has seen retail centers transformed by incorporating unique offerings that consistently draw people in from miles around. Here are a few ways brick-and-mortar retail owners can stay ahead of the game as the sector continues to …
HOUSTON — Houston-based developer BHW Capital has completed Park on Napoli, a 239-unit apartment community on the city’s northwest side. Park on Napoli offers one- and two-bedroom units and amenities such as a pool, fitness center, dog park and a resident clubhouse with coworking space. Houston-based Mucasey & Associates served as the project architect, and Blazer Building served as the general contractor. Texas Capital Bank provided construction financing. Rents start at roughly $1,300 per month for a one-bedroom apartment.
SAN ANTONIO — Northmarq has arranged a loan of an undisclosed amount for the refinancing of Plaza at Concord Park, an 82,824-square-foot office and retail complex in San Antonio’s Stone Oak neighborhood. The three-building complex was constructed in 2007 and houses tenants such as FedEx Office Print & Ship Center, Trend Aesthetics & Wellness, Jimmy John’s, Natural Remedy Store and First Watch. Bryan Leonard of Northmarq arranged the five-year, fixed-rate loan through an undisclosed life insurance company. The borrower was also not disclosed.
FRISCO, TEXAS — Locally based brokerage firm SHOP Cos. has negotiated the sale of Custer Road Commons, a 23,609-square-foot retail strip center in Frisco. At the time of sale, the center was fully leased to tenants such as Starwood Cafe, My Eyelab, Jason’s Deli, Zenith Clinic and Novuskin. Tim Axilrod and Tayler Rose of the SHOP Cos. represented the seller, a Texas-based limited partnership, in the transaction. The seller and sales price were not disclosed.
HOUSTON — Finial Group has brokered a 22,000-square-foot industrial lease in West Houston. According to LoopNet Inc., the building at 13750 FM 529 is situated within Vault 529 Industrial Business Park, a five-building complex. Jason Gibbons and Chase Tucker of Finial Group represented the undisclosed landlord in the lease negotiations. Chase Cribbs and Drew Donohue of Lee & Associates represented the tenant, SMP Industrial Control & Trading, a provider of power distribution equipment and other design solutions.
BEAUMONT, TEXAS — BioLife Plasma Services has signed an 18,000-square-foot retail lease at Beaumont Crossroads Shopping Center in East Texas. The blood donation center is backfilling part of a space formerly occupied by Stein Mart. Jason Gaines of Houston-based Sturbridge Commercial Real Estate represented the undisclosed landlord in the lease negotiations. Matt Parsons of JLL represented the tenant, which now operates 25 facilities in Texas.
MT. JULIET, TENN. AND STATESVILLE, N.C. — GTIS Partners has purchased two warehouses located in Tennessee and North Carolina for more than $100 million. Together, the properties comprise 943,030 square feet. The seller(s) was not disclosed. Located in the Nashville suburb of Mt. Juliet, the first warehouse, Midway 840, totals 643,410 square feet and was leased to a global third-party logistics company at the time of sale. The second warehouse is located at 607 Meacham Road in Statesville, which is roughly 40 miles north of Charlotte, and totals 309,620 square feet. Dura Supreme, a Minnesota-based cabinet manufacturer, occupies 607 Meacham Road. The site features an additional 105,000 square feet for potential development.
CHARLOTTE, N.C. —Atlanta-based RangeWater has acquired 3.8 acres in Charlotte’s Lower South End for the development of The Kingsman, a 350-unit multifamily community. Located at 4700 Nations Crossing, the community will include apartments in studio, one-, two- and three-bedroom layouts ranging from 543 to 1,519 square feet. Amenities will include a dog park and spa, pool, clubroom, coworking spaces, micro-offices, outdoor grills and fireplaces, a fitness center and a sky lounge. Construction is scheduled to begin this month, with move-ins expected to begin in April 2025. This marks RangeWater’s ninth development in the Charlotte market.