PARSIPPANY, N.J. — RD Management, JMF Properties and Ripco Real Estate Corp. have broken ground for Waterview Marketplace, a shopping center located at the intersection of Waterview Boulevard and Route 46 in Parsippany. A 48,000-square-foot Whole Foods Market will anchor the 150,150-square-foot shopping center, which is slated to open in 2018. The Whole Foods Market will be the third location in the Morris County and will feature indoor and outdoor dining space for customers.
NEW YORK CITY — Meridian Capital Group has arranged $19 million in ground-up construction financing for the development of Element88, a residential condominium project located in Brooklyn’s Williamsburg neighborhood. The borrowers are RYBAK Development and BK Developers. The 24-month loan, provided by two regional banks, features a floating rate and one six-month extension option. Sean Robertson of Meridian negotiated the loan. Located at 88 Withers St., the eight-story, 50,000-square-foot building will feature 33 units, 5,000 square feet of retail space and 25 covered parking spaces. Sales at Element88 will begin in first quarter 2018, with unit delivery by summer 2018.
OSWEGO, N.Y. — Home2 Suites by Hilton has opened a new location in Oswego. Located at 252 New York State Route 104, the hotel features 89 suites, a combined laundry and fitness area, indoor heated pool, outdoor patio, Home2 MKT and complimentary breakfast. Visions Hotels owns and manages the property.
SADDLE BROOK, N.J. — Marcus & Millichap has arranged the sale of the leasehold interest of Park 80 East, an office building located at 160 Pehle Ave. in Saddle Brook. A private investor acquired the 83,160-square-foot property for $2.3 million. At the time of sale, the property was 50 percent occupied. Ben Sgambati and Alan Cafiero of Marcus & Millichap represented the seller, a private investor, and secured the buyer in the deal.
AUSTIN, TEXAS — DivcoWest, an investment firm with offices in Boston and San Francisco, has sold The Campus at Arboretum, a five-building, 318,534-square-foot office campus in Austin. The 16.5-acre campus, which offers walking trails, volleyball and basketball courts and picnic areas, is located near several major roads, including U.S. Highway 183 and Loop 360. Collectively, the three-story buildings are 97 percent leased to tenants such as BMC Software Inc. and Trion Worlds Inc. HFF represented DivcoWest in the transaction and procured the buyer, a partnership between Vanderbilt Partners and True North Management Group LLC. The buyer secured an undisclosed amount of acquisition financing from JPMorgan Chase.
HOUSTON — Lingerfelt CommonWealth Partners LLC, a Richmond, Va.-based investment firm, has purchased 1700 West Loop, a 14-story, 272,941-square-foot office tower in Houston’s Galleria neighborhood for $52 million. The Class A property was 81 percent occupied at the time of sale and is anchored by engineering and consulting firm Burns & McDonnell. The sale includes a 786-space parking garage adjacent to the building. The name of the seller was not disclosed.
DALLAS — Waterton, a Chicago-based investment firm, has purchased South Side Flats, a 288-unit apartment community located at 1210 S. Lamar St. in Dallas. Built in 2016, the property offers a mix of one-, two- and three-bedroom units, as well as a rooftop lounge, 24-hour fitness center and business center. The two-building property also features 1,788 square feet of ground-floor retail space. Las Colinas-based developer JPI sold the asset for an undisclosed price.
AUSTIN, TEXAS — The Praedium Group, a New York-based investment firm, has acquired Fox Hill Apartments, a 288-unit, Class A multifamily community located at 8800 U.S. Highway 290 in Austin. Built in 2010, the property consists of one-, two- and three-bedroom units ranging in size from 899 to 1,313 square feet and features amenities such as a pool, outdoor playground, dog park and business center. The Praedium Group will invest in improvements to the unit’s interiors and the property’s common areas.
SAN ANTONIO — San Antonio-based developer StrEat Park LLC has broken ground on Brooklyn StrEat Food Park, a $2.5 million project located at 201 Burnet St. in San Antonio. Scheduled to open in January 2018, according to Rivard Report, the food park will feature nine food trucks and a full-service bar, provide indoor and outdoor seating for about 450 people and stage live music.
ST. CHARLES, MO. — IMPACT Strategies has completed Cedarhust of St. Charles, a $17.5 million seniors housing community in St. Charles. The 100-unit assisted living and memory care community is part of University Commons, a mixed-use development directly across from Lindenwood University. IMPACT served as construction manager for the 99,999-square-foot project. Dover Development was the developer. Cedarhurst’s proximity to Lindenwood University makes it the first seniors housing community in the St. Louis region to strategically locate on or near a university campus, according to IMPACT.
