JERSEY CITY, N.J. — Progress Capital has secured an $11.8 million loan for the acquisition of a former manufacturing facility in Jersey City. The property is the former site of Elementis Specialties Inc. and is located at 400 Claremont Ave. The buyer, 400 Claremont Urban Renewal LLC, plans to redevelop the site into a mixed-use building with residential, parking and retail components. Progress Capital arranged the financing on behalf of the borrower through an undisclosed lender. The timeline for the project was not disclosed.
DALLAS, HOUSTON AND CHARLOTTE — HFF has arranged the $148 million sale of an industrial portfolio totaling 1.25 million square feet in Texas and North Carolina. The 20-building portfolio includes Cardinal Park in Dallas, as well as Bammel Business Park, Business Center at Park 10 and Legacy Park in Houston. Adam Herrin, Stephen Bailey, Rusty Tamlyn, Chris Norvell, Trent Agnew and Patrick Nally of HFF represented the seller, Adler Real Estate Partners, in the transaction. The buyer was Pennsylvania-based Exeter Property Group.
PHILADELPHIA — CBRE has negotiated the $10 million sale of Liberty Plaza, a 372,130-square-foot shopping center located at 4501 Woodhaven Road in Philadelphia. The shopping center, which was constructed in 1989, sits on 33 acres. Peter Stevens and Kevin McClernon of CBRE represented the seller, U.S. Bank National Association, in the transaction. The buyer was 4501 Woodhaven Holding LLC. The property is currently 45 percent occupied with a tenant roster that includes Dick’s Sporting Goods, Raymour & Flanigan, Burger King, Grand China Buffet and Liberty Nail Salon.
SPRING, TEXAS — Discovery Senior Living, an operator of 50-plus seniors housing communities across the country, has completed the renovation of Conservatory at Champion Forest, a seniors housing property located in Houston suburb of Spring. The Florida-based company overhauled the apartments, clubhouse amenities and dining areas. Although development costs were not officially released, Discovery described the project as a “multimillion-dollar remodel.”
FORT WORTH, TEXAS — Fort Worth-based Empire Roofing has acquired 4801 Esco, a 149,981-square-foot industrial property located in southeast Fort Worth. According to LoopNet Inc., the building is zoned for manufacturing uses. Jack Huff and Grant Huff of Transwestern represented the seller, KBW Property Ltd., in the transaction. Empire Roofing acquired the asset for an undisclosed price.
FORT WORTH, TEXAS — Lee & Associates has negotiated a 65,814-square-foot industrial lease at 4395 Diplomacy Road in east Fort Worth. Adam Graham and Mark Graybill of Lee & Associates represented the landlord, ML Realty Partners, in the lease negotiations. Matt Carthey of Holt Lunsford Commercial represented the tenant, Factory Blue.
BERWYN, PA. — Maguire Hayden Real Estate Co. has acquired the Cassford Corporate Center, a five-building, 131,509-square-foot office campus in Berwyn for $9.2 million. The property was vacant at the time of sale but previously occupied by tax technology company Vertex Inc. CBRE represented the seller, a Delaware-based LLC, in the transaction.
HOUSTON — Marcus & Millichap has brokered the sale of Garden Oaks Center, a 13,877-square-foot shopping center in Houston. Tenants at the center include Shepherd Park Draught House, Pinks Pizza and Molly’s Mutt House. Justin Miller and Davis Hansen of Marcus & Millichap represented the seller, a local developer, in the transaction. Jerry Goldstein of Marcus & Millichap procured the buyer, a Houston-based investment firm.
MIAMI — Netherlands-based hotel chain citizenM has unveiled plans to open a 348-room hotel at Miami Worldcenter, a $2 billion mixed-use development in downtown Miami. The 12-story hotel will total 128,000 square feet and will be located along 2nd Avenue, adjacent to Miami Worldcenter’s pedestrian-only, open-air shopping promenade. The hotel will feature a swimming pool, bar and sun deck on the 10th floor and a fitness center on the 11th floor. The hotel will also include a cloudM rooftop bar offering views of Biscayne Bay and the downtown Miami skyline, as well as 1,850 square feet for societyM, the hotel brand’s creative spaces and meeting rooms. San Francisco-based architecture firm Gensler is designing the building. Construction is underway on the first phase of Miami Worldcenter, which includes a 60-story Paramount condominium community, the 444-unit CAOBA apartment tower and retail space. The first phase is slated for completion later this year. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, is the master developer for the 10-block project.
MEMPHIS, TENN. — Robinson Weeks Partners will break ground in September on Memphis Global Crossing, a 421,470-square-foot industrial building in Memphis. The speculative project will be located at the southeast corner of Distriplex Farmers Drive and Global Drive, within the Distriplex Farms master-planned industrial development. The site is located two-and-a-half miles from the BNSF Intermodal Facility and eight miles from the FedEx Hub at Memphis International Airport. The cross-dock facility will feature 32-foot clear heights, 185-foot truck courts, 124 trailer parking spaces, 204 auto parking spaces and 127 dock doors, and will be designed to accommodate regional and national distributors and e-commerce fulfillment users. Cushman & Wakefield | Commercial Advisors LLC will handle the project’s leasing assignment on behalf of Atlanta-based Robinson Weeks. ARCO Design/Build is the general contractor for the project, and The Reaves Firm is the civil engineer.