DALLAS, ALLEN AND FRISCO, TEXAS — SHOP Cos. has brokered the sale of three retail properties totaling 48,736 square feet in the Dallas area. The sold properties include the 12,153-square-foot Stacy Plaza in Allen; the 5,083-square-foot Sprint & Castle Spa in Frisco; and a 3,500-square-foot, single-tenant property in Dallas. Tommy Tucker, Tim Axilrod and Cameron Burk of SHOP Cos. represented the four different sellers in each transaction. All three buyers are based in Texas.
HOUSTON — Evoqua Water Technologies, a Pittsburgh-based water treatment company, has signed a 107,000-square-foot industrial lease expansion at 15414 International Plaza Drive in Houston. The property was built in 1999 and features 24-foot clear heights, 22 dock-high doors and 16,000 square feet of office space. Evoqua previously occupied about 45,000 square feet within the park but will consolidate three Houston-area locations into its expanded space by the fourth quarter. David Buescher and Geoff Perrott of JLL represented Evoqua in the lease negotiations. Logan Greer and Rives Nolen of InSite Realty represented the landlord, EastGroup Properties.
MILWAUKIE, ORE. — Guardian Real Estate Services has received construction financing for the development of Axletree, a multifamily project located at the intersection of SE Main and SE Washington streets in Milwaukie, a suburb of Portland. Casey Davidson of HFF arranged the floating-rate construction loan through a regional bank, while Ira Virden and Carrie Kahn, also of HFF, arranged joint venture equity for the project through Hanover Financial. Terms of the loans were not released. Slated for completion in third-quarter 2019, the property will feature 110 units in a mix of studio, one- and two-bedroom floor plans averaging 610 square feet. The community will also offer approximately 7,000 square feet of ground-floor retail space and 77 parking stalls. Axletree is the first multifamily community to be built in Milwaukie since 1995, according to HFF.
FAIRFIELD, N.J. — Weiss Realty has acquired the Fairfield Business Center, a seven-building industrial/flex complex totaling 336,220 square feet and located on 16.8 acres in Fairfield. The sales price was $30 million. Fairfield Business Center was 88 percent leased to 61 tenants at the time of sale. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Kubby Tischler of Cushman & Wakefield represented the seller, Denholtz Associates, in the transaction. Denholtz Associates had owned the property since 1999.
BREA, CALIF. — DAUM Commercial has brokered the sale of an industrial property located 331-333 Cliffwood Park St. in Brea. SAME Investments sold the building to LFT-Cliffwood for $16.1 million. Constructed in 1974, the 99,552-square-foot property features 7,900 square feet of office space, four dock-high loading doors, a ground-level loading door, 22- to 24-foot minimum warehouse clearance, a fenced yard and a recently installed Energy Star-rated “cool roof.” Chris Migliori and the DAUM Commercial team represented the seller, while Chuck Wilson and Brain Chastain of Colliers International represented the buyer in the deal.
NEW YORK CITY — Madison Realty Capital has provided a $55 million construction loan for a mixed-use development underway at 948 Myrtle Ave. in Brooklyn. The loan will be used to complete construction of the project and to refinance existing debt, as well as cover any additional costs associated with the transaction. Meridian Capital previously provided a $15 million bridge loan to the borrower, an experienced local builder, for the project in late 2017. The developer plans to construct a three-building, 214,487-square-foot mixed-use project on the site that will feature rental and condominium units as well as ground-floor retail and parking. The developer acquired the site in December 2014 and has now completed all demolition, site excavation and foundation work. The project is slated for completion in 2020.
SHORT HILLS, N.J. — Stream Capital Partners has arranged the $12 million sale of a Walgreens property in Short Hills, located about 25 miles west of Manhattan. Phil DiGennaro, Jordan Shtulman and Jonathan Wolfe of Stream Capital represented the undisclosed seller in the transaction. The buyer was a private investor. The 14,963-square-foot property has 19 years remaining on the triple-net lease, which expires in 2036.
ENGLEWOOD, COLO. — Marcus & Millichap has arranged the sale of a Holiday Inn Express & Suites, a 92-room hotel located at 7380 S. Clinton St. within Denver Tech Center in Englewood. A private seller sold the property for $9.2 million. The buyer plans to complete a property improvement plan to convert the property into an EVEN Hotel by InterContinental Hotels Group. Neville Rustomjee of Marcus & Millichap represented the seller and buyer, a Florida-based private investor, in the transaction.
SOUTH BRUNSWICK, N.J. — Cushman & Wakefield has negotiated the sale-leaseback of 473 Ridge Road, a 318,389-square-foot warehouse and distribution facility in South Brunswick. The sales price was not disclosed. Located on a 28-acre parcel, the property includes clear heights of up to 28 feet, 20 trailer spaces, 582 parking spaces and 38,207 square feet of office space. Cushman & Wakefield represented the seller, sportswear manufacturer Central Mills, in the transaction. The buyer was Saadia Group LLC. Central Mills will continue to occupy the property under a long-term lease arrangement.
WALNUT, CALIF. — Faris Lee Investments has arranged the sale of Walnut Town & Country, a multi-tenant retail center located at 1205-1243 N. Grand Ave. in Walnut. A Northern California-based family trust acquired the property from an Oregon-based family trust for $10.7 million. Built in 1988, the 22,322-square-foot property is situated on 1.2 acres of land at the intersection of Amar Road and Grand Avenue. At the time of sale, the property was 95 percent occupied by a variety of tenants, including Jack in the Box, Subway, Wing Stop, Lollicup and Mathnasium. Shaun Riley of Faris Lee represented the seller and buyer in the deal.