Property Type

Newport Capital Partners Buys 103,030 SF Stassney Heights Shopping Center in South Austin

by Taylor Williams July 28, 2021

AUSTIN, TEXAS — Newport Capital Partners, a retail investment and management firm with offices in Chicago and Dallas, has purchased Stassney Heights, a 103,030-square-foot shopping center located about seven miles south of downtown Austin. Anchored by Houston-based ethnic grocer Fiesta Mart, Stassney Heights was 93 percent leased at the time of sale. Other tenants include Umi Sushi, Castle Dental, T-Mobile and Clinica Hispana. CBRE represented the undisclosed, Northeast-based seller in the transaction. Newmark arranged acquisition financing through Wintrust Bank on behalf of Newport Capital Partners.

July 28, 2021

Acquisitions Multifamily Texas

Marcus & Millichap Brokers Sale of 150-Unit Spring Valley Apartments Near Fort Worth

by Taylor Williams July 28, 2021

EULESS, TEXAS — Marcus & Millichap has brokered the sale of Spring Valley, a 150-unit apartment complex in the Fort Worth suburb of Euless. Constructed in 1971, the 12-building property features an average unit size of 920 square feet and amenities such as a pool and onsite laundry facilities. Al Silva and Ford Braly of Marcus & Millichap represented the seller and procured the buyer, both of which were Dallas-based private investment firms that requested anonymity, in the transaction.

July 28, 2021

Leasing Activity Restaurant Retail Texas

PuttShack to Open 26,000 SF Minigolf Course, Restaurant in Downtown Houston

by Taylor Williams July 28, 2021

HOUSTON — Puttshack, an entertainment concept that combines tech-infused minigolf with food and beverage offerings, will open a new, 26,000-square-foot venue at The Shops at Houston Center in the city’s downtown area. Puttshack recently opened its first venue in Atlanta and has plans to open additional facilities in Chicago, Miami, Boston and Nashville. The opening of the Houston facility is slated for late 2022. Brookfield Properties owns The Shops at Houston Center in partnership with Spear Street Capital.

July 28, 2021

Acquisitions New York Northeast Office

Boston Properties Enters into Agreement to Buy Manhattan Office Building for $300M

by Taylor Williams July 28, 2021

NEW YORK CITY — Boston Properties Inc. (NYSE: BXP) has entered into an agreement to acquire 360 Park Avenue South, a 450,000-square-foot office building in Midtown Manhattan, for $300 million. The 20-story building is currently fully leased to a single tenant that will vacate the property at the end of the year. Boston Properties will subsequently implement a capital improvement program. The company expects to close on the asset in December. The seller was not disclosed.

July 28, 2021

Development Hospitality Loans New York Northeast

Lightstone Group Receives $130M in Construction Financing for Manhattan Hotel Project

by Taylor Williams July 28, 2021

NEW YORK CITY — Locally based developer Lightstone Group has received $130 million in construction financing for Lightstone Moxy, a 303-room hotel that will be located on Manhattan’s Lower East Side. MSD Partners LP, an affiliate of the private investment firm of tech magnate Michael Dell, provided a $90 million senior loan for the 16-story project. Lionheart Strategic Management LLC, an affiliate of Fisher Brothers, provided a $40 million mezzanine loan. Tao Hospitality Group will manage the hotel, which will feature multiple food and beverage concepts. Drew Anderman and Benjamin Nevid of Meridian Capital Group arranged the financing.

July 28, 2021

Loans New York Northeast Office

Criterion Provides $125M Loan for Refinancing of Manhattan Office Building

by Taylor Williams July 28, 2021

NEW YORK CITY — Criterion Real Estate Capital has provided a $125 million loan for the refinancing of 817 Broadway, a 140,000-square-foot office building in Manhattan’s Union Square neighborhood. The property was originally built in 1895 and features a 4,000-square-foot rooftop terrace. The borrower, Taconic Partners, which acquired the asset in 2016 in partnership with Nuveen Real Estate, will use a portion of the proceeds to fund tenant improvements and leasing costs.

July 28, 2021

Acquisitions New Jersey Northeast Office

Birch Group Acquires Alexander Park Office Portfolio in Princeton for $47.3M

by Taylor Williams July 28, 2021

PRINCETON, N.J. — New York-based private investment firm The Birch Group has acquired 600 and 700 Alexander Park, a 213,110-square-foot office portfolio in Princeton, for $47.3 million. The three-story building at 600 Alexander Drive consists of 141,176 square feet, and the three-story building at 700 Alexander Drive totals 71,934 square feet. Amenities include a cafeteria with indoor and outdoor seating, a fitness center, tenant lounge and walking paths. Kevin O’Hearn and Jose Cruz of JLL represented the seller, BentallGreenOak, in the transaction, and procured The Birch Group as the buyer. Greg Nalbandian, also with JLL, arranged acquisition financing.

July 28, 2021

Acquisitions Midwest Mixed-Use Ohio

DealPoint Merrill Acquires Former Richmond Town Square Mall in Suburban Cleveland, Plans $200M Redevelopment

by Kristin Harlow July 28, 2021

RICHMOND HEIGHTS, OHIO — DealPoint Merrill has acquired the remaining portion of the former Richmond Town Square regional mall in Richmond Heights, a suburb just east of Cleveland. The purchase price was undisclosed. Built in 1966, the mall was once the largest enclosed shopping center in the state with over 90 stores. It closed this year. DealPoint previously owned 33 acres of the mall site and now owns a total of 69 acres. This acquisition clears the way for the development of Belle Oaks Marketplace, a $200 million mixed-use project to be built on the site of the former mall. The 160,000-square-foot self-storage building operated by Life Storage and owned by DealPoint will remain open. Construction is scheduled to begin in the first quarter of 2022. Upon completion, Belle Oaks Marketplace will encompass 40,000 square feet of restaurants, an outdoor entertainment venue, 791 apartment units and 315,000 square feet of grocery and retail space.

July 28, 2021

Development Industrial Michigan Midwest

Ford Selects Romulus, Michigan, as Location for $100M Battery Center

by Kristin Harlow July 28, 2021

ROMULUS, MICH. — Ford Motor Co. has selected Romulus, a southwest suburb of Detroit and home of the Detroit Metropolitan Wayne County Airport, as the location of its new global battery center named Ford Ion Park. The $100 million project will help accelerate research and development of battery and battery cell technology. Ford Ion Park is part of Ford’s $185 million investment in developing, testing and building vehicle battery cells and cell arrays. Ford will refurbish an existing 270,000-square-foot facility to house up to 200 engineers.

July 28, 2021

Acquisitions Midwest Minnesota Multifamily

JLL Brokers $59M Sale of Apartment Community Near Minneapolis

by Kristin Harlow July 28, 2021

FRIDLEY, MINN. — JLL Capital Markets has brokered the sale of The Cielo Apartments in the Minneapolis suburb of Fridley for $59 million. The 269-unit complex features floor plans that range in size from 586 to 1,345 square feet. Amenities include a fitness center, game room, community room, study area, walking paths and secured parking. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development. Peak Capital Partners was the buyer. JLL also worked on behalf of the new owner to secure a seven-year, $44.2 million acquisition loan through Freddie Mac.

July 28, 2021

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