PLANO, TEXAS — Kodiak Capital Advisors has acquired a newly constructed retail property located at the southeast corner of West Plano Parkway and West Park Boulevard in Plano. The company purchased the property by utilizing the Delaware Statutory Trust (DST) 1031 exchange structure. Hobby Lobby occupies the 54,370-square-foot property. The name of the seller and acquisition price were not released. This transaction is one of North Texas’ first DST acquisitions by a Dallas-based sponsor. A DST is an ownership structure that is created for business purposes, which can also be referred to as an unincorporated business trust. It is offered as a 1031 exchange replacement property for accredited investors seeking to defer capital gains taxes and as a straight cash investment for investors wishing to diversify real estate holdings.
HOUSTON — Baker Katz has brokered two leases on behalf of San Francisco-based The Melt, a fast-casual restaurant, for the company’s first-to-market locations in Texas. The restaurant chain will open its first location at The Lawn at Houston’s Baybrook Mall on Nov. 21, and the second location is slated to open in spring 2017 at the Vintage Marketplace Restaurant Village. The locations in Texas mark The Melt’s third market expansion. The restaurant currently has locations in California and Colorado.
RICHARDSON, TEXAS — NAI Robert Lynn has arranged two office leases totaling 13,911 square feet in Richardson. In the first deal, Apollo Managing General Agency LLC leased 9,501 square feet of office space at 2425 Central Expressway. Kent Smith of NAI Robert Lynn represented the tenant, while Laura Maczka of Sooner National represented the undisclosed landlord. In the second transaction, Kruvand Associates Inc. leased 4,490 square feet of office space at 1201 Richardson Drive. Smith represented the tenant, while Bill Rudd of Haggard Property Group represented the undisclosed landlord.
HOUSTON — CBRE has arranged an office relocation for Thompson & Knight LLP from 333 Clay St. to BG Group Place at 811 Main in Houston. The law firm will occupy two-and-a-half floors at the 900,000-square-foot office building. Kevin Kushner, Charles Gordon and Lucian Bukowski of CBRE represented the tenant in the lease transaction.
NEW YORK CITY — Eastern Consolidated has arranged refinancing loans for six multifamily properties in Manhattan in two separate transactions totaling $32.4 million. Jonathan Aghravi and Charles Han of Eastern Consolidated handled the loan placements with Amalgamated Bank. The first loan was a seven-year, $20 million refinancing for five mixed-use buildings, featuring 44 residential units and eight commercial units, located at 420, 422, 424, 426 and 428 Amsterdam. The second loan was a seven-year, $12.4 million refinancing for a newly renovated 28-unit multifamily property located at 44-46 E. End Ave.
NEW YORK CITY — Kalmon Dolgin Affiliates (KDA) has arranged the sales of sites at a sub-divided industrial complex located in Staten Island’s Mariners Harbor district to two Brooklyn-based buyers for a total of $13 million. Gary Mayzlin of KDA represented the seller, 135 Lake Avenue Realty LLC, and buyers in transactions. World Wide Plumbing acquired the property at 125 Lake Avenue, which features seven industrial acres and 100,000 square feet of warehouse buildings; and, Royal Seafood Baza Inc. purchased the property at 175 Lake Avenue, which consists of a 50,000-square-foot industrial warehouse with 40,000 square feet of parking.
LINDEN, N.J. — HFF has arranged $7 million in acquisition financing for a warehouse and distribution building located at 1501-1525 W. Blancke St. in Linden. The borrower, Penwood Real Estate Investment Management, will use proceeds of the loan to purchase the building and fund immediate and future capital expenditures, tenant improvements and leasing commissions. Vantage Specialty Chemicals and HelloFresh occupy the 115,913-square-foot facility. Michael Klein of HFF arranged the five-year, fixed-rate loan with First Bank New Jersey for the borrower.
CARLSTADT, N.J. — Terreno Realty Corp. has acquired an industrial property, located at 248 Paterson Plank Road in Carlstadt, for $5 million. Situated on 5.2 acres, the 31,000-square-foot property features 64 dock-high and two grade-level loading positions, parking for 25 cars and trailer storage. At the time of sale, the property was fully leased to two tenants. The name of the seller was not released.
BRICK, N.J. — Marquis Health Services, the healthcare affiliate of Tryko Partners LLC, has completed a $2.8 million renovation and repositioning of Willow Springs Rehabilitation and Healthcare Center in Brick. Located at 1049 Burnt Tavern Road, the property features 148 skilled nursing beds, an expanded rehabilitation therapy gym, a putting green, gourmet coffee lounge and updated common areas and patient rooms.
KANSAS CITY, MO. — CBRE has arranged the sale of Two Pershing Square, a 520,431-square-foot office building in Kansas City. The sales price was not disclosed. The Class A office building, located at 2300 Main St., is 11 stories and anchored by GSA’s Heartland Region office. VanTrust Real Estate LLC purchased the asset from TA Associates. Gina Anderson and Gary Carr of CBRE arranged the transaction on behalf of TA Associates.