WOODBURY, N.Y. — Development and management firm RD Management will open a 1,923-square-foot food hall at Harriman Commons, its 706,230-square-foot retail power center in Woodbury, about 55 miles north of New York City. The food hall will also offer a 3,300-square-foot outdoor dining terrace. Anchor tenants at the center include Walmart, Home Depot and Target. An opening date was not released.
MCKINNEY, TEXAS — Florida-based ZOM Living has sold Kinstead, a 376-unit apartment community located in the northern Dallas metro of McKinney. The property features studio, one- and two-bedroom units and amenities such as two pools, a 24-hour fitness center, outdoor grilling stations, a game room and a pet park. Brian O’Boyle Jr. and Brian Murphy of Newmark Knight Frank represented ZOM Living in the all-cash transaction. The buyer was a fund sponsored by CBRE Global Investors.
PORTLAND, TEXAS — Marcus & Millichap has negotiated the sale of the 224-unit Northshore Place Apartments, located outside of Corpus Christi. The property was built on 13 acres in 2019 and features one- and two-bedroom units with stainless steel appliances, granite countertops and walk-in closets. Amenities include a pool, outdoor fire pits and a clubhouse with a kitchen and billiards. Kent Myers of Marcus & Millichap represented the seller, a locally based developer, and procured the buyer, a limited liability company. Both parties requested anonymity.
SEGUIN, TEXAS — Colliers Mortgage has provided an undisclosed amount of Fannie Mae acquisition financing for 10Forty8 Modern Living, a 128-unit apartment community located in the San Antonio suburb of Seguin. The property was built in 1973 and consists of two 16-story buildings and a single-story leasing office. Amenities include a pool, fitness center, outdoor grilling area and onsite laundry facilities. Colliers originated the loan, which carried a 10-year term and a 30-year amortization schedule, through a partnership with Old Capital Lending for the borrower, an entity doing business as TFE 321 LLC.
HOUSTON — Safespill, a provider of fire protection services, has signed a full-building, 54,869-square-foot industrial lease at 1900 Crosspoint Ave. on the south side of Houston. According to LoopNet Inc., the freestanding building was built in 1981 and consists of 46,393 square feet of warehouse space and 8,476 square feet of office space. Carter Thurmond of Transwestern represented the tenant in the lease negotiations. Robyn Berry and Janae Evans represented the landlord, Evtex Cos., on an internal basis
SAN ANTONIO — Hugh M. Cunningham Cos., a Dallas-based manufacturer and distributor of building supplies, has signed a 33,000-square-foot industrial lease at 4960 Eisenhauer Road in San Antonio. Josh Aguilar of CBRE represented the landlord, Prologis, in the lease negotiations. Trace Elrod of Newmark Knight Frank represented the tenant.
KANSAS CITY, MO. — The COVID-19 pandemic has continued to highlight the importance of strong tenant-landlord relationships, particularly in the retail sector. Tyler Enders, co-owner of local Kansas City shop Made in KC, works with roughly 10 different landlords and has experienced a variety of different approaches to the COVID-19 conversation. “Some local landlords have been very communicative and have come to us with a creative solution. Others have been responding late and are bogged down,” said Enders. “Ultimately, we’ll continue to look at vibrant centers, but we’re going to care way more about who owns it than we have in the past.” Enders’ comments are indicative of the importance of relationships in today’s marketplace. Enders joined a panel of retail experts Wednesday, Sept. 16 for a webinar entitled “Greater Kansas City Retail Outlook” hosted by Heartland Real Estate Business and Shopping Center Business. Fellow panelists included David Block, principal and president of Block & Co.; Erin Johnston, vice president of retail brokerage for Copaken Brooks Commercial Real Estate; Dan Lowe, managing partner for Legacy Development; and Andy Crimmins, founding partner of Crossroads Retail Group. David Waters, partner with Lathrop GPM, moderated the discussion. Block said that his firm has …
PHILADELPHIA — Parkway Corp., a family-owned real estate developer and manager based in Philadelphia, has started construction of 2222 Market in its hometown. The $200 million office tower will be situated in Philadelphia’s Center City district, and will be the first office property in the submarket not built for Comcast in 30 years. Local law firm Morgan Lewis & Bockius will be the sole occupant of the development and was a key contributor to the design of the property. The office building will span 305,000 square feet and include multiple outdoor terrace amenities, flexible workspaces, a fitness center and a conference center. Designed by Gensler, 2222 Market will also feature 10-foot ceilings throughout with floor-to-ceiling windows. Gensler is aiming to achieve both LEED-CS Gold and Fitwell certifications. The property is located at the corner of 23rd and Market streets, seven blocks from City Hall and one block from the banks of the Schuylkill River. The office building is also situated near Comcast’s new headquarters with multiple transit options available to Morgan Lewis staffers within walking distance, including SEPTA’s Suburban and 30th Street stations, as well as the 22nd Street trolley station. The Philadelphia Inquirer reported that Parkway secured $187 million …
LAS VEGAS — VICI Properties (NYSE: VICI), a New York City-based REIT, has provided a $400 million mortgage loan to a subsidiary of Caesars Entertainment Inc. (NASDAQ: CZR) that is secured by the Caesars Forum Convention Center in Las Vegas. The deal was set in motion in June when VICI and Caesars entered into an agreement whereby VICI provided Eldorado Resorts with a $400 million loan secured by the recently opened Caesars Forum Convention Center. The loan was conditioned to completion of the $17.5 billion merger between Eldorado and Caesars, which was officially completed in July. No details on what proceeds will specifically be used for were provided, but the COVID-19 pandemic has created major disruption within the gaming and hospitality industry and forced many operators like Caesars to function at reduced capacity and profit margins. VICI Properties also agreed to purchase 23 acres of undeveloped land in Las Vegas. Best U.S. Casinos, which covers the gaming and entertainment industry, reported that VICI agreed to pay $103.5 million for that acreage, but did not disclose any specific plans for future development. The financing bears an initial interest rate of 7.7 percent, has a term of five years and is pre-payable …
DEARBORN, MICH. — Ford Motor Co. has broken ground on an electric vehicle center at the historic Rouge Center in Dearborn where it will build the all-electric F-150 by mid-2022. Upon completion, the new 500,000-square-foot manufacturing facility at the Rouge Center will add 300 jobs and is part of a $700 million investment in building the all-new lineup of F-150 pickup trucks, including the first-ever F-150 PowerBoost hybrid. The new jobs will support battery assembly and production of the F-150 PowerBoost hybrid and fully electric F-150. Including investments for Bronco and Ranger at the Michigan Assembly Plant in Wayne, Mich., announced last year, Ford plans to invest more than $1.45 billion and create approximately 3,000 jobs over the next three years in Michigan alone. “We are proud to once again build and innovate for the future here at the Rouge with the debut of our all-new F-150 and the construction of a modern new manufacturing center to build the first-ever all-electric F-150,” said Bill Ford, executive chairman of Ford Motor. Co., in a press release. “This year’s COVID-19 crisis made it clear why it is so important for companies like Ford to help keep our U.S. manufacturing base strong and …
