Property Type

Mesa West Capital Funds $40.8M Loan to Reposition Office Campus Near Boston

by Amy Works February 22, 2016

MAYNARD, MASS. — Mesa West Capital has provided Artemis Saracen Investments, a joint venture between Saracen Properties and Artemis Real Estate Partners, with $40.8 million in first mortgage financing to reposition a 1 million-square-foot office campus in Maynard. Loan proceeds will be used to implement an extensive capital improvement and leasing plan that will reposition the property to appeal to a wide variety of users. Formerly known as Clock Tower Place, the newly rebranded Mill & Main is a mixed-use development located 25 miles west of Boston. Planned improvements to the property include updated building systems, pedestrian plazas, a waterfront boardwalk, fitness facilities, boutique retail and gallery venues. Situated on 50 acres, the property includes 12 vintage brick-and-beam-style buildings overlooking a 14-acre mill pond. Constructed in 1847, the site originally served as a woolen mill until 1950 when it was converted to an office park. The property is currently 37 percent leased, including a recently signed lease with Stratus Technologies for 102,000 square feet, which is slated to open this spring. Jay Marshall of HFF arranged the financing.

February 22, 2016

Multifamily New York Northeast

GFI Realty Services Closes $15M Sale of Apartment Building in Queens

by Amy Works February 22, 2016

NEW YORK CITY — GFI Realty Services has brokered the sale of an apartment building located at 41-29 41st St. in the Sunnyside section of Queens. Norcor Management acquired the building for $15 million, or $306,000 per unit. The 40,800-square-foot multifamily property features 49 apartment units. Josh Orlander of GFI Realty represented the buyer, while Daniel Shragaei, also of GFI Realty, represented the seller, an Astoria, Queens-based firm that primarily manages residential properties in Queens.

February 22, 2016

Mixed-Use Multifamily New York Northeast Retail

Alpha Realty Negotiates $5.1M Sale of Brooklyn Mixed-Use Property

by Amy Works February 22, 2016

NEW YORK CITY — Alpha Realty has arranged the sale of a mixed-use property located at 957 Utica Ave. in Brooklyn’s East Flatbush neighborhood. The asset sold for $5.1 million. Built in 2007, the property features 18 apartments, five stores and 26 parking spaces. Jacob Aronov of Alpha Realty, along with a team of brokers from Besen & Associates, represented the undisclosed buyer and seller in the transaction.

February 22, 2016

Industrial Massachusetts Northeast

The Stubblebine Company Arranges $1.7M Sale of Industrial Building in Massachusetts

by Amy Works February 22, 2016

BILLERICA, MASS. — Select Stone has acquired an industrial building located at 7 Esquire Road in Billerica. C.A. Realty Corp. sold the facility for $1.7 million. The 25,000-square-foot property features 18-foot clear heights. James Stubblebine and David Stubblebine of The Stubblebine Company/CORFAC International represented the buyer and seller in the deal.

February 22, 2016

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Restaurant Retail Texas

Chuy’s to Open New Location in San Marcos

by Haisten Willis February 22, 2016

SAN MARCOS, TEXAS — Austin-based Tex-Mex chain Chuy’s has signed a lease to open a restaurant in San Marcos. Chuy’s will open in the Springtown Shopping Center, which is receiving a $27.4 million overhaul by Austin-based Endeavor Real Estate Group. The center is located at 205 W. Hopkins St. along I-35. Chuy’s will occupy 6,500 square feet along with and an outdoor patio. Construction will begin in March, with the restaurant opening sometime this summer. Founded in Austin in 1982, Chuy’s owns and operates 69 full-service restaurants across 14 states. Since 2010, San Marcos’s population has increased by 30 percent

February 22, 2016

Industrial Texas

Revere Capital Completes $13.5M Financing of Two Planned Self Storage Facilities

by Haisten Willis February 22, 2016

HOUSTON AND GARLAND, TEXAS — Dallas-based Revere Capital has funded a $13.5 million loan secured by a first lien for a vacant 223,000-square-foot Walmart in Garland, and a 200,000-square-foot shopping center anchored by a vacant former grocery store in Houston. The borrower plans to develop 100 percent of the vacant former Walmart space into rentable self-storage space coupled with a sports entertainment tenant. Half of the Houston property is leased to a Chuck-E-Cheese, a go-cart racing facility operator and other retailers. The borrower plans to convert 100,000 square feet of vacant shopping center space into self-storage space. Loan proceeds were used to repay existing first mortgages on each of the two properties, along with tenant improvements for executed leases for the inline retail space at the Houston property. The Houston property is in the Northgate neighborhood 18 miles north of downtown. In addition to the primary collateral, the loan is secured by a pledge of 90 percent of the ownership interests in a stabilized five-property portfolio of self-storage facilities owned by the borrower. The loan is also secured by a second lien on a vacant 170,000-square-foot K-Mart in Corsicana, and a personal guaranty of the sponsor.

February 22, 2016

Industrial Office Texas

NAI Partners Arranges Acquisition of 10,000 SF Office/Warehouse Space in Houston

by Haisten Willis February 22, 2016

HOUSTON — NAI Partners has represented Tipton Co. in the acquisition of a 10,000-square-foot office/warehouse space on 1.9 acres located at 3565 S. Loop 336 E. in Conroe. Ty Tipton is CEO and president of Tipton Co., a third-generation, family-owned plumbing supply company. His grandfather, Zeke Tipton, founded the company in 1935. Zeke Tipton was a captain in World War II serving in Germany. After returning from Germany in 1946, he and his wife, Cecile, put all their efforts toward building Tipton Co.

February 22, 2016

Industrial Texas

Bellomy & Co. Brokers Sale of My Attic Self Storage in Metro Houston

by Haisten Willis February 22, 2016

TOMBALL, TEXAS — Bellomy & Co. has arranged the sale of My Attic Self Storage in Tomball. The Class A facility consists of 626 climate and non-climate controlled units across 82,134 square feet. Bill Bellomy, Michael Johnson and John Arnold marketed the property on behalf of the Houston-based seller, Milestone Properties. Bellomy, Johnson and Arnold procured the buyer, Dahn American360, based in Irvine, Calif. A division of Dahn Corp., the company and its affiliates have acquired, developed or sponsored more than 6.5 million square feet of storage under the Mini U Storage brand name. My Attic will be rebranded as Mini U Storage Tomball. Bellomy & Co. is an Austin, Houston and Atlanta-based commercial real estate firm with a team exclusively focused on the self-storage industry.

February 22, 2016

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Retail Texas

M&M Arranges Sale of 48,229 SF Retail Property in Metro Houston

by Haisten Willis February 22, 2016

LA PORTE, TEXAS — Marcus & Millichap has arranged the sale of Fairporte Green Shopping Center, a 48,229-square-foot retail property located in La Porte. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a partnership in Washington D.C. It was sold to a 1031 exchange buyer from Southern California who assumed an existing CMBS loan. The property is 80 percent occupied and features national medical tenants including U.S. HealthWorks and Fresenius as well as a freestanding Burger King. Its physical address is located at 1309 Fairmont Parkway in La Porte.

February 22, 2016

Florida Retail Southeast

Miami Worldcenter’s Owners Unveil Plans for High Street Retail Component

by John Nelson February 22, 2016

MIAMI — Miami Worldcenter Associates, in collaboration with The Forbes Co. and Taubman, has unveiled plans for the high street retail promenade and plaza at Miami Worldcenter, a $2 billion, 27-acre mixed-use development located in Miami. The retail component will feature a pedestrian-oriented, open-air streetscape surrounded by residential towers, a hotel and exposition center and a variety of dining and entertainment options. The retail promenade will run from northeast 10th Street to northeast 7th Street, and will be located near a large open-air public plaza set to be developed on 1st Avenue. This plaza will be surrounded by shops and restaurants, and will create a central gathering place and outdoor event space within the complex.

February 22, 2016

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