Pittsburgh was recently ranked among the “Top 100 Best Places to Live in 2018” by Livability.com, citing the region’s strong university presence, burgeoning craft beer industry and successful professional sports franchises as important factors. Home to more than 15 breweries and a variety of new restaurants garnering national critical acclaim, Pittsburgh has also added foodie town to its list of accolades. A mix of local ownership groups and national franchisees has been actively pursuing expansion opportunities and new concepts in the region. Among the most active are AMPD Group, a partnership that includes Local Bar + Kitchen, Steel Cactus and Social House 7, which has six new restaurants in the works in the coming months both in Pittsburgh and outside the region in Myrtle Beach, South Carolina. The owners behind a local gastropub, The Yard, are introducing a new concept call Stout Pub & Kitchen in the Airport Corridor submarket. This new concept will focus on a variety of cured and smoked meats coupled with local beers and spirits. The fifth location of The Yard, which specializes in craft beers and gourmet grilled cheese sandwiches, is under construction in the adjacent space. Full Menu of Food Options While full-service dining …
NEW YORK CITY — Gazit Horizons, a subsidiary of Tel Aviv-based Gazit-Globe, has acquired a joint venture interest in the Ceasar’s Bay Shopping Center located in the Gravesend neighborhood of Brooklyn. The joint venture, between Gazit and affiliates of Surrey Equities, owns the leasehold interest in the 300,000-square-foot shopping center. Gazit-Globe’s total investment was $43 million. The property sits on over 14 acres of waterfront land and has a tenant roster that includes Kohl’s, Best Buy, Modell’s Sporting Goods, Five Guys, Starbucks, and Vitamin Shoppe. Pryor Cashman partners Todd Soloway and Danielle Schechner and associates Ari Tran and Ari Buchen represented Gazit Horizons, Inc. in the transaction.
CHELSEA, MASS. — Cornerstone Realty Capital has arranged $12.3 million in acquisition financing for an 11-building multifamily portfolio in Chelsea. The properties, which are each three to five stories tall, include a total of 92 units and two commercial spaces. The borrower, Maverick Chelsea LLC,plans to renovate each building based on need. Cornerstone delivered a fixed-rate loan through an undisclosed lender with two years of interest-only payments followed by a 30-year amortization. Chelsea is directly across the Mystic River from Boston.
TARRYTOWN, N.Y. — Greystone has provided $14.5 million HUD-insured loan for the refinancing of Tarrytown Hall Care Center, a skilled nursing facility in Tarrytown. The 120-bed facility is located 25 miles north of Manhattan. The transaction was originated by Fred Levine of Greystone. The borrower was undisclosed. The permanent loan carries a 35-year term and amortization period with a fixed rate.Tarrytown Hall offers a variety of specialized services, including short-term rehabilitation, physical therapy, cardiac therapy, stroke recovery and long-term care.
NEW YORK CITY — Cushman & Wakefield has negotiated the $14 million sale of 224 East 59th St., a fully leased, five-story mixed-use building located in midtown Manhattan. Cushman & Wakefield represented the seller, Itzhaki Acquisitions, in the transaction. A foreign buyer purchased the property. The building features 16 residential units and ground-floor retail leased by KATAGIRI, the oldest Japanese grocery store in the United States. The residential component is a mix of rent-stabilized and free-market units.
WESTBOROUGH, MASS. — R.W. Holmes Realty has brokered the sale of a 6,810-square-foot medical office building located at 210 Turnpike Road in Westborough. The sales price was $1.1 million. The property is located on 3.9 acres and includes 120 parking spaces. R.W. Holmes represented the seller, Park Street Realty LLC, in the transaction. The property was purchased by 6 Humphrey Street Realty LLC. At the time of sale, the building was occupied by two dentists and a window blinds company. The buyer plans to renew the leases of the tenants in the building.
KATY AND WEBSTER, TEXAS — Colorado-based American Furniture Warehouse (AFW) will open two stores totaling 853,700 square feet in metro Houston. The company will open a 498,700-square-foot store on a 29-acre site in Katy, located west of Houston, as well as a 355,000-square-foot store on a 23-acre tract in Webster, a southeastern suburb of Houston. Both properties will feature showrooms and storage areas. Ben Brown of Houston-based brokerage firm Baker Katz represented AFW in the acquisitions of both sites. The stores will be the company’s first locations in Texas. Construction on the Katy store will begin in late fall/early winter, while work on the Webster store will commence in July or August. Both projects are expected to have construction periods lasting 10 to 12 months.
DALLAS AND FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of the Quality Estates Value-Add Portfolio, which features eight properties totaling 2,048 units in the Dallas-Fort Worth area. Four of the properties totaling 992 units are located in Fort Worth and two assets totaling 492 units are located in Garland. Communities in Grand Prairie and Arlington featuring 292 and 272 units, respectively, were also included in the portfolio. Will Balthrope, Drew Kile and Joey Tumminello of IPA, along with Al Silva and Ford Braly of Marcus & Millichap, represented the seller, a private investor based in Canada, in the transaction. Carl Pankratz of NorthMarq Capital and Jeremy Sain of HFF co-brokered acquisition financing through a life company for six of the properties on behalf of the buyer, Texas-based Exponential Property Group. The properties were built between 1977 and 1985 and held by a single owner/seller for nearly 30 years, on average.
FORT WORTH, TEXAS — Beaumont-based investment firm Albanese Cormier Holdings has acquired Renaissance Square, a 105,605-square-foot shopping center in Fort Worth. The Class A property, which was built in 2014 and is shadow-anchored by Walmart, was 98.5 percent leased at the time of sale. The shopping center’s tenant roster includes anchor Ross Dress for Less, Marshalls, Dollar Tree and Hibbett Sports. Eric Wohl and Andrew Cunningham of Hanley Investment Group represented Albanese Cormier in the transaction. Jeffrey Jackson of CBRE represented the seller, Midland-based Moriah Real Estate Co.
CONROE, TEXAS — Galdisa USA, a subsidiary of Mexican food producer Galdisa, will open a 47,000-square-foot industrial facility in Conroe, about 40 miles north of Houston, on Friday, July 6. About 25 new jobs will be created at the facility, which is the company’s first in the United States. Galdisa is involved in the production and sale of products such as peanuts, pumpkin seeds, chickpeas and fava beans for retail and industrial uses.