BAYTOWN, TEXAS — Avera Cos. will build a 500,000-square-foot, built-to-suit distribution facility in the Houston metro of Baytown for Vinmar International, a petrochemical marketer and distributor. The project will include 10,000 linear feet of rail with four separate lines. NAI Partners represented TGS Cedar Port Partners LP in the sale of the 40 acres on which the center will be developed.
ARLINGTON, TEXAS — Onward Investors, a Minnesota-based investment and development firm, has sold Arbors at Brookhollow, a 114,421-square-foot office property located at 2201 E. Lamar Blvd. in Arlington. Built in 1999, the two-story building currently houses tenants such as Farmers Insurance Group, Ascension Capital and Weir & Associates. Mike Hardage and Matthew Otte of Transwestern represented Onward Investors in the transaction. Arbor Hui LLC purchased the property for an undisclosed price.
HOUSTON — Tennessee-based developer GBT Realty Corp. will develop The Shoppes of Kemah, a $16 million, 79,000-square-foot retail center that will be located along Deke Slayton Highway near State Route 146 in Houston. GBT acquired the 11.7 acres on which the center will be situated from Kemah Marketplace LP in mid-May for roughly $2.1 million. Shadow-anchored by Walmart, the center is 92 percent preleased to tenants such as Petco, Marshall’s, ULTA Beauty and Rack Room Shoes.
HOUSTON — Marcus & Millichap has brokered the sale of Copper Grove Shopping Center, a 36,645-square-foot retail center located at 8955 Highway 6 North in Houston. The sale price was not disclosed, but the property had a list price of $8.2 million. Tenants at the fully leased center include Spec’s Liquor, Pinch A Penny and Boost Mobile. Jerry Goldstein of Marcus & Millichap represented the seller, an undisclosed partnership, in the transaction. Other terms of sale were not released.
OKLAHOMA CITY — CBRE has negotiated an 83,646-square-foot industrial lease at 3800 S. Harmon Ave. in Oklahoma City. David Portman of CBRE represented the landlord, GIJC OKC 7 LLC, in the transaction. The representative of the tenant, Lincoln Electric Co., a Cleveland-based, publicly traded retailer, was not disclosed.
MIDDLETOWN, PA. — Cushman & Wakefield has brokered the $76.1 million sale of Capital Logistics Center in Middletown. An affiliated entity of Dermody Properties purchased the five-building industrial portfolio from a joint venture partnership of Woodmont Industrial Partners and AEW Capital Management. Cushman & Wakefield’s Gerry Blinebury and Gary Gabriel represented the seller. The buyer was represented in-house. Capital Logistics Center totals 1.3 million square feet and is 74 percent occupied. An additional 133,800 square feet remains available for development. The property is located near I-81 and the Pennsylvania Turnpike.
NEW YORK CITY — Marcus & Millichap has arranged the $20.5 million sale of 30-58 34th St. and 30-64 34th St., a pair of five-story apartment buildings totaling 70 units in the Astoria neighborhood of Queens. The sales price equates to almost $293,000 per unit. Peter Von Der Ahe, Joe Koicim, Shaun Riney, Noah Kossoff and Dylan Walsh of Marcus & Millichap represented the seller, Takis Tsagronis, and procured the buyer, Urban American. Located near the 30th Avenue subway station, the properties total 49,600 square feet and feature 48 one-bedroom units, 16 two-bedroom units and six three-bedroom units.
CEDAR KNOLLS, N.J. — AutoZone, QuickChek and MedExpress Urgent Care have become the first tenants to open at Hanover Crossroads, an under-construction shopping center in Cedar Knolls. Additional tenants soon to open include T.J.Maxx, HomeGoods, Five Below and ULTA Beauty. Key Properties is the developer for the 107,000-square-foot project, which is now nearly 80 percent leased. Located at 110 East Hanover Ave., Hanover Crossroads is located on the former site of Berlex Laboratories. The property was rezoned from office/laboratory to retail use in 2010.
OAKLAND COUNTY, MICH. — Three business expansions that will generate more than $40.7 million in total investment and create 349 jobs in Oakland County have received Michigan Strategic Fund approval for support, according to the Michigan Economic Development Corp. A. Raymond Corporate North America Inc., a subsidiary of France-based A. Raymond Network, develops, manufactures and markets fastening and assembly solutions. The company plans to construct a new North American headquarters in the city of Rochester Hills, where it will expand its corporate functions and establish a new advanced engineering lab. Supported by a $600,000 Michigan Business Development Program (MBDP) performance-based grant, the project is expected to generate a total capital investment of $17.3 million and create 71 jobs over five years. Michigan was chosen over a competing site in Ohio. The city of Rochester Hills has offered support to the project in the form of property tax abatement. Turin, Italy-based Comau LLC manufactures advanced industrial automation systems designed to help companies of all sizes increase plant efficiency while lowering costs. The company plans to expand its three Michigan facilities located in Southfield, Royal Oak and Novi, investing $1.5 million and creating 200 jobs. As a result, Comau has been awarded a $400,000 …
ST. CLOUD, MINN. — KeyBank Real Estate Capital has provided a $12 million Fannie Mae loan for the refinancing of Heritage Park Estates in St. Cloud, located in central Minnesota. The multifamily property was built in 2003 and includes 150 units. Fred Dockweiler of KeyBank originated the 10-year loan, which includes a 30-year amortization schedule.
