GLEN RIDGE, N.J. — The Hampshire Companies has broken ground on a three-story, 45,000-square-foot medical office building in Glen Ridge. The facility, located on the site of a former nursing school, is directly across the street from Mountainside Medical Center. Designed to meet the needs of 21st century health care providers, the medical office building will offer physicians and specialists Class A office space to provide care to the local community. The facility is expected to house a range of medical practices, including obstetrics and gynecology, vascular, neurosurgery, urology, general surgery, cardiology, orthopedics, ENT and pediatrics.
NEW ALBANY, OHIO — Blue Horseshoe Ventures Ltd. has unveiled plans to develop Planet Oasis, a combined entertainment, attraction, action sport, food and beverage and health wellness venue. Project costs are estimated at $2 billion, according to local media reports. The 350-acre development will be located at the intersection of I-71 and State Route 36 in Delaware County and Berkshire Township near Columbus. Plans call for a 200,000-square-foot UltraStar Multi-tainment Center, which will house bowling, laser tag, video games, virtual golf, a movie theater and sports restaurant and bar. It will also house a “Uni-coaster” within a glass cylinder that will extend 150 to 200 feet in the air. Other attractions will include a 90,000-square-foot go-kart venue, a 10,000-square-foot indoor skydiving experience and a shooting gallery. The Mirage Entertainment District will be built around Lake Mirage, a 20-acre saltwater lake with sand beaches. The District will also feature an indoor waterpark and an indoor sports facility. The project will feature at least 15 hotels offering 4,000 rooms as well as 75 restaurants. A wellness resort known as Bloom will feature a 100-key hotel on its own lake. Blue Horseshoe expects to break ground in December, with a planned opening date of December 2019 …
BALTIMORE — FRP Development Corp., a Baltimore-based development and investment company, has sold 40 industrial warehouse properties and three adjacent land parcels in the Baltimore-Washington corridor for $347.2 million. Blackstone Real Estate Partners acquired the assets. Another warehouse property in the portfolio was sold to its current tenants for $11.7 million. The sale of the portfolio will allow FRP to focus on its development pipeline in the metropolitan region, according to David deVilliers Jr., the company’s president and COO. The developer is currently underway on RiverFront on the Anacostia, a four-phase, 1.1 million-square-foot mixed-use development located adjacent to Nationals Park in Washington, D.C. In partnership with St. John Properties, FRP is also developing a 330,000-square-foot office and retail project in Baltimore County. FRP is a wholly owned subsidiary of FRP Holdings Inc., a Florida-based company that also comprises Florida Rock Properties Inc.
KANSAS CITY, MO. — NorthMarq Capital has arranged a $251.3 million Fannie Mae loan for the refinancing of a 12-property multifamily portfolio located in metro Kansas City and Dallas. The portfolio totals 3,165 units. Price Brothers was the borrower, but property names were not disclosed. The 15-year loan features a 30-year amortization schedule. Greg Duvall of NorthMarq’s Kansas City regional office arranged the loan.
GERMANTOWN, MD. — HFF has arranged the $87.8 million sale of Rolling Hills, a 468-unit apartment community in Germantown. Walter Coker, Brian Crivella and Stephen Conley of HFF arranged the transaction on behalf of the seller, Clark Enterprises Inc., and procured the buyer, Pantzer Properties Inc. In addition, Jamie Leachman and Nicole Brickhouse of HFF arranged a Freddie Mac loan on behalf of Pantzer for the acquisition of the property. HFF will service the securitized loan. Rolling Hills includes 39 three-story buildings with a mix of two- and three-bedroom units. Community amenities include a resort-style pool, fitness center, renovated clubroom, dog parks, soccer fields and picnic/grilling areas. The property is located adjacent to a MARC train station.
MILWAUKEE — Cambridge Landmark has purchased the Hyatt Regency hotel in downtown Milwaukee. The sales price was $37.3 million, according to the Milwaukee Business Journal. The 481-room, full-service hotel is connected to the Wisconsin Convention Center. The hotel will undergo a multi-million dollar renovation focused on upgrading the rooms, lobby, meeting space and other new amenities. The seller was not disclosed. Cambridge Landmark is a Miami-based investor.
JACKSONVILLE, FLA. — Passco Cos. has acquired The Point at Tamaya, a 380-unit apartment community located at 3050 Tamaya Blvd. in Jacksonville, for $70 million. Brian Moulder and Dhaval Patal of Walker & Dunlop arranged the transaction on behalf of both Passco and the seller, a partnership between Waypoint Residential and Rohdie Management. Waypoint Residential completed construction on the property in 2017. Chris Black and Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. The Point at Tamaya features a Peloton studio, fitness center, resort-style pool, yoga pavilion, outdoor sports bar, coffee bar, outdoor fire pit, business center and a pet park. The property is located near St. Johns Town Center, one of Florida’s largest retail centers, as well as the
KISSIMMEE, FLA. — Cushman & Wakefield has brokered the $49 million sale of Arrow Ridge Apartment Homes, a 320-unit multifamily community in the Central Florida community of Kissimmee. Jay Ballard and Ken Delvillar of Cushman & Wakefield arranged the transaction on behalf of the seller, Waypoint Residential. Mitch Sinberg and Matthew Robbins of Berkadia arranged a $37.9 million Freddie Mac acquisition loan on behalf of the buyer, Insula Cos. The 10-year loan features five years of interest-only payments. Arrow Ridge includes 16 three-story buildings and features a mix of one- to four-bedroom units. Community amenities include a business center, swimming pool, gazebo, covered picnic areas, sand volleyball court, children’s play area and a fitness center. Waypoint Residential recently upgraded all unit interiors, which allowed the company to increase rental rates.
MOORESVILLE, N.C. — CBRE has arranged the sale of Brawley Commons, a 122,054-square-foot retail center in Mooresville, roughly 30 miles north of Charlotte. Mike Burkard and Steve Shields of CBRE arranged the transaction on behalf of the seller, a joint venture between Glenwood Development Co. and Magnolia Development Co. Atlanta-based New Market Properties, an affiliate of Preferred Apartment Communities, acquired the property. The purchase price was not disclosed, but the company financed the acquisition using an $18.5 million, first mortgage loan from Nationwide Financial Services Inc. Brawley Commons was constructed in 1998 and redeveloped in 2016 with the addition of a new 49,098-square-foot Publix. Additional tenants at the center include Pet Supermarket, MOD Pizza, Orangetheory Fitness, SuperCuts and Jersey Mikes.
MINNEAPOLIS — Cushman & Wakefield has negotiated a 134,000-square-foot industrial lease on behalf of Canteen, a food service company. The property is located at 700 24th Ave. SE in Minneapolis. The landlord, Interstate Development, plans to demolish part of the property and reposition the remainder in order to meet Canteen’s needs. Significant landscaping and parking improvements will also be made to the property. Canteen, a division of Compass Group, is a vending, office coffee and refreshments services company. Canteen will move into the new space in October. David Stokes and Chris Weirens of Cushman & Wakefield represented Canteen in the lease transaction.