Property Type

Skechers Opens Largest Superstore at Ontario Mills

by Nellie Day June 28, 2017

ONTARIO, CALIF. — Skechers USA Inc., a footwear manufacturer, has opened its largest Skechers mall-based factory outlet store. The 24,000-square-foot store is located at Ontario Mills in Ontario. The store features dedicated shops for the various Skechers lifestyle and performance collections for men and women, an kids area complete with theater and a shop dedicated to the brand’s apparel collection. The Ontario Mills Skechers superstore joins a retail portfolio that includes large-format stores in Las Vegas and Gardena, Calif., plus flagship stores in locations such as Los Angeles’ Hollywood & Highland, Times Square in New York, San Francisco’s Powell Street, London, Tokyo, Shanghai and other cities around the world. At the end of the second quarter of 2017, Skechers had 2,055 stores worldwide, with 584 being company owned.

June 28, 2017

Loans Multifamily Texas

Meridian Capital Arranges $32M Acquisition Loan for 267-Unit Apartment Community in Metro Dallas

by Taylor Williams June 28, 2017

FAIRVIEW, TEXAS — Meridian Capital Group has arranged $32 million loan for the acquisition for Sorrel Fairview, a 267-unit, Class A multifamily community located at 351 Sugarloaf Trail in the Dallas metro of Fairview. The property features a clubhouse with lounge areas, game room, resort-style pool, fitness center and an on-site car washing service. Abe Hirsch, Moshe Majeski and Zec Karpel of Meridian Capital arranged the five-year loan with a 4 percent fixed interest rate and three years of interest-only payments, on behalf of New York-based Azure Partners LLC.

June 28, 2017

Industrial Texas

McCord Development Leases 143,500 SF Within Generation Park in Houston

by Taylor Williams June 28, 2017

HOUSTON — McCord Development has leased 143,500 square feet within the 4,000-acre Generation Park in Houston to energy equipment producer GHX Industrial LLC. The company will serve as the anchor tenant of Lockwood Business Park, a 25-acre development within Generation Park. The facility will feature 121,000 square feet of warehouse and shop space and 22,500 square feet of office space. GHX Industrial expects to occupy the facility by the end of the year.

June 28, 2017

Affordable Housing Multifamily Northeast Pennsylvania

Partnership Breaks Ground on $17M Affordable Housing Redevelopment in Upper Dublin, Pennsylvania

by Amy Works June 28, 2017

UPPER DUBLIN, PA. — Montgomery County Housing Authority (MCHA) and Pennrose Properties have partnered to redevelop North Hills Manor, an affordable housing property in Upper Dublin. The $17 million project includes the demolition of the existing 50-unit public housing development, which was originally built in 1954, and the construction of 50 new apartments ranging from one- to four-bedrooms located in 17 residential buildings. Additionally, the development will feature a shared building featuring a community room, computer lab and property management offices. The new units will feature modern kitchens, including dishwasher, spacious closets, ceramic-tiled bathrooms, resident-controlled heating and cooling, and in-unit washers/dryers.

June 28, 2017

Loans Multifamily New York Northeast

M&T Realty Provides $10M Loan for Multifamily Building in NYC

by Amy Works June 28, 2017

NEW YORK CITY — M&T Realty Capital has provided a $10 million Freddie Mac loan for the permanent financing of Carmel Place, a micro-unit building located at 335 E. 27th St. in New York City. Monadnock Development developed the 55-unit building that features studio apartments, 40 percent of which are affordable units. At the time of financing, the property was 100 percent leased. Michael Chavkin, Joe Pizzutelli and Douglas Tilley of M&T Realty Capital arranged the transaction. M&T Bank provided construction financing for the project.

June 28, 2017

Loans Multifamily New Jersey Northeast

Cronheim Mortgage Secures $8.5M Loan for 218 Multifamily Units in Butler, New Jersey

by Amy Works June 28, 2017

BUTLER, N.J. — Cronheim Mortgage has arranged $8.5 million in financing for two garden apartment developments in Butler. Provided by Southern Farm Bureau Life Insurance, the 10-year loan features a 25-year amortization schedule and a fixed interest rate. Butler Ridge features 188 units in a mix of studio, one- and two-bedroom units, and Butler Arms features 30 one-bedroom units. Dev Morris, Allison Villamagna and Andrew Stewart of Cronheim Mortgage originated and closed the loans.

June 28, 2017

Industrial New Jersey Northeast

Markeim Chalmers Negotiates Sale of 37,215 SF Industrial Building in Pennsauken, New Jersey

by Amy Works June 28, 2017

PENNSAUKEN, N.J. — Markeim Chalmers has arranged the sale of an industrial building located at 1395 Suckle Highway in Pennsauken. 153 Suckle Highway LLC acquired the 37,215-square-foot building for $1.2 million. Adam Dembo of Markeim Chalmers represented the seller, Suckle Properties, in the deal.

June 28, 2017

Florida Mixed-Use Southeast

Strategic Property Partners Unveils Plans for $3B Water Street Tampa Development

by Camren Skelton June 28, 2017

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans for Water Street Tampa, a $3 billion mixed-use development located on the Garrison Channel and Hillsborough Bay in downtown Tampa. SPP is a real estate investment joint venture between Cascade Investment LLC and Jeff Vinik, owner of the Tampa Bay Lightning. Spanning 50 acres, the community will comprise more than 2 million square feet of office space; 1 million square feet of retail, cultural, educational and entertainment space; 3,500 new rental and for-sale residences and two new hotels totaling more than 650 rooms, including the city’s first five-star hotel. In addition, SPP donated an acre of land to the University of South Florida, which will relocate its Morsani College of Medicine and Heart Institute from its current suburban campus to a 380,000-square-foot facility in downtown. The development also includes over $200 million in new infrastructure. Roadway and public utility work began in the summer of 2016, and a new central cooling facility will break ground in the fall. The first phase of construction for Water Street Tampa will begin this year, with over 4 million square feet scheduled for completion in 2020. Subsequent phases of the project are slated …

June 28, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Arranges $1.1M Sale of Multifamily Building in Garfield, New Jersey

by Amy Works June 28, 2017

GARFIELD, N.J. — Marcus & Millichap has brokered the sale of Davison Apartments, an apartment building located at 500 Lanza Ave. in Garfield. A limited liability company sold the eight-unit property for $1.1 million. Daniel Aviles of Marcus & Millichap represented the seller and buyer, a private investor, in the deal.

June 28, 2017

Hospitality Mississippi Southeast

Home2 Suites by Hilton Meridian Opens in Meridian, Mississippi

by Camren Skelton June 28, 2017

MERIDIAN, MISS. — Home2 Suites by Hilton Meridian, part of Hilton’s All Suites portfolio, has opened at 201 N. Frontage Road in Meridian. The 97-room hotel is designed for travelers who want to maintain their normal routine, and features fully equipped kitchens, modular furniture, a fitness center, pool, fire pit and grill area, market for grab-and-go items and complimentary daily breakfast. Inn Alliance LLC owns the property and Lala Enterprises handles management.

June 28, 2017

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