NEW YORK CITY — Meridian Capital Group has arranged $30 million in financing for the refinance of an office property located at 264-268 W. 40th St. in Manhattan’s Garment District. The 10-year loan, provided by a national balance sheet lender, features a competitive fixed rate of 3.5 percent. Avi Weinstock, Josh Rhine and Luke Hingson of Meridian secured the financing for the borrower, Renaissance Properties. The 20-story, 120,000-square-foot office building is occupied by 40 tenants, including two restaurants as retail tenants.
BOSTON — Related Beal has topped off Parcel 1B, a residential, retail and hospitality development in downtown Boston. Designed by CBT Architects, the 484,000-square-foot property will feature 239 affordable and workforce apartment units, 10,000 square feet of street-level retail space, 220 parking spaces and a Courtyard by Marriott. Operated by Turnberry Associates, the 220-room hotel will feature 2,500 square feet of meeting space. Situated within Boston’s Bulfinch Triangle, the property is located in close proximity to public transportation.
MANCHESTER, N.J. — Marcus & Millichap has brokered the sale of a retail property located at 2111 Route 37 West in Manchester. A limited liability company acquired the 9,790-square-foot property for $1.6 million. Known as GreenTree at Manchester, the property comprises a two-tenant, two-building retail center with a ground lease to STS and a lease to Spirits Express. David Thurston and Charles Loccisano of Marcus & Millichap represented the seller, a limited liability company, and the buyer in the deal.
MINNEAPOLIS — CBRE has arranged the sale of 33 South Sixth-City Center, a 51-story office tower and mixed-use complex in downtown Minneapolis. The sales price was not disclosed, but Minneapolis Star Tribune reports the price at $315 million. Located at 33 South Sixth St. alongside the Nicollet Mall, the 1.6 million-square-foot complex is currently 95 percent occupied. Target Corp. occupies 73 percent of the office tower on a long-term lease. Tom Holtz, Ryan Watts, Judd Welliver and Sonja Dusil of CBRE’s Minneapolis office represented the seller, Shorenstein Properties LLC. HNA Holding Group Co., a subsidiary of conglomerate HNA Group, was the buyer.
INDIANA, MICHIGAN AND WISCONSIN — Four Corners Property Trust (NYSE: FCPT) has acquired 16 properties net leased to KFC in Indiana, Michigan and Wisconsin for $21.1 million. The restaurants are occupied under new triple-net leases with 20-year terms. Seven of the properties are under a master lease and nine properties are under individual leases. FCPT funded the acquisition with proceeds from its revolving line of credit and from a 1031 exchange sale of a property in Florida occupied by Bahama Breeze.
BLOOMINGDALE, ILL. — Cushman & Wakefield has arranged the sale of a 94,682-square-foot industrial facility located at 221 Covington Dr. in Bloomingdale, a western suburb of Chicago. The sales price was not disclosed. University Beauty Products Inc. purchased the recently renovated facility, which is located near the company’s headquarters in Glendale Heights. The facility sits within the Covington Corporate Center business park and features 19,115 square feet of premium Class A office space, 25-foot clear heights and five enclosed truck docks. Eric Fischer, Keith Puritz and Brett Kroner of Cushman & Wakefield represented Universal Beauty Products in the transaction. Jeff Fischer and Adam Naparsteck of NAI Hiffman represented the seller, High Street Realty Company LLC.
HOUSTON — ARA Newmark has secured a $22.2 million construction loan for The Icon, a 380-bed student housing development located within walking distance of the University of Houston campus. David Schwarz and Spencer Hough of ARA Newmark secured the loan on behalf of the borrower, Tier One Group, through an undisclosed regional debt fund. The five-story property will feature a resort-style pool, business center, conference room, game room, lounge area, fitness center, fire pit and a covered outdoor bar with gas grills and a refrigerator. Tier One expects to deliver the project in time for fall 2017 classes.
CARY, ILL. — The Boulder Group has arranged the sale of a single-tenant property in Cary net leased to Starbucks for $1.6 million. The newly built property is located at 630 NW Highway. The Starbucks lease, which began in October 2016, spans for 10 years and features four five-year renewal option periods with 10 percent rental escalations in each period. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The buyer was a private west coast-based real estate partnership.
LEANDER, TEXAS — Cypress Equities has opened Crystal Falls Town Center, a 12.7-acre retail center located at the corner of Lakeline Boulevard and Crystal Falls Parkway in Leander. A 63,182-square-foot Randalls Food Market anchors the 93,642-square-foot center. Additional tenants include Orange Theory Fitness, Jack Brown Cleaners, La Bella Nails and Spa, ABC Liquor, Tomlinson’s Feed, Cost Cutters, GNC and Apple Springs Family Dentistry. SRS Real Estate Partners has been retained to lease the property.
SAULT STE. MARIE, MICH. — Bernard Financial Group has arranged a $9 million acquisition loan for a 266,439-square-foot retail shopping center in Sault Ste. Marie in the Upper Peninsula of Michigan. Cascade Crossing is located at 4500 I-75 Business Spur. Tenants include T.J. Maxx, Dollar Tree and Kohl’s, among others. David Dismondy of Bernard Financial Group originated the loan. Cascade X LLC was the borrowing entity.