LEAGUE CITY, TEXAS — 1251 Butler Road LLC has purchased a 9,000-square-foot multi-tenant industrial building from Owl Freeway Properties LLC. The property is located at 1251 Butler Road in League City and was 100 percent occupied at the time of sale. Lee & Associates’ Reed Vestal and Taylor Schmidt represented the seller, and NAI’s John Ferruzzo represented the buyer.
FRANKLIN, MASS. — NorthMarq Capital has arranged $50 million for the refinancing of Franklin Village, a grocery-anchored mixed-use property located at 250 Franklin Village Drive in Franklin. The 10-year loan features a 30-year amortization schedule. Greg Nalbandian and Doug Nickerson of NorthMarq arranged the financing through NorthMarq’s correspondent relationship with Sun Life of Canada for the undisclosed borrower. Major tenants at the 303,096-square-foot property are Stop & Shop, Dress Barn and Marshalls.
LINDEN, N.J. — Tulfra Real Estate has completed the disposition of an industrial building located at 1501 W. Blancke St. in Linden. Penwood Real Estate Management acquired the 115,000-square-foot property for an undisclosed price. Jordan Metz of Bussel Realty arranged the transaction. Originally built in 1973 and situated on 4.6 acres, the building features 15,000 square feet of office space, 16-foot to 24-foot clear ceiling heights and 100 on-site parking spaces. The building is currently occupied by Vantage Specialty Chemicals and Hello Fresh.
SYRACUSE, N.Y. — TJM Properties has acquired Crowne Plaza Syracuse, located at 701 E. Genesee St. in Syracuse, for an undisclosed price. The hotel offers 276 guest rooms and 12,243 square feet of conference space. The property will retain the Crowne Plaza flag and continue to offer all the amenities and incentive programs of the Crowne Plaza brand. The name of the seller was not released. This purchase is the latest expansion of the TJM Properties and its fourth hotel in the Northeast. TJM plans to add approximately three hotels per year to its growing portfolio.
NEW YORK CITY — Marcus & Millichap has arranged the sale of a three-building multifamily portfolio located in the Bedford-Stuyvesant neighborhood of Brooklyn. The assets sold for $12.3 million, or $514,000 for unit. Located at 293 Stuyvesant Ave., 3 MacDonough St. and 5 MacDonough St., the portfolio totals 29,872 square feet and features 24 multifamily units. Shaun Riney, Peter Von Der Ahe, Joe Koicim and Thomas Shihadeh of Marcus & Millichap represented the undisclosed seller and procured the undisclosed buyer.
FRANKLIN, N.J. — Denholtz Associates has acquired the former manufacturing home of Acme Tube, located 655 Howard Ave. in Franklin. The 74,325-square-foot building had been foreclosed upon and has been vacant for a number of years. Denholtz plans to remediate the site and will invest $1.5 million into a complete rehabilitation of the property, including a new roof, heating, lighting, landscaping, electric, parking lot and paint. The industrial property, which will be available for occupancy in August, is already being marketed for sale or lease by Zimmel Associates.
CHARLESTON, S.C. — North American Properties – Atlanta has unveiled plans to develop Lorelei, a 160-acre, upscale mixed-use project located on Laurel Island in Charleston. The project’s estimated value totals more than $1 billion, according to sources familiar with the development. The waterfront property is central to the Port of Charleston and offers views of the Arthur Ravenel Jr. Bridge. Plans for Lorelei include retail, chef-driven restaurants with waterfront patios, a hotel, meeting space, loft and Class A offices, multifamily residences, condominiums and single-family homes, a community gathering space, biking and hiking trails and entertainment venues. A food hall is planned for the project, and will be designed and curated in collaboration with local restaurateur Steve Palmer. Boat access will also be available to visitors. Fred Kent, founder of Project for Public Spaces, and Jeff Speck, author of “Walkable City,” have been tapped to help with the design of the project. Project construction is expected to begin upon clearing regulatory and financing hurdles.
ATLANTA — The Atlanta Braves and development partner Fuqua Development have revealed eight new retail, dining and entertainment concepts coming to The Battery Atlanta, a 1.5 million-square-foot mixed-use development surrounding SunTrust Park. The concepts are set to open by Opening Day 2017, when the Atlanta Braves will first take the field at their new 41,500-seat ballpark, which is situated in Cobb County near the intersection of I-75 and I-285. The new concepts include Wahlburgers, a chef-driven burger concept from Mark, Donnie and Paul Wahlberg; Kings Bowl, a retro bowling and entertainment destination; Live!, a dining and entertainment destination developed by The Cordish Cos. and and designed by Jeffrey Beers International; Goldbergs Bagel Co. & Deli, an Atlanta-based bagel and sandwich shop; Mountain High Outfitters, an outdoor specialty store; Sugarboo Designs, a household items and gifts retailer; DressUp, a women’s fashion boutique retailer; and a retail-only Harley-Davidson store. Cordish operates Live! venues at major ballparks across the country, including Xfinity Live! at the Philadelphia Flyers’ Philadelphia Stadium Complex and Ballpark Village with the St. Louis Cardinals. At The Battery Atlanta, Cordish will develop a two-level venue that will feature a 40-foot diagonal, high-definition LED screen as a back-drop for social games …
ORLANDO, FLA. — CBRE has brokered the $17.6 million sale of Cadence Crossing, a 184-unit apartment community located at 6203 Curry Ford Road in Orlando’s Airport submarket. Capital Vision Management purchased the recently renovated property from Aspen Square. Built in 1973, the apartment community features a clubhouse, tennis court, picnic areas, playground, fitness center and a business center. The property was 95 percent occupied at the time of sale. Shelton Granade, Luke Wickham and Justin Basquill of CBRE represented Aspen Square in the transaction.
JACKSONVILLE, FLA. — Colliers International has brokered the $17 million sale of Villas at Dames Point, a 180-unit apartment complex located at 8291 Dames Point Crossing Blvd. in Jacksonville. VMHF Jacksonville LLC, an entity controlled by Washington, D.C.-based The Republic Family of Cos., purchased the asset from Dames Point Partners LLC. Built in 2007, the gated complex features four floor plans ranging in size from 844 to 1,151 square feet. The community was 93 percent occupied at the time of sale. Bradley Coe and Douglas Blair of Colliers International’s Northeast Florida office brokered the transaction.