Property Type

Cushman & Wakefield Arranges $19M Sale of Shopping Center in North Bergen, New Jersey

by Amy Works February 16, 2017

NORTH BERGEN, N.J. — Cushman & Wakefield has brokered the sale of a shopping center located at 2819 JFK Blvd. in North Bergen. A 1031 exchange buyer acquired the asset from an undisclosed joint venture partnership for $19 million. Aldi and Crunch Fitness anchor the 41,000-square-foot property, which was redeveloped in 2015. The center also includes a freestanding Sonic restaurant. Brian Whitmer, Andrew Merin, David Bernhaut, Gary Gabriel, Seth Pollack and Nick Karali of Cushman & Wakefield represented the seller and procured the buyer in the deal.

February 16, 2017

New York Northeast Office

Spotify Relocates to 378,000 SF of Office Space at 4 World Trade Center in Lower Manhattan

by Amy Works February 16, 2017

NEW YORK CITY — Spotify, a digital music service, is relocating its U.S. headquarters to 4 World Trade Center in Lower Manhattan from its current location in Midtown South. The company will occupy 378,000 square feet at the office building, which is owned by Silverstein Properties. Spotify is expected to move in early 2018. The relocation and expansion will accommodate more than 1,000 new jobs as well as 832 existing jobs.

February 16, 2017

Multifamily New Jersey Northeast

Marcus & Millichap Brokers $1M Sale of Apartment Building in Union City, New Jersey

by Amy Works February 16, 2017

UNION CITY, N.J. — Marcus & Millichap has arranged the sale of a multifamily building located at 4322 Kennedy Blvd. in Union City. A developer acquired the seven-unit property for $1 million. Jonathan Zamora of Marcus & Millichap represented the seller, a private investor, and the buyer in the transaction.

February 16, 2017

Multifamily Student Housing Texas

Arrimus Capital Acquires 1,044-Bed Student Housing Property at the University of North Texas

by Amy Works February 16, 2017

DENTON, TEXAS — Newport Beach, Calif.-based Arrimus Capital has purchased Forum at Denton Station, a student housing property located at 201 Inman St. near the University of North Texas in Denton. Boca Raton, Fla.-based Parkland Development sold the purpose-built property for an undisclosed price. The 420,684-square-foot development features 14 three-story buildings offering a total of 348 units, or 1,044 beds. The units are available in one-, two-, three- and four-bedroom layouts and are fully furnished. On-site amenities include a pool with a deck lounge, sand volleyball courts, indoor sports court, outdoor grilling and picnic areas and a 24-hour fitness center. Jaclyn Fitts and Casey Schaefer of CBRE represented the buyer and seller in the deal.

February 16, 2017

Retail Texas

Signorelli Begins Construction on Second Phase of Valley Ranch Town Center in New Caney

by Amy Works February 16, 2017

NEW CANEY, TEXAS — Signorelli Co. has started construction for the second phase of Valley Town Center, located at 11985 N. Grand Parkway East in New Caney. Slated to open in late 2017, the Phase II will bring 320,000 square feet of retail space to the 1.5 million-square-foot master-planned development. T.J. Maxx, Ross Dress for Less, Rack Room Shoes and PetSmart have preleased space at the new phase. Additionally, Cinemark Theatres is developing a NextGen all-recliner theater at the property. The 10-screen theater will be the first anchor for Valley Ranch Town Center Entertainment District.

February 16, 2017

Oklahoma Retail Texas

CBRE Facilitates Sale of 67,837 SF Retail Property in Enid, Oklahoma

by Amy Works February 16, 2017

ENID, OKLA. — CBRE has arranged the sale of Neilson Square, a shopping center located at 3322-3518 E. Owen K Garriott Road in Enid. Dallas-based Dunhill Partners acquired the 67,837-square-foot property from Louisville, Colo.-based IPS Neilson Square LLC for an undisclosed price. Anchored by Staples and Old Navy, the property was 94 percent occupied at the time of sale. Jason Little and Justin Brannon of CBRE represented the seller, while Basel Bataineh, also of CBRE, assisted with financial analysis and underwriting services for the transaction.

February 16, 2017

Hospitality Texas

Shinn-Addison Hospitality Opens 132-Room Home2 Suites by Hilton in Metro Dallas

by Amy Works February 16, 2017

ADDISON, TEXAS — Shinn-Addison Hospitality has opened Home2 Suites by Hilton Dallas Addison, located at 4875 Belt Line Road in Addison. The hotel features 132 suites with fully equipped kitchens and modular furniture, complimentary internet, community spaces, laundry and fitness facilities, a grab-and-go market, outdoor pool, fire pit and barbecue area. Magnolia Lodging manages the property.

February 16, 2017

Hospitality Loans Texas

PMZ Realty Capital Arranges $11.9M Acquisition Loan for TownePlace Suites in Irving

by Amy Works February 16, 2017

IRVING, TEXAS — PMZ Realty Capital has arranged an $11.9 million acquisition loan for TownePlace Suites by Marriott Las Colinas in Irving. The property offers 135 suites in studio, one- and two-bedroom layouts with fully equipped kitchens and free grocery delivery. Additionally, the hotel features a complimentary breakfast buffet, fitness center, outdoor pool and a 340-square-foot meeting room. The name of the borrower was not released.

February 16, 2017

Georgia Multifamily Southeast

South City Partners, McShane Break Ground on Apartment Community in Avondale Estates Near Atlanta

by John Nelson February 16, 2017

DECATUR, GA. — South City Partners and general contractor McShane Construction Co. have broken ground on Sam’s Crossing, a 197-unit apartment community located at 2700 E. College Ave. in Decatur’s Avondale Estates district. The wraparound project will be situated within walking distance of MARTA’s Avondale Station and include a five-level, 268-space parking garage. South City Partners recently purchased the 3.2-acre lot from longtime property owner Joe Gargiulo of Candler Investment Group. Gargiulo owns other tracts in the Avondale Estates area for future development. Designed by The Preston Partnership, Sam’s Crossing will feature a clubroom, fitness center, on-site management and leasing office, central courtyard, an acre of green space and a resort-style swimming pool, as well as 8,000 square feet of ground-level retail space. McShane, which is also handling the landscaping and surface parking for the retail portion, expects to deliver Sam’s Crossing in the third quarter of 2018.

February 16, 2017

Maryland Multifamily Southeast

Enterprise Homes Opens $22.3M Apartment Community in Downtown Baltimore

by John Nelson February 16, 2017

BALTIMORE — Enterprise Homes has opened Mulberry at Park Apartments, a $22.3 million multifamily community located in downtown Baltimore’s Bromo Tower Arts & Entertainment District. Managed by Habitat America LLC, the property features 34 one-bedroom units, 27 two-bedroom units and seven three-bedroom units with average rents at roughly $750 per month. The design team for the LEED Silver-certified community includes architect Marks, Thomas Architects and general contractor Harkins Builders Inc. Sustainable features of Mulberry at Park include efficient plumbing fixtures, advanced insulation and air sealing, green roofing, low VOC finishes and Energy Star windows, HVAC systems, lighting and appliances. Community amenities include a cyber café, clubroom, study room, fitness center and an outdoor terrace area. Bank of America provided $15.8 million in construction financing, tax credit equity and permanent financing for the project. Additional financing included $1.5 million from the Maryland Department of Housing and Community Development, $870,000 from Baltimore City and $500,000 from the Federal Home Loan Bank of Atlanta.

February 16, 2017

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