ADDISON, TEXAS — Locally based shopping center owner Northwood Retail has added five new tenants to Prestonwood Place, a 107,000-square-foot center located in the northern Dallas suburb of Addison. One Medical, a membership-based primary care practice, is now open, and Loro Asian Smokehouse & Bar will open later this year. Two other food-and-beverage concepts, Thai restaurant Asian Mint and fast-casual eatery Sweetgreen, are also slated to launch before year’s end. Buff City Soap will open its store in 2023.
MELISSA, TEXAS — Dallas-based retail brokerage firm STRIVE has negotiated the sale of Melissa Village, a 32,116-square-foot shopping center located about 40 miles north of Dallas. Hudson Lambert of STRIVE represented the seller, a Dallas-based developer, in the transaction, and procured the buyer, a 1031 exchange investor. Both parties requested anonymity. Melissa Village was fully leased at the time of sale to tenants such as Smoothie King, Wingstop, Jersey Mike’s Subs and Jeremiah’s Italian Ice.
CHESAPEAKE, VA. — Cushman & Wakefield | Thalhimer’s Capital Markets Group has negotiated the sale of Crossways I & II, a 213,955-square-foot office property located at 1434 Crossways Blvd. in Chesapeake, a city in Virginia’s Hampton Roads region. Seminole Trail Properties acquired the asset for $24 million and is bringing on affiliate Seminole Trail Management to operate the property. Eric Robison, Bo McKown and Christine Kaempfe of Thalhimer represented the undisclosed seller in the transaction. Kenneth Penrose Jr., also with Thalhimer, represented the buyer. Originally developed in 1999 and expanded in 2002, Crossways I & II was fully 100 leased at the time of sale to tenants including anchor Conduent Business Services, a publicly traded international business services provider that specializes in healthcare and human resources solutions. Conduent occupies more than 50 percent of the property, and the remaining space is leased to insurance, education and financial services firms.
NEW YORK CITY — Kimmerle Group, a New Jersey-based design-build firm, has completed a 175,000-square-foot office and showroom renovation project at 11 Penn Plaza in Manhattan. The project is a build-to-suit for SPARC Group, a provider of apparel and accessories whose brands include Brooks Brothers, Eddie Bauer and Forever 21. Specialty areas include mock stores for national retail buildout models, showrooms to support the wholesale business and designer workshops.
FLORENCE, ALA. — Newmark has brokered the sale of Cox Creek Shopping Center, a 142,044-square-foot retail center that spans 17.3 acres at 396-398 Cox Creek Parkway in Florence, a city in northwest Alabama along the Tennessee River. U.S. Properties Group sold the shopping center to United Properties Corp. for $24 million. Mark Joines and Drew Fleming of Newmark represented U.S. Properties Group in the transaction. Cox Creek was fully leased at the time of sale to Dick’s Sporting Goods, Field & Stream, Petco, Old Navy, Five Below and Ulta Beauty. The property sits directly across from the 675,000-square-foot Florence Mall and near major retailers including AMC Theatres, Walmart, Publix, The Home Depot, T.J. Maxx, Ross Dress for Less, Hobby Lobby, Kohl’s, Academy Sports + Outdoors, Dillard’s and Belk.
WORCESTER, MASS. — CBRE has negotiated the $26.7 million sale of ReNew Tatnuck Square, a 120-unit apartment complex located in the Central Massachusetts city of Worcester. The five-building, garden-style property was built between 1969 and 1972 and offers a pool, fitness center and a leasing office. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, an affiliate of San Francisco-based FPA Multifamily, in the transaction. The team also procured the buyer, an affiliate of Massachusetts-based Arrowpoint Properties.
DAHLONEGA, GA. — Mallory & Evans Development has broken ground on Phase II of Bellamy Dahlonega, a student housing community located near the University of North Georgia. The second phase of the project will add two buildings offering 128 beds. Phase I of the project was delivered in fall 2015 and offers 426 beds. The 44 new units will feature two-, three- and four-bedroom configurations and will be fully furnished with bed-to-bath parity. Phase II will also include the development of a new fitness center and renovations to the existing clubhouse. A timeline for the project was not announced.
PHILADELPHIA — New York City-based Trevian Capital has provided a $17.1 million bridge loan for the acquisition of an undisclosed, 71-unit multifamily property located in Philadelphia’s Fishtown neighborhood. The newly constructed property includes ground-floor retail space and was 74 percent occupied at the time of the loan closing. The borrower was not disclosed.
SOMERSET, N.J. — Lexicon Pharmaceuticals has signed a 20,000-square-foot office lease at Somerset Corporate Center I in Bridgewater, located in the northern part of the Garden State. Gregg Najarian and Slava Vaynberg of Savills represented Lexicon, which is relocating from Basking Ridge in the first quarter of 2023, in the lease negotiations. Other tenants at Somerset Corporate Center, which is owned by SJP Properties, include Qualcomm, Oracle and Merrill Lynch.
NEW YORK CITY — Lincoln Market will open a 10,621-square-foot grocery store at 501 Sixth Ave. in Greenwich Village, the grocer’s first location in Lower Manhattan and seventh overall. The opening is scheduled for the third quarter of 2023. Daniyel Cohen and Manu Wendum of Winick Realty Group represented the undisclosed landlord in the lease negotiations. Scott Sher of Katz & Associates represented the tenant.