VOORHEES, N.J. — Edge Fitness Clubs has signed a 48,776-square-foot retail lease at the Echelon Village Plaza in Voorhees, a southeastern suburb of Philadelphia. The gym will anchor the 90,000-square-foot retail center, which also houses a Dunkin’ and Voorhees Veterinary. Scott Benson and Brandon Anapol of Metro Commercial represented Edge Fitness in the lease negotiation. David Dunkelman of Soloff Realty & Development represented the landlord, Site Centers.
MISSOURI CITY, TEXAS — Watermark Residential, an Indianapolis-based real estate development and management firm, has secured a loan of an undisclosed amount for the refinancing of The Ranch at Sienna Plantation, a 312-unit multifamily community located in the southwestern Houston suburb of Missouri City. The property features one-, two- and three-bedroom units and amenities such as a pool, resident clubhouse with a coffee bar, outdoor kitchen, dog park and a game room. P.J. McDevitt of Greystone originated the loan, and Christopher Hilbert of 3G Capital Advisors placed the debt. The borrower was not disclosed.
GILBERT, ARIZ. — SRS Real Estate Partners has arranged the sale of a single-tenant retail property located at 805 S. Val Vista Drive in Gilbert. An Arizona-based private investor sold the asset to a San Diego-based fund for $2.2 million. Walgreens occupies the 13,905-square-foot property, which was built in 1999 and features a drive-thru and two monument signs. The tenant recently signed a corporate-guaranteed lease extension. Patrick Luther, Britt Raymond and Matthew Mousavi of SRS Real Estate Partners represented the seller, while Jan Fincham of Lee & Associates represented the buyer in the deal.
SAN ANTONIO — JLL has brokered the sale of 800 Dolorosa, a 51,508-square-foot office building situated on approximately two acres in downtown San Antonio. The sale includes a 174-space surface parking lot. Chuck King and Ben Jordan of JLL represented the seller, GTM Washington Square Ltd., in the transaction. 800 Painful LP, an affiliate of Weston Urban, acquired the property for an undisclosed price. Occupancy was 91.6 percent at the time of sale.
BERNARDSVILLE, N.J. — JLL has negotiated an 8,474-square-foot office lease extension in Bernardsville, located about 30 miles west of New York City. The property, located at 150 Morristown Road, recently underwent a $500,000 capital improvement project that upgraded the lobby, lighting, HVAC system and walkway. Charlie Dillon of JLL represented the tenant, Decile.Ten Communications, in the lease negotiations. David Zimmel of Zimmel Associates represented the landlord, Denholtz Associates.
DALLAS — Mid-American Supply Corp. has signed a 45,623-square-foot industrial lease renewal at 11550-11570 Hillguard Road in Dallas. Trevor Atkins and John Hendricks with CBRE represented the landlord, GLP, in the lease negotiations. Tucker Cason of Mercer Co. represented the tenant.
HOUSTON — Newmark Knight Frank (NKF) has negotiated a 107,571-square-foot industrial lease extension at 502 Garden Oaks Blvd. in Houston. Griffin Rich and Reggie Beavan III of NKF represented the tenant, Kulkoni Inc., a supplier of wire ropes, cables and chains, in the lease negotiations. Insite Realty Partners represented the landlord, Billingsley Pine Forest #19 Ltd.
CYPRESS, TEXAS — Cinemark Holdings will open an eight-screen CUT! by Cinemark movie theater in Cypress, a northwestern suburb of Houston. The theater will feature wall-to-wall screens, enhanced sound systems, a full-service food menu and bar and an outdoor patio with a fireplace and games. Washington Prime Group will develop the theater, with construction scheduled to begin in November and the opening slated for July 2020.
FAYETTEVILLE, ARK.; LONGMONT, COLO.; PARKER, COLO.; AND MISSOURI CITY, TEXAS — Greystone has provided $179.2 million in Freddie Mac loans for the refinancing of four suburban multifamily properties totaling 1,188 units in Arkansas, Colorado and Texas. Watermark Residential was the borrower. The properties include: the 306-unit Watermark at Steele Crossing in Fayetteville, Ark.; the 276-unit Watermark on Harvest Junction in Longmont, Colo.; the 294-unit Watermark on Twenty Mile in Parker, Colo.; and the 312-unit The Ranch at Sienna Plantation in Missouri City, Texas. The newly constructed, Class A communities are at or near full stabilization. PJ McDevitt of Greystone originated the four separate loans, which carry 15-year terms, fixed interest rates, 30-year amortization schedules and seven years of interest-only payments. 3G Capital Advisors LLC arranged the loans. The financing will enable Watermark to redeploy capital more efficiently and effectively, says Paul Thrift, CEO of the Indianapolis-based apartment development and management firm. — Kristin Hiller
As I have enjoyed writing in six previous August articles since 2013, we have seen Cedar Rapids, the 2014 “All-America City,” go from flood recovery in 2008 and 2016 to record levels of development. The city set a record for building permits in fiscal year 2018 of $375 million, which was $133 million over the previous year and $29 million more than the 2012 record by $29 million. Activity in fiscal year 2019 is estimated to be a very impressive $320 million. Flood protection system reached another milestone on Nov. 22, 2018, when the city and Army Corps of Engineers officially signed the agreement for $117 million of federal funds to allow the entire east side of the river flood protection system to be completed within five years. The west side is being funded through a state sales tax rebate program and 10 years of flood bonds to allow the entire $750 million flood protection system to be completed in the next decade. This year there are already four sections under construction with several additional portions being bid over the next several months. The flood protection system will not be just berms or walls that will block the view of …