Property Type

JLL Arranges $32.5M Refinancing for Office Building in Bridgewater, New Jersey

by David Cohen June 7, 2018

BRIDGEWATER, N.J. — JLL Capital Markets has arranged the $32.5 million refinancing for Somerset Corporate Center IV, a 310,000-square-foot office building in Bridgewater. JLL secured the financing through Sterling National Bank on behalf of the owners, SJP Properties and PGIM Real Estate. Located at 400 Somerset Corporate Blvd., Somerset Corporate Center IV is part of the master-planned Somerset Corporate Center. The complex was constructed in 2001 and is made up of five office buildings totaling approximately 1.3 million square feet.

June 7, 2018

Acquisitions Connecticut Hospitality Northeast

Queens Plaza West Purchases 120-Room Hotel in Norwalk, Connecticut

by David Cohen June 7, 2018

NORWALK, CONN. — Queens Plaza West has acquired the 120-room Dolce Norwalk hotel in Norwalk. The sales price was not disclosed. Lakota Hotels & Resorts will operate the 66-acre facility after renovations and upgrades, which will include updates to the 240-seat ballroom, amenity areas and guest rooms. Situated in the center of Fairfield County, the hotel offers views of outdoor terraces, wide green lawns, wooded areas and ponds. The property features a 10,500-square-foot event space, lap pool, full-sized basketball court, racquetball courts and a fitness center. Dolce Norwalk was acquired for $24.9 million in 2007 by Broadreach Capital Partners.

June 7, 2018

Acquisitions Multifamily New Jersey Northeast

One Wall Partners Acquires Three Multifamily Properties in New Jersey

by David Cohen June 7, 2018

EAST ORANGE AND NEWARK, N.J. — One Wall Partners has acquired three multifamily properties in Northern New Jersey. The properties, which have a combined 217 units, are located at 742 Park Ave. in East Orange, 103 Chancellor Ave. in Newark and 25 Van Velsor Place in Newark. With these acquisitions, One Wall’s portfolio now comprises 39 buildings spanning 1,917 units in Northern New Jersey. One Wall Partners specializes in transit-oriented workforce housing options. Gebroe-Hammer Associates represented One Wall Partners in the transactions.

June 7, 2018

Acquisitions Multifamily New York Northeast

Marcus & Millichap Brokers $3M Sale of Mixed-Use Building in Queens

by David Cohen June 7, 2018

NEW YORK CITY — Marcus & Millichap has brokered the sale of a 6,100-mixed-use building located at 853 Onderdonk Ave. in the Ridgewood neighborhood of Queens. The sales price was $3 million. The property was built in 1930 and features 2,230 square feet of ground-floor retail space. Shaun Riney and Tom Shihadeh of Marcus & Millichap represented the seller and buyer, both private investors, in the transaction.

June 7, 2018

Development Office Texas

Paycom Software to Relocate Texas Operations Center to Grapevine

by Taylor Williams June 7, 2018

GRAPEVINE, TEXAS — Paycom Software Inc., an Oklahoma City-based provider of payroll and human resources software, will relocate its Texas operations center to Grapevine, a northern suburb of the Dallas-Fort Worth (DFW) metroplex. The company will occupy a 14-acre site on which a new office building is being developed, with plans to expand in the coming years. Paycom ultimately expects its physical footprint to be able to accommodate as many as 1,000 employees. Construction of the new center will begin in 2019. Paycom plans to move into the new facility in 2020.

June 7, 2018

Acquisitions Retail Texas

REATA Brokers Sale of Marshalls-Anchored Shopping Center in San Antonio

by Taylor Williams June 7, 2018

SAN ANTONIO — REATA Real Estate Services LP has brokered the sale of Valley View Shopping Center, an 86,196-square-foot retail center located at 8523 Blanco Road on San Antonio’s north side. Anchored by Marshalls, the property was 89 percent occupied at the time of sale. Kevin Catalani of REATA represented the seller, Weingarten Realty, in the transaction. Dallas-based LRIC Properties purchased the center for an undisclosed price.

June 7, 2018

Industrial Leasing Activity Texas

CBRE Negotiates 100,483 SF Industrial Lease in El Paso

by Taylor Williams June 7, 2018

EL PASO, TEXAS — CBRE has negotiated a 100,483-square-foot industrial lease at 1270 Don Haskins Drive in El Paso on behalf of Redwood Logistics, a Chicago-based freight company. Arturo De la Mora, Christian Perez Giese and David Saad of CBRE represented Redwood Logistics in the lease negotiations. The name and representative of the landlord were not disclosed.

June 7, 2018

Development Retail Texas

ARCO/Murray Completes 10,000 SF Ping Pong Club in Austin

by Taylor Williams June 7, 2018

AUSTIN, TEXAS — Illinois-based design/build firm ARCO/Murray has completed a 10,000-square-foot entertainment facility in Austin for table-tennis club operator SPiN Global. The retail property, which was previously occupied by Antone’s Nightclub, features 11 ping pong tables and can hold more than 500 people. ARCO/Murray has now built facilities for SPiN Global in several major cities, including Chicago, New York, Seattle, Philadelphia and San Francisco.

June 7, 2018

Acquisitions Retail Texas

HFF Arranges Sale of 6,880 SF Retail Strip Center in Houston

by Taylor Williams June 7, 2018

HOUSTON — HFF has arranged the sale of a 6,880-square-foot retail strip center located at 4902-4930 Washington Ave. in the Washington Memorial Heights area of Houston. Completed in 1999, the property was fully leased at the time of sale to tenants such as FedEx Kinko’s, Subway and Bell Cleaners. Ryan West, John Indelli and Charlie Strauss of HFF represented the seller, Orr Commercial, a development and brokerage firm founded by former NHL player Bobby Orr. A private investor purchased the asset for an undisclosed price.

June 7, 2018

Florida Loans Multifamily Southeast

Melo Group Receives $85M Construction Loan for Two-Tower Apartment Project in Downtown Miami

by Camren Skelton June 7, 2018

MIAMI — Melo Group has received an $85 million loan for the construction of Art Plaza Apartments, a 667-unit apartment community located at 58 N.E. 14th St. in downtown Miami. Construction is underway on the transit-oriented development, which is located one block from the Miami-Dade Metromover School Board Station. The community will include two 34-story towers with a mix of one- and two-bedroom apartments units, as well as 11,764 square feet of ground level retail and restaurant space. Community amenities will include a resort-style pool, Jacuzzi, fitness center, valet service, covered garage parking and a social room for residents. Florentino Gonzales of Shutts & Bowen represented Melo Group in the loan transaction, and Elena Otero of Holland & Knight LLP represented Ocean Bank. Melo Group expects to wrap up construction on Art Plaza Apartments in mid-2019.

June 7, 2018

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