ALLENDALE, N.J. — Avison Young has secured a $21.1 million loan to refinance a 114,200-square-foot industrial flex facility in Allendale. Located at 75 Commerce Drive, the property is fully occupied by a tenant roster that includes Hitachi Chemical Advanced Therapeutics Solutions and Telemetrics Inc. George Gnad of Avison Young represented the borrower, a venture between Red Pine Capital Partners and Double Z Management, in securing financing through lender Potomac Business Services. Terms of the financing were not disclosed.
SYRACUSE, N.Y. — Marcus & Millichap has brokered the sale of the Comfort Inn & Suites – Syracuse Airport, a 166-room hotel in Syracuse. The sales price was undisclosed. Jerry Swon and Daniel Zagoria of Marcus & Millichap represented the seller, a private investor, in the transaction. The buyer was KPG Hotels. The property is located approximately four miles from Syracuse Hancock International Airport. Amenities at the hotel include complimentary buffet breakfast, onsite restaurant and bar, indoor heated pool, fitness center and business center.
NEW YORK CITY — Rosewood Realty Group has negotiated the $3.7 million sale of a four-story apartment building in the Flatbush neighborhood of Brooklyn. Located at 2522 Newkirk Ave., the 15,800-square-foot building was built in 1915 and consists of 16 residential units. Michael Guttman and Aaron Jungreis of Rosewood represented the seller, Aulder Capital, in the transaction. Roswood also represented the buyer, Sutton Equity Capital.
WILMINGTON, DEL. — Wye Realty Advisors has arranged the $1.7 million sale of a 7,550-square-foot office building in Wilmington. Located at 400 Delaware Ave., the property is fully leased to two tenants, including a Bank of America branch, which was under construction at the time of sale. Wye Realty represented the seller, 400 Delaware Ave. LLC, in the transaction. The buyer was Brantwyn Holdings.
SPRING, TEXAS — A joint venture between Patrinely Group, USAA Real Estate and CDC Houston will develop Hewlett Packard Enterprise’s (HPE) new 568,000-square-foot office campus in metro Houston. The property will be located within CityPlace, a 60-acre mixed-use development in the northern Houston suburb of Spring. Amenities may include a fitness center, café and an open courtyard. The developers plan to break ground during the fourth quarter. HPE is a Palo Alto-based information technology firm that was founded in 2015 as part of the splitting of Hewlett-Packard into two firms — HPE and HP Inc., the Los Angeles-based manufacturer of printers, PCs and mobile devices.
AUSTIN, TEXAS — A joint venture between the owners of the former Highlander Hotel and the family of former Austin mayor Roy Butler will develop Midtown Point, a 165,000-square-foot office property. The property will be situated on 2.5 acres at the site of the Highlander Hotel, which will be demolished. The project is currently in the design and permitting stages, with delivery slated for 2021. AQUILA Commercial will handle leasing and management of the building.
DESOTO, TEXAS — Madison Marquette, which recently merged with PMRG, has broken ground on DeSoto Transitional Rehabilitation Center, a 55,000-square-foot skilled nursing facility in DeSoto, a southern suburb of Dallas. HMG Healthcare will operate the 100-bed facility, which is being developed in partnership with Global Health LLC and an associated group of multidisciplinary physicians and operation specialists. Completion is slated for the fourth quarter of 2019.
PLANO AND MANSFIELD, TEXAS — SHOP Cos. has negotiated the sale of Plano Crossing Building 1 and Mansfield Commons, two retail centers totaling 39,711 square feet in Plano and Mansfield, two cities in the Dallas-Fort Worth (DFW) metroplex. The properties are shadow-anchored by a Home Depot and Walmart Supercenter, respectively, and were both fully leased at the time of sale. Tim Axilrod and Tommy Tucker of SHOP Cos. represented the seller, California-based Black Lion Investment Group, in the Plano deal. The duo represented the buyer, a Texas-based limited liability company, in the Mansfield deal.
SUGAR LAND, TEXAS — Phoenix-based grocer Sprouts Farmers Market is nearing completion of construction of its 30,000-square-foot store in Sugar Land, a southwestern suburb of Houston. The official opening is slated for Jan. 16, 2019. The store, located at 13550 University Blvd., is expected to create approximately 140 new jobs upon opening.
NEWNAN, GA. — The Praedium Group has acquired Trees of Newnan, a multifamily property located in Newnan, for $79.5 million, or $159,000 per unit. Chris Spain, Robert Stickel and Alex Brown of Cushman & Wakefield represented the seller, Watkins Real Estate Group, in the transaction. The buyer plans to rebrand the 500-unit property as The Willows at Ashley Park. On-site amenities include a fitness facility, resort-style pool, bark park pet playground and walking/jogging paths with natural wooded areas.