LANSDOWNE, PA. — CBRE has arranged the sale of a retail property located at 2 W. Baltimore Ave. in Lansdowne. Moreland Development LLC sold the property to an undisclosed buyer for $9.5 million, or $643 per square foot. Converted from a historic bank branch in 2016, the 14,800-square-foot property is occupied by Walgreens. Matthew Gorman, Michael Shover, Marc Mandel and Stephen Schrenk of CBRE represented the seller in the transaction.
NEW YORK CITY — Eastern Consolidated has arranged the sale of a development site located at 21 Powers St. in the Williamsburg section of Brooklyn. Powers 21 LLC acquired the site from 21 Powers LLC for $5.7 million, or $428 per square foot. A one-story warehouse occupied the site, which features 13,438 buildable square feet. Scott Burk and Jacob Tzfanya of Eastern Consolidated represented the seller, while Chad Sinsheimer of Eastern Consolidated represented the buyer in the deal.
BRONXVILLE, N.Y. — Houlihan-Parnes Realtors has arranged a $2.9 million first mortgage loan for a retail property located at 10-24 Palmer Ave. in Bronxville. The three-story, 23,600-square-foot property features five retail stores with 100 feet of frontage on Palmer Avenue and an auto repair shop on Paxton Avenue. The loan, which was provided by a savings bank, features a 12-year term at a seven-year, 3.47 percent fixed-interest rate and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes Realtors secured the financing for the undisclosed borrower.
DALLAS — New York-based Fortis Property Group has purchased Chase Tower in downtown Dallas from Hines, a privately owned real estate investment firm based in Houston. The 55-story, 1.3 million-square-foot tower is located on a 1.5-acre site at 2200 Ross Ave. in the city’s central business district. According to the Dallas Business Journal, the tower sold for “upwards of $300 million.” The skyscraper was built in 1987. Architect Richard Keating designed the building. Though it was recently renovated, Fortis plans additional upgrades. “It is always exciting to acquire a premier and iconic skyline office tower,” says Jonathan Laudau, CEO of Fortis. “In line with our strategy to purchase best-in-class properties, Chase Tower represents the best of downtown Dallas and the Arts District. We anticipate upgrading the Ross Avenue curb appeal and building accessibility as well as the foodservice amenities at the property.” J.J. Leonard and Matthew Wieser of Stream Realty Partners’ office division in Dallas will lead leasing efforts for the property. Amenities at the Class A property include the Dallas Petroleum Club, conferencing/lounge facilities, a fitness center, concierge in the main lobby, Chase Bank retail banking facility, Starbucks, free Wi-Fi in the mezzanine, 24-hour security and a full-service car wash. …
GILBERT, ARIZ. — Cushman & Wakefield has arranged the $18 million sale of Lakeview Village, a 93,741-square-foot shopping center located in the Phoenix suburb of Gilbert. The property is located within the master planned community of Morrison Ranch. Bashas’ anchors the 97 percent-occupied center, which is home to tenants including Bank of America, Panda Express, Great Clips, UPS, H&R Block, Edward Jones and Subway. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller, Lakeview Village Center LLC, which is a company formed by North American Development Group and Morrison Ranch. The buyer was Vestar Lakeview LLC.
LONGMONT, COLO. — NewMark Merrill Cos. has completed Phase I of development at Village at the Peaks, a 500,000-square-foot lifestyle center located in Longmont. The property was the former site of Twin Peaks Mall, which NewMark Merrill acquired in 2012 for $8.5 million. Tenants at the 90 percent-occupied center include anchors Whole Foods Market, Sam’s Club and Regal Cinemas. Phase II of the development, which will total up to 40,000 square feet, is currently being marketed for lease.
DALLAS — Greystone has provided $107 million in Fannie Mae DUS loans for the acquisition of six multifamily properties in the Dallas suburbs of Irving, Lewisville, Benbrook and Euless. Rob Russell of Greystone originated the loans on behalf of the borrower, Chicago-based Intercapital Group. The properties, which total 1,711 residential units, include: Wimbledon in Lewisville Greenwood Creek in Benbrook Catalina Apartments in Lewisville Summer Gate Apartments in Irving Oaks of Lewisville in Lewisville Parc Plaza Apartments in Euless The 10-year Fannie Mae loans include 30-year amortization schedules and three years of interest-only payments.
STAFFORD, TEXAS — Hilton Worldwide has opened the 91-room Home2 Suites by Hilton Houston Stafford at 11121 Fountain Lake Drive in the Houston suburb of Stafford. The hotel is situated near downtown Houston, Sugar Land Town Square, Fountains Shopping Center and First Colony Mall. Owned and managed by Everwood Stafford LLC, Home2 Suites by Hilton Houston Stafford offers fully equipped kitchens and modular furniture. The pet-friendly hotel also features a pool, free internet access, complimentary breakfast and Spin2 Cycle, a combined laundry and fitness area. The hotel also features an outdoor saline pool and patio with grill area.
EL PASO, TEXAS — Medistar Corp. has completed construction on Medical Plaza 1, a four-story, 110,000-square-foot medical office building located in El Paso on The Hospitals of Providence Transmountain Campus. Located at Resler and Transmountain drives, the new campus is anchored by a 108-bed hospital, which can be expanded to 140 beds and will serve as the new teaching hospital for Texas Tech University Health Sciences Center El Paso (TTUHSC). In conjunction with Medistar, TTUHSC El Paso and The Hospitals of Providence are collaborating on the multi-million dollar teaching hospital to open in early 2017 and immediately adjacent to Medical Plaza 1. HKS is the architect for Medical Plaza 1, and Robins & Morton is the general contractor.
HURST, TEXAS — Old Capital has provided a $2.7 million loan for the purchase and renovation of Regency Place Apartments in Hurst. A local ownership group acquired the 78-unit property for an undisclosed price. Old Capital provided the five-year loan at a 4.5 percent fixed interest rate with one year of interest-only payments. The loan was structured to fund 75 percent of the purchase price and all of the renovations and unit upgrades through an approved capital improvement program.