THE WOODLANDS, TEXAS — Federal American Grill, a concept focused on steaks, seafood and whiskey cocktails, has opened a 7,218-square-foot restaurant in The Woodlands, located about 30 miles north of Houston. The location at Wood Ridge Plaza Shopping Center is the restaurant’s fourth in the Houston area. David Littwitz of Littwitz Investments represented Federal American Grill in the lease negotiations. Katherine Wildman of Wulfe & Co. represented the landlord, and entity doing business as CH Realty VI/R Houston Wood Ridge LP.
NEW ROCHELLE, N.Y. — BRP Cos., the urban development arm of Goldman Sachs Asset Management, has received $294 million in construction financing for a mixed-income housing project in New Rochelle, a northern suburb of New York City. The development at 500 Main St. in the city’s downtown area will consist of 477 units in one- and two-bedroom formats, 119 of which will be dedicated as affordable housing. Specifically, 20 units will be reserved for households earning 50 percent or less of the area median income (AMI), while 99 residences will be earmarked for renters earning 60 percent or less of AMI. The remainder of the units will be rented at market rates. The community will also feature 24,000 square feet of amenity space that includes a pool, fitness center, lounge and a rooftop deck. Demolition work is underway with vertical construction set to begin in mid-March, and the first units are expected to be available for occupancy by late 2024. Housing & Community Renewal, an economic development agency based in New York City, provided a $200 million construction loan for the project through its housing finance agency. In addition, Goldman Sachs provided $40.7 million in equity and $20.7 million in …
WOODBRIDGE, N.J. — Locally based developer Wick Cos. has completed The Park at Woodbridge Station, a 146-unit multifamily project in Northern New Jersey. The transit-oriented property offers one-, two- and three-bedroom units with stainless steel appliances, wood-grain cabinets and full-size washers and dryers. Amenities include a coffee bar, fitness center, community room with a chef’s kitchen, dog run, game room and a rooftop deck with outdoor grilling and dining areas. Rents start at $1,775 per month for a one-bedroom unit.
NORTON SHORES, MICH. — Mid-America Real Estate Corp. has brokered the sale of Lakeshore Marketplace in Norton Shores, a city in western Michigan near Muskegon. Milwaukee-based Berengaria Development purchased the 333,329-square-foot shopping center for an undisclosed price. Tenants include T.J. Maxx, HomeGoods, Burlington, Hobby Lobby, Dunham’s Sports, Petco, Dollar Tree, Barnes & Noble, Old Navy and Five Below. Ben Wineman and Daniel Stern of Mid-America represented the seller, a joint venture between an affiliate of Atlanta-based RCG Ventures LLC and a New York City-based partner.
BURLINGTON, MASS. — GI Partners, an investment firm with four offices across the country, has acquired a 164,000-square-foot life sciences building in Burlington, a northern suburb of Boston. in GI Partners acquired the asset as part of a life sciences portfolio sale that included a 103,000-square-foot building in Boston’s Seaport District, as well as a 152,000-square-foot building near Raleigh, N.C. The seller and sales price were not disclosed. The new ownership plans to implement a value-add plan.
COLUMBUS, OHIO — First National Realty Partners (FNRP) has acquired Consumer Square West in Columbus for an undisclosed price. The 218,000-square-foot shopping center is situated on 25 acres along Soldano Boulevard. A nearly 65,000-square-foot Kroger store anchors the center. Other tenants include Planet Fitness, Rainbow Apparel, Dollar Tree, Shoe Show, Bargain Hunt, Pet Supplies Plus and Sally Beauty. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New Jersey-based private investor. The transaction marks the fifth purchase in Ohio for New Jersey-based FNRP.
BLOOMINGDALE, ILL. — PlattPointe Capital has arranged a $3.8 million loan for the acquisition of Indian Lakes Hotel in the Chicago suburb of Bloomingdale. The six-story, 300-room hotel sits on nearly 15 acres. The borrower plans to rebrand the property as a Hilton DoubleTree. An undisclosed lender provided the 66-month loan, which features a 72 percent loan-to-value ratio. The loan marks Denver-based PlattPointe Capital’s first transaction in the Chicagoland area.
HILLSIDE, ILL. — Brown Commercial Group has negotiated the sale of a 26,209-square-foot industrial building in Hillside, a western suburb of Chicago. The fully leased property is located at 500 N. Mannheim Road and was built in 1970. Pat Crowley of Brown represented the private buyer, while Jack Brown of Marcus & Millichap represented the seller. Further terms of the transaction were not disclosed.
GRAND RAPIDS, MICH. — FURN on Leonard, a liquidation furniture boutique, has opened a 4,400-square-foot store at 444 Leonard St. NW in the West Grand neighborhood of Grand Rapids. The boutique sells a variety of furniture and décor items at affordable prices. The space includes a retail showroom and a warehouse in the back. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted FURN on Leonard in securing the lease. Meg Giampapa is the store’s owner.
NANUET, N.Y. — IDB Bank has provided a $19 million loan for the refinancing of a 220,000-square-foot retail property located north of New York City. The property, which formerly housed a Macy’s but is now anchored by home improvement retailer At Home, sits adjacent to Shops at Nanuet, an outdoor lifestyle center owned by Simon Property Group. Chris Kramer, Dustin Stolly and Jordan Roeschlaub of Newmark placed the loan with IDB Bank on behalf of the borrower, a partnership between Metropolitan Realty Associates and New York-based private equity firm Angelo Gordon that acquired the asset in 2018.