KANSAS CITY, MO. — LANE4 Property Group Inc. is remodeling and renovating the Red Bridge Shopping Center, a 150,000-square-foot retail property in Kansas City. The center is anchored by Lipari’s Sun Fresh Grocery Market and will see the return of tenant Euston Hardware. Since purchasing the center six months ago, LANE4 has secured leases and commitments for over one-third of the existing vacant space. Others tenants at the center include Blue Bicycle Fitness Center and Sofi Cucina Italiana Restaurant. The renovation is expected to be complete by this October and includes an extensive overhaul of the façade, new roofs and parking lots, two large tower elements that will open and bring natural light into restaurant spaces and new landscaping. Centric Projects is the general contractor. Generator Studio is the architect of record.
WILMINGTON, OHIO —Marcus & Millichap has brokered the sale of a 153,976-square-foot community shopping center in Wilmington, approximately 50 miles northwest of Cincinnati, for $6.6 million. An Ohio-based developer sold Meadow Park Plaza to a New York-based private investor. Located at 1627-1683 Rombach Ave., Meadow Park Plaza is anchored by Tractor Supply, Ollie’s Bargain Outlet, Goodwill and MC Sports, all with long-term leases in place. Other tenants include GNC, Citi Financial and LA Nails. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap listed the property on behalf of the seller and secured and represented the buyer.
WAUKEGAN, ILL. — Transwestern has arranged two industrial leases totaling 248,545 square feet in Waukegan, approximately 40 miles northwest of Chicago. Horizons Window Fashions, a manufacturer of specialty and customized window fashions, signed a long-term lease for 128,296 square feet at two adjacent properties in the Amhurst Lakes Business Center. Constructed in 1999, the 240,500-square-foot center is less than a mile from the I-94/State Route 137 interchange. In a separate transaction, Trifinity Partners Inc., a third-party logistics firm, leased 120,249 square feet of space at the Delany Commerce Center, a 218,500-square-foot facility at 2431 Delany Road. Tom Boyle and Jared Paff of Transwestern represented the tenants in both transactions.
BETHESDA, MD. — Carr Properties has acquired a 163,000-square-foot office building in the Central Business District of Bethesda for $105 million. The seller was an entity controlled by American Society of Health-System Pharmacists. Carr intends to redevelop and expand the four-story building into a mixed-use property that will include over 900,000 square feet of office, residential and retail space. The project will also include the addition of the Bethesda Purple Line Station, a new entrance to the Metro Red Line and a below-grade tunnel for the Capital Crescent Trail. The property is located at 7272 Wisconsin Ave. “We believe that the Apex site, as redeveloped, will be the new commercial hub of the Bethesda market with unparalleled access to public transportation, bike trails and the thriving restaurant and retail of Bethesda Row,” says Oliver Carr III, CEO of Carr Properties. “We could not be more excited about this opportunity for our company.” In a related transaction, the American Society of Health-System Pharmacists will relocate its headquarters to Carr’s recently developed LEED Platinum-certified office building located at 4500 East West Highway in Bethesda. Carr Properties is a private REIT that owns, acquires and develops commercial real estate, predominately office properties, in …
As market momentum from 2015 spilled over into the first quarter of 2016 for the Dallas-Fort Worth metropolitan area, commercial retail metrics are still firing on all cylinders. The three key market indicators of occupancy, absorption and development are robust and expect to remain that way for the foreseeable future. With fundamentals in check and a thriving economy led by strong employment and population growth, metro Dallas will continue to be a thriving marketplace and a safe haven for investor capital. Record High Occupancy The Dallas-Fort Worth retail market ended 2015 with an impressive 93 percent occupancy — a little over a 1 percent increase from year-end 2014 — achieving its highest occupancy rate in the last three decades. The continued occupancy increase is directly related to net absorption and largely attributable to positive population and employment growth in the Metroplex. Continued Absorption Since 2012, absorption has continuously outpaced the delivery of new construction, and nothing in the foreseeable future looks to disturb this new norm. First quarter 2016 absorption totaled over 1.6 million square feet, with half of that figure attributed to new deliveries. This is the seventh consecutive quarter where absorption eclipsed 1 million square feet. This is …
SLEEPY HOLLOW, N.Y. — A joint venture between SunCal and Diversified Realty Advisors has broken ground on Edge-On-Hudson, a $1 billion development on the Hudson River in Sleepy Hollow, located approximately 20 miles upriver from New York City. The 70-acre project will contain 1,177 units of housing, 135,000 square feet of retail space, 30,000 square feet of office space and a 140-room boutique hotel, the first in Sleepy Hollow. The project will also feature 16 acres of open space and a waterfront promenade that links the existing Westchester County RiverWalk to the south and Kingsland Point Park to the north. Edge-On-Hudson is being built on the site of the former General Motors assembly plant. The space has been empty since the automotive manufacturer vacated in 1996. Phase I will include 306 units of housing, including 40 senior affordable units and 21 affordable workforce units. There will be 188 loft-style apartments in the four-story Loft District section at the eastern edge of the property, plus 46 three- and four-story condominium homes and 72 townhomes in the Central Park District. These neighborhoods will also include green space, a central park, a new roundabout and a village green at the base of Beekman …
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of three contiguous multifamily buildings located at 50-58 E. Third St. in Manhattan’s East Village neighborhood. The assets sold for $58 million, or $817,000 per unit. The properties feature 51 free-market apartments, 18 rent-stabilized units and two rent-controlled apartments. Some of the apartments were recently renovated to include stainless-steel appliances, wine coolers, Caesarstone countertops, washer/dryers, video-intercom systems, recessed lighting, wide-plank oak flooring, marble-clad bathroom and high-gloss white cabinets. Peter Von Der Ahe, Joe Koicim, David Lloyd and Corey Isdaner of IPA represented the undisclosed seller and procured the undisclosed buyer.
FAIRFIELD, CONN. — NorthMarq Capital has arranged $11 million in refinancing for Turnpike Shopping Center, a retail property located at 1955-2009 Black Rock Turnpike in Fairfield. The 10-year loan features five years of interest-only payments followed by a 30-year amortization schedule. The 110,000-square-foot retail center is occupied by ShopRite Supermarket, Eastern Mountain Sports and Party City. Ernest DesRochers of NorthMarq secured the financing for the undisclosed borrower.
WESTERLY, PROVIDENCE AND WARWICK, R.I. — Rhode Island Commerce Corp. Board of Directors and Rhode Island Governor Gina Raimondo have approved more than $7 million in state relocation and redevelopment credits. Funding three projects, the economic development tools include $362,055 in tax credits under the Qualified Jobs Incentive Tax Credit Program to support company relocation and growth, $3 million for the first Tax Increment Financing agreement to support hotel development and $3.6 million Rebuild Rhode Island tax credits to fund the redevelopment of a historic property. Ivory Ella, a socially-minded online retailer, will receive the $362,055 for the relocation of 40 of its current jobs, 19 of which qualify under the Qualified Jobs Incentive Tax Credit program, from Connecticut to Westerly. Homewood Suites Hotels – Exchange Street LLC will receive $3 million for the construction of a $24.5 million 120-room hotel with ground-floor retail in downtown Providence. The board approved $3.6 million in Rebuild Rhode Island tax credits to support the adaptive reuse of a vacant historic mill complex along the Pawtuxet River in Warwick. The property will be redeveloped into a 200,000-square-foot mixed-use development, costing an estimated $34.6 million.
SOUTH BURLINGTON, VT. — Doug Nedde and Fernando Cresta of Nedde Real Estate have acquired a multi-tenant commercial building located at 1891 Williston Road in South Burlington. Lee Zachary, owner of the Zachary’s restaurant chain, sold the 49,200-square-foot property for an undisclosed sum. The property is occupied by Enterprise Rentals, Treehouse Woodworking, MAACO, United Fighting Arts Institute and MOTO VT.