NEW YORK CITY — Alpha Realty has brokered the sales of two multifamily properties located in Brooklyn. In the first transaction, Glenn Raff and Jacob Aronov of Alpha Realty negotiated the sale of a property located at 105 Boerum Place in Boerum Hill. The 4,376-square-foot building sold for $2 million, or $457 per square foot. In the second deal, Lev Mavashev and Scott Schwartz of Alpha Realty represented the buyer and seller in the sale of a property located at 145 Somers St. in Ocean Hill. The 7,211-square-foot building sold for $1.1 million, or $208 per square foot.
WORCESTER, MASS. — Liberty Properties has executed a 74,000-square-foot lease with A. Schulman Inc. at New Bond Business Park at 10 New Bond St. in Worcester. The international supplier of high-performance plastic compounds and resins will use the facility as a warehouse supporting its primary operation located on Millbrook Street in Worcester. The building is in the process of undergoing a complete renovation of the existing 225,000 square feet of remaining space. The renovation includes new HVAC systems, roof, flooring and façade, as well as renovated loading areas. Construction is underway, with phased occupancy beginning in September 2015. James Umphrey and David Cohen of Kelleher & Sadowsky Associates represented both the landlord and tenant in the transaction.
SAN MARCOS, TEXAS — Amazon has acquired a 100-acre site on McCarty Lane in San Marcos to develop an 855,000-square-foot fulfillment center. This will be Amazon’s fifth fulfillment location in Texas. Kit Corbin of Endura Advisory Group represented the undisclosed seller, and Ed Cross of San Antonio Commercial Advisors represented the buyer in the transaction. The city of San Marcos and the Texas Department of Transportation will cooperate with the developer of the Amazon facility to provide road improvements. Atlanta-based Seefried Industrial Properties Inc. is overseeing the project, alongside Houston-based engineering firm Jones & Carter Inc., according to reports by the Austin Business Journal. The fulfillment center will be completed in early 2017 and is expected to create more than 1,000 permanent jobs when fully staffed.
PLANO, TEXAS — Phillips Edison Grocery Center REIT II Inc. has acquired Plano Market Street, a 169,624-square-foot grocery-anchored shopping center located in Plano, for an undisclosed amount. Doug Hazelbaker and Ryan Shore of HFF represented the seller, Lionstone Investments, in the transaction. The center is 94.2 percent occupied by tenants including Market Street, Zoë’s Kitchen, World of Beer, Toni & Guy Academy, Café Izmir and Hyena’s Comedy Club. Plano Market Street is situated on 17.74-acres at 1901 to 1941 Preston Road.
EL PASO, TEXAS — Holliday Fenoglio Fowler (HFF) has secured $14.4 million in first mortgage financing for Hilton Garden Inn El Paso/University, a 153-room, full-service hotel in El Paso. Jason Bond and Michael Cosby worked on behalf of the borrower, TVO Groupe, to place the 10-year, fixed-rate loan with Cantor Commercial Real Estate. Loan proceeds will be used to refinance existing debt and fund future property improvement plans. The hotel is located at 111 West University Ave. adjacent to the University of Texas at El Paso.
CARROLLTON, TEXAS — Henry S. Miller Cos. has arranged a 5,000-square-foot industrial office lease for WaterCentric at 4720 Dozier Road in Carrollton. Fred Dumlao of Henry S. Miller Cos. worked on behalf of the landlord, Larry Osterman, in the leasing negotiations. WaterCentric provides long-term water strategies, water rights permitting and alternative source implementation for clients.
THE WOODLANDS, TEXAS — Fogo de Chão, a Brazilian steakhouse, has signed a lease agreement to open a new location in Restaurant Row at Hughes Landing, a 66-acre mixed-use development offering views of the 200-acre Lake Woodlands. This will be the second Houston-area location for the steakhouse. Rob Rowe of Sierra U.S. and Jack Breard of CBRE | UCR represented Fogo de Chão, and Rip Reynolds of The Howard Hughes Corp. represented The Woodlands Development Co. in leasing negotiations.
Cleveland will host the Republican National Convention in July 2016. In response, hospitality firms have steadily expanded payrolls with the addition of 9,200 workers, the biggest relative gain among all employment sectors. The overall labor force will expand 1.6 percent this year, or by 16,500 new workers. Thousands of these newly employed workers are seeking rental housing, particularly in the urban core where housing prices are much higher than the metro average. In addition, the urban core’s transformation to a 24-hour city has created its own momentum. Demand Exceeds Supply High net absorption outpaced construction during the past four quarters, putting downward pressure on vacancy. Last year, average vacancy dropped 160 basis points as tenants absorbed more than 3,400 units. In the last 12-month period ending in June, nearly every Cleveland submarket posted a drop in vacancy. Net absorption is expected to end the year more than 40 percent higher, with vacancy projected to slide 50 basis points to 3.4 percent, one of the lowest levels in the country. Builders have responded by expanding the project pipeline. More than 1,700 rental units have already come on line during the past year. However, compared with almost any other major metro in the country, this is just a drop in the bucket. …
MEDINA, OHIO — The Cooper Commercial Investment Group has brokered the sale of Stonegate Center, a retail center located at 3735 Stonegate Drive in Medina. The 15,300-square-foot center sold for $1.3 million. Built in 2000, the property is shadow anchored by Walmart Supercenter, Kohl’s and Hobby Lobby. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an Ohio-based private investor. The Ohio-based buyer acquired the property for 95 percent of the list price representing a 7.5 percent capitalization rate.
MENDOTA HEIGHTS, MINN. — HD Supply has signed a lease for a 31,000-square-foot industrial building located at 1400 Commerce Drive in Mendota Heights. The industrial distributor will move into the single-story office warehouse building later this year. The company plans to operate its specialty construction and industrial division at the location, which will expand its reach into the greater Minneapolis area. Tony DelDotto of Cushman & Wakefield|NorthMarq represented the landlord, United Properties, while Matthew Dornak of Stream Realty and Eddie Rymer of Carlson Commercial represented the tenant in the transaction.