DALLAS — Stream Realty Partners has negotiated an office lease at Gramercy Center South, a two-building, 256,000-square-foot office park located at 18451 N. Dallas Parkway in Dallas. Ryan Evanich and Matt Wieser of Stream Realty represented the landlord, ATCAP Partners, in the lease negotiations. The new tenant, Advanced Infusion Solutions, a provider of comprehensive pharmacy services, will occupy 53,397 square feet at the property.
KIRKLAND, WASH. — Capital Pacific has arranged the $9.1 million sale of Totem Lake Center, a 7,600-square-foot shopping center in Kirkland, 11 miles northeast of Seattle. Capital Pacific arranged the transaction on behalf of the seller, Madison Development Group, and the buyer, a private family trust. Completed this year, Totem Lake Center is fully leased to MultiCare and Mattress Firm.
DALLAS — Hunt Mortgage Group has secured $18 million in refinancing for Magnolia Creek Apartments, a garden-style multifamily community situated on 14.4 acres at 7272 Marvin D. Love Freeway in Dallas. Built in 1988, the property consists of 28 three-story buildings totaling 436 units and offers amenities such as a lounge, fitness center, pool and playground. Hunt Mortgage arranged the seven-year Fannie Mae loan on behalf of the borrower, Delaware-based IRG MDL LLC.
FREMONT, CALIF. — Eden Housing has broken ground on Mission Court Senior Apartments, an affordable seniors housing community in the San Jose suburb of Fremont. KTGY Architecture + Planning designed the property for the nonprofit developer, which is building the community along with the City of Fremont. The 90 units are reserved for those over 62 years of age making between 30 percent and 50 percent of the area median income. The three-story building will be located in the Warm Springs area of Fremont on a 2.25-acre site near transportation, shopping and services. Mission Court Senior Apartments is part of Mission Falls, a master-planned development that includes five villages on a 23.5-acre parcel. When complete, the property will include 500 residential units and a 15,000-square-foot senior community center. Mission Court Senior Apartments is scheduled for completion in November 2018.
MEDFORD, ORE. — Harry & David will operate approximately 20 pop-up stores nationwide this holiday season, in addition to its 46 year-round retail locations. The pop-up stores will open in key market areas across the United States. Harry & David holiday pop-up stores have already begun to open and are expected to close shortly after the holiday season. The specific locations were not disclosed. Headquartered in Southern Oregon, Harry & David owns and operates 20 different orchards spread over 100 square miles, featuring fresh yearly crops of handpicked fruit. The brand also currently operates 46 year-round retail locations across the United States. Harry & David is part of the 1-800-FLOWERS.COM Inc. family of brands.
MONROVIA, CALIF. — Trader Joe’s, a Monrovia-based chain of neighborhood grocery stores, opened the last of its new locations for 2017. On Oct. 12, stores opened in Allston, Mass.; Kalamazoo, Mich.; and North Brunswick, N.J. Fourteen new locations opened this year, bringing the total number of Trader Joe’s stores to 474. Other new locations include: San Francisco; West Hollywood, Calif.; San Diego; Hoboken, N.J.; Las Vegas; Brooklyn, N.Y.; Somerville, Mass.; Los Angeles; Washington, D.C.; Coralville, Iowa; San Juan Capistrano, Calif.; and Jacksonville, Fla. For the past 10 years, Trader Joe’s has opened an average of 23 stores annually. Plans for 2018 locations are already underway. The first Trader Joe’s store opened in 1967 in the Los Angeles area. Since then, Trader Joe’s has expanded to more than 470 stores in 41 states.
LOS ANGELES — Northwood Investors has purchased 800 Corporate Pointe, a 245,786-square-foot office building in the Los Angeles submarket of Culver City, for $148 million. The Class A building is situated off Slauson Avenue and Bristol Parkway near State Route 90. The four-story building was developed in 2007. It was 98 percent occupied at the time of sale. The LEED Gold-certified asset houses six tenants within the financial services, media, technology and engineering industries. The acquisition includes an adjacent six-level parking structure. Nearby retail amenities include Westfield Culver City Mall, Runway at Playa Vista and downtown Culver City. “800 Corporate Pointe is one of the two newest and one of the best office buildings in this evolving Culver Pointe park,” says Kevin Shannon, president of NKF’s Capital Markets. “Culver City is drafting off the momentum from Playa Vista and is attracting similar-profile tenants seeking cool environments. The property enjoys a strong tenant roster with attractive returns augmented by its ownership of the parking structure for the adjacent building.” Shannon, along with Ken White, Rob Hannan, Michael Moll and Laura Stumm, represented the seller, Vornado Realty Trust, in this transaction. Northwood, a New York-based real estate investment and management firm, represented …
The New Jersey retail market continues to gain strength as landlords redevelop existing properties, successfully backfill formerly vacant supermarket and Sports Authority boxes, and even break ground on several major shopping centers. Green Leaf at Union, a new redevelopment scheduled to open this fall, will include 111,000 square feet of gross leasable area. Located on Route 22 and West Chestnut Street, the center will be anchored by Bob’s Discount Furniture and LA Fitness. Chimney Rock East and West in Bridgewater is also under construction. The new upscale center will add more than 200,000 square feet of gross leasable area to the Route 22 corridor. Tenants will include Whole Foods, The Container Store, Saks Off Fifth and Nordstrom Rack, as well as ULTA and European Wax Center, which were both represented by R.J. Brunelli & Co. (RJBCO). The District at Metuchen, a new 78,505-square-foot upscale neighborhood center, opened in downtown Metuchen on Route 27 and Middlesex Ave. It is anchored by Whole Foods, with a satellite tenant lineup that includes RJBCO clients Massage Envy and European Wax Center. The Route 35 corridor in Hazlet/Holmdel/Middletown has seen its ups and downs this past year. In Middletown, the WRDC-owned property formerly anchored by …
RALEIGH, N.C. — Regency Centers, in partnership with ITB Holdings LLC, will break ground this month on Midtown East, a new retail center in Raleigh. A 120,000-square-foot Wegmans will anchor the property, which will include an adjacent 400-space, elevated parking deck and five additional retail buildings. Williams Co. Southeast is the project’s construction manager. Gensler designed the center, and McAdams is the project’s civil engineer. Midtown East is slated to open in the second quarter of 2019.
GAINESVILLE, FLA. — Concept Cos., in partnership with Gateway Development Services and Harvest Capital Group, has broken ground on 800 Second at Innovation Square, a 55,000-square-foot office building located adjacent to the University of Florida in Gainesville. The first floor of the building will include a bistro and coffee shop, as well as a work studio with a variety of spaces, including individual office suites, co-working/shared offices and conference rooms. The top three floors will contain office space. The building will be part of Innovation Square, a 25-acre mixed-use project that will support the technology and research ventures of the University of Florida and the greater Gainesville community. The project is being developed in a public-private partnership. 800 Second is slated for completion in the third quarter of 2018.
