HOUSTON — Tony Talamas of BMC Capital’s Houston office has arranged $10.1 million in financing for the cash-out refinance of six multifamily properties in Houston. The properties were built between 1958 and 1980. The five-year loan includes a fixed interest rate of 3.5 percent and a 30-year amortization schedule. The loan was arranged through one of BMC Capital’s correspondent life company relationships.
DALLAS — Marcus & Millichap has arranged the sale of Newport Landing Apartments, a 185-unit apartment property in Dallas. John Barker and Daniel Burton of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a limited liability company. Barker also secured the buyer, a private investor. Newport Landing Apartments is located in the Highland Meadows neighborhood of northeast Dallas. The property spans 185 units and 168,802 square feet, with an average unit size of 912 square feet. The complex includes 36 buildings constructed with wood siding and concrete slab foundations. On-site amenities include a swimming pool, 326 parking spots, controlled access gates, business center, clubhouse, courtyard and five laundry facilities. Unit amenities include fireplaces, walk-in closets, frost-free refrigerators and private balconies.
KATY, TEXAS — Thor Equities has leased a total of 6,800 square feet of space at The Shoppes at Cinco Ranch in Houston to three separate retailers. Iron Tribe Fitness, a gym franchise with more than 60 locations in 15 states, has signed a long-term lease for 4,200 square feet of ground-level space. Great Clips also signed a long-term lease for more than 1,000 square feet, while Nails of America is leasing over 1,600 square feet of space. All three businesses are scheduled to open this summer. Thor recently announced Lowe’s Cos. will build a 100,000-square-foot home improvement store at The Shoppes at Cinco Ranch, with Thor developing retail stores and restaurant spaces throughout the remainder of the 35-acre property. Located in Katy, The Shoppes at Cinco Ranch is accessible via the Westpark Tollway and bisected by Spring Green Boulevard, with parking and sidewalks throughout the property.
HOUSTON — NAI Partners has represented Point2Point Crowded House Moving & Storage in the lease of 31,075 square feet of distribution warehouse space located at 527 W. 38th St. in Houston. Point2Point and Crowded House merged in early 2012. Chris Caudill of NAI Partners represented the tenant, Point2Point Crowded Houston Moving & Storage, during the negotiations. Steve Hazel of Insite Realty represented the landlord, Houston Pine Forest M LLC.
BOSTON — GE will locate its new global headquarters in the Seaport District of Boston. The company has entered into an agreement to acquire a 2.5-acre property located at 5 and 6 Necco Way from P&G. The site includes two historic buildings, which will be renovated, and an adjoining parking lot on which GE plans to construct a new building. GE employees will move to a temporary location in Boston on Farnsworth Street this summer, with a full move expected in several steps by 2018.
CAPE MAY COURT HOUSE, N.J. — Polimeni International LLC has completed the disposition of The Plaza at Cape May Court House, a retail center located at 11 Court House South Dennis Road in Cape May Court House. An affiliate of RW Capital Partners acquired the 163,629-square-foot property for $32.1 million. At the time of sale, the property was 97.6 percent leased to a variety of national and regional tenants, including ACME Markets, Marshalls, Staples, CVS/pharmacy, Pier 1 Imports, Alfredo’s Pizza, Chopsticks Restaurants, Melini Hair Care, GNC and Payless ShoeSource. Chris Munley, Jose Cruz and Kevin O’Hearn of HFF represented the seller in the transaction.
VERNON, N.J. — Marcus & Millichap has arranged the acquisition of a net-leased retail property in Vernon. The 13,225-square-foot property sold for $9.7 million. The property is occupied by CVS/pharmacy. Michael Lombardi of Marcus & Millichap represented the buyer, a private investor, in the transaction.
KILLINGLY, CONN. — CBRE/New England has secured $7.8 million in permanent financing for affiliates of The Grossman Companies for an industrial building located at 349 Lake Road in Killingly. The long-term, fixed-rate loan was provided by HarborOne Bank. Situated on 20.7 acres, the 207,878-square-foot industrial facility is fully leased to C&M Corp. and Superwinch with a long-term parking lease to Rite Aid. Kyle Juszczyszyn and Chris Coutts of CBRE/NE arranged the financing for the borrower.
NORTH KINGSTOWN, R.I. — Kennedy Funding Financial has completed a $1.8 million loan secured by a development site in North Kingstown. The borrower was property owner CIOE A34 LLC. Located on Ten Rod Road, the 5.3-acre parcel is currently zoned for approximately 200,000 square feet of mixed-use development. Kevin Wolfer of Kennedy Funding Financing arranged the financing for the borrower.
EAST POINT, GA. — Atlanta-based Solution Property Group has purchased a former General Services Administration warehouse in East Point, a town roughly seven miles south of Atlanta, for an undisclosed price. The company plans to demolish the 55-year-old building and replace it with a new 538,500-square-foot project known as Creekside at Langford Distribution Corridor. The industrial property will be the closest bulk distribution center to Atlanta’s central business district, according to Solution Property Group, which plans to deliver the facility in the early fall of this year. Solution Property Group has selected Pat Murphy, Ray Stache and Spencer Green of Cushman & Wakefield to lease Creekside at Langford Distribution Corridor.