ALBERT LEA, MINN. — Timber Development has broken ground on a $3 million retail center in Albert Lea, approximately 64 miles southwest of Rochester. The 25,000-square-foot project is 90 percent pre-leased to tenants including Maurices, Shoe Sensation, AT&T and Sally Beauty Supply. The development, situated on a three-acre site, is also adjacent to a Walmart Supercenter. PNC Bank financed the development, which is scheduled for completion this fall.
FLANDERS, N.J. — AIG Global Real Estate Corp. (AIG) has sold a 1,224-unit multifamily property in Flanders, approximately 45 miles west of Jersey City, for $183.3 million. The undisclosed buyer acquired the asset, Oakwood Village, clear of existing debt. Oakwood Village, located at 77 Oakwood Village along Route 206, is situated on 167 acres. The property is comprised of 107 two- and three-story buildings. The buildings feature one- and two-bedroom units that average 823 square feet. Amenities at Oakwood Village include a swimming pool, tennis court, multiple playgrounds, two dog parks and garage parking. The property is 95 percent leased. “There is significant upside in Oakwood, and the buyer will be capitalizing on that,” says Jose Cruz, senior managing director for HFF. “The proximity to the highway and easy access to retail shops and restaurants make this asset very valuable.” Jose Cruz, Andrew Scandalios, Kevin O’Hearn, Michael Oliver, Steve Simonelli and Mark Thomson make up the investment sales team for HFF that represented the seller in the transaction. This transaction follows the sale of a 12-property multifamily portfolio that HFF brokered on behalf of AIG in December. The disposition of the 13 properties totals $348.8 million.
AUSTIN, TEXAS — Bazaarvoice, an Austin-based tech company specializing in user-generated content marketing, will move to a new headquarters in the Quarry Oaks business park in north Austin. The new, 137,615-square-foot building will be home to Bazaarvoice’s 600 Austin employees, with room for future expansion. Austin-based Riverside Resources will develop the new headquarters. The Class A structure will feature outdoor decks, curtain wall glass, steel beams and exposed interior concrete. In addition to working with Riverside Resources, CBRE’s workplace strategy team partnered with Bazaarvoice to design the space. HKS designed the building’s shell, lauckgroup handled interior design and Harvey-Cleary served as the general contractor. CBRE represented Bazaarvoice in the site search and lease negotiations. The new office also features a Whole Foods Market Café.
MIDLAND, TEXAS — MCR Development has completed the renovation of Residence Inn by Marriott Midland, a 131-room hotel. The hotel is located near energy, construction and healthcare corporations in Midland, and is in walking distance of Security Bank Ballpark. Renovations included updating all guestrooms and public spaces. The lobby and meeting room were redesigned to provide guests with more space to interact, while the fitness center received new exercise equipment and weights.
PASADENA, TEXAS — Marcus & Millichap has arranged the sale of Parkview East Shopping Center, a 39,186-square-foot retail property located in Pasadena. Jerry Goldstein of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. Parkview East is just north of Bayshore Hospital and has a tenant lineup including Jason’s Deli, Humana, Shipley’s Donuts and Ryan’s Cleaners. The property is 100 percent leased and located at 3901 Spencer Highway. The buyer purchased it utilizing a 1031 tax-deferred exchange.
DALLAS — Rebecca Harrell of Henry S. Miller represented Nguyen Family Medicine in the lease of a medical office in Dallas. Nguyen Family Medicine will be opening a new family clinic at 8420 Abrams Road in the Town Creek Shopping Center, located at the corner of Abrams Road and Royal Lane. Steve Music of The Steve Music Co. represented Town Creek Shopping Center in the lease.
CEDAR PARK, TEXAS — Trulan Property Advisors has brokered the sale of a Logan’s Roadhouse ground lease at 1345 E. Whitestone Blvd. in the Austin suburb of Cedar Park. The location is part of 1890 Ranch, an 875,000-square-foot regional shopping center. Logan’s Roadhouse is an outparcel to Super Target. Other co-tenants in the development include Academy Sports + Outdoors, Cinemark, Gold’s Gym and Ross Dress for Less. The building is situated on 1.1 acres. Jason Middlebrook of Trulan Property Advisors represented the out-of-state seller in the transaction. David Browne with Midtown Realty Group represented the buyer, a Texas-based investor.
GREENFIELD, IND. — Cushman & Wakefield has arranged a $43 million sale-leaseback of a cold storage distribution center in Greenfield, approximately 25 miles east of Indianapolis. Centurion Investments LLC acquired the 419,052-square-foot asset from Smithfield Foods Inc. and is subsequently leasing it back to a subsidiary of Smithfield Foods. The distribution center is situated on 48 acres and is located within the Axcess 70 Business Park. The facility includes 203,081 square feet of cooler space, 81,086 square feet of freezer space, 40,498 square feet of swing rooms, two floors of office space, 48-foot clear heights and the opportunity to expand by an additional 200,000 square feet. Scott Goldman, Michael Christian and Jeff Castell of Cushman & Wakefield represented Smithfield Foods in the transaction.
ST. LOUIS, MO. — HFF has arranged $13.3 million in financing for a Class A office building in downtown St. Louis. The capital is being used to acquire and fund future capital improvements on the 20-story, St. Louis Place. The 337,088-square-foot building is located at 200 N. Broadway. Working on behalf of Mariner Real Estate Management, HFF placed the five-year, floating-rate loan with a division of NBH Bank, Bank Midwest. St. Louis Place is 63 percent leased to 12 tenants including Fleishman-Hillard, General Services Administration, Peckham Guyton and Albers & Viets. Matthew Schoenfeldt and Brock Cannon of HFF arranged the financing for the undisclosed borrower.
MORTON GROVE, ILL. — The Missner Group has acquired a 152,000-square-foot industrial warehouse in Morton Grove, approximately 16 miles northwest of Chicago, for an undisclosed price. The facility is located at 8338 Austin Ave. and features 16-foot clear heights, five exterior docks, one drive-in door and 76,000 square feet of office space. The building, situated on 7.3 acres, is currently 100 percent leased to two tenants, Schwarz Supply Source and Integrated Merchandising Systems LLC. Eric Sorenson and Dirk Riekse of Cushman & Wakefield represented The Missner Group in the purchase of the property. The Cushman & Wakefield team also represented the building’s undisclosed seller.