OKLAHOMA CITY — Kroger (NYSE: KR) will open a 50,000-square-foot distribution center at 8801 N. Interstate 35 Service Road in Oklahoma City. The cross-dock facility, which is expected to come on line later this year and to employ up to 191 full-time associates, will serve as a last-mile, or “spoke,” distribution point for customers within a 200-mile radius. This territory includes Dallas, where Kroger and its partner in rolling out spoke facilities, United Kingdom-based logistics firm Ocado Group, have also launched a 350,000-square-foot fulfillment center.
HOUSTON — NAI Partners has negotiated a 9,000-square-foot retail lease at Greenwood Place, an 18,000-square-foot, newly constructed commercial building located near the intersection of State Highway 105 and FM 3083 in Houston. Jason Gaines of NAI Partners represented the landlord, an entity doing business as Greenwood Place LLC, in the lease negotiations. Elena Bakina of Colliers represented the tenant, Action Behavior Center LLC, a provider of mental health services.
PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.
CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.
FRANKLIN, MASS. — Colliers has negotiated an 81,293-square-foot industrial sublease in Franklin, located southeast of Boston in Norfolk County. Stephen Woelfel, Kevin Brawley, P.J. Foster, John Real and Glenne Bachman of Colliers represented the original tenant, medical device manufacturer Tegra Medical, in the lease negotiations. Tim Lahey, Perry Beal and John Lashar of CBRE represented the sublessee, biopharmaceutical company Lyndra Therapeutics.
CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.
MICHIGAN CITY, IND. — Flaherty & Collins Properties has formed a partnership with Michigan City and the Northern Indiana Commuter Transportation District (NICTD) for the development of an $80 million apartment project. Located in Northwest Indiana, Michigan City is situated on the south shore of Lake Michigan. With a placeholder name of 11th Street Central, the 12-story project will feature a new train station for the South Shore Line stop at 11th Street. It will also include 208 luxury apartment units, more than 10,000 square feet of commercial space and a 558-space parking garage. A $649 million double track improvements project is expected to shorten the commute from Michigan City to downtown Chicago to 67 minutes, according to Michael Noland, president of South Shore Line. “With the additional trains that will be added and the reduction in travel time to and from Chicago, we expect to more than triple our daily ridership out of Michigan City,” he says. A first for the greater Chicago metropolitan region, the project is a joint development as defined by the Federal Transit Administration (FTA). An FTA joint development enables a private developer to undertake a public responsibility — in this case, the construction of …
KANSAS CITY, MO. AND MINNEAPOLIS — Arch Street Capital Advisors LLC has acquired two recently completed industrial assets totaling 2 million square feet in metro Kansas City and Minneapolis for an undisclosed price. The single-tenant, build-to-suit facilities serve as distribution space for an e-commerce company. Arch, on behalf of one of its institutional capital partners, provided preferred equity construction financing and a forward commitment to acquire the assets upon completion.
ST. CHARLES, ILL. — Associated Bank has provided a $20 million loan for the acquisition of Carroll Tower Apartments in St. Charles, about 40 miles west of Chicago. The affordable housing community is located at 200 N. Second St. along the Fox River. The six-story property is home to 108 one-bedroom units that are fully occupied. Units are restricted to low-income residents who are 62 years of age or older. Teresa Rubio of Associated Community Development LLC managed the loan and closing. The borrower, 3 Diamond Development LLC, plans to preserve the property’s affordability status.