KNOXVILLE, TENN. — Dougherty Mortgage LLC has closed a $3.4 million Fannie Mae loan for Tennessee Northstar 3 LLC to purchase Riverview Park Apartments in Knoxville. The complex is a 96-unit, affordable housing property. The loan features a 12-year term and 30-year amortization.
NEW YORK CITY — Ariel Property Advisors has brokered the $4.5 million sale of a four-story mixed-use building in Brooklyn Heights. Located at 77 Atlantic Ave., the 7,895-square-foot property comprises two commercial units and six apartments. Victor Sozio, Sean Kelly and Matthew Lev of Ariel Property Advisors represented the seller, Silvershore Properties, in the transaction. The buyer was 77 ATL AVE LLC. The property is located near Brooklyn Bridge Park as well as retailers Urban Outfitters and Trader Joe’s.
WILMINGTON, DEL. — Harvey Hanna & Associates and partner Boxwood Industrial Park LLC have begun the redevelopment of a former General Motors plant in Wilmington. The demolition of the 3 million-square-foot property is the first step of the redevelopment into a business and distribution campus. The project will include 3 million square feet of commercial space spread across four buildings. The demolition of the former plant is expected to take 10 to 12 months, with a significant amount of materials to be reclaimed and recycled. The new campus is expected to create more than 2,100 permanent jobs in logistics, distribution, engineering and transportation. The plant was one of dozens of properties surrendered by General Motors Co. as part of its 2009 bankruptcy.
HUNSTVILLE, ALA. — Mag Mile Capital has arranged financing for a single-tenant retail property in Huntsville. Rob Bernstein originated the $2 million, 10-year loan. The specific location of the property, its tenant and the lender were not disclosed. The borrower is an entity controlled by Ari Benmosche and Randall Briskin that owns a portfolio of assets in the Midwest and Northeast.
SOUTH DEERFIELD, MASS. — SRS Real Estate Partners has negotiated the $1.9 million sale of a retail property in South Deerfield. Located at 31 Elm St., the 4,786-square-foot property is triple-net leased to convenience store chain Cumberland Farms. Britt Raymond, Matthew Mousavi and Patrick Luther and Kyle Fant of SRS represented the seller, a local developer, in the transaction. The buyer was a private investor.
NORTH PLAINFIELD, N.J. — Marcus & Millichap has arranged the $1.6 million sale of a retail property net-leased to Dunkin’ Donuts in North Plainfield. The 1,800-square-foot property is located at 885 US Highway 22. Alan Cafiero, Ben Sgambati, Brent Hyldahl, David Cafiero and John Moroz of Marcus & Millichap’s New Jersey office represented the undisclosed seller in the transaction. The buyer was a personal trust.
RICHARDSON, TEXAS — Dallas-based KDC will develop a 130,000-square-foot powered shell data center within Richardson’s Telecom Corridor in metro Dallas. The project, which is slated for completion by summer 2019, will be KDC’s fifth ground-up data center development in Richardson. The center will feature more than 20 network fiber carriers and an onsite substation for robust power and short electrical feeder runs. Alliance Architects is designing the project and Kimley Horn is the civil engineer.
HOUSTON — Central Southwest Texas Development LLC (CSW) will develop a 1,311-unit self-storage facility at 10411 Westheimer Road in Houston’s Westchase neighborhood. The five-story, 132,350-square-foot property will be located in a neighborhood that features an average annual household income of about $91,000 within a three-mile radius. Griffin Guthneck and C.W. Sheehan of JLL arranged an undisclosed amount of floating-rate construction financing for the project on behalf of CSW. The lender was not disclosed. A timeline for construction has not yet been determined.
CYPRESS, TEXAS — KeyBank Real Estate Capital has closed a $21.1 million Fannie Mae first mortgage loan for the acquisition of Cypress Village, a 273-unit multifamily asset in Cypress, a northwestern suburb of Houston. The property was built in 2008 and comprises 10 three-story buildings. Amenities include a pool, fitness center, media room, putting green, jogging track and volleyball court. Tom Peloquin of KeyBank closed the non-recourse, 12-year loan, which carries a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
IRVING, TEXAS — Badger Paperboard Texas, a custom paperboard converter specializing in packaging and shipping materials, has signed a 38,828-square-foot industrial lease at 3701 S. 20th Ave. in Irving. The new space is situated within International Logistics Center at Dallas-Fort Worth (DFW) International Airport. Blake Kendrick, Cannon Green and Sarah Ozanne of Stream Realty Partners represented the landlord, Cabot Properties, in the lease negotiations. CBRE represented the tenant.
