SHELTON, CONN. — Marcus & Millichap Capital Corp. has secured a $7.6 million cash-out refinancing for Bridge Street Commons, a mixed-use property located at 50 Bridge St. in Shelton. The building consists of 43 residential units and 7,000 square feet of commercial space. Robert Bhat of Marcus & Millichap Capital Corp. secured a 15-year loan with a fixed rate of 5 percent for the undisclosed borrower. The lender was Fannie Mae.
NORTH STONINGTON, CONN. — Electric Boat Corp. has signed a 125,000-square-foot lease at a flex building located at 25 Norwich Westerly Road in North Stonington. The building consists of 53,376 square feet of office space and 72,439 square feet of warehouse space. Electric Boat Corp. will occupy the entire building based on their expansion requirements. Colliers International represented the landlord, Mashantucket Pequot Tribal Nation, in the transaction. CBRE/New England represented the tenant.
NYACK, N.Y. — Harborview Properties and WRA Properties have acquired Waldron Heights Apartments, a 29-unit apartment complex in Nyack, along the Hudson River north of New York City, for $4.3 million. Located at 16-18 Waldron Ave., the community consists of two- and three-bedroom apartment units. The property was acquired from the original owner, a local family that built it in the 1970s. HarborView plans to make capital improvements to the property including building-wide improvements and individual apartment renovations. The community was renamed The Residences at Riverhill 59. Eastern Consolidated brokered the transaction. Meridian Capital arranged acquisition financing.
FRISCO, TEXAS — Hunt Realty Investments Inc. has acquired 2,544 acres in Frisco for the development of a mixed-use project that will include office, retail, single-family, multifamily and educational components. Hunt Realty, along with investors such as Chief Partners LP and Cross-Tie Capital Ltd., acquired the site, known as Headquarters Ranch, from the estate of Bert Fields Jr. Development is expected to begin in 2019. Hunt Realty will serve as master developer alongside Plano-based The Karahan Cos.
HOUSTON — Transwestern Development Co. (TDC) has sold Westway Plaza, a 313,420-square-foot office building located at 11330 Clay Road in northwest Houston. The five-story, Class A building was built in 2015 and features a full-service deli and a fitness center with locker rooms. General Electric Co. is the anchor tenant at the property, which was fully leased at the time of sale. Jeff Hollinden and Dane Petersen of HFF represented TDC in the transaction. The buyer was The Aztec Fund Inc., a Mexico-based private equity fund.
HOUSTON — CBRE has arranged the sale of Madison Park Apartments, a 576-unit multifamily community located in the Westchase area of Houston. Floor plans comprise one-, two- and three-bedroom units ranging in size from 758 to 1,428 square feet. Amenities include four pools, two fitness centers, two playgrounds, onsite laundry facilities, a dog park and a large central park. Clint Duncan and Matt Phillips of CBRE represented the seller in the transaction. Michael Thompson of CBRE arranged an undisclosed amount of acquisition financing on behalf of the buyer, a partnership between TRI Consulting, Next Investments and TPEG.
HOUSTON — Houston-based Hilltop Residential has purchased Villas at Bunker Hill, a 398-unit multifamily property located in the Memorial City area of Houston. The Class A community offers one- and two-bedroom units averaging 963 square feet. Amenities include two pools, outdoor grilling areas, a fitness center, game room, business center and a demonstration kitchen. Chris Curry, Todd Marix and Estee Ibanez of HFF represented the seller, SouthStar Communities, in the sale. Cortney Cole and Jett Lucia of HFF arranged a three-year, floating-rate acquisition loan for the transaction on behalf of Hilltop Residential.
FORT WORTH, TEXAS — JLL has negotiated the sale of the WT Waggoner Building, a 119,846-square-foot office property in Fort Worth. Ryan Matthews of JLL represented the seller, XTO Energy Inc., in the transaction. David Walters and Marty Neilon of CBRE represented the buyer, Northland Properties Corp., the parent company of the NHL’s Dallas Stars. The sale marks the fifth disposition of XTO’s seven properties in downtown Fort Worth.
CHICAGO — Hilton (NYSE: HLT) has opened its first tri-branded hotel featuring a Hilton Garden Inn, Hampton Inn and Home2 Suites at Chicago’s McCormick Place convention center. First Hospitality Group Inc. is the developer and manager. The 23-story property includes 184 Hilton Garden Inn rooms, 187 Hampton Inn rooms and 95 suites within the Home2 Suites. A sky bridge provides guests convenient access to the convention center. Amenities include an exercise room, indoor pool, 24-hour business center and 7,000 square feet of event space. Food and beverage offerings open to the public include VU Skyward Bev & Eat, a rooftop restaurant from Concentrics Restaurants scheduled to open this fall; Fatpour Tapworks, a street-level pub and grill operated by Big Onion Tavern Group slated to open this fall; and Starbucks, which is currently open and accessible from Cermak Road. The project team included James McHugh Construction Co., UJAMAA Construction Inc., Merritt Development Group, building architect Antunovich Associates, hotel architect Todd Halamka + Partners and interior designer Looney Associates.
PERRYSBURG TOWNSHIP, OHIO — Contegra Construction is underway on an $82 million expansion of a Walgreens warehouse and distribution center in Perrysburg Township, about 12 miles south of Toledo. Completion of the 380,000-square-foot expansion is slated for summer 2019. The facility currently totals 650,000 square feet. Approximately 680 workers are employed at the site. Contegra will use tilt-up concrete panels to complete the project, which will feature 40- and 50-foot clear heights, 40 new dock doors, an automated storage and receiving system and conveyers. The new portion of the facility will be fully climate-controlled. Other features include LED lighting and break room and office spaces. Walgreens owns the facility.
