NEW YORK CITY — Mission Capital Advisors has arranged $41.6 million in financing for the construction of Kingswood Plaza II, an office and retail development located at 1715 E. 13th St. in the Midwood section of Brooklyn. Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras of Mission Capital arranged the loan with a foreign bank for the borrower, a joint venture between Infinity Real Estate and The Nightingale Group. The 106,000-square-foot development, which is 56 percent pre-leased to Target and Marshalls, will offer three floors of professional/medical office space in addition to its retail component.
NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.
YARDLEY, PA. — A fund advised by Inland Institutional Capital has acquired Lower Makefield Shopping Center in Yardley. The 74,953-square-foot grocery- and drugstore-anchored property sold for an undisclosed price. The name of the seller was not released. Giant grocery store and Rite Aid Pharmacy occupy the property.
WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller
A common baseball analogy that explains where we are in the real estate cycle is “What inning are we in?” Regardless of the inning, in North Texas we’re just hoping it’s the first game of a doubleheader! The first quarter of 2017 was another respectable one for leasing activity in the Dallas-Fort Worth (DFW) industrial market. Total absorption for all properties was 5.5 million square feet, with 6 percent vacancy across 786.5 million square feet of industrial space. New supply totaled 6.6 million square feet for the first quarter. Just over 8 million square feet of new construction is underway in DFW, with 15 million square feet designated “big box,” or more than 200,000 square feet. Big box experienced absorption of 4.6 million square feet in the first quarter, despite having only 3.8 million square feet of new supply. The metroplex has been the beneficiary of some very large lease signings. Amazon alone is responsible for multiple leases totaling several million square feet. UPS recently leased a 1 million-square-foot property in Arlington, and Ashley Furniture announced the purchase of 358 acres in Mesquite for an 850,000-square-foot design/build distribution facility. In addition, a 1.4 million–square-foot, build-to-suit lease by a well-known real …
SALT LAKE CITY — SALT Development has completed the first two phases of 4th West Apartments in downtown Salt Lake City. The 493-unit community is located at 255 N. 400 W. The two completed phases feature 373 units, common areas and a majority of the community’s amenities, including a sky lounge, health club, business center, bike shop and dog park. Phase III will contain 120 units that should be delivered in the third quarter of 2017. The project is estimated to cost about $100 million. Architecture Belgique designed the property.
LOMA LINDA, CALIF. — Easterly Government Properties has purchased the 327,614-square-foot Department of Veterans Affairs (VA) Ambulatory Care Center in Loma Linda. The center is located at 26001 Redlands Blvd. The price was not disclosed. The property serves as the U.S. Department of Veterans Affairs’ flagship outpatient facility. It is fully leased to the VA for 20 years. The center is situated on 37 acres in an enclave that features the Jerry L. Pettis Memorial VA Medical Center and Loma Linda University. The collective VA Loma Linda Healthcare System currently serves more than 72,000 area veterans. JLL’s Brian Saal, Bill Prutting, Lucy Fletcher, Mike Yavinsky, Joe Brennan, Marc Rampulla, Ryan Smith and Tom Bohlinger executed the transaction.
BURBANK, CALIF. — New York Life Real Estate Investors has purchased a 351,301-square-foot office building known as 2300 Empire in Burbank for an undisclosed sum. The Class A building is situated in Burbank’s Media North submarket. It has an adjacent 1,334-stall parking garage. The building’s lobby will be upgraded, and some collaborative outdoor seating areas will be created in the next 12 months, according to the buyer. The office building is within walking distance of a 750,000-square-foot shopping center that features tenants like Target, Lowe’s, Nordstrom Rack and numerous dining options. Lincoln Property Co. will manage the property, while JLL will handle leasing.
RENO, NEV. — McKenzie Properties has broken ground on a 40,000-square-foot speculative office building within the Mountainview Corporate Center in Reno. The Class A building is located at 5520 Kietzke Lane. The four-story structure will feature customized floor plans, with balconies on two of the floors. This will be the first spec office project the company has undertaken since 2008.
TORRANCE, CALIF. — Dick’s Sporting Goods will open five new stores this month, including an outpost at the Del Amo Fashion Center in Torrance. That store celebrated its grand opening between June 2 and 4. With the grand opening of these new stores, Dick’s will have 702 Dick’s locations in the country. Founded in 1948 and headquartered in Pittsburgh, Dick’s also owns and operates Golf Galaxy and Field & Stream specialty stores, as well as Dick’s Team Sports HQ, a youth sports digital platform.