ROCHELLE PARK, N.J. — Tulfra Real Estate, a locally based investment and development firm, has sold an 816-unit self-storage facility in the Northern New Jersey community of Rochelle Park. The four-story, 113,000-square-foot facility is located within the seven-acre Village Center of Rochelle Park mixed-use development. The buyer was Columbia Self Storage. Tulfra Real Estate acquired the property, a former AT&T data site, in late 2018.
EAST RUTHERFORD, N.J. — A joint venture between Diversified Properties and North Jersey Builders Group has completed construction of 480 Flatz, a 35-unit multifamily project in the Northern New Jersey community of East Rutherford. Units feature two- and three-bedroom floor plans and are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Project partners included Thomas J. Brennan Architects, MCB Engineering Associates and Morris Construction Management. Kearny Bank provided construction financing.
MINNEAPOLIS — Target (NYSE: TGT) has announced plans to open small-scale Apple (NASDAQ: AAPL) shops inside 17 of its stores this month, with additional locations scheduled to open this fall. The company will also expand its online Apple product offerings over the coming weeks. The new Apple in-store experience will offer a mix of products and accessories in a dedicated space designed for guests to see new products and view demonstrations by Target Tech Consultants, who will receive specialized training from Apple. Each shop will feature new lighting fixtures and displays for iPhone, iPad, Apple Watch, AirPods, HomePod, Apple TV and other Apple accessories. “Apple products are popular with Target’s guests and this new dedicated shopping experience offers enhanced service and expanded offerings, building on our strength as a go-to destination for electronics,” says Christina Hennington, executive vice president and chief growth officer of Minneapolis-based Target. “This new model was created with Target’s guests in mind and we’ll continue to learn and enhance the experience through future rollouts later this year.” Apple shops are set to open this month at Target locations in Monticello, Minn.; San Jose, Calif.; Oklahoma City; Allen, Hurst, Austin, Irving and San Antonio, Texas; Gainesville, Orlando, …
Ralph Cram, president and manager of Envoy Net Lease Partners LLC, is responsible for providing strategy, marketing and investment advice on all aspects of net lease property investments. He believes 2021 will be a banner year for net lease, and that Envoy is particularly well suited when it comes to providing “one-stop shopping” for developers. Finance Insight: How is Envoy is different from a “normal” commercial real estate finance provider? Cram: Envoy’s focus is construction and bridge loan lending on single-tenant, net-lease properties in most commercial real estate segments such as retail, restaurant, medical and industrial properties. What differentiates us from most lenders is that first and foremost, Envoy can lend up to 100 percent of the total project costs. A developer receives all the project’s capital from one source without having to take on outside investors and time-consuming joint-venture (JV) and related agreements. Envoy’s “one-stop shopping” allows developers to concentrate on what they do best and provides the entirety of financing and other capital considerations for a given project. Second, the only thing we do is lend on net-lease properties, so we are experts. We don’t do an apartment loan one day and a PPP loan the next. We don’t leave, enter and then re-exit the net-lease market and …
SPRINGDALE, ARK. — Mia Rose Holdings and ERC Construction Group have formed a joint venture to build Pure Springdale, a 16-building, 234,000-square-foot multifamily community in Springdale. Courtyard Building and Block LLC is the architect, Crafton Tull is the engineer of record and Trinity Multifamily is the property manager. Mia Rose and ERC recently broke ground on the 234-unit property, which is scheduled to be complete in fall 2022. The project includes new construction of one- and two-bedroom apartment units on 13.7 acres. The apartment complex will feature walking trails, three ponds, a resort-inspired pool, 1,300-square-foot fitness center, technology lounge/business center, gated dog park and numerous green spaces with grills and seating. All units will have washers and dryers, Energy Star-rated kitchen appliances, energy-efficient mechanical systems, upgraded interior finishes and window coverings. Single-car garages will be available for 32 residents at an additional fee. Pure Springdale is the first joint venture project between Mia Rose Holdings and ERC Construction Group LLC. Mia Rose Holdings is a St. Louis-based developer, and ERC Construction Group is an Arkansas-based general contractor.
OCOEE, FLA. — McCraney Property Co., a private industrial real estate development and investment firm, has acquired 40 acres in an off-market assemblage of three parcels just south of East Fullers Cross Road in Ocoee. The purchase price was not disclosed. The company plans to develop Progress Commerce Park, a six-building, Class A speculative industrial park totaling 480,560 square feet. Currently, the proposed site plan is under review with the City of Ocoee, as well as a zoning change request. If approved, Progress Commerce Park will be developed in three phases. The sellers are Lawrence Levin, Patricia Donahue, Thomas West and West & West LLC, according to Orlando Business Journal. Neither the seller’s nor McCraney Property had brokers in the acquisition.
DURHAM, N.C. — Trinity Capital Advisors and SLI Capital have topped out a new Class A office project in downtown Durham called The Roxboro at Venable. The eight-story office and life sciences center is located within the mixed-use Venable Center at 380 East Pettigrew St. Duda|Paine Architects is the designer for the 210,000-square-foot project, which is expected to be opened by 2022. The Roxboro at Venable will feature tall floor-to-floor heights, built-in accommodation for lab infrastructure and dedicated back-up power. The property also will include touchless entry and elevator systems, air purification systems in elevators and open-air sky terraces on the two upper floors. The Roxboro previously was a warehouse for Venable Tobacco Co., a subsidiary of the Dibrell Brothers tobacco business of Danville, Va. Trinity Capital Advisors is a real estate development and investment firm with offices in Charlotte and Raleigh. SLI Capital is a Raleigh-based real estate investment firm.
RIVERDALE, GA. — American Street Capital (ASC) has arranged an $8.1 million cash-out refinance loan for River Ridge Apartments, a 150-unit multifamily complex in Riverdale. The borrower and agency lender’s names were not disclosed. Edward Streit of ASC arranged the Fannie Mae loan, which features a 12-year term with two years of interest-only payments and a 30-year amortization schedule. The loan retired the existing agency debt. Built in 1972 and renovated in 2019, River Ridge is a 20-building community, with 110 two-bedroom and 40 three-bedroom apartments. The market-rate property is located at 235 Roberts Drive, approximately 7.4 miles from Hartsfield-Jackson Atlanta International Airport. Community amenities include 276 surface parking spaces, a common laundry facility, playground and an onsite property manager.
SAN JOSE, CALIF. — San Jose-based Fry’s Electronics has decided to shut down its operations and close business permanently as a result of changes in the retail industry and challenges created by the COVID-19 pandemic. After nearly 36 years as a one-stop shop and online resource for high-tech consumers, Fry’s says it will implement a shutdown of its 31 stores across nine states through a wind-down process that will be in the best interests of the company, its creditors and other stakeholders. Fry’s ceased regular operations and began the closing process today. The intentions of the wind-down process are to reduce costs, avoid additional liabilities, minimize the impact to customers, vendors, landlords and associates, as well as maximize the value of the company’s assets for its creditors and stakeholders. Currently, Fry’s is in the process of reaching out to its customers with repairs and consignment vendors to help them understand the closing process and the proposed next steps.
FORT WORTH, TEXAS — Locally based developer Crescent Real Estate has revealed plans for a new mixed-use project in Fort Worth’s Cultural District that is valued at $250 million, according to The Dallas Morning News. Current plans call for 175 residential units, a 200-room boutique hotel and a 160,000-square-foot office building that will house the headquarters of tenants such as Goff Capital, Canyon Ranch and Contango Oil & Gas. Crescent Real Estate also plans to move its headquarters into the new office building. Construction is scheduled to begin this summer and to be complete in mid-2023.