COLLEGE STATION, TEXAS — Metropolitan Capital Advisors has arranged $2.8 million in financing to 505 University Center LLC for the acquisition of 505 Center, a retail center located along University Drive in College Station. At the time of sale, the 33,766-square-foot property was fully occupied by a variety of national and regional tenants, including Fox & Hound, Edward D. Jones & Co., Aggieland Eye Care and Cavalier Cigar. Sunny Sajnani and Duke Dennis of Metropolitan Capital arranged the financing through Texas-based The Bank & Trust.
DALLAS AND PLANO, TEXAS — DuWest Realty has arranged two retail leases totaling 27,716 square feet in Dallas and Plano. In the first lease, The Knead Medmassage leased 11,141 square feet at Broadstone Galleria at 13465 Inwood Road in Dallas. Scott Rodgers and Taylor Cluff of DuWest represented the landlord, CH Realty, in the deal. In the second deal, Kawaii America Piano Co. leased 16,302 square feet at Village at Collin Creek Shopping Center in Plano. Rodgers and Joe Radice of DuWest represented the landlord, Madison Partners, in the transaction.
STAMFORD, CONN. — GAIA Real Estate and its institutional partners Menora Mivtachim Insurance, Amitim Senior Pension Funds, Psagot Investment House and CAPSSA have acquired a five-property multifamily portfolio at Harbor Point in Stamford from a joint venture between Building and Land Technology and the Lubert-Adler Real Estate Funds. The 1,214-unit portfolio consists of Postmark, 111 Harbor Point, Vault, The Key at Yale & Towne and The Lofts at Yale & Towne. The acquisition price was not released.
NEW YORK CITY — Toll Brothers Inc. has partnered with Gemdale Properties and Investments, an affiliate of Gemdale Corp., to develop a luxury condominium property at 121 E. 22nd St. in Manhattan. Designed by the Office for Metropolitan Architecture, the two-tower property will feature 133 condominium units. The joint venture has secured a $237 million construction loan from a syndicate of five banks, including Bank of New York Mellon, Capital One, China Merchants Bank-New York, MUFG Union Bank and CIT Bank. The debt and equity were arranged by Toll Brothers’ in-house finance team. Additionally, Morrison & Foerster provided legal counsel to Gemdale in the joint venture.
NEW YORK CITY — Cushman & Wakefield has originated a $57.5 million loan on behalf of Chris Xu of United Construction & Development Group for the acquisition of a mixed-use development site located at 39-08 Janet Place in the Flushing neighborhood of Queens. ACORE Capital provided the loan, and Morris Betesh of Cushman & Wakefield handled the transaction. The waterfront site offers 780,446 buildable square feet of residential, retail and office space.
RENSSELAER, N.Y. — Capital District Real Estate Investment Team has started the $1.8 million conversion of a vacant office building, located at 22 High St. in Rensselaer, into Falls Edge Apartments. Once completed the property will feature 12 new apartment units, each with pre-installed WiFi and Sonos home stereo systems, hallway security cameras, granite countertops and in-unit washer/dryers.
NEW HAVEN, CONN. — O,R&L Commercial has arranged the sale of a 150,000-square-foot office and industrial complex, located at 85 Willow St. in New Haven. Willow Street Equities LLC acquired the property, known as Marlin Business Center, from 85 Willow Street NH LLC for $4.5 million. The buyer plans to continue to operate the property as an office and industrial complex with 40 tenants in 16 separate buildings. The complex was originally built for Marlin Firearms in the 1800s and converted to a multi-tenant facility in the late 1970s. Rich Lee of O,R&L Commercial brokered the transaction.
MEMPHIS, TENN. — New York-based Angelo, Gordon & Co.’s net lease group (AG Net Lease) has purchased an office tower within International Paper Co.’s global headquarters campus in Memphis for $58.3 million. AG Net Lease’s purchase from Century Park Partners LLC includes the office building and the assumption of International Paper’s existing 10.5-year lease. Situated in the East Memphis business district, Tower III spans 214,060 square feet and is one of four office buildings on International Paper’s campus.
CHARLOTTE, N.C. — Charlotte-based Vision Ventures plans to develop a four-story, 83,000-square-foot office building located at 2100 S. Tryon St. in Charlotte’s historic South End neighborhood. The property will be situated within walking distance of the East/West Boulevard light rail station, Camden Road and the Rail Trail, a four-mile trail that winds through downtown Charlotte. Vision Ventures has selected Tom Fitzgerald of JLL to market and lease the building, which will feature ground-level retail space. BB+M Architecture is the architect for the project.
GREENVILLE, S.C. — RealOp Investments has purchased Bank of America Plaza, a 15-story, 196,152-square-foot office tower located at 101 N. Main St. in downtown Greenville. Renovated in 2014, the office building is connected to an Aloft Hotel and two parking structures on either side of the building. The property was 80 percent leased at the time of sale to tenants such as Bank of America, IBM, iHeartMedia and Next on Main, a shared office space provider. The building’s ground-floor retail space is leased to Methodical Coffee, TAZ Boutique and the iStore, an Apple reseller. Ryan Clutter, Scot Humphrey, Chris Lingerfelt and Zach Drozda of HFF represented the seller, Hughes Development Corp., in the sale. Travis Anderson and Brent Bowman of HFF arranged a $17.3 million, floating-rate acquisition loan on behalf of RealOp Investments.