CARROLLTON, TEXAS — A local, Korean family-based developer has completed K Towne Plaza Shopping Center, a 109,000-square-foot retail property located at 4060 State Highway in the northern Dallas suburb of Carrollton. Korean grocer Galleria Mart anchors the property, which features an additional 65 retail spaces. A grand opening will be held Saturday, Oct. 24 and will include kiosks offering Korean food and wares. Gaines Real Estate Co. manages the property. The developer requested anonymity.
JASPER, TEXAS — Midwest Retail Properties (MRP) has acquired Jasper Plaza, a 13,520-square-foot retail center in Jasper, located north of Beaumont near the Texas-Louisiana border. The property is situated off Highway 190, next to Lowe’s Home Improvement store and directly in front of a Walmart Supercenter. MRP acquired the center as part of a portfolio of two other retail properties in Boaz, Ala., and Jacksonville, Texas. The seller was not disclosed.
PITTSFIELD CHARTER TOWNSHIP, MICH. — Wacker Chemical Corp. has selected KIRCO and KIRCO MANIX to build its new North American Innovation Center & Regional Headquarters in Pittsfield Charter Township, just south of Ann Arbor. The more than $50 million project will be home to roughly 300 employees who will relocate from Wacker’s current regional headquarters in Adrian, Mich. Wacker says it will add up to 70 new jobs in the coming years at the 140,000-square-foot property. Wacker will continue to produce elastomers, silicone fluids and silicone emulsions at the Adrian operations. Construction of the new headquarters building is scheduled to begin this month with completion slated for March 2022.
CHICAGO — Dwelle, a joint venture between Drew Breneman’s firm RiseInvest and Sam Meyer, has acquired a 72-unit apartment building in Chicago for $32.8 million. The fully leased property is located at 1247-1249 W. Madison St. in the West Loop. The property also includes six commercial units and a heated parking garage. Dwelle’s investors are high-net-worth individuals looking to invest in real estate over the long term and generate dividend income in a tax-efficient manner.
ELKHART, IND. — Mortgage banking company Merchants Capital has provided $25 million in financing for River Point West, a 173-unit apartment project under construction in Elkhart. The development includes 6,000 square feet of ground-floor retail space and a separate 42,000-square-foot Martin’s Supermarket. Roughly $20 million is dedicated to the apartments, while $5 million is for the Martin’s. Merchants financed the new construction loan through Merchants Bank of Indiana on behalf of the borrower, Great Lakes Capital. The project is a public-private partnership between the City of Elkhart, CRG Residential, the Regional Cities Initiative and Great Lakes Capital. Under the Land Use Restriction Agreement, 10 percent of River Point West’s apartment units are restricted to residents earning up to 60 percent of the area median income. The first of three apartment buildings is on track to begin leasing this year. Full completion is slated for spring 2021.
WOOD DALE, ILL. — Bestway Transport Inc. has signed a 67,932-square-foot industrial lease at 888 Central Ave. in Wood Dale. The property is situated near Chicago O’Hare International Airport as well as I-290. Chris Nelson of Lee & Associates represented Bestway Transport, which is a Chicagoland freight shipping and trucking company. Tom Rodeno, Matthew Stauber and Pat Turner of Colliers International represented the landlord, ML Realty Partners.
RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.
NEW YORK CITY — Centric Brands Inc., which sources, markets and sells apparel for men, women and children, has signed a 212,154-square-foot office lease at the Empire State Building. The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease. Peter Riguardi, Joseph Messina and Cynthia Wasserberger of JLL represented Centric Brands in the lease negotiations. Anthony Malkin, Ryan Kass and Shanae Ursini represented the landlord, Empire State Realty Trust, on an internal basis.
PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.
LONG BEACH, N.Y. — Inland Real Estate Acquisitions has purchased 10 West Apartments, a 109-unit oceanfront multifamily property in Long Beach. The 11-story property features one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units that are furnished with quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Amenities include a pool, fitness center, library and a lounge area. The building was renovated between 2013 and 2018 following Hurricane Sandy and was 99 percent occupied at the time of sale. The seller was not disclosed.