YARDLEY, PA. — TriGate Capital has completed the disposition of Lower Makefield Shopping Center, a shopping center located at 700 Stony Hill Road in Yardley. Inland Institutional acquired the 74,953-square-foot property for an undisclosed price. Giant Food Store, Rite Aid Pharmacy and First Choice Bank occupy the property. Brad Nathanson and John Colussi of CBRE represented both the seller and buyer in the transaction.
AUSTIN, TEXAS — New York Life Real Estate Investors has originated a $123.2 million mortgage loan for Frost Bank Tower, a 535,964-square-foot, Class A office building located at 401 Congress Ave. in Austin. Completed in 2003, the 33-story property is among the tallest buildings in Austin. Colby Mueck and Doug Opalka of HFF arranged the loan, which has a fixed interest rate and a seven-year term, on behalf of the borrower, Lionstone Investments.
MESQUITE, TEXAS — Monmouth Real Estate Investment Corp. a publicly traded, New Jersey-based investment firm, has acquired a 351,874-square-foot, Class A industrial property in the Dallas-Fort Worth metro of Mesquite for approximately $50.6 million. Situated on 65 acres at 5005 Samuell Blvd., the property is net-leased for 15 years to FedEx Ground Packaging System.
MAGNOLIA, TEXAS — Marcus & Millichap has brokered the $4 million sale of a 19,054-square-foot retail property leased to Aldi located at the intersection of FM1488 and Conroe Huffsmith Road in Magnolia, about 45 miles north of Houston. Nate Newman and Vincent Knipp of Marcus & Millichap represented the seller, an undisclosed developer, in the transaction. Other terms of sale were not released.
DENTON, TEXAS — Dallas-based BMC Capital has arranged $13.5 million in refinancing for a 148-unit multifamily property located off Nottingham Drive in the North Texas city of Denton. Brian Gramlich of BMC Capital arranged the loan, which features a 10-year term and a 25-year amortization schedule. The names of the property, lender and borrower were not disclosed.
KATY, TEXAS — PCL Industrial Construction will relocate its headquarters to a 36,596-square-foot office space within the Grandway West development in Katy. The company will occupy the second floor of Building 4, a 72,045-square-foot, Class A property, which is located at 2322 W. Grand Parkway. Eugene Terry and David Bale of JLL represented PCL in the lease negotiations. Parker Burkett of Transwestern represented the landlord, Insite Realty.
WHEELING, ILL. — Berkadia has arranged $70.2 million in construction financing for the residential portion of Wheeling Town Center, a mixed-use development in Wheeling. The development will feature 300 luxury rental units. Amenities will include a courtyard with a pool, fire pit, grill stations, dining tables, covered bar with TVs, a putting green and an open lawn area for games and activities. Within the property, there will be a fitness room, yoga and spin class studio, lounge area, private party room with a demonstration kitchen, café, business center, conference room, dog washing station and game room. Paul Matusiak of Berkadia arranged the 40-year loan on behalf of the borrower, Illinois-based WTC Residential Development LLC. Wheeling Town Center is a $100 million development that also features 100,000 square feet of retail space anchored by CMX Theaters. The project is slated for completion in 2019.
FOND DU LAC, WIS. — Associated Bank has provided a combined $17 million in debt and equity for the conversion of two former Catholic schools into 47 apartments in Fond du Lac. Located at 63 East Merrill Ave. and 95 E. Second St., Parish School Apartments will feature 17 three-bedroom units, 28 two-bedroom units and two one-bedroom units. Amenities will include a community room, exercise room and business center. Eleven apartments will be reserved for veterans and/or individuals at risk of long-term homelessness. Completion is slated for March 2018. Commonwealth Development Corp. is the developer of the project, targeted for low-income residents. Associated Bank will purchase the federal low-income housing tax credits and the federal and Wisconsin historic tax credits totaling $9 million through the National Equity Fund. Associated Bank will also provide the $7.4 million construction loan and Associated Community Development will pass through a $600,000 affordable housing program grant via the Federal Home Loan Bank of Chicago.
WOODBRIDGE, ILL. — Newmark Knight Frank has brokered the sale of a 103,241-square-foot office and warehouse property in Woodridge, a suburb of Chicago. The sales price was not disclosed. The Class A property is located at 2501 W. Davey Road. Built in 2000, the building is 65 percent office, 20 percent laboratory and 15 percent warehouse space, with 18-foot clear heights and two dock loading doors. Elevance Renewable Sciences Inc. occupies 75,273 square feet of space at the property. Corey Chase, Jeff Miller, Sean Fulp and Mark Schuessler of NKF represented the private seller in the transaction. The buyer was not disclosed.
ROMEO, MICH. — R & E Automated Systems has signed a 101,297-square-foot industrial lease in Romeo, about 40 miles north of Detroit. The facility is located at 70701 Powell Road. R & E Automated Systems, which works in automation, engineering and prototypes supporting the aerospace and automotive industries, is expanding to support the growth of its corporate headquarters in Macomb Township, Michigan. Jason Capitani and Joseph E. DePonio of L. Mason Capitani CORFAC International represented the landlord, Four Star Realty LLC, in the lease transaction.
