CAMDEN, N.J. — American Water Works Co. has broken ground for the company’s new headquarters at One Water Street at the master planned Camden Waterfront in Camden. Slated for completion in late 2018, the five-story, 220,000-square-foot property will house more than 600 employees, consolidating four locations in Southern New Jersey. Robert A.M. Stern Architects is serving as architect, while Gensler is designing the interior of the building. Liberty Property Trust is developing Camden Waterfront, a mixed-use neighborhood.
STAMFORD, CONN. — Dwight Capital has arranged $13.2 million in refinancing for Westwood Apartments, located at 1-20 Westwood Drive in Stamford. The borrower was 58 Progress Drive LP. The community features 95 apartment units. Josh Hoffman, Andrew Nicoll, Matt Boyd and Brandon Baksh of Dwight Capital secured the financing for the borrower. Reno & Cavanaugh served as legal counsel for the financing transaction.
BALLSTON SPA, N.Y. — Marcus & Millichap has brokered the sale of Maplewood Manor, a skilled nursing facility located in Ballston Spa. At the time of sale, the 277-bed facility was 95 percent occupied. The facility was constructed in 1972, with additions in 1978 and 1979. Joshua Jandris, Mark Myers and Charles Hilding of Marcus & Millichap represented the seller, a New York county, and procured the buyer, a private investor with an operator tenant, in the deal. J.D. Parker of Marcus & Millichap is the broker of record in New York.
MILFORD, CONN. — Press/Cuozzo Commercial Services has arranged the sale of two contiguous retail sites located on Boston Post Road in Milford. Shemitz Associates LP sold the assets to 1501 Boston Post Road LLC for $1.5 million. Totaling 1.6 acres, the 1469 Boston Post Road consists of a 9,000-square-foot retail building and 1501 Boston Post Road features a two-story, 10,440-square-foot retail and office building. Press/Cuozzo represented the seller and procured the buyer in the deal.
PLANO, TEXAS — Retail giant J.C. Penney Co. Inc. has announced plans to close 130 to 140 stores, as well as a distribution center in Lakeland, Fla., over the next several months. The company is also in the process of selling its supply chain facility in Buena Park, Calif. The total store closures represent between 13 and 14 percent of the company’s current store portfolio. A list of locations to be shut down will be released in mid-March.
SUGAR LAND, TEXAS — Capital One has secured a $27.5 million Fannie Mae adjustable-rate loan to refinance The Retreat at Riverstone, a multifamily complex in Sugar Land, roughly 20 miles southwest of Houston. The property, a 249-unit, master-planned community located at 18545 University Blvd, features a resort-style pool with cabanas, fitness center and a resident lounge with a cyber café. Clay Wright of Capital One’s Commercial Real Estate Group originated the 10-year loan, which has a 30-year amortization schedule and one year of interest-only payments.
RICHARDSON, TEXAS — Marcus & Millichap has brokered the sale of Two Mission Park, a 77,449-square-foot property, Class B office space in Richardson, a northern suburb of Dallas. Located at 1202 Richardson Drive near Central Expressway, the four-story building, built in 1980, was 63 percent occupied at the time of sale. Ron Hebert of Marcus & Millichap represented the seller and procured the buyer. Both parties requested anonymity.
IRVING, TEXAS — Lee & Associates has completed a lease renewal transaction for a 335,480-square-foot industrial space at 9400 N. Royal Lane in Irving, a city within the Dallas-Fort Worth metroplex. Tom Walrich of Lee & Associates represented the tenant, KGP Telecommunications Inc., a Minnesota-based distributor of telecommunications equipment and solutions. Mitchell Pruitt of Prologis represented the landlord internally in the lease deal.
MILWAUKEE — The Chase Tower parking garage, located at 525 N. Water St. in downtown Milwaukee, has undergone renovations in excess of $5 million and is now under the management of Secure Parking USA. The Farbman Group, based in Southfield, Mich., owns the garage, which consists of 738 parking spaces and covered walkways that connect it to The Shoppes of Grand Avenue, Marriott Residence Inn, Riverside Theater and a number of eateries. As part of the revitalization, the parking garage received structural upgrades; a brand new parking access system; new and improved lighting; as well as new signage, including updated A frames, direction signs, entrance signs and exterior signs. Directly connected to the parking garage, Chase Tower is currently undergoing renovations as well. The common areas on the first and second floor will include all new seating areas.
DALLAS — Colliers International Group Inc. has arranged a new 17,000-square-foot lease at 717 Harwood, a 34-story office building in downtown Dallas. The tenant, Quorum Business Solutions, a Texas-based technological consulting company, will use the space as its new corporate headquarters. David Quisenberry, John Conger and Lindsey Wolcott of Colliers represented the property owner, World Class Capital Group. Kyle Kelley and Frank McCafferty of Savills Studley represented Quorum Business Solutions in the deal