BOSTON — National Real Estate Advisors and The HYM Investment Group have unveiled plans to redevelop the Government Center Garage into Bulfinch Crossing, a six-building, 2.9 million-square-foot mixed-use development in Boston’s Bulfinch Triangle. Spanning two city blocks, Bulfinch Crossing will be anchored by One Congress, a 1 million-square-foot office tower designed by Pelli Clarke Pelli Architects. At full build-out, the development will feature three mid-rise buildings, including a hotel-and-condo building, an office building and a multi-story retail property, surrounding a new public plaza on the eastern side of the parcel, and One Congress and two high-rise residential buildings on the west parcel. Expected to break ground later this year, the project’s first high-rise residential component, designed by CBT Architects, will consist of 486 units, including 64 designated as affordable housing. In total, the mixed-use development will include 812 residential units, 196 hotel rooms, 1.15 million square feet of office space and 85,000 square feet of new retail space. Additionally, the property will feature a 1-acre rooftop amenity on the west parcel and a more than 1-acre public plaza on the east parcel. At completion of the overall redevelopment, the remaining portions of the existing garage will contain approximately 1,100 parking spaces …
Property Type
CEDAR KNOLLS, N.J. — Invesco Real Estate has completed the sale of Sterling Parc, a Class A multifamily community in Cedar Knolls. Cornerstone Real Estate Advisers acquired the property for $91 million. Situated on 22.5 acres, the 27-building property features 252 market-rate apartments, 56 age- and income-restricted apartments and eight income-restricted apartments in a mix of one-, two- and three-bedroom layouts. Communities amenities include a central clubhouse with an outdoor swimming pool, patio, grilling area, fitness center, business center and community room with full-size kitchen. At the time of sale, the property was 96 percent leased. Jose Cruz, Kevin O’Hearn, Stephen Simonelli, Michael Oliver and Marc Duval of HFF represented the seller in the transaction.
LOGAN TOWNSHIP, N.J. — Dermody Properties and Great Point Investors have broken ground on a new distribution facility at LogistiCenter at Logan, a master-planned 5.5 million-square-foot Class A industrial park in Logan Township. Located at 2810 Oldmans Creek Road, the 393,120-square-foot facility is slated for completion this fall. The facility will be e-commerce compliant with 36-foot clear heights and parking for 186 cars and 129 trailers. Great Point Investors is the strategic capital partner on the project.
WARRINGTON, PA. — CBRE has arranged the sale of The Shops at Valley Square, a 292,888-square-foot mixed-use lifestyle center located in Warrington. iStar Financial sold the property to a joint venture between affiliates of Poag Shopping Centers and real estate funds managed by Ares Management for an undisclosed sum. Built in 2007, the property features 203,953 square feet of first-floor retail space and 88,935 square feet of second-floor office space. Tenants at the center include DSW, ULTA, Banana Republic, White House|Black Market, Loft, P.F. Chang’s, Chipotle, Panera, The Melting Pot and Carmel Kitchen & Wine Bar. Brad Nathanson, Chris Decoufle and Kevin Reavey of CBRE represented the seller, while John Farrell of CBRE’s Debt and Structured Finance team arranged acquisition financing for the buyer.
VINELAND, N.J. — NAI Mertz has arranged the sale of an industrial building located at 301 N. Fourth St. in Vineland. Plastic Express Inc. acquired the 43,750-square-foot property from The Welfront Group for an undisclosed sum. The property features both industrial and office space, a 29,000-square-foot fenced-in and paved yard area, 18-foot clear ceiling heights, six tailgate doors and one drive-in door. Roy Kardon and John Brown of NAI Mertz represented the seller and the buyer in the deal.
GRAPEVINE, TEXAS — Fieldhouse USA will open its second U.S. location at Grapevine Mills in Grapevine in early 2017. The indoor sports facility will bring youth and adult sport leagues and tournaments to the area. FieldhouseUSA is a league, event and tournament-based indoor sports facility projected to draw more than 1.6 million visitors annually to the new location. The 106,000-square-foot facility will feature nine basketball courts and nine volleyball courts offering league play in basketball, volleyball and indoor soccer. FieldhouseUSA also offers programs for performance training, all-sports camps, baseball/softball, birthday parties, boot camps, cheerleading, club volleyball, corporate events, dodge ball, lock-ins, skills training, taekwondo and tumble.
NORTH RICHLAND HILLS, TEXAS — HSM Crossing LLC, an affiliate of Henry S. Miller Cos., has purchased The Crossing, a Kohl’s-anchored shopping center located at the northwest corner of Grapevine Highway and Precinct Line in North Richland Hills. The 188,000-square-foot retail center sits on 20 acres and was 89 percent leased at the time of sale to tenants including McAlister’s Deli, Unleashed by Petco, Red Hot & Blue and First Choice ER. HSM secured a five-year, non-recourse loan with L Star Capital Finance Inc. to fund the acquisition. Darrell Hurmis of Henry S. Miller represented HSM on the purchase.
HOUSTON — Keith Van Arsdale of BMC Capital’s Dallas office arranged an $8 million cash-out refinance loan for a 280-unit apartment complex in Houston. The 10-year, non-recourse loan features a 4.3 percent fixed interest rate and a 30-year amortization schedule. The loan allowed the client to cash out over $3 million after capital improvements were completed during the course of 16 months. The loan was arranged through one of BMC Capital’s banking relationships.
HOUSTON — JLL has completed the sale of Texas Self Storage located at 8909 Hinman St. in Houston. Westport Properties Inc. purchased the property. Steve Mellon and Brian Somoza of JLL represented the seller, Airport Boulevard Partners LP, in the transaction. Comprising four single-story and two two-story buildings, the facility spans 44,600 square feet. The property consists of 30 climate-controlled units, 453 non-climate controlled units and 35 covered parking units. Facility features include a secured gate with electronic access control, surveillance cameras and a customer service office. The property was built in 1975 and renovated in 2008.
HOUSTON, ROSENBERG, HUMBLE and CONROE, TEXAS — Brandon Brown and Jamie Safier of LMI Capital have secured financing for the acquisition and/or refinancing of four separate garden-style apartment complexes in the metro Houston area. Brown placed a 10-year, $4.9 million loan for a 105-unit asset in Rosenberg. The Fannie Mae loan was a cash-out refinance that closed in under 45 days and featured a fixed 4.3 percent interest rate with five years of interest-only payments. The second transaction for Brown was for a 100-unit property in Humble. The Fannie Mae acquisition loan included a 10-year term and three years of interest-only payment. Safier arranged the refinancing of an 80-unit property located in northwest Houston. The loan features a fixed 4.4 percent interest rate and two years of interest-only payments. Safier also secured acquisition financing for a 100-unit asset in Conroe. The loan featured 75 percent leverage, a 4.4 percent interest rate for the first seven years of the 20-year loan term and a step down prepayment structure.