FLOWER MOUND, TEXAS — Locally based retail brokerage firm STRIVE has arranged the sale of an 8,953-square-foot retail strip center in Flower Mound, a northern suburb of Fort Worth. The property sits at the front of the 158-acre Riverwalk mixed-use development and was fully leased to three tenants at the time of sale. Hudson Lambert of STRIVE represented the seller and procured the buyer, both of which were locally based entities that requested anonymity.
EAGAN, MINN. — Minneapolis-based developer Davis is developing a 35,000-square-foot multispecialty clinic and ambulatory surgery center in the Twin Cities suburb of Eagan. The Class A medical office building will be anchored by Midwest Surgery Center, which has signed a lease for 27,000 square feet. Midwest Surgery Center, which is a partnership between Midwest ENT and St. Paul Eye, also operates a location in Woodbury, Minn. The Eagan facility is slated for completion in December 2023. The project team includes Minneapolis-based Synergy Architectural Studio and Plymouth, Minn.-based Timco Construction Inc.
CARMEL, IND. — Kimley-Horn, a planning and design consultancy firm, has signed a 29,737-square-foot office lease at Parkwood Crossing in the Indianapolis suburb of Carmel. The tenant is expanding from its original 9,779-square-foot space and relocating to a new building within Parkwood Crossing. Owner Rubenstein Partners LP is completing a substantial capital improvements program at the building. Parkwood Crossing comprises eight buildings and 1.2 million square feet. Rubenstein acquired the development in 2016 and completed renovations and additions such as a 14,000-square-foot amenity center. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease transaction. Hayden Rasmussen of Savills and Kevin Dick of Bradley Co. represented Kimley-Horn.
CHICAGO — Monarch Realty Partners has brokered the sales of three multifamily properties totaling 88 units on Chicago’s South Side for $3.9 million. The buildings are located at 8003 S. Ingleside Ave., 7503 S. Yates Blvd. and 7900 S. Essex Ave. Robert Berman and Rudy Hancock of Monarch brokered the transaction on behalf of the separate sellers. Buyer and seller information was not provided.
WASECA, MINN. — Marcus & Millichap has arranged the $2.9 million sale of Charter Oaks Townhomes in southern Minnesota’s Waseca. Built in 2001, the 33-unit, townhome-style property is located at 301 Lake St. NW. Chris Collins, Evan Miller, David Wallace and Matthew Shide of Marcus & Millichap represented the seller, a limited liability company. The team also procured the buyer, a limited liability company.
BROOKFIELD, WIS. — Armstrong & Associates Market Research, a third-party logistics market research company, has signed a five-year lease for 2,345 square feet at Bishops Woods Office Park in the Milwaukee suburb of Brookfield. The property is located at 13400 Bishop’s Lane. Katrina Gee of NAI Greywolf represented the tenant. The landlord was not provided.
NEW YORK CITY — Newmark has arranged a $127.4 million loan for the refinancing of 575 Broadway, a 176,000-square-foot office building in Manhattan’s SoHo neighborhood. American business magnate John Jacob Astor originally developed the building in 1882, and in 1991, the property was redesigned to become the Guggenheim Museum SoHo. The museum subsequently occupied the site for the next decade. Today, the property is owned by entrepreneur Peter Brant and houses an array of traditional office and retail users such as Estee Lauder, H&M and the New York City flagship location of Prada. Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Nick Scribani of Newmark arranged the loan through Citigroup and Société Générale.
TAMPA, FLA. — The University of Tampa has broken ground on a 10-story, 460,000-square-foot multipurpose building that will be the largest facility on campus when completed in 2024. The property will feature a 600-bed residence hall, 37 faculty offices, five classrooms, study rooms, study lounge designated for military veterans, a ground-level Starbucks, four levels of parking and spaces dedicated for the school’s Office of Diversity, Equity and Inclusion, Institute for Sales Excellence and the International Programs Office. Additionally, students living in the building will have access to a 9,000-square-foot “sky park.” The design-build team includes Baker Barrios Architects and KWJ Architects. The University of Tampa has an estimated student enrollment of 10,600 for the current academic year, which is the 91-year-old university’s largest student body to date.
NEW YORK CITY — BXP (NYSE: BXP), a REIT formerly known as Boston Properties, has acquired a $121 million interest in 200 Fifth Avenue, an 870,000-square-foot office building in Midtown Manhattan. With this acquisition, BXP now holds 27 percent of the equity, with institutional investment firms advised by J.P. Morgan Global Alternatives owning the remaining 73 percent. The 14-story building was originally constructed in 1909 and is currently 93 percent leased to tenants such as Grey Advertising, Tiffany & Co. and Yelp. The building’s mortgage loan has an outstanding principal balance of $600 million, bears interest at 4.34 percent per annum and matures in November 2028.
BALTIMORE — Vivo Living, an affiliate of adaptive reuse developer Vivo Investments LLC, has purchased a vacant two-tower hotel property in Baltimore that was previously a dual-branded Radisson and Holiday Inn. The company plans to convert the 23- and 27-story towers into an apartment development comprising 708 units, the vast majority of which will be studio units ranging between 300 and 350 square feet. Vivo Living will also update the property’s amenity package, including gyms, yoga/mindfulness studios, pool, convenience store, renovated lobby, outdoor barbecue areas, self-storage space and banquet/coworking space. Vivo Living has tapped locally based Urban Design Group to design the adaptive reuse project. Parkview Financial provided a $45 million construction loan to Vivo Living to fund the redevelopment.