BLOOMFIELD HILLS, MICH. — The Taubman Co. LLC has announced that Executive Vice President and CFO Simon Leopold will depart the company effective Jan. 31. Benjamin Meeker, who currently serves as vice president, capital markets and treasurer, will be promoted to senior vice president, CFO and treasurer. Meeker will report to Robert Taubman, who is chairman, president and CEO. Leopold will remain an advisor to the company to assist with the transition. Taubman is engaged in the management and leasing of 26 regional, super-regional and outlet malls in the U.S. and Asia. The Taubman Realty Group LLC is a joint venture between affiliates of Simon Property Group and the Taubman family and is headquartered in Bloomfield Hills, Mich.
WATERLOO, IOWA — Marcus & Millichap has arranged the sale of Crossroads Commons in Waterloo for $8.1 million. The 85,987-square-foot retail property is located at 1403 Flammang Drive. It was fully leased at the time of sale to tenants such as Dick’s Sporting Goods, Party City and Five Below. Zach Turner, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap’s Patton-Wiles-Fuller Group marketed the property on behalf of the undisclosed seller. The team also secured the buyer, a limited liability company.
RED WING, MINN. — Downtown Plaza, a 90-unit independent living community in Red Wing, has traded hands for an undisclosed price. The property is located at 434 W. 4th St. along the Mississippi River in eastern Minnesota. Built in 1986, the community was renovated over the last several years. The ninth-floor community room received an extensive upgrade with new finishes and furniture. Other amenities include a recreation center, beauty and barber shop, dining room and fitness center. Ted Abramson, Keith Collins and Abe Apert of CBRE Minneapolis Multifamily represented the undisclosed seller. Red Wing Partners MN was the buyer.
DETROIT — Detroit Thermal has leased a 14,700-square-foot industrial building in Detroit. The company delivers clean steam energy throughout the city and services more than 100 buildings. Greg Hornby of Friedman Real Estate represented the undisclosed landlord in the lease transaction.
HALTOM CITY, TEXAS — JLL has arranged an undisclosed amount of acquisition financing for Hidden Lakes and Ranch at Fossil Creek, two multifamily properties totaling 586 units in Haltom City, a northern suburb of Fort Worth. Hidden Lakes totals 312 units that average 928 square feet and come in one-, two- and three-bedroom floor plans. The property was 94 percent occupied at the time of sale. Ranch at Fossil Creek was built in 2002 and features 274 units across 13 buildings on a 17.5-acre site. The community was 92 percent leased at the time of sale. Both properties offer amenities such as pools, fitness centers, business centers, clubhouses and sports courts. Jeremy Sain and Brooks Burgin of JLL arranged the financing through Global Atlantic Financial Group on behalf of the borrower, Exponential Property Group.
AUSTIN, TEXAS — Stratus Properties (NASDAQ: STRS) has sold The Saint Mary, a 240-unit apartment community in southwest Austin, for $60 million. The sales price equates to $250,000 per unit. The garden-style community features one- and two-bedroom units with stainless steel appliances, quartz countertops and full-size washers and dryers. Amenities include a pool, fitness center, outdoor kitchen with a wet bar and a pet park. Austin-based Stratus Properties broke ground on The Saint Mary in June 2018 and delivered the community in December 2019. The property was 85 percent occupied at the time of sale. Andy Hill of Berkadia secured a bridge loan through Ares Management LP on behalf of the undisclosed buyer.
COLLEGE STATION, TEXAS — Boston-based investment firm West Shore LLC has acquired Broadstone Lake Walk, a 315-unit apartment community located about three miles from Texas A&M University in College Station. The property will be integrated into 8085 at Traditions community, a 657-unit adjacent property owned and operated by West Shore since 2018, to become Lake Walk at Traditions Apartments. The 972-unit community will offer one-, two- and three-bedroom units and amenities such as a four resort-style pools with cabanas, four fitness centers with two virtual fitness and training centers, four clubhouses, an outdoor putting green, four dog parks and outdoor gaming areas.
AUSTIN, TEXAS — Bellwether Enterprise Real Estate Capital has provided a $33.9 million Freddie Mac loan for the refinancing of Waters at Bluff Springs, an affordable housing community in Austin. According to Apartments.com, the property was built in 2001 and offers 300 units in one-, two- and three-bedroom formats. Residences are reserved for renters earning between 50 and 80 percent of the area median income. Amenities include a pool, fitness center, business center and a community garden. Phil Melton of Bellwether originated the 12-year, fixed-rate loan on behalf of the undisclosed borrower.
NEW YORK CITY — Madison Realty Capital, a New York-based real estate private equity firm, has provided a $73.5 million loan for the refinancing of a portfolio of eight commercial properties in New Jersey. The portfolio consists of an 8.7-acre residential, commercial and self-storage development site in Harrison; three industrial assets in Harrison, Kearny and Boonton; a Class A industrial flex building; a net-leased retail property in Harrison; and two parcels totaling 8.1 acres in Kearny and Brick. Glenn Thomas and Thomas Ravert of Pathway Capital Corp. arranged the loan. The borrower was not disclosed.
SOUTH BRUNSWICK, N.J. — A partnership between Woodmont Industrial Properties and EverWest Real Estate Investors has acquired a 144,551-square-foot industrial facility in South Brunswick, located in between Trenton and Newark. The property offers proximity to the New Jersey Turnpike and State Route 130. Building features include 22-foot clear heights, 22 dock doors and 120-foot truck court depths. David Blitt of Bussel Realty represented the seller, which has leased back the space on a short-term basis, in the transaction. The new ownership plans to renovate the building.