NEW YORK CITY — Madison Realty Capital has closed Madison Realty Capital Debt Fund III, the firm’s third institutional real estate debt investment vehicle. The discretionary private equity fund raised a total of $695 million in capital commitments, exceeding its original goal of $600 million. Capital was sourced from a diverse group of investors, including public pension funds, corporate pension funds, foundations and endowments, family offices and wealth managers. The fund originates commercial mortgage loans, mezzanine loans and preferred equity interests and acquires non-performing mortgages.
HARRISBURG, PA. — Macy’s has opened its new Backstage concept within 25,000 square feet of space on the first level of Harrisburg Mall, located on Paxton St. in Harrisburg. The new off-price brand is designed to elevate the neighborhood off-price experience. Featuring a dedicated entrance from the outside, Macy’s Backstage will feature an array of men’s, women’s and children’s apparel, shoes, accessories, housewares and home textiles. Additionally, each Backstage store will feature a Sunglass Hut section and a branded eatery. Macy’s intends to outfit 10 stores with the Backstage configuration and construct an additional 50 stand-alone configurations of the concept for a total of 60 locations.
AUSTIN, TEXAS — Transwestern Development Co. plans to develop Indie Apartments, a micro-unit community at 1648 E. Sixth St. in Austin. Transwestern acquired nearly 0.5 acres and will construct a 139-unit community with a 2,500-square-foot restaurant space in East Sixth, an entertainment district just east of downtown. Groundbreaking is scheduled for June with the first units expected to deliver in August 2017. The 55,814-square-foot property will consist primarily of 350-square-foot studio units and 520-square-foot, two-bedroom units. The fully furnished apartments will maximize space through built-in storage units and flexible furniture systems such as Murphy beds, hideaway kitchen modules and convertible tables. Located less than one block from the Plaza Saltillo metro station, Indie Apartments will feature a large communal area, fire pits, outdoor TVs and 108 below-grade parking spaces. Martines Palmeiro Construction is the general contractor, and Wilder Belshaw Architects is the architect. Comerica provided the financing for the project.
MCKINNEY, TEXAS — SWBC Real Estate LLC has purchased 9.3 acres within the 2,200-acre Craig Ranch master planned community in McKinney to develop two Class A multifamily properties. Craig Ranch is located on the north side of State Highway 121, also known as the Sam Rayburn Tollway. SWBC will develop the site in two phases. The first phase will be named Central Park at Craig Ranch and will consist of 269 units. At total build-out, the site is projected to contain 550 units. Central Park at Craig Ranch will include one-, two- and three-bedroom units. Amenities will include a clubhouse with a community business center, attached parking garage, 24-hour fitness center, pool and spa. Units will feature 10-foot ceilings, granite countertops, stainless steel appliances and washer/dryer hookups. Cross Architects is the architect for the project, Stantec is the engineer and SWBC Builders LLC is the general contractor. SWBC Real Estate plans to break ground on the project in the fourth quarter.
LAREDO, TEXAS — CBL & Associates Properties has formed a 65/35 joint venture with Horizon Group Properties to develop The Outlet Shoppes at Laredo. Once complete, the 358,000-square-foot project will be the only outlet center within a 180-mile radius and the closest outlet center to the 4.5 million neighboring populace in Monterrey, Mexico. The project is under construction with a grand opening slated for spring 2017. CBL and Horizon are co-developing the project with Horizon responsible for leasing and management. The Outlet Shoppes at Laredo is nearly 80 percent preleased to tenants including Michael Kors, Brooks Brothers, Banana Republic, Abercrombie & Fitch, Tommy Hilfiger, Puma and Fossil. The project is located off I-35 adjacent to a new customs bridge that provides direct access to the property.
NORTHLAKE, TEXAS — E Smith Realty Partners has secured 309,357 square feet of industrial space for Wesco Aircraft Holdings in Northlake. Wesco Aircraft is a distributor and provider of supply chain management services to the aerospace industry. The new industrial warehouse should be complete in the third quarter. Brad Struck and Jim Hazard of E Smith Realty represented the tenant in the lease negotiations.
KATY, TEXAS — NAI Partners has represented Jet Line in a 30,375-square-foot lease in a newly constructed multi-tenant industrial building located at 21401 Park Row Drive in Katy. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant, Jet Line, in the lease negotiations, while Darryl Noon of Transwestern represented the landlord, MCA Mason Creek Owner LLC.
CHICAGO — 175 Harbor Drive LLC has acquired North Harbor Tower, a 600-unit high-rise apartment building in Chicago’s Lakeshore East neighborhood, for an undisclosed price. The building is located within a 28-acre master-planned community at 175 N. Harbor Drive. Amenities at North Harbor Tower include an outdoor sundeck, indoor pool, 24-hour fitness facility, fitness studio with complimentary classes and party room. A multi-million dollar renovation of the 55-story property is scheduled to begin later this year. The tower offers a mix of studio, convertible, one-, two- and three-bedroom units. The seller in the transaction was undisclosed.
BUFFALO GROVE, ILL. — CBRE has arranged the sale of an 11-acre parcel of land for future development in Buffalo Grove, approximately 33 miles northwest of Chicago. Ridgeline Property Group purchased the land for an undisclosed price. The developer plans to build a 157,000-square-foot speculative industrial building on the site. Once completed, the facility will feature 32-foot clear heights, 36 exterior docks, four drive-in doors and 173 parking spots. The property will be located at 850 Asbury Drive. Zach Graham and Ryan Bain of CBRE were the sole brokers in the transaction.
NILES, ILL. — Adelphia Properties has brokered the sale of Niles Shopping Center, a 24,050-square-foot retail property in Niles, approximately 15 miles northwest of Chicago, for $1.9 million. The two-building center, located at 7519 and 7457 N. Milwaukee Ave., is anchored by AutoZone. The majority of the remaining tenants are healthcare service providers. Simeon Spirrison of Adelphia Properties represented the buyer in the transaction. Both parties in the deal were private investors.