CHICAGO — Frontline Real Estate Partners LLC, Carr Realty Advisors LLC and Stillwater Advisory Group Inc. have formed a new joint venture known as Frontline Real Estate Partners- Shopping Mall and Lifestyle Division. The venture will provide its clients with receivership, property and asset management, and leasing and disposition services for malls and lifestyle centers. “We have all seen the downturn of malls in recent years, with low occupancy levels and retailers going into bankruptcy. The pandemic expedited that even more,” says Matthew Tarshis, principal of Frontline. “We felt the urgency to form this new joint venture to provide real estate solutions for the distressed portion of this niche asset class.” Tarshis is joined by Joey Carr of Carr Realty and Chris Facas of Stillwater. All three real estate firms are based in Chicago.
BROOKLYN CENTER AND BROOKLYN PARK, MINN. — Marcus & Millichap has negotiated the sale of two multifamily properties in suburban Minneapolis for $12.6 million. Built in the late 1960s, West Broadway Apartments in Brooklyn Park includes 59 units. Monthly rents range from $850 to $1,673. Sterling Square Apartments in Brooklyn Center features 54 units across four buildings. Units average 820 square feet and monthly rents range from $860 to $1,665. Abe Roberts of Marcus & Millichap marketed the properties on behalf of the seller and procured the buyer, a national investor.
LONGVIEW, TEXAS — Gap Inc. (NYSE: GPS) will open a $140 million distribution center in Longview, located about 120 miles east of Dallas, to meet rising demand for its online shopping business. The new facility will span approximately 850,000 square feet. Construction is set to begin in April with plans for the center to be fully operational by August 2022. The San Francisco-based apparel retailer expects that the move will add about 500 new jobs to the local economy, a figure that could grow to more than 1,000 full-time jobs over the next five years. Additionally, Gap expects to create more than 1,000 part-time and seasonal jobs by 2026. According to local news station KLTV, this will be the first ground-up distribution center that Gap has built in 20 years.
ALLEN, TEXAS — High Street Residential, a subsidiary of Trammell Crow Co., has broken ground on The Montgomery, a 370-unit apartment community in the northeastern Dallas suburb of Allen. Units will be available in one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, dog park, business center, micro-market and a resident clubroom, as well as outdoor space for exercise and other activities. High Street is developing the project, completion of which is slated for the fourth quarter of 2022, in a joint venture with Principal Real Estate Investors. JHP Architecture is designing the development. Andres Construction will serve as general contractor.
FORT WORTH, TEXAS — San Antonio-based developer Embrey Partners has sold Kelley at Samuels Avenue, an apartment community that overlooks the Trinity River in Fort Worth. According to Apartments.com, Kelley at Samuels Avenue was built in 2018 and totals 353 units. The property features one-, two- and three-bedroom units with stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a pool, fitness center, game room, beer garden, outdoor kitchen and a pet spa. The buyer was not disclosed.
SAN ANTONIO — 180 Multifamily Properties, an investment firm based in Arlington, Texas, has purchased Echelon at Monterrey Village, a 240-unit apartment community in west San Antonio. Built in 2018, the property features one-, two- and three-bedroom units with stainless steel appliances, tile backsplashes and oversized tubs. Amenities include a pool, fitness center, coffee bar, sand volleyball court, a resident lounge and business center and communal outdoor green space. Will Caruth, Mike Miller and Cody Courtney of Berkadia represented the seller, The Garrett Cos., an Indiana-based developer.
DALLAS — California-based BridgeCore Capital has provided a $1 million bridge loan for the refinancing of an undisclosed 34-unit multifamily asset in Dallas. The undisclosed borrower required a nonrecourse loan to cash out and to make capital improvements at the property. The borrower expects the loan to be taken out by a Freddie Mac Small Balance Loan and to eventually sell the property. The asset’s occupancy rate was 62 percent at the time of the loan closing.
LOGAN TOWNSHIP, N.J. — J.G. Petrucci Co. is underway on construction of Building A at Port Logistics Center at Logan, in Logan Township, located outside of Philadelphia in Gloucester County. The 1 million-square-foot building is part of a larger speculative industrial project that will eventually consist of four buildings totaling 1.9 million square feet across 190 acres. The first and largest building is scheduled to be complete in late 2021. CBRE has been tapped to lease the development.
ELIZABETH AND NEWARK, N.J. — A partnership between two New Jersey-based firms, Elberon Development Group and Fidelco Realty Group, will develop a 140,000-square-foot cold storage facility in Northern New Jersey. The property will be located on a 7.8-acre site within the port submarket on the border of Newark and Elizabeth and will be a build-to-suit for FreezPak Logistics. Michael Klein, Jon Mikula and Max Custer of JLL arranged a $34 million construction loan through a correspondent insurance company on behalf of the development team. A construction timeline was not disclosed. The facility will be FreezPak’s fifth in New Jersey and will feature 10.5 million cubic feet of space, 18 docks and 30,000 pallet positions.
WALL TOWNSHIP, N.J. — Ziegler has arranged $114.8 million in bond financing for Springpoint Senior Living, located near the Jersey Shore in Wall Township. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. In addition to refinancing all of the outstanding debt of the previous obligated group, the refinancing also reimbursed Springpoint for approximately $25 million in recent capital expenditures. The fixed-rate, tax-exempt bonds were underwritten simultaneously with $85 million of taxable bank financings with two regional banks. Marathon Capital Strategies LLC provided municipal advisory services to Springpoint in connection with the transaction.