VALLEY VIEW, OHIO — A partnership has acquired a 17,500-square-foot mixed-use property located at 5345 Canal Road in Valley View, a suburb of Cleveland. A financial institution sold the asset for $610,000. At the time of closing, the property was more than 90 percent occupied. James McHale of Marcus & Millichap’s Cleveland office represented both parties in the transaction.
NEW YORK CITY — Target Corp. has signed a 15-year lease with Muss Development for 20,795 square feet of space at 7000 Austin Street, a mixed-use property located in the Forest Hills section of Queens. The new flexible-format store — the first in the city — is slated to open in mid-2016. The two-story Target will feature an assortment of goods tailored to city dwellers, including fresh groceries, a pharmacy, health and beauty necessities, tech accessories, electronics and home goods designed for single-family homes and condos. Target will take the space currently occupied by Barnes & Noble, which declined to exercise an extension option. Additional tenants at the fully leased property include Starbucks Coffee, Men’s Wearhouse, Eddie Bauer, TITLE Boxing Club and T.G.I. Friday’s. Jeffrey Howard and Doug Weinstein of Ripco Real Estate represented Target, while Muss Development had in-house representation for the transaction.
LOWELL, MASS. — Fantini & Gorga has arranged $2.7 million in permanent financing for Embassy House Apartments in Lowell. The three-building property features 36 one- and two-bedroom market-rate apartments. Originally built in the early 1960s, the property underwent an extensive exterior/interior and building systems upgrade in 2003. Derek Coulombe, Tim O’Donnell and Jason Cunnane of Fantini & Gorga arranged the financing for the undisclosed borrower.
GREAT NECK, N.Y. — Houlihan-Parnes Realtors has arranged a $1.5 million first mortgage loan for an apartment building located at 15 Beach Road in Great Neck. Built in 1950, the three-story building includes 54 apartments, on-site outdoor parking spots, 27 garages, gardens and a courtyard. The seven-year loan, which was placed with a savings bank, features a fixed interest rate of 3.5 percent and a 30-year amortization schedule. Jeremiah Houlihan of Houlihan-Parnes secured the financing for the undisclosed borrower.
WYNCOTE, PA. — Philadelphia Rock Gym (PRG) has inked a multi-year lease for a 10,000-square-foot warehouse facility, located at 827 Glenside Ave., Suite 200 in Wyncote. The facility will be PRG’s fourth rock climbing location in the greater Philadelphia area. PRG is an indoor rock climbing gym known for its state-of-the-art climbing walls, full-service fitness centers and private party wall rentals. Swope Lees Commercial represented the tenant in the transaction with the landlord, Midgard Properties LP.
NEW YORK CITY — lululemon athletica inc. has leased 6,400 square feet of retail space at 50 Bond St. in New York City’s NoHo district. The athletic apparel company will occupy the space that Eva Scrivo Salon is vacating. The two-level retail unit features 13-foot ceilings on the ground floor and more than 30 feet of frontage on Bond Street. Designed by Cleverdon & Putzel and built in 1896, the property also features six full-floor residential condominiums. The landlord, Thor Equities, recently acquired the retail unit. Terms of the lease were not released. Eva Scrivo Salon is relocating to 5,500 square feet at 193 Fifth Ave. in the Flatiron district.
HAMMOND, LA. — CBRE has secured a $53 million, 10-year loan for Hammond Square located in Hammond. Jonathan Rice, C.J. Kelly and Porter McDonald of CBRE arranged financing through Morgan Stanley on behalf of the borrower, Stirling Properties. Tenants at the center include Sears, Target, T.J. Maxx, JC Penney, Dillard’s, Ulta Beauty, Best Buy, Academy Sports + Outdoors and AMC Movie Theater.
COLUMBUS, GA. — Blue Cross and Blue Shield of Georgia (BCBSGa), Georgia’s largest health solutions company, has opened its new office building in the Muscogee Technology Park in Columbus. The new 235,000-square-foot facility will house approximately 1,500 employees and will be BCBSGa’s main hub for servicing its nearly 3 million members. The new three-story facility will replace an existing property that BCBSGa has owned since 1958 and a smaller leased facility in the Muscogee Technology Park. The new property brings together the largest collection of BCBSGa employees of any single location in Georgia. The building has two wings connected by an atrium and features an outdoor patio, fitness center and a 1.2-mile walking path. Public partners on this project included Columbus Consolidated Government, the Development Authority of Columbus and the Greater Columbus Chamber of Commerce. The development team includes developer The Molasky Group, general contractor Batson-Cook Construction and architect Hecht Burdeshaw Architects. More than 150 construction workers were employed at the peak of construction, the vast majority of which through subcontractors from the Columbus area and the state of Georgia.
LAFAYETTE, LA. — Stirling Properties has purchased the Retreat at Acadian Point, a 384-unit apartment community located in Lafayette. Formerly known as South Point Apartments, the 80s-era property will begin upgrades including washer and dryers in all units, new appliances and flooring, electronically activated vehicular access gates, new roofs, new landscaping and a new fitness center. With the acquisition, Stirling’s portfolio spans 1,512 multifamily units. Des Moines, Iowa-based BH Management Services is the primary management firm for Stirling’s multifamily portfolio.
LAWRENCEVILLE, GA. — Shane Investment Property Group has brokered the $4.9 million sale of Old Norcross Plaza, a 38,800-square-foot, unanchored shopping center located in Lawrenceville, a northeastern suburb of Atlanta. Comprising two recently built buildings, Old Norcross Plaza was 80 percent leased at the time of sale to local tenants. Jeff Enck of Shane Investment Property Group represented the seller, a private investor based in California, in the transaction. The buyer was an unnamed private fund based in Atlanta.
