Property Type

HFF Secures $17.4M in Acquisition Financing for 120,349 SF Shopping Center in Toms River, New Jersey

by Amy Works November 7, 2017

TOMS RIVER, N.J. — HFF has arranged $17.4 million in acquisition financing for Commons at Hooper, a community shopping center located at 1350 Hooper Ave. in Toms River. A partnership between Unison Realty Partners and ALTO Real Estate Fund is the borrower. OceanFirst Bank provided the five-year, fixed-rate loan, as well as a $3.4 million construction line that will be used for capital and tenant improvements as well as leasing commissions. Constructed in 1987, the 120,349-square-foot center is 86 percent leased by 21 tenants, including Michaels, DSW, Dollar Tree, Mattress Firm, Dress Barn, The UPS Store, Avenue, Sally Beauty, Jersey Mike’s Subs and Citi Financial. The borrower plans to lease the remaining available space, extend tenants with pending maturities early and invest in capital improvements. The improvements will include a new roof, resurfaced parking lot, new pylon signage and façade upgrade. Additionally, the partnership may construct a 2,500-square-foot pad site at the center. Michael Klein and Greg Labine of HFF arranged the financing for the borrower.

November 7, 2017

New Jersey Northeast Retail

CBRE Arranges $6.5M Sale of Retail Store in Bellmawr, New Jersey

by Amy Works November 7, 2017

BELLMAWR, N.J. — CBRE has facilitated the sale of a newly constructed retail property located at 12 S. Black Horse Pike in Bellmawr. Hammonton 1 LLC acquired the property from Mark Bellmawr LLC for $6.5 million. Royal Farms occupies the property, which is slated to open this month. The location is the first New Jersey location for the Baltimore-based convenience and gas store company. Matthew Gorman and Michael Shover of CBRE represented the seller, while Stephen Schrenk, also of CBRE, procured the buyer in the 1031 exchange transaction.

November 7, 2017

Connecticut Industrial Northeast

Pearce Real Estate Brokers Sale of Industrial Building in North Haven, Connecticut

by Amy Works November 7, 2017

NORTH HAVEN, CONN. — Pearce Real Estate has arranged the sale of an industrial building located at 395 State St. in North Haven. Trilot 7 Enterprises acquired the 18,000-square-foot property for an undisclosed price from Funaro Realty. The buyer operates Nelson Ambulance, Access Ambulance, Connecticut Handivan, Nelcon Towing and Recovery, and The Limo Group. Trilot 7 Enterprises will renovate the property, which is situated on 2 acres. Phil Barber of Pearce Real Estate represented the seller and buyer in the deal.

November 7, 2017

Industrial Texas

Duke Realty Breaks Ground on 874,566 SF Distribution Facility in Metro Dallas for Wayfair

by Taylor Williams November 7, 2017

LANCASTER, TEXAS — Duke Realty Corp. has broken ground on an 874,566-square-foot distribution facility in the Dallas metro of Lancaster for Wayfair, a Boston-based e-commerce firm specializing in furniture and home goods. The property is being built on a 47-acre site along Interstate 35 north of Wintergreen Road. Building features will include 36-foot clear heights, more than 14,000 square feet of office space, 187 trailer storage stalls and 250 automobile parking spaces. John Brewer, Ben Phillips, John Lasher and Jon Varholak of Transwestern represented Wayfair in the lease negotiations for the facility. Duke Realty was represented internally by Matt Hyman.

November 7, 2017

Multifamily Texas

Caydon Receives Financing for 357-Unit Apartment Tower in Houston

by Taylor Williams November 7, 2017

HOUSTON — Caydon, an Australian multifamily development firm, has received debt and equity financing for the development of a 357-unit luxury apartment tower in Houston. The property, which will offer one- and two-bedroom units featuring European-styled interiors, will be located at 2850 Fannin St. in the Midtown area. The amount of the financing was not disclosed, but the Houston Business Journal reports that the project has a price tag of approximately $200 million. Matthew Kafka and Dustin Selzer of HFF arranged the debt financing through Bank of the Ozarks and the equity portion through Invesco Real Estate.

November 7, 2017

Affordable Housing Midwest Multifamily Wisconsin

Royal Capital Group Begins Development of $20.3M Affordable Housing Property in Madison, Wisconsin

by Kristin Harlow November 7, 2017

MADISON, WIS. — Royal Capital Group has begun development of The Flats at Grandview Commons in Madison. The $20.3 million affordable housing property will feature 94 units. The property will include six two-story buildings with 28 two-bedroom units and 66 three-bedroom units. Amenities will include a library, computer lab, meeting space and playground. The project is slated to open in fall 2018. The project team includes architect Engberg Anderson and general contractor Horizon Construction. ACC Management Group will manage the property. The Wisconsin Housing & Economic Development Authority provided $11 million in both construction and permanent financing, as well as approved the use of low-income housing tax credits. UnitedHealthcare provided $5.4 million in equity funding through a partnership with Cinnaire and Minnesota Equity Fund. The partnership plans to invest over $85 million to help build 13 new communities in Wisconsin and the Great Lakes region.

November 7, 2017

Healthcare Texas

Code 3 Begins Work on 8,160 SF Freestanding ER, Urgent Care at DFW Airport

by Taylor Williams November 7, 2017

IRVING, TEXAS — Code 3 Emergency Room and Urgent Care has begun work on an 8,160-square-foot, freestanding emergency room and urgent care center at the Dallas-Fort Worth (DFW) International Airport in Irving. The facility will be situated on 1.5 acres within Southgate Plaza, a 32-acre development that houses a 137-room Hyatt Place hotel and a 154,000-square-foot office building, as well as a variety of retail and restaurant options. The facility will be equipped with a CT scanner, Ultrasound equipment, laboratory and a pharmacy. The project represents the first development of its kind at an airport property in the United States.

November 7, 2017

Midwest Minnesota Multifamily

CBRE Arranges $13.7M Sale of Two Apartment Properties in Minneapolis

by Kristin Harlow November 7, 2017

MINNEAPOLIS — CBRE has arranged the sale of Isles East and West in the Uptown area of Minneapolis for $13.7 million. The 42-unit Isles East, located at 1101 and 1105 W. 28th St., sold for $6.8 million. The 43-unit Isles West, located at 1115 and 1125 W. 28th St., sold for $6.9 million. Both properties were constructed in 1922 and feature a mix of studio, one- and two-bedroom units. Ted Abramson and Laura Hanneman of CBRE represented the sellers, Dupont Court Investors LLC and Emerson Court Investors LLC. Cedar South Pointe LLC purchased the assets.

November 7, 2017

Industrial Midwest Wisconsin

Seda Signs 61,162 SF Industrial Lease Renewal in Mount Pleasant, Wisconsin

by Kristin Harlow November 7, 2017

MOUNT PLEASANT, WIS. — Seda International Packaging Group has renewed its 61,162-square-foot industrial lease at Park 94 in Mount Pleasant, approximately 30 miles south of Milwaukee. The Italy-based manufacturer of food packaging products also owns a 323,610-square-foot building at Park 94 for its North American manufacturing and distribution center. Owned and developed by HSA Commercial Real Estate, Park 94 is a 184-acre business park. Roger Siegel of The Dickman Co. represented ownership in the lease transaction.

November 7, 2017

Office Texas

JLL Negotiates Six Office Leases Totaling 26,000 SF in Houston

by Taylor Williams November 7, 2017

HOUSTON — JLL has negotiated six office leases totaling approximately 26,000 square feet at 1885 Saint James Place in Houston. Notable leases include Houston-based commodities brokerage firm Sage Refined Products Ltd. leasing of 7,391 square feet; Alabama-based law firm Lightfoot, Franklin & White LLC easing of 5,700 square feet and boutique advisory firm Detring Energy Advisors leasing of 4,234 square feet. Chrissy Wilson and Russell Hodges of JLL represented the landlord, 1885 St. James Place Partners LP, in each lease negotiation. The property is now more than 50 percent leased.

November 7, 2017

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