FRISCO, TEXAS — SRS Real Estate Partners has negotiated the sale of Independence Plaza, a 14,966-square-foot retail strip center in Frisco. Built on 1.9 acres in 2018, the center was fully leased at the time of sale to seven tenants in the food-and-beverage and service industries. Michael Kaplan of SRS represented the seller, a family office that developed the property, in the transaction. The buyer was a Texas-based private investor. Both parties requested anonymity.
FORT LAUDERDALE, FLA. — Grover Corlew, a Boca Raton, Fla.-based developer, has obtained a $92 million construction loan to build Mayla Cypress, a 312-unit apartment community in the Cypress Creek submarket of north Fort Lauderdale. Scott Wadler, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the three-year construction loan through Affinius Capital. Mayla Cypress is situated on a 3.7-acre site Grover Corlew assembled in 2022. The developer anticipates the project’s completion date will be approximately May 2027. Straticon is the general contractor. Amenities at Mayla Cypress will include a billiards bar with an adjacent speakeasy; a courtyard; resort-style pool with cabanas; two-story, 24-7 fitness center with a cardio mezzanine level and a yoga room; coworking and event/conference space; sundry store; and package rooms. Last year, Grover Corlew completed another Mayla-branded property in nearby Pompano Beach, Fla.
HUNTSVILLE, ALA. — Newmark has arranged a $53.5 million loan for the refinancing of an approximately 650,000-square-foot industrial property along I-565 and adjacent to Huntsville International Airport. The borrower is White Plains, N.Y.-based Reich Brothers. Blue Origin, an astronautics company founded by Amazon founder Jeff Bezos, fully occupies the facility. The property serves as one of the BE-4 engine testing and manufacturing facilities for Blue Origin. Christopher Kramer, Chris Lozinak and Jordan Roeschlaub of Newmark arranged the financing through Loancore.
CARTERSVILLE, GA. — Walker & Dunlop has secured a $33 million loan for the refinancing of The Massell, a newly delivered apartment community located at 1230 Joe Frank Harris Parkway in Cartersville, a northwest suburb of Atlanta. Stephen Farnsworth and Hanes Dunn led the Walker & Dunlop team that arranged the loan through ACRE on behalf of the borrowers, Norhaven Partners and Coro Realty. The non-recourse loan features a floating interest rate, five-year term and full-term interest-only payments. The Massell is a 210-unit, garden-style community that features a clubhouse with a coworking area, 24/7 fitness center, resort-style swimming pool with sundeck, grilling stations and a pet park.
PALM BAY, FLA. — Marcus & Millichap has brokered the sale of Palm Bay Center, a 135,049-square-foot shopping center located on 12.3 acres at 4707 Babcock St. NE in Palm Bay, a coastal Florida city in Brevard County. The center’s anchor, Publix, has operated at its store since 1978 and has recently extended its lease through 2030. The buyer has agreed to construct a brand-new store for Publix as part of the transaction. Tarek Chbeir of Marcus & Millichap represented the seller, a private investor, in the deal. Both parties requested anonymity, and the sales price was also not released. Chbeir collaborated with Adam Sklaver and Philip Kates of Marcus & Millichap’s Commercial Property Auction Services to market Palm Bay Center.
RICHMOND, VA. — ShopOne Centers REIT Inc., along with joint venture partners Pantheon and an unnamed institutional investment firm, has purchased Staples Mill Plaza, a 70,147-square-foot shopping center located at 9117 Staples Mill Road in Richmond. Regional grocer Food Lion has anchored the center since 1986. Staples Mill Plaza was 94.3 percent leased at the time of sale to tenants including Subway, Pizza Hut and Hair Cuttery. Catharine Spangler of Cushman & Wakefield | Thalhimer represented the seller, Washington, D.C.-based Stavins & Axelrod Properties Inc., in the transaction. Richard Thalhimer, who has leased the property for over 20 years along with Annie O’Connor with Thalhimer’s retail leasing team, also assisted in the sale. This acquisition marks ShopOne’s second property in Virginia and its first in the Richmond metro area. The sales price was not disclosed.
BAY SHORE, N.Y. — JLL has arranged a $140 million loan for the refinancing of Shoregate, a 418-unit, newly constructed apartment community located in the Long Island community of Bay Shore. The four-story, transit-oriented property houses 334 market-rate units and 84 affordable apartments, as well as 1,650 square feet of retail space. Amenities include a pool and patio area, fitness center, outdoor barbecue stations, dog washing area, a rooftop deck, indoor golf simulator and courts for bocce ball and pickleball. Kellogg Gaines, Geoff Goldstein and Michael Gigliotti of JLL arranged the loan through Truist Financial Corp. on behalf of the borrower, a partnership led by Tritec Real Estate Co.
WEEHAWKEN, N.J. — Boston-based private equity and real estate investment firm Rockpoint has begun leasing The Declan, a 298-unit apartment community located in the Northern New Jersey community of Weehawken. The 10-story building offers studio, one-, two- and three-bedroom units that are furnished with quartz countertops, stainless steel appliances and private balconies, patios or terraces. Amenities include a landscaped courtyard with grilling stations, an outdoor dining room, gaming area, pool, fitness center, golf simulator, coffee bar, library and coworking spaces. According to Apartments.com, monthly rental rates start at $3,380.
EATONTOWN, N.J. — Marcus & Millichap has brokered the $8 million sale of Aspen Court, a 27,965-square-foot medical office building in the coastal New Jersey community of Eatontown. Anchored by Advanced Endoscopy & Surgical Center, which recently signed a 10-year lease extension, the building was fully leased at the time of sale. Other tenants include Carbon Health Urgent Care, Atlantic Medical Imaging and Eatontown Dental. Brent Hyldahl, Alan Cafiero and Seth Goldberg of Marcus & Millichap represented the seller, PB7 Associates, in the transaction and procured the buyer, an entity doing business as Aspen Court Partners LLC.
RANDOLPH, N.J. — Locally based brokerage firm Resource Realty has negotiated the $4.5 million sale of a 28,000-square-foot industrial building located in the Northern New Jersey community of Randolph. According to LoopNet Inc., the single-tenant building at 273 Franklin Road was completed in 1991 and features a clear height of 12 feet and two dock-high loading doors. Tom Consiglio of Resource Realty represented the buyer, Commerce Park Investors, in the transaction.