SPRING, TEXAS — EDGE Realty Capital Markets has brokered the sale of Meadows Edge Shopping Center, a 4,800-square-foot strip retail property located along Interstate 45 in the northern Houston suburb of Spring. Shadow-anchored by Lowe’s Home Improvement, the property was fully leased at the time of sale to tenants such as Sprint, Leslie’s Pool Supplies, Lenny’s Grill & Subs and Paradise Grills. Burdette Huffman and Josh Jacobs of EDGE represented the seller, 20141 North Freeway LLC, in the transaction. Sam Affanhe of Hunington Properties represented the buyer.
ATTLEBORO, MASS. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the $58 million sale of Bristol Place, a retail center located about 30 miles south of Boston. At the time of sale, the property was 88 percent leased to tenants including Market Basket, Home Depot and Hobby Lobby. Joseph French, Glen Kunofsky, Thomas Dalzell, Russell Wachtler of IPA represented the undisclosed seller in the transaction. French procured the buyer, a joint venture between a Boston-based private real estate firm and an institutional investor.
MORRIS PLAINS, N.J. — JLL has arranged $43 million for the refinancing for Signature Place, a 197-unit multifamily community in Morris Plains, a city located about 30 miles east of New York City. Nationwide Life Insurance Co. provided the loan, which carries a fixed interest rate and a five-year term. Loan proceeds retired the existing construction loan. Signature Place offers one-, two- and three-bedroom units, with amenities including a fitness center, walking trail and tennis courts. Jon Mikula, Greg Nalbandian, Andrew Zilenziger and Carlos Silva of JLL arranged the loan on behalf of the borrower, New Jersey-based developer Roseland Residential Trust.
NEW YORK CITY — Whole Foods Market will open a 60,000-square-foot store within 63 Madison Avenue, a 15-story office building in Manhattan. The store will occupy 10,000 square feet on the ground floor of the building and 50,000 square feet on the second floor. The building owner, a partnership between George Comfort & Sons, Jamestown and Loeb Partners Realty, plans to renovate the first and second floors with glass walls and a new lobby. The time frame of the construction was not specified. Peter Duncan, Matt Coudert and Alex Bermingham of represented the landlord on an internal basis in the lease negotiations.
SADDLE BROOK, N.J. — NAI Hanson has negotiated a 31,550-square-foot industrial lease for Leco Plastics Inc. in Saddle Brook, a western suburb of New York City. The building features 5,000 square feet of office space and 20-foot ceiling heights. Steven Leitner and Scott Perkins of NAI Hanson represented the landlord, Wilbur ’96 LLC, in the lease negotiations. Dean Brody of JLL represented Leco.
MANSFIELD, MASS. — Fantini & Gorga has arranged a $20.5 million construction loan for 300 North Main, a multifamily development in Mansfield, a city located about 25 miles south of Boston. Two undisclosed, Massachusetts-based financial institutions provided a total of $19 million, and a group of private investors provided and additional $1.5 million. The property will offer one- and two-bedroom apartments, including 15 affordable units, as well as 11,674 square feet of retail space. A joint venture between two Massachusetts-based developers, Arista Development LLC and Crugnale Properties LLC, will develop the project. Massachusetts-based Annino Inc. is the architect. Construction is slated for completion in mid-2020.
CHICAGO — Four retailers have joined the tenant lineup at Lincoln Common, a mixed-use project in Chicago. First, Dearborn Denim & Apparel will open a 668-square-foot storefront this fall. The apparel manufacturer sells men’s and women’s jeans that are cut and sewn in Chicago. Lincoln Common will serve as the company’s third location. Slated to open in October, Blowout Junkie will occupy 652 square feet. Lincoln Common will also serve as the third location for the luxury blowout and hairstyle bar. Pharmaca, an integrated pharmacy, will span 2,139 square feet and is expected to open in late fall. Verve Wine, a New York-based retail shop, is set to open a 4,000-square-foot store and wine bar in spring 2020. Each wine is curated by a master sommelier and sourced from small wineries with options starting at $12 per bottle. Hines and McCaffery are the developers for Lincoln Common, which will include 100,000 square feet of retail space, 538 luxury apartment units, 40 condominiums, a five-story boutique office building, 156-room senior living community and more than an acre of open space. Previously signed tenants include Equinox, Velvet Taco, Philz Coffee, Athletico, Compass, Play2Day and Kohler Waters Spa.
EVANSVILLE, IND. AND PINE BLUFF, ARK. — Alliant Credit Union has provided $12.1 million for the refinancing of a three-property self-storage portfolio in Evansville, Ind. and Pine Bluff, Ark. The properties total 1,565 units, including standard units, climate-controlled units and outdoor vehicle storage. Chicago-based Alliant provided an initial funding of $9.8 million, with the balance structured for earn-out after the first 12 months of the loan, enabling the undisclosed borrower to complete property upgrades and increase occupancy. Devin Huber of The BSC Group arranged the financing.
ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has brokered the sale of a 125-room Comfort Inn hotel in Arlington Heights for $7.5 million. The 125-room property is located at 2120 S. Arlington Heights Road, less than nine miles from Chicago O’Hare International Airport. The three-story hotel features a business center, fitness center, meeting rooms and dry cleaning services. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the undisclosed seller and represented the buyer.
OVERLAND PARK, KAN. — Academy Bank, a full-service community bank and wholly owned subsidiary of Dickinson Financial Corp., has opened a new retail banking center in Overland Park. The new branch spans 2,356 square feet and is located at 6976 W. 135th St. It is Academy Bank’s second branch in Overland Park. In addition to ATM and mobile services, the location features interactive teller machine video banking. By the end of the year, the Overland Park branch will also feature Academy Express, a drive-thru video banking service that connects to a live banker seven days a week. Academy Bank also operates centers in Fairway, Lenexa, Olathe and Shawnee.