BOISE, IDAHO — PMZ Realty Capital has arranged a $27 million refinancing for a four-property hotel portfolio in Boise. The Boise Airport Hotel Portfolio includes the Fairfield Inn by Marriott Boise, Hampton Inn Boise – Airport, Holiday Inn Boise Airport and the La Quinta Inn & Suites Boise Airport. The portfolio contains more than 300 hotel rooms.
MORENO VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of Plaza De Majorca, a shopping center located at 12220 Pigeon Pass Road in Moreno Valley. A Gardena, Calif.-based private investor acquired the asset from Continental Investment Group for $5.8 million. Circle K and Farmer Boys anchor the 38,872-square-foot retail center. Greg Bedell , Paul Su and Brad Umansky of Progressive Real Estate Partners represented the seller, while William Larson of Sonnocco Real Estate Group represented the buyer in the transaction.
SPRING, TEXAS — Kimco Realty Corp. is set to break ground in April on Grand Parkway Marketplace, a planned 450,000-square-foot shopping center development in Spring anchored by Target. About 75 percent of the retail space is pre-leased, including eight leases with national junior anchors. The groundbreaking ceremony will take place Thursday, April 7 at 10 a.m. CDT. Grand Parkway Marketplace will be located at the corner of Kuykendahl and Spring Stuebner roads. The ceremony will be open to the public.
DALLAS, IRVING and GARLAND, TEXAS — Younger Partners has arranged three office leases in the Dallas area. In the first transaction, Neligan Foley LLP renewed its 11,374-square-foot, full-floor lease at Republic Center, located at 325 N. St. Paul St. in Dallas. Dan Woldert of Swearingen Realty Group represented the tenant. Trae Anderson, Kathy Permenter and Sarah Savage at Younger Partners represented the landlord. In the second transaction, SilverXis leased 4,000 square feet at The Offices at Cimarron Trail, located at 305 Cimmaron Trail in Irving. Byron McCoy and Ally Price at Younger Partners handled the lease negotiations. In the third transaction, Ortiz Law Firm leased 2,243 square feet at 3200 Broadway Blvd. in Garland. Zach Stevens of NAI Robert Lynn represented the tenant. Anderson and Savage of Younger Partners represented the landlord.
FORT WORTH, HARLINGEN and SHERMAN, TEXAS — SHOP Cos. Investment Sales has secured the sale of three retail properties in Texas totaling 55,645 square feet. Tommy Tucker and Tim Axilrod of SHOP Cos. represented the sellers in each transaction. The first is Rosedale Plaza, a 21,602-square-foot, newly renovated retail center located in Fort Worth. The property is located 10 miles southeast of downtown Fort Worth at the northeast corner of Rosedale Street and Ayers Avenue. At the time of closing, Rosedale Plaza was 94 percent leased to tenants including Family Dollar, Cricket Wireless, La Familia Insurance, Rosedale Laundry, Hernandez Mexican Food and Dr. Aaron Salmon, D.D.S. SHOP Cos. represented the seller, a Dallas-based limited liability, in the transaction. A private limited liability company from west Texas was the buyer. The second transaction was Ed Carey Plaza, a 23,243-square-foot shopping center located in Harlingen. At the time of closing, the property was 100 percent leased to tenants including T-Mobile, Marble Slab Creamery, Quizno’s, Wing Barn, Advance America, Sun Loan and Sylvan Learning Center. Ed Carey Plaza is located along North Ed Carey Drive. SHOP Cos. represented the seller, a Dallas-based limited liability company, and procured the buyer, a limited partnership from …
GRAPEVINE, TEXAS — The award-wining Perry’s Steakhouse & Grille will open a new location in Grapevine. Once completed in 2017, the 10,000-square-foot restaurant will be located at 2400 W. State Highway 114 and will be the first in Tarrant County. Perry’s owns and operates two other steakhouses in the Dallas metro area — Uptown and Frisco.
HOUSTON — Real estate professionals Jay Holland and Jim McCartney have opened a Big Space Storage location at 11847 Spears Road in Houston. The property consists of 270 units and features wide driveways for easy maneuverability, monitoring and pull-through capability in select units. Big Space Storage also includes an onsite leasing and management office and a manager’s apartment. Several other Big Space Storage brand sites are under consideration in other parts of Houston.
PLAINSBORO, N.J. — The KRE Group, Oxford Realty Group and Verde Capital have acquired Deer Creek, a multifamily community located at 305 Deer Creek Drive in Plainsboro, for $45 million. Situated on 34 acres, the 288-unit property features a mix of one- and two-bedroom apartments. Additionally, the community features an outdoor pool, two tennis courts and access to a nature trail. The new ownership plans to construct a new fitness center, as well as numerous renovations, at the property. Renovations will include granite kitchen countertops, stainless steel appliances and in-unit washer/dryers. This is the second property KRE and Oxford have jointly acquired in the last four months.
NEWARK, N.J. — Lotus Equity has entered into an agreement to acquire Bears & Eagles Riverfront Stadium, located at 450 Broad St. in Newark. The City of Newark, Essex County and the Essex County Improvement Authority are selling with property for $23.5 million. The sale of the stadium and land to a private developer allows the city and county to increase taxable space and relieve the taxpayers of the stadium’s current $4 million annual debt-service obligation. Lotus is gathering urban planners, designers and engineers to assess the site, which offers 7.5 acres of developable land, to conceptualize and recommend a long-term solution for the site.
BOSTON — Leggat McCall Properties, along with its joint venture partner Multi-Employer Property Trust (MEPT), and development advisor Bozzuto Development Co. have filed an expanded Project Notification Form with the Boston Redevelopment Authority for 3.1 acres of land in Boston’s South End. The site was acquired from the Boston Medical Center in late 2014. Spanning the block between Harrison Avenue and Albany Street and East Dedham and East Canton streets, the Harrison Albany project will bring a mix of residential, retail, office and cultural space to the South End. The proposed two-building project will feature 710 apartments, 14,000 square feet of retail space, 40,000 square feet of office space and public open space, including a green promenade between the two residential buildings. Additionally, the existing parking lots will be removed and replaced with underground parking.
