NEW YORK CITY — Cushman & Wakefield has arranged the sale the sale of retail property located at 163-30 Cross Bay Blvd. in the Howard Bay neighborhood of Queens. The property sold for $12.6 million. Originally built in 2009, the property underwent a substantial renovation in 2014. The 9,767-square-foot property is currently triple-net leased to Duane Reade through October 2028. Duane Reade subsequently subleased the space to Key Foods. Bob Knakal, Jonathan Hageman and Brian Sarath of Cushman & Wakefield handled the transaction.
AUSTIN, TEXAS — CBRE Capital Markets’ Investment Properties division has sold Arbor Square, a 50,836-square-foot, multi-tenant office park in Austin. Los Angeles-based Entrada Partners purchased the asset from California-based AMC Investments for an undisclosed price. Arbor Square I & II consists of two storefront-style office buildings. Arbor Square is located at 12885 Research Blvd., adjacent to Lakeline Mall in the northwest Austin submarket. The Class B asset was developed in 1984 and renovated in 2007. It was 90.2 percent occupied at closing.
DALLAS — Revere Capital has relocated its headquarters from Rowayton, Conn., to Dallas. Revere Capital originates and acquires senior mortgages, second mortgages, mezzanine and debtor-in-possession loans throughout the United States. Revere also underwrites investments in all commercial property asset types and corporate loans, heavy equipment, airplanes and art lending. Revere Capital has a staff of 17 and is located at 2000 McKinney Ave. Clark Briner founded Revere Capital following his work as an investment banker with Deutsche Bank in New York City and at Macfarlan Capital Partners, an institutional private equity real estate firm. He has served as an owner, lender, operator, sponsor and equity partner in commercial real estate.
BEAUMONT AND LUMBERTON, TEXAS — KeyBank Real Estate Capital has secured an $8.5 million, non-recourse CMBS first mortgage loan for a two-property hospitality portfolio. The portfolio consists of a Comfort Inn located in Beaumont and a La Quinta Inn and Suites located in Lumberton. Both properties are located near major interstates and highly traveled state highways. Randy Martin of Key’s Commercial Mortgage Group secured the financing.
CROSS ROADS, TEXAS — SHOP Cos. Investment Sales has arranged the sale of Crossroads Crossing, a 14,680-square-foot shopping center located in Cross Roads. Crossroads Crossing is situated at the northwest quadrant of US Highway 380 and FM 720. At the time of closing the property was 100 percent leased to tenants including Domino’s, State Farm Insurance, January’s Salon, Cornerstone Dental and Villa Grande Mexican Restaurant. Tommy Tucker with SHOP Cos. represented the seller, a Carrollton-based private partnership, and procured the buyer, a Dallas-based limited liability company.
ROWLETT, TEXAS — Lee & Associates has negotiated the sale of a 15,406-square-foot industrial building located at 4720 Industrial St. in Rowlett. Brett Lewis of Lee & Associates’ Dallas/Fort Worth office represented the seller, Sarah Hannah Ltd. GatSplat was the buyer.
MIAMI — Cushman & Wakefield has arranged a 560,000-square-foot, build-to-suit lease for Telemundo’s new broadcast center and studios in Miami. The new two-building campus will be located at the corner of Northwest 25th Street and Northwest 117th Place within Prologis Beacon Lakes, a 478-acre business park. The primary 476,000-square-foot facility will house more than 100,000 square feet of executive offices, as well broadcast and entertainment studios, a network operations center, set design operations and post-production facilities. A second, 87,000 square-foot building will be used for storage. Telemundo, which was purchased by NBCUniversal in 2010, is expected to occupy the campus in early 2018. Brian Smith, Mike Davis and Audley Bosch of Cushman & Wakefield represented NBCUniversal Telemundo Enterprises in the lease deal. Telemundo will consolidate approximately 1,300 jobs currently housed at various facilities throughout Miami-Dade County. As part of the deal, Prologis sold the land for the project to SunTrust Bank, which is serving as the landlord to NBCUniversal Telemundo.
STOCKBRIDGE, GA. — Omega Communities has unveiled plans for Lake Vista at Eagle’s Landing, a 150-unit continuing care retirement community (CCRC) in Stockbridge, approximately 20 miles southeast of Atlanta. Construction on the $45 million project is scheduled to begin in the fourth quarter of 2016 on a 10-acre plot. The CCRC will be located adjacent to Eagle’s Landing First Baptist Church. The new development is part of the church’s plan to create a “ministry village” on its property, which will include the Pregnancy Resource Center of Henry County, Eagle’s Landing Christian Counseling Center and Uniting Hope for Children, a foster and adoption ministry. Partners on the project include Greenbrier Development, Greenbrier Senior Living and three: living architecture. The developers expect to open the CCRC in the fourth quarter of 2017. Omega, a faith-based, luxury CCRC developer based in Alabama, currently has three other communities under development, all of which are in Florida.
MIAMI — On behalf of owners TIAA-CREF and Allianz Real Estate of America, The Hogan Group has broken ground on 800 Waterford, a 250,000-square-foot spec office building situated within Waterford at Blue Lagoon in Miami. The 1.4 million-square-foot, Class A office park is adjacent to Miami International Airport and State Road 836. The existing buildings are 97 percent leased to tenants such as Airbus, Caterpillar, FedEx, Sony, Estee Lauder and Baxter Healthcare. Allianz entered a joint venture with TIAA-CREF in 2015 upon purchase of a 49 percent stake in the Waterford complex. The Hogan Group expects to deliver the office building in mid-2017.
CHARLOTTE, N.C. — Eller Capital Partners and its affiliate, PEG Capital Management, have sold the 220-unit Forest at Chasewood Apartments in Charlotte for $12.8 million. Eller Capital sold the asset to a private, out-of-state investor. The property was built in 1985 at 1600 Chasewood Drive off of Monroe Road. The Forest at Chasewood is the second Charlotte apartment community that Eller Capital Partners has sold recently. In August 2015, the Chapel Hill-based multifamily investor and operator sold Laurel Walk Apartments on Providence Road.