CHARLOTTE, N.C. — Ready Capital has closed an $11.3 million loan for the recapitalization, redevelopment and lease-up of an approximately 72,000-square-foot, Class B industrial, adaptive reuse project located in northwest Charlotte. Upon closing, the sponsor will reposition the property from industrial/flex to mixed-use (office/retail). The sponsor is targeting creative office and experiential retail tenants and will also carve out an area that will be used as an event space. The non-recourse, interest-only loan provides future funding for capital expenditures, tenant leasing costs and interest shortfalls. Additionally, it includes a one-time earnout, which the sponsor is eligible for throughout the first 24 months of the loan term. The loan features a 36-month term, two extension options and flexible prepayment. The borrower was not disclosed.
TAMPA, FLA. — SRS Real Estate Partners’ National Net Lease Group has brokered the $3.8 million sale of Double Branch Plaza, an 8,996-square-foot, multi-tenant retail strip center located at 12856 W Hillsborough Ave. in Tampa. The property was completed in 2020 and is situated on 1.5 acres. Patrick Nutt and Will Wamble of SRS represented the seller, a Florida-based developer, in the sale. The buyer was a private investor that owns a portfolio of multi-tenant properties in the area. At the time of initial marketing, Double Branch Plaza’s tenant roster included Le Peep Café, Ocean Nail Salon and Tropical Smoothie Cafe. There was still one vacancy left to fill whose lease was negotiated during the due diligence period, according to SRS.
FORT WORTH, TEXAS — Locally based developer Palladium USA is underway on construction of Palladium Fain Street, a 90-unit mixed-income multifamily community in Fort Worth. The majority (81) of the units will be reserved for renters earning between 30 and 60 percent of the area median income, while the other nine units will be rented at market rates. Amenities will include a pool, fitness center, dog park, walking trails, conference room, computer lab and a playground. The first units are expected to be available for occupancy in April 2022. Cross Architects is designing the project, and BBL Construction is the general contractor.
HOUSTON — Colliers International has arranged the sale of a 90,423-square-foot office building located at 7155 Old Katy Road in Houston. The two-story building is situated on a 4.1-acre site in the North Loop West submarket. David Carter and Taylor Wright of Colliers represented the seller, Houston Eye Associates, in the transaction. The buyer, locally based investment firm Braun Enterprises, was self-represented.
WAYLAND, MASS. — Multifamily developer Wood Partners has broken ground on Alta at River’s Edge, a 218-unit apartment project in the western Boston suburb of Wayland. The property will offer one-, two- and three-bedroom units with stainless steel appliances, smart thermostats and private balconies. Amenities will include a clubroom, game lounge, fitness center, indoor golf simulator, a pool, fire pits and outdoor grilling stations. The opening is scheduled for summer 2022.
LAWRENCE, MASS. — Marcus & Millichap has brokered the sale of a 106,693-square-foot industrial building located at 65 Manchester St. in Lawrence, a northern suburb of Boston. The sales price was $3 million. The property is situated within a qualified opportunity zone about 1.7 miles from Interstate 93. Harrison Klein and Luigi Lessa of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties requested anonymity. The property, which was built around the turn of the 20th century and renovated in 2002, was sold via online auction in conjunction with Evan Koransky at Ten-X.
NEW ROCHELLE, N.Y. — Houlihan-Parnes Realtors has arranged a $5.2 million loan for the refinancing of a five-story office building in New Rochelle, located north of New York City. The property at 140 Huguenot St. spans 81,000 square feet and is leased to tenants such as the United States General Services Administration Social Security Office and The Guidance Center of Westchester. A local bank provided the loan, which was structured with a 15-year term, 30-year amortization schedule and a 3.75 percent fixed interest rate for the first 10 years.
TEANECK, N.J. — Alfred Sanzari Enterprises, a family-owned and operated commercial and residential real estate firm, has negotiated three office lease renewals totaling 25,000 square feet at Glenpointe, the firm’s flagship office property in the Northern New Jersey community of Teaneck. The deals include a 10,600-square-foot renewal and expansion with Treetop Development, a 7,300-square-foot renewal and expansion with The Russell Berrie Foundation and a 7,100-square-foot renewal and expansion with Eastern Fish Co. Newmark’s team of Jeff Schotz, Peter Rossi, Dan Reider, Peter Kasparian and David Simson represented Alfred Sanzari Enterprises in all the transactions.
BRIDGEWATER, MASS. — Massachusetts-based design/build firm Dacon has completed a 23,500-square-foot cannabis cultivation facility in Bridgewater, located south of Boston. The project is a build-to-suit for Theory Wellness, a provider of medical and recreational cannabis products with operations in Maine and Massachusetts. The space includes two climate-sensitive growth labs, two extraction labs and a manufacturing area.
WORTHINGTON, OHIO — Direct Retail Partners has received the final zoning approval to begin construction on Phase I of the redevelopment of the Shops at Worthington Place in Worthington, a northern suburb of Columbus. The project, known as High North, will transform the shopping mall into a mixed-use development, anchored by a 125,000-square-foot Class A office building. Five floors of office space will sit atop four levels of structured parking. The first floor will be surrounded by a WiFi-enabled public courtyard. Dining and grocery options like Panera Bread, First Watch, Pies & Pints and Kroger will remain in the development. About 21,000 square feet of the existing mall will be demolished, according to online news publication Columbus Underground. Collin Wheeler, Aaron Duncan and Brad Stricker of CBRE are marketing the office portion for lease.