HOUSTON — MiTek is expanding its Houston warehouse to 50,000 square feet to offer more product variety, inventory and fastest order fulfillment rates. MiTek expanded the Houston warehouse to address the needs of local contractors and do-it-yourself customers, where the company has seen increased demand. The warehouse is open and will reach its new full capacity in January of 2016. The expansion is aimed at reducing ship times and heightening customer responsiveness.
DALLAS — New York Life Real Estate Investors has originated construction-to-permanent loan financing for Ascent Victory Park, a 302-unit, Class A apartment complex set to be built in Dallas. The fixed-rate loan has a 10-year term and will be used to finance the construction and leasing of the property. Ascent Victory Park will be located adjacent to the American Airlines Center in the mixed-use Victory Park development in Uptown Dallas. Located less than one mile from the Dallas central business district, the property will offer access to Victory Park and Uptown retail, dining and entertainment amenities, as well as the Katy Trail bike path. John Lippmann of New York Life Real Estate Investors manages the national bridge loan and construction finance program. Andy Scott of HFF’s Dallas office acted as mortgage banker in the transaction.
MIDLOTHIAN, TEXAS — Renzo Cella of NOVUS Realty Advisors has negotiated the sale of 31.8 acres on the southeast corner of the Highway 287 Bypass and FM 663 for the development of Midlothian Towne Center. Cella represented the seller in the transaction and helped negotiate the sale to Weber & Co., which plans to develop the 53-acre regional shopping center. Kroger Marketplace will anchor the development and could be joined by other big-box retailers. Construction is slated to begin March 2016 with an estimated completion date in April 2017. The shopping center will also feature an additional 10 pad sites for retailers and restaurants. Midlothian is located in northwest Ellis County. The city has seen a 136 percent increase in population since 2000.
ARLINGTON, TEXAS — MYCON General Contractors has broken ground on First Arlington Commerce Center II, a 234,100-square-foot warehouse facility located at 4551 New York Road in Arlington. First Industrial Realty Trust Inc. is the owner/developer of the project, and Pross Design Group is the architect. First Arlington Commerce Center II is slated for completion in mid-year 2016.
ATLANTA — A10 Capital has provided a $67 million acquisition loan for a 12-property portfolio in metro Atlanta. The portfolio includes value-add retail, industrial and office properties throughout the greater Atlanta area. Gregg Shapiro of HFF arranged the non-recourse loan on behalf of the borrower, Stream Realty Partners. Stream will use the loan proceeds to fund the acquisition, renovation and future lease-up of the portfolio.
NAPLES, FLA. — Investment Properties Corp. has brokered the $25.5 million sale of 50,000 square feet of street-level retail and office space located at 800 and 821 5th Ave. S. in downtown Naples. Westbury International Corp. sold the assets to a subsidiary of Hendricks Commercial Properties LLC. David Stevens of Investment Properties Corp. brokered the transaction.
RALEIGH, N.C. — CBRE | Raleigh has brokered the sale of Carolina Place, a five-story, 99,181-square-foot office building located at 2626 Glenwood Ave. in Raleigh. The Class A building was 90 percent leased at the time of sale. Houston-based Griffin Partners purchased the asset from New Boston Fund for $20 million, according to the Triangle Business Journal. Ben Kilgore of CBRE | Raleigh, along with John Boylan and J.D. McNeil of Spectrum Properties, represented New Boston Fund in the sale.
CARMEL, IND. — Anderson Birkla Investment Partners has selected Woolpert to design a $60 million mixed-use development in downtown Carmel, a northern suburb of Indianapolis. The Proscenium will be situated on 6.5 acres and will include 225 luxury one- and two- bedroom apartment units. Plans also include a fitness club, a bike center and a coffee bar. The Proscenium will also offer 20,000 square feet of retail space and 60,000 square feet of office space that will be centered on 1.8 acres of public green space. Construction on The Proscenium will begin this fall and is expected to take 18 to 24 months to complete.
HUNTSVILLE, ALA. — RCP Cos. has opened Phase I of The Shops at Merchants Walk, a 90,000-square-foot retail center in Huntsville. Phase I brings north Alabama its only Whole Foods Market. The 42,000-square-foot store anchors the center, which is roughly 90 percent pre-leased to tenants such as lululemon athletica, Farm Burger, Spa Sydell, Mountain High Outfitters, Maki Fresh, Orangetheory Fitness, Local Taco, The Masters Aveda Salon and DressUp Boutique. The shopping center is situated directly adjacent to the 650,000-square-foot Parkway Place, a regional mall.
JEFFERSONVILLE, IND. — NorthMarq Capital has secured an $11.5 million refinancing loan for a 500,000-square-foot distribution warehouse in Jeffersonville, a suburb of Louisville, Ky. River Ridge IV is located at 600 Patrol Road. The loan features a 10-year term and 15-year amortization schedule. NorthMarq arranged the financing for the industrial developer through its correspondent relationship with a national life insurance company. Randall Waddell of NorthMarq secured the loan.