METUCHEN, N.J. — Regency Centers has purchased The District at Metuchen, a retail center located in Metuchen, for an undisclosed price. Whole Foods Market anchors the 66,000-square-foot shopping center. Additional tenants include Comida Fresca, European Wax, Title Boxing and Chipotle. The name of the seller was not released.
QUAKERTOWN, PA. — EXP Realty Advisors has brokered the sale of a retail property located at 616 N. West End Blvd. in Quakertown. A New York City-based real estate investor acquired the property for $12.2 million in a 1031 exchange. BJ’s Wholesale Club occupies the 85,000-square-foot property. Andrew Greenberg and Daniel de Sa’ of EXP Realty Advisors brokered the transaction.
SADDLE BROOK AND FRANKLIN TOWNSHIP, N.J. — Cronheim Mortgage has arranged $6.2 million in financing for a 420,000-square-foot industrial portfolio located in Saddle Brook and Franklin Township. The financings were structured on a 10.30 basis with a 3.44 percent interest rate and placed with The State Life Insurance Co. Located at 141 N. Fifth St. in Saddle Brook, a 100,000-square-foot property features four loading docks, 25-foot clear ceiling heights and office space. The remainder of the portfolio consists of three adjacent properties located at 101, 301 and 501 Cottontail Lane in Franklin Township. The properties feature 100,000 square feet, 116,480 square feet and 105,000 square feet of industrial space, respectively. Dev Morris, Andrew Tsukamoto and Andrew Stewart of Cronheim Mortgage originated and placed the financing.
DOWNERS GROVE, ILL. — Bridge Development Partners LLC has acquired a 54-acre infill site in Downers Grove. The developer plans to build three industrial buildings totaling 680,420 square feet. The development will be known as Bridge Point Downers Grove. The buildings will feature clear heights of 32 and 36 feet and offer immediate access to I-88 and I-355. Completion is slated for the fourth quarter of 2018. Jason West, Sean Henrick, Michael Magliano, Doug Pilcher and David Friedland of Cushman & Wakefield will represent Bridge in the lease-up of the properties. No brokers were involved in the sale of the land site, as it was conducted off-market. An undisclosed national developer sold the land. Daniel Barrins of Associated Bank originated a $20 million acquisition loan, with $21.16 million syndicated to Byline Bank and Inland Bank.
COLUMBUS, OHIO — Grandbridge Real Estate Capital has arranged an $8.6 million loan for the refinancing of The Diplomat in Columbus. The property includes 34 apartment units and four retail units. The apartments include stainless steel appliances, quartz countertops, gas ranges and washer/dryer hookups. Craig Kegg and Ted Schmidt of Grandbridge arranged the fixed-rate loan through Grandbridge’s proprietary lending platform, BB&T Real Estate Funding. The 10-year loan features a 30-year amortization schedule.
ITASCA, ILL. — Raging Wire Data Centers has purchased 19 acres of land at Hamilton Lakes Business Park in Itasca. Patrick McKillen of Hamilton Partners represented ownership in the transaction. Recent development activity at the business park includes the 183,000-square-foot headquarters for American Academy of Pediatrics. Hamilton Lakes has approximately 3.5 million square feet of office space and 35 acres of additional development land remaining.
KANSAS CITY, MO. — Copaken Brooks has completed the lease-up of the retail space at its Town Pavilion office building in Kansas City. The property totals 840,642 square feet with 30,372 square feet of first-floor retail space. Three new tenants — Johnny C’s Deli & Pasta, Chick N Pie and Ruby Jean’s Juicery — have signed leases at the property. Johnny C’s is a local Italian deli that serves pastas, sandwiches and salads. Chick N Pie will occupy the space formerly home to Pizza Hut and KFC Express. The quick-service concept, from the same owners of Plowboys BBQ, serves chicken, burgers, pizza and salads. Ruby Jean’s Juicery specializes in smoothies, juices, performance shakes and snacks. The company has five other locations.
SCHILLER PARK, ILL. — NAI Hiffman has arranged the sale of a 17,600-square-foot industrial park in Schiller Park near the Chicago O’Hare International Airport. The sales price was not disclosed. The property, located at 9525 River St., includes 3,000 square feet of office space. Murat Cable LLC, an independent manufacturer of automotive and battery cables based in Turkey, purchased the property in an effort to expand its North American customer base. Joe Bronson, Jay Maher and Josh Will of NAI Hiffman represented the seller, Spell Capital Partners LLC. Thomas Gath of Newmark Knight Frank represented the buyer.
IRVING, TEXAS — 7-Eleven Inc. has closed on the acquisition of approximately 1,030 Sunoco (NYSE: SUN) convenience stores across 17 states. The sales price was $3.3 billion, according to local media reports. The acquisition brings 7-Eleven’s portfolio to approximately 9,700 convenience store locations in the United States and Canada. Japan-based Seven & i Holdings Co. Ltd., the parent company of Irving-based 7‑Eleven, operates more than 65,000 stores in 18 countries across the globe. Sunoco’s sub-brands — APlus, Laredo Taco, Ladson Grill and Stripes — will see no immediate changes during the ownership transition. Despite overall uncertainty on the performance of retail properties today, there seems to be a strong case for the success of single-tenant assets occupied by convenience stores. In a convenience store report issued by Quantum Real Estate Advisors Inc. at the close of 2017, the top 10 convenience stores accounted for nearly 64.3 percent of the top 100 ranked stores in the country. 7-Eleven and Alimentation Couche-Tard, the parent company of Circle-K and Kangaroo Express, dominated the rankings in the top two spots. Sunoco’s stock price closed at $31.97 per share on Thursday, Jan. 25, up from $28.37 per share one year ago. — Kristin Hiller
In recent months, a renaissance in the Houston’s urban core, paired with a flight to quality and focus on sustainable design, has created a perfect storm for the metro’s office sector. This revival has been combined with a renewed focus on living and working in Houston’s Central Business District (CBD), which has simultaneously driven a resurgence in both retail and mixed-use developments. Downtown Houston’s burgeoning multifamily market is one of the key drivers in Class A office development. Since 2013, downtown Houston has seen 3,355 new multifamily units hit the market. And according to industry estimates from the midway point of 2017, the multifamily market will continue to grow significantly — as much as 40 percent — by the end of this year. These trends, paired with a 6 percent increase in construction of new hotels, have created greater demand in the marketplace for mixed-use developments that offer diverse tenant mixes, including high-end retail and dining options. A Flight to Quality These shifting preferences among residents and employees within the city’s urban core has prompted a flight to high-quality, modern and energy-efficient buildings, as more tenants look for office space in Class A developments that boast top-of-the-line amenities. Over the …
